Furiex Pharmaceuticals third-quarter earnings beat Wall Street estimates

11/06/2013 9:02 AM

11/06/2013 9:03 AM

Furiex Pharmaceuticals reported third-quarter earnings late Tuesday that beat Wall Street estimates.

Furiex had a net loss of $8.7 million in the quarter, or 85 cents per diluted share, compared with a net loss of $3.3 million, or 33 cents, for the same period in 2012.

The consensus among analysts who cover the company was a net loss of $15 million and $1.33 per diluted share.

Furiex's revenues for the quarter totaled $15.6 million, the same as in the third quarter of 2012. The company's revenues included a $10 million milestone payment from partner Takeda Pharmaceutical and $5.6 million in royalty payments.

The company's research and development expenses were $19.9 million in the third quarter, compared with $14.8 million during the same period last year. The increased expenses were due to costs associated with the development of eluxadoline, Furiex's treatment for irritable bowel syndrome.

Furiex was spun out of Wilmington-based Pharmaceutical Product Development, one of the industry's largest contract research organizations.

Furiex shares closed Tuesday $35.68. The stock is up 85 percent this year.

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