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NPS Pharmaceuticals Reports Preliminary 2013 Results And 2014 Financial Outlook

Stocks in this article: NPSP

NPS Pharmaceuticals, Inc. (NASDAQ:NPSP), a global biopharmaceutical company pioneering and delivering therapies that transform the lives of patients with rare diseases worldwide, today announced preliminary financial results for 2013 and its outlook for 2014.

“2013 was a highly successful year marked by transformative events that position NPS to become a premier global commercial rare disease company,” said Francois Nader, MD, president and chief executive officer of NPS Pharmaceuticals. “Highlights included the successful US launch of Gattex, regaining our ex-US rights to Revestive and Natpara, and filing the US BLA for Natpara in hypoparathyroidism.”

Preliminary 2013 Results and Update

  • In February, NPS launched and initiated commercial sales of Gattex® (teduglutide [rDNA origin]) for injection in the US for the treatment of adult Short Bowel Syndrome (SBS) patients who are dependent on parenteral support. Teduglutide is also approved in the European Union for adult SBS under the tradename Revestive®.
  • NPS expects to report 2013 net global sales of approximately $31.5 million. As of December 31, there were 303 patients on Gattex/Revestive as compared to 235 patients as of November 1. These results are in line with the company’s guidance of $28 to $32 million in net sales and 275 to 325 patients on therapy by the end of 2013. The company’s 2013 guidance for net sales and the number of patients expected on therapy by year-end were positively revised over the course of 2013.
  • As of December 31, 530 Gattex/Revestive prescriptions were received, versus 452 prescriptions as of November 1. As previously reported, it is expected to take an average of 90 to 120 days to dispense the product after it is prescribed in the US. During this time, NPS Advantage works with patients to secure prior authorizations and reimbursement, obtain co-pay assistance, confirm completion of recommended testing, and coordinate nursing visits.
  • NPS ended 2013 with approximately $180 million in cash and investments.

Dr. Nader continued: “As we move forward in 2014, our strong financial position and commercial outlook will allow us to continue to grow Gattex sales domestically and expand our global presence with the launches of Revestive in key ex-US markets. Importantly, we believe the peak opportunity for Revestive could significantly exceed that of Gattex in the US. Our commercial-readiness activities are underway for the potential US approval of Natpara later this year and international regulatory filings are also in preparation.”

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