Pozen reports narrower loss in third quarter

11/06/2013 8:47 AM

11/06/2013 8:48 AM

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

Join the Discussion

News & Observer is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere on the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.

Terms of Service