Depomed Slips To Loss; Stock Down

(RTTNews) - Depomed Inc (DEPO) on Monday reported first-quarter net loss of $11.6 million or $0.20 per share compared with a profit of $17.9 million or $0.30 per share last year.

Excluding items, adjusted loss for the quarter was $0.01 per share compared with a loss of $0.01 per share a year ago.

Revenues for the quarter were lower at $32.2 million compared with $76.5 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.01 per share on revenues of $33.8 million for the quarter. Analysts' estimates typically exclude special items.

For full year 2015, the company now expects product sales, including Nucynta, of $310 million to $335 million. Earlier, it expected product sales, excluding the effect from the Nucynta transaction, of $152 million to $162 million.

On April 2, Depomed completed the acquisition of U.S. rights to the Nucynta franchise from Janssen Pharmaceuticals.

Depomed shares dropped 9.83% at $22.01 in after-hours trade on the Nasdaq.