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ARIAD Reports Second Quarter 2013 Financial Results And Development Progress

Stock quotes in this article: ARIA

ARIAD Pharmaceuticals, Inc. (NASDAQ: ARIA) today reported financial results for the second quarter of 2013, including revenue from Iclusig ® (ponatinib), which is approved by the U.S. Food & Drug Administration and the European Commission. The Company also provided an update on corporate developments.

“Our second-quarter results demonstrate strong growth of Iclusig sales in the U.S.,” said Harvey J. Berger, M.D., chairman and chief executive officer of ARIAD. “During the quarter, we saw a definitive shift in new-patient starts with Iclusig to earlier lines of therapy. We are continuing to build on this robust launch and expect to have between 1,000 and 1,100 patients treated with Iclusig by the end of this year. Additionally, we now have approval of Iclusig in Europe and are working with the national health authorities to obtain reimbursement decisions so that we can make Iclusig available broadly to Philadelphia-positive leukemia patients.”

2013 Second Quarter Financial Results

Product Revenues

Net sales of Iclusig were $13.9 million for the quarter ended June 30, 2013.

We currently use the sell-through method of accounting for recognition of product revenues. As of June 30, 2013, we had deferred revenue of $3.4 million in the U.S., representing Iclusig inventory at specialty pharmacies and specialty distributors, which had not yet shipped to the end customer.

In addition, in the quarter ended June 30, 2013, we shipped $2.4 million of Iclusig to patients in France through Autorisation Temporaire d’Utilisation (ATU), or Temporary Authorization for Use. Shipments under the French ATU will be recorded as revenue when the list price in France is determined, which we anticipate to occur later this year.

Net Income/Loss

Net loss for the quarter ended June 30, 2013 was $69.0 million, or $0.37 per share, compared to net loss of $51.3 million, or $0.31 per share, for the same period in 2012.

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