Pozen Inc. (POZN) reported a fourth-quarter net loss of $6.1 million, or $0.20 loss per share, compared to net income of $61.5 million, or $2.04 per share in the year ago quarter.
Operating expenses for the fourth quarter of 2012 totaled $7.5 million, as compared to $11.5 million for the comparable period in 2011. The decrease in operating expenses in the fourth quarter of 2012 was primarily a result of lower development and pre-commercialization costs for PA.
For the fourth quarter of 2012, POZEN reported revenue of $1.4 million, entirely from the VIMOVO royalty. For the fourth quarter of 2011, the Company reported total revenue of $73.0 million, resulting from the net proceeds of $71.9 million from the monetization of the majority of the Treximet royalty and $1.1 million of VIMOVO royalty.
Analysts polled by Thomson Reuters expected the company to report a loss of $0.21 per share on revenues of $1.46 million for the quarter. Analysts' estimates typically exclude special items.
The company expects continued strong sales growth for VIMOVO outside the U.S. and is estimating a net cash burn of less than $22 million in 2013, excluding proceeds from any PA deals.
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