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Aegerion Pharmaceuticals Announces Fourth-Quarter And Year-End 2012 Financial Results

Stocks in this article: AEGR

Research and development expenses were $8.6 million for the quarter ended December 31, 2012, compared to $8.4 million for the same period in 2011. Research and development expenses were $25.2 million for the year ended December 31, 2012, compared to $24.4 million for the same period in 2011. The increase in research and development expenses in the fourth quarter and full year of 2012 over the comparable periods in 2011 was primarily related to increased headcount required to support the Company's regulatory and medical affairs activities, as well as costs for production validation runs, partially offset by decreases in clinical trial expenses related to trials which had been substantially completed in 2011.

Selling, general and administrative expenses were $13.1 million for the quarter ended December 31, 2012, compared to $4.3 million for the same period in 2011. Selling, general and administrative expenses were $34.1 million for the year ended December 31, 2012, compared to $14.0 million for the same period in 2011. The increases in selling, general and administrative expenses in the fourth-quarter and full-year 2012 over the comparable periods in 2011 were primarily related to costs of increased headcount to support the planned commercial launch of JUXTAPID and in administrative functions.

Cash, cash equivalents and marketable securities totaled $82.2 million as of December 31, 2012, compared to $73.2 million as of December 31, 2011.

Financial Guidance

Aegerion expects total operating expenses, excluding stock-based compensation expense, to be between $75 and $85 million in 2013. In addition, Aegerion confirmed the following previously stated financial guidance:

  • Aegerion expects global net revenues of $15 million to $25 million for FY 2013 with 250 to 300 patients on JUXTAPID therapy globally by year-end 2013.
  • In the second half of 2014, the Company expects to:
  • generate global net revenue at a $100 million annualized run rate; and
  • achieve cash flow breakeven from operations.

Conference Call Details

Aegerion will hold a conference call to discuss its financial results, business highlights and outlook today, Wednesday, March 6, 2013 at 8:30 a.m. EST. In addition, the Company will answer questions concerning business and financial developments and trends, and other matters affecting the Company, some of the responses to which may contain information that has not been previously disclosed.

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