Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

OraSure And AbbVie To Co-promote OraQuick HCV Rapid Test In U.S. - Quick Facts

RELATED NEWS
Trade OSUR now with 

OraSure Technologies (OSUR: Quote) announced Wednesday that it has reached a Master Program Services and Co-Promotion Agreement with AbbVie (ABBV: Quote) under which AbbVie and OraSure will co-promote the Company's OraQuick HCV Rapid Test in the United States.

The product will be used to test individuals at-risk for hepatitis C (HCV). OraSure will be responsible for manufacturing and selling the product directly into all markets.

As per the agreement, OraSure has granted exclusive promotion rights to AbbVie for the OraQuick HCV test in certain markets and will provide certain additional services in support of HCV testing. In exchange for the exclusive rights granted to AbbVie, OraSure will receive up to $75 million in exclusivity payments over the term of the agreement, which runs through December 31, 2019.

In addition, upon achievement of certain performance-based milestones, OraSure will be eligible to receive additional payments annually over the life of the agreement. Further information regarding the agreement will be available in the Company's 8-K Report filed later today with the SEC.

As a result of the new co-promotion agreement announced, OraSure has updated its financial guidance to reflect the initial impact of this arrangement and is now projecting consolidated net revenues ranging from $26.0 to $26.5 million and a consolidated net loss of approximately $0.08 to $0.09 per share for the second quarter of 2014. Analysts polled by Thomson Reuters expect the company to report a loss of $0.09 per share and revenues of $25.39 million for the second-quarter. Analysts' estimates typically exclude special items.

OraSure said in May that it expected consolidated net revenues to range from $25.2 to $25.7 million and consolidated net loss of approximately $0.09 to $0.10 per share for the second quarter of 2014.

Register
To receive FREE breaking news email alerts for OraSure Technologies Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Kraton Performance Polymers, Inc. (KRA), Wednesday reported second-quarter net income of $11.1 million or $0.33 per share, up from $3.8 million or $0.12 per share last year. Adjusted earnings improved to $0.46 per share from $0.15 per share last year. Revenues for the quarter dropped to $323.8... Organic grocer Whole Foods Market, Inc. said Wednesday after the markets closed that its third quarter profit rose 6.3% from last year, as same-store sales increased 3.9%. The company's quarterly earnings per share also came in above analysts' expectations, but its quarterly sales fell shy of analyst' forecast. Micro-blogging site Twitter Inc said Tuesday after the markets closed that its second quarter loss widened from last year, hurt mainly by stock-based compensation expense, even as revenue more than doubled thanks to growth in advertising. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations as did its quarterly revenue.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.