The Company announced today that it began the launch of Esbriet in Canada on January 2. As communicated earlier, up to six months are needed to secure coverage for new medicines from the major private insurance companies in Canada and, on average, about 18 months are needed to secure reimbursement from all ten provincial governments that reimburse the majority of medicines in Canada.Guidance for 2013 Revenue and Operating Expenses The Company provided its forward-looking financial guidance for Esbriet revenue and operating expenses in 2013:
- Esbriet revenue: currently projected to be in a range of $40 to $70 million. This includes projected revenue in a range of $40 to $55 million in countries where Esbriet is currently launched ( Germany, France, Canada and seven mid-sized European countries), and projected revenue in a range of $0 to $15 million in countries where Esbriet pricing and reimbursement approval and launch is not yet concluded but is currently anticipated during 2013 ( Italy, UK, Spain and three mid-sized European countries). The guidance also accounts for the projected time needed to address regional and provincial reimbursement procedures in Italy, Spain and Canada before meaningful Esbriet revenues can be achieved in all regions or provinces in these countries.
- R&D expense: currently anticipated to be in a range of $100 to $120 million.
- SG&A expense: currently anticipated to be in a range of $145 to $165 million.
- Total Operating Expenses (R&D and SG&A): currently anticipated to be in a range of $245 to $285 million.