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NPS Pharmaceuticals Reports 2012 Financial Results And 2013 Guidance

Stocks in this article: NPSP

NPS Pharmaceuticals, Inc. (NASDAQ: NPSP), a biopharmaceutical company pioneering and delivering therapies that transform the lives of patients with rare diseases worldwide, reported its results for the fourth quarter and year ended December 31, 2012.

Financial Highlights

  • NPS reported a net loss of $12.2 million or $0.14 per diluted share for the fourth quarter of 2012, compared to a net loss of $8.6 million or $0.10 per diluted share for the fourth quarter of 2011. For the full year, NPS reported a net loss of $18.7 million in 2012 versus a net loss of $36.3 million in 2011.
  • The company’s full-year financial results were positively impacted by $25 million in revenue related to the sale to Amgen of its rights to receive royalties from Amgen for any sales of Sensipar ®/Mimpara ® earned after December 31, 2018.
  • Cash and investments totaled $100.7 million at December 31, 2012, compared with $162.2 million at December 31, 2011. The company’s cash and investments balance exceeded its guidance to end the year with at least $92 million of cash and investments.

“We executed our business plan exceptionally well in 2012 and secured FDA approval of our first proprietary product, Gattex®,” said Francois Nader, M.D., president and chief executive officer of NPS Pharmaceuticals. “The launch of Gattex is underway as the first and only long-term treatment for adult short bowel syndrome, an ultra-orphan and highly debilitating disorder. Gattex has tremendous potential to transform patients’ lives and grow our business substantially. In the year ahead, we look forward to providing updates on our launch progress, reporting results from our STEPS 2 study, and beginning a pediatric development program for Gattex. We are also preparing for other important milestones including the submission of our Biologics License Application for our second proprietary product, Natpara®, as the first replacement therapy for hypoparathyroidism.”

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