Auxilium Pharma Posts Wider Loss In Q1 - Update

(RTTNews) - Auxilium Pharmaceuticals Inc. (AUXL) Monday reported a much wider loss for the first quarter, reflecting higher operating expenses, despite 34 percent jump in revenues.

For the first quarter, the company's net loss significantly widened to $56 million or $1.12 per share from $8.2 million or $0.17 per share in the previous year.

On an adjusted basis, net loss was $0.39 per share for the recent quarter, while the company posted a loss of $0.05 per share last year. On average, 11 analysts polled by Thomson Reuters expected loss per share of $0.17 for the quarter. Analysts' estimates typically exclude one-time items.

Net revenues for the quarter climbed 34 percent to $88.5 million from $66.2 million a year ago. Analysts estimated revenues of $89.16 million for the quarter.

The company attributed the increase in revenues mainly to addition of revenues from products acquired as part of Actient acquisition in April 2013, as well as launch of Stendra and Xiaflex for Peyronie's disease. But, this was partially offset by a 74 percent fall in revenues from Testim testosterone gel.

Total operating expenses climbed to $134.6 million from $71.3 million a year earlier.

"While we were clearly disappointed with the performance of Testim in the first quarter, our launches of Stendra for erectile dysfunction and Xiaflex for Peyronie's disease are advancing quite well and we continue to see potential for our growth products across our broadened and more diversified portfolio," said Adrian Adams, chief executive officer and president of Auxilium.

The company said it is advancing ongoing R&D programs in Frozen Shoulder Syndrome, and cellulite.

For full year 2014, the firm still expects total revenues to be in the range of $380 million to $420 million. Auxilium also forecast lower Testim revenues for the year. Non-GAAP net loss is still anticipated to be $0 to $15 million. On April 29, 2014, the company had lowered its outlook for full year 2014, mainly due to lower-than-expected revenues from Testim.

AUXL closed Friday's trading at $21.48 on the Nasdaq.