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SOUTH SAN FRANCISCO, Calif., Aug. 14, 2013 (GLOBE NEWSWIRE) -- Hyperion Therapeutics, Inc. (Nasdaq:HPTX) today reported net revenue of $7.3 million following the first full quarter of sales of its newly approved compound, RAVICTI® (glycerol phenylbutyrate) Oral Liquid and one month of sales of BUPHENYL® (sodium phenylbutyrate) Tablets and Powder following the company's acquisition of that product.
According to president and chief executive officer, Donald J. Santel, "We are pleased with our RAVICTI launch thus far and have made solid progress on the reimbursement and market penetration fronts. We have also successfully assumed sales and distribution responsibilities for BUPHENYL and are now offering our comprehensive financial support services to patients on both drugs."
Second Quarter 2013 Financial Results
Hyperion reported GAAP net income of $25.0 million, or $1.17 earnings per diluted share for the three months ended June 30, 2013 compared with a net loss of $7.2 million, or $15.26 loss per diluted share for the same period of 2012. The net income in the current period is primarily due to a one-time gain the company recorded related to its purchase of the BUPHENYL product rights from Ucyclyd Pharma Inc. (Ucyclyd), a subsidiary of Valeant Pharmaceuticals International. Hyperion reported adjusted net loss of $4.5 million or $0.22 adjusted net loss per basic and diluted share for the three months ended June 30, 2013 compared with an adjusted net loss of $6.9 million, or $14.74 adjusted net loss per basic and diluted share for the same period of 2012. A reconciliation of GAAP to adjusted net loss is provided in the accompanying table below entitled "Reconciliation of GAAP to Adjusted Net Loss."
During the three months ended June 30, 2013, Hyperion generated net product revenue of $7.3 million from the sale of RAVICTI and BUPHENYL. Net product revenue for the three months ended June 30, 2013 included $6.2 million in net sales from RAVICTI and $1.1 million in net sales from BUPHENYL.