Pozen reported early Wednesday a narrower loss in the third quarter thanks mainly to royalty payments from sales of Vimovo, an arthritis pain reliever licensed to AstraZeneca.
The Chapel Hill pharmaceutical company posted a loss of $4.8 million, or 16 cents per share, versus a loss of $5.7 million a year ago, or 19 cents per share. Revenue totaled $2.6 million, compared to $900,000 during the third quarter of 2012. Pozen earned $1.6 million in royalty payments from the sale of Vimovo during the quarter.
Vimovo sales totaled $23 million in the quarter, up 72 percent from the third quarter of 2012.
Pozen’s operating expenses in the third quarter were $7.4 million, up from $6.7 million during the same period a year ago.
The increase in expenses was attributed to one-off costs related to the licensing agreement Pozen signed with Sanofi in September that could earn the Chapel Hill drug company as much as $35 million in payments.
Under the deal, Sanofi will have the exclusive rights to commercialize versions of its experimental cardiovascular treatment – the drugs PA32540 and PA8140 – which contain 325 milligrams or less of aspirin.
Pozen shares closed Wednesday at $5.82, down 65 cents. The stock is up 16 percent this year.
Staff writer David Bracken