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Idenix Pharmaceuticals Reports Second Quarter And Six Month 2012 Financial Results And HCV Program Update

Stocks in this article: IDIX

Second Quarter and Six Months Ended 2012 Financial Results

For the second quarter ended June 30, 2012, Idenix reported total revenues of $1.4 million, compared to total revenues of $1.0 million in the second quarter of 2011. The Company reported a net loss of $25.4 million, or $0.23 per basic and diluted share, for the second quarter ended June 30, 2012, compared to a net loss of $13.9 million, or $0.15 per basic and diluted share for the second quarter ended June 30, 2011.

For the six months ended June 30, 2012, Idenix reported total revenues of $37.1 million, compared to total revenues of $5.0 million for the six months ended June 30, 2011. The Company reported a net loss of $13.9 million, or $0.13 per basic and diluted share, for the six months ended June 30, 2012, compared to a net loss of $22.1 million, or $0.27 per basic and diluted share for the six months ended June 30, 2011. The change in net loss is mainly due to additional revenue as a result of the recognition of $36.1 million of deferred revenue in the first quarter of 2012 related to the termination of the license agreement with ViiV Healthcare Company offset by an increase in research and development expenses of $20.8 million in 2012 as compared to 2011. The increase in expenses was primarily due to $14.8 million related to our phase IIb clinical trial of IDX184 and our clinical trials of IDX719 as well as $6.1 million related to preclinical costs of IDX19368 in 2012.

2012 Financial Guidance

At June 30, 2012, Idenix's cash and cash equivalents totaled $79.3 million. The Company expects that its current cash, cash equivalents and the net proceeds from the underwritten offering of $190.6 million, will be sufficient to sustain its operations through at least March 31, 2014. This guidance assumes no milestone payments, license fees, reimbursement for development programs and no financing activities.

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