Trimeris Reports Financial Results For The First Quarter 2011
Trimeris, Inc., (NASDAQ: TRMS) today reported first quarter 2011 financial results. Net loss for the quarter ended March 31, 2011 was $67,000 or $0.00 per share compared with net income of $988,000, or $0.04 per share for the quarter ended March 31, 2010. The Company reported adjusted net income for the quarter ended March 31, 2011 of $269,000 compared to adjusted net loss for the quarter ended March 31, 2010 of $68,000.
Comparisons of net income between the quarters ended March 31, 2011 and March 31, 2010 are affected by several items detailed in the section below entitled “Adjusted (Non-GAAP) Financial Information.”
As of March 31, 2011, cash, cash equivalents and investment securities totaled $47.3 million compared to $45.2 million as of December 31, 2010.Collaboration Income Collaboration income from our collaboration with F. Hoffman-LaRoche, Ltd. (“Roche”) for the quarter ended March 31, 2011 was $1.3 million compared with $1.2 million for the quarter ended March 31, 2010. Net sales of FUZEON in the U.S. and Canada for the first quarter of 2011 declined seven percent to $6.7 million, from $7.2 million for the same period in 2010. This net sales decline was completely offset by reduced selling and marketing expenses and cost of goods sold. Royalty Revenue Royalty revenue from Roche for the quarter ended March 31, 2011 was $262,000 compared with $1.9 million for the same period in 2010. This decrease was primarily driven by lower sales outside the U.S. and Canada (“ROW”) and the reduction of the royalty rate from 12% to 6% for ROW sales imposed by Roche and described in more detail below. ROW net sales of FUZEON for the first quarter of 2011 were $5.2 million, down 70 percent from $17.2 million for the same period in 2010. A significant portion of this decline in net sales resulted from the variability in quarterly buying patterns of specific countries that either did not purchase during the quarter (Brazil) or purchased significantly reduced quantities (Mexico and Romania).
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV