This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Idenix Pharmaceuticals Reports First Quarter 2013 Financial Results

CAMBRIDGE, Mass., April 30, 2013 (GLOBE NEWSWIRE) -- Idenix Pharmaceuticals, Inc. (Nasdaq:IDIX), a biopharmaceutical company engaged in the discovery and development of drugs for the treatment of human viral diseases, today reported unaudited financial results for the first quarter ended March 31, 2013.

First Quarter 2013 Financial Results

For the first quarter ended March 31, 2013, Idenix reported total revenues of $0.9 million, compared to total revenues of $35.6 million in the first quarter of 2012. The Company reported a net loss of $30.8 million, or $0.23 per basic and diluted share, for the first quarter ended March 31, 2013, compared to a net income of $11.4 million, or $0.11 per basic share and $0.10 per diluted share for the first quarter ended March 31, 2012. The change in net income (loss) was 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. Additionally, there were increases in research and development expenses of $5.4 million and additional legal costs of $1.8 million.

2013 Financial Guidance

At March 31, 2013, Idenix's cash and cash equivalents totaled $205.3 million. The Company continues to expect that its current cash and cash equivalents will be sufficient to sustain its operations into at least the second half of 2014. This guidance assumes no milestone payments or license fees, no reimbursement for development programs and no financing activities.

"During the first quarter, we continued to advance our HCV development programs and remain on track to initiate a phase II all-oral combination study of IDX719 and Janssen's simeprevir in the first half of the year," said Ron Renaud, Idenix's President and Chief Executive Officer. "We continue to be pleased with the profile of our lead uridine nucleotide prodrug candidate and are conducting studies to support an investigational new drug application submission in the first half of the year. Based on these timelines, we anticipate data readouts from these programs later this year and the initiation of a phase II all-oral combination study of IDX719 and our lead uridine nucleotide by year-end 2013."

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs