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Aegerion Pharmaceuticals Announces First-Quarter 2013 Financial Results

Stocks in this article: AEGR

Selling, general and administrative expenses were $13.2 million for the quarter ended March 31, 2013, compared to $5.1 million for the same period in 2012. The increase in selling, general and administrative expenses in the first quarter of 2013 over the comparable period in 2012 was primarily related to costs of increased headcount and selling and marketing costs to support the commercial launch of JUXTAPID and increased headcount in administrative functions. 

Research and development expenses were $5.8 million for the quarter ended March 31, 2013, compared to $4.6 million for the same period in 2012. The increase in research and development expenses in the first quarter of 2013 over the comparable period in 2012 was primarily related to costs of increased headcount required to support the Company's regulatory and medical affairs activities, and clinical development expenses in connection with clinical activities to support a potential marketing authorization application for JUXTAPID in Japanese HoFH patients, partially offset by a decrease in manufacturing development costs for JUXTAPID incurred prior to product approval.

Cash, cash equivalents and marketable securities totaled $140.7 million as of March 31, 2013, compared to $82.2 million as of December 31, 2012. 

2013 Financial Guidance

Aegerion continues to expect total operating expenses, excluding stock-based compensation expense, to be between $75 and $85 million in 2013. The Company expects GAAP operating expenses in 2013, including stock-based compensation, to be between $95 and $105 million. Aegerion also expects global net product sales of $15 million to $25 million for FY 2013 and 250 to 300 patients on JUXTAPID therapy globally by year-end 2013.

Conference Call Details

Aegerion will hold a conference call to discuss its financial results, business highlights and outlook today, Tuesday, April 30, 2013 at 8:30 a.m. EDT. 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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