Wednesday, biopharmaceutical company ViroPharma Inc. (VPHM) reported lower earnings for the third quarter impacted by lower sales of Vancocin, lower net interest income and higher income tax expense. The earnings came in below the Street view. Shares were trading down more than 13% in morning trade.
For the third quarter, net income of Exton, Pennsylvania-based company dropped to $20.1 million or $0.24 per share from $27.1 million or $0.33 per share in the corresponding period last year. Adjusted net income declined to $31.9 million from $33.0 million a year earlier.
On average, ten analysts polled by Thomson Reuters expected the company to report earnings of $0.26 per share for the quarter. Analysts' estimates typically exclude special items.
The company attributed the decrease in adjusted net income to lower Vancocin net sales, lower interest income and higher income tax expense due to lower qualified orphan drug spend for Maribavir. Offsetting these decreases is the net effect of the Cinryze launch and lower research and development expenses. In addition, the company said net income for the quarter was impacted by a $5.3 million increase in amortization related to the acquisition of Lev Pharmaceuticals, Inc.
Quarterly net product sales rose 22% to $80.6 million from $65.9 million in the same period last year and came in above the $84.22 million projected by eleven Street analysts. Cinryze net sales for the quarter were $29.1 million and Vancocin net sales were $51.4 million, down 22% due to lower sales volume.
Research and development expenses declined to $11 million from $14.85 million a year earlier primarily due to discontinuing the maribavir prophylactic program, offset by costs associated with the initiation of early stage trial for NTCD and costs related to the Cinryze Phase 4 safety requirement study.
Year-to-date, net loss was $23.1 million or $0.30 per share compared to net income of $66.3 million or $0.82 per share in the same period last year. Adjusted net income declined to $76.1 million from $83.9 million in the year-ago period. Net product sales increased to $222.6 million from $182.3 million a year-earlier.
Looking ahead, for 2009 the company currently expects net Cinryze sales to be in the range of $90 million to $95 million, compared with its previous forecast of $80 million to $95 million. Research and development and selling, general and administrative expenses are currently expected to be $140 million to 145 million compared with the previous estimate of $135 million to $145 million.
VPHM is currently down $1.20 or 13.11% and trades at $7.97.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.