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Achillion Reiterates HCV Pipeline Priorities And Reports Third Quarter And Nine Month 2013 Financial Results

In addition, any forward-looking statement in this press release represents our views only as of the date of this press release and should not be relied upon as representing its views as of any subsequent date. We disclaim any duty to update any forward-looking statement, except as required by applicable law.

ACHILLION PHARMACEUTICALS INC. (ACHN)
Statements of Operations
(Unaudited, in thousands, except per share amounts)
         
   Three Months Ended   Nine Months Ended 
   September 30,   September 30, 
  2013 2012 2013 2012
         
Revenue  $ --   $ --   $ --   $ 2,489
         
Operating expenses:        
 Research and development  11,342  12,641  36,629  30,562
 General and administrative   2,734  2,647  9,353  7,965
         
 Total operating expenses  14,076  15,288  45,982  38,527
         
Loss from operations  (14,076)  (15,288)  (45,982)  (36,038)
         
Other income (expense):        
 Interest income  166  49  429  168
 Interest expense  (9)  (16)  (44)  (53)
         
Net loss   $ (13,919)  $ (15,255)  $ (45,597)  $ (35,923)
         
Net loss per share - basic and diluted   $ (0.14)  $ (0.20)  $ (0.49)  $ (0.50)
         
Weighted average shares outstanding - basic and diluted  96,648  74,647  93,066  72,099
         
         
     
Balance Sheets    
(Unaudited, in thousands)    
         
   September 30,   December 31,     
  2013 2011    
         
Cash, cash equivalents, marketable securities and interest receivable  $ 173,068  $ 77,659    
Working capital  130,395  58,731    
Total assets  176,061  81,530    
Long-term liabilities  110  347    
Total liabilities  11,648  9,483    
Total stockholders' equity  164,413  72,047    
CONTACT: Company Contact:
         Glenn Schulman
         Achillion Pharmaceuticals, Inc.
         Tel. (203) 624-7000
         gschulman@achillion.com
         
         Media:
         Carol Ready
         Ogilvy PR
         Tel. (212)880-5211
         carol.ready@ogilvy.com
         
         Investors:
         Mary Kay Fenton
         Achillion Pharmaceuticals, Inc.
         Tel. (203) 624-7000
         mfenton@achillion.com
         
         Investors:
         Seth Lewis
         The Trout Group, LLC
         Tel. (646) 378-2952
         slewis@troutgroup.com

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