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SOUTH SAN FRANCISCO, Calif., Nov. 12, 2013 (GLOBE NEWSWIRE) -- Hyperion Therapeutics, Inc. (Nasdaq:HPTX) today reported net revenue of $15.5 million during the third quarter of 2013 which includes sales of its newly approved medication, RAVICTI
® (glycerol phenylbutyrate) Oral Liquid and the first full quarter of sales of BUPHENYL
® (sodium phenylbutyrate) Tablets and Powder following the company's acquisition of that product.
"We are pleased with the momentum of the Ravicti launch", said Donald J. Santel, president and chief executive officer of Hyperion Therapeutics. "With broad and extensive reimbursement coverage from private and public payers now secured and our robust patient support services, we are ensuring patients have affordable access to both RAVICTI and BUPHENYL, while maintaining a streamlined commercial infrastructure and efficient business."
Third Quarter 2013 Financial Results
Net income as measured under U.S. generally accepted accounting principles ("GAAP") was $0.1 million, or $0.01 earnings per diluted share for the three months ended September 30, 2013, compared with a net loss of $4.9 million, or $0.44 loss per diluted share for the same period of 2012. Adjusted net income was $3.2 million, or $0.15 earnings per diluted share, for the three months ended September 30, 2013, compared with an adjusted net loss of $4.6 million, or $0.41 loss per diluted share. A reconciliation of adjusted net income (loss) to GAAP net income (loss) is provided in the accompanying table below entitled "Reconciliation of GAAP Net Income (Loss) to Adjusted Net Income (Loss)."
During the three months ended September 30, 2013, Hyperion generated net product revenue of $15.5 million from the sale of RAVICTI and BUPHENYL. Net product revenue for the period included $9.8 million in net sales from RAVICTI, a 58 percent increase from second quarter 2013 RAVICTI sales of $6.2 million, and $6.0 million in net sales from BUPHENYL. Net product revenue was partially offset by $0.3 million of co-payment assistance, a program to reduce financial burden for patients for both RAVICTI and BUPHENYL.