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Trimeris Reports Financial Results For The First Quarter 2010

Trimeris, Inc. (Nasdaq: TRMS) today announced financial results for the quarter ended March 31, 2010, reporting net income of $988,000, or $0.04 per share compared with $2.1 million, or $0.10 per share for the quarter ended March 31, 2009. Comparisons of net income between the periods are affected by a one-time adjustment in the first quarter of 2009 that increased collaboration income for that period by $1.1 million, as described below. Excluding the one-time adjustment, the Company would have reported adjusted net income of $1.0 million or $0.05 per share in the first quarter of 2009. A reconciliation and explanation of the differences between net income and adjusted net income is detailed in the table below.

Royalty revenue for the quarter ended March 31, 2010 was $1.9 million compared with $2.0 million for the quarter ended March 31, 2009. This decrease was driven by a decrease in net FUZEON ® sales outside the U.S. and Canada. Net sales of FUZEON ® outside the U.S. and Canada for the first quarter of 2010 were $17.3 million, down 3 percent from $17.8 million in the first quarter of 2009.

Collaboration income for the quarter ended March 31, 2010 was $1.2 million compared with income of $2.4 million for the quarter ended March 31, 2009. Comparisons of collaboration income between the periods are affected by a one-time adjustment in the first quarter of 2009 that increased collaboration income for that period by $1.1 million. Excluding the one-time adjustment from collaboration income in the first quarter of 2009; the decrease in collaboration income between periods was primarily driven by a decrease in net sales of FUZEON ® in the U.S and Canada offset, in part, by reduced selling and marketing expenses. Net sales of FUZEON ® in the U.S. and Canada for the first quarter of 2010 were $7.2 million, down 28 percent from $10.0 million in the first quarter of 2009.

Operating expense for the quarters ended March 31, 2010 and March 31, 2009 was $1.4 million for each quarter.

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