A quick word on two stocks -- Aegerion Pharmaceuticals ( AEGR) and Sarepta Therapeutics ( SRPT) -- both trading higher Wednesday.
Aegerion reported Juxtapid sales of $36 million in the second quarter, a hair higher than the Street's $35 million consensus estimate. More importantly, Aegerion refined its 2014 Juxtapid sales guidance to the lower end of the previous $180-200 million range. Why is the market viewing this positively? Because many investors expected Aegerion to lower 2014 Juxtapid sales guidance. (Current consensus estimate is $173 million.) The company surprised by sticking with current guidance, which the market is viewing favorably Wednesday.
There's still plenty of skepticism about Aegerion's ability to deliver $180 million in Juxtapid sales this year. First half Juxtapid sales totaled $63 million, which means Aegerion has to step up and deliver $117 million in sales in the next two quarters. The company believes it can get there with continued growth in U.S. sales combined with an improved outlook in Brazil, where current quarter sales already surpassing second-quarter sales.
Aegerion shares were up 17% to $35.73 in recent trading.
Sarepta shares are reacting to the posting of an FDA response to a White House petition submitted by Duchenne muscular dystrophy families calling for speedy approval of new drugs. The FDA response to the petition was penned by Janet Woodcock, director of FDA Center for Drug Evaluation and Research. Among other points, Woodcock says:
We are willing to explore the use of all potential pathways for the approval of drugs for Duchenne muscular dystrophy, including accelerated approval, as appropriate. We share your sense of urgency to make safe and effective drugs available for patients with Duchenne muscular dystrophy as soon as possible. That's why we're actively engaged with a number of drug companies focused on developing new drugs for Duchenne muscular dystrophy, including Sarepta Therapeutics, the company developing eteplirsen, an investigational new drug for Duchenne muscular dystrophy.
Sarepta shares are up 13% to $23.04.