ViroPharma Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company's net sales were $107 million as compared to $136 million in the comparative period of 2012. The decline in net sales quarter over quarter was driven by the decrease in Vancocin revenues partially offset by commercial product growth for Cinryze. GAAP net loss was $64 million in the quarter compared to net income of $20 million in the first quarter of 2012. GAAP diluted net loss per share was $0.98 for the quarter compared to GAAP diluted earnings per share of $0.26 for the same period in 2012. The loss for the quarter was driven by a $104 million non-cash impairment charge related to the Vancocin intangible asset due to rapid decline in market price of generic vancomycin. Also driving the quarter over quarter decrease was the loss of Vancocin revenues partially offset by the continued growth of Cinryze. Non-GAAP adjusted net income for the quarter was $11 million, compared to $31 million for the same period in 2012. Non-GAAP adjusted diluted net earnings per share were $0.15 for the quarter compared to $0.37 for the same period in 2012. Operating loss was $97.9 million compared with operating income of $40.3 million a year ago. Loss before income tax expense (benefit) was $105.5 million compared with income before income tax expense (benefit) of $38.1 million a year ago. Net cash provided by operating activities was $13.9 million compared with $53.3 million a year ago. The company announced impairment loss of $104.2 million for the first quarter ended March 31, 2013. For the year 2013, the company expects worldwide net product sales are expected to be $440 million to $465 million, and net North American Cinryze sales are expected to be $390 million to $400 million.

ViroPharma Inc., Q1 2013 Earnings Call, May 01, 2013

ViroPharma Inc. announced that they will report Q1, 2013 results at 9:00 AM, Eastern Standard Time on May 01, 2013