News | News By Subject | News by Disease News By Date | Search News
Get Our FREE
Industry eNewsletter
email:    
   

VIVUS, Inc. (VVUS) Sinks on Weak Diet-Drug Sales


11/7/2012 7:01:38 AM

Vivus Inc. (VVUS), maker of the recently approved obesity drug Qsymia, sank the most in more than two years after the company reported a larger third-quarter loss than analysts expected and investors feared slow uptake of the medicine. Vivus dropped 21 percent to $11.82 at the close in New York for the biggest decline since July 2010. The shares of the Mountain View, California-based company have gained 21 percent this year. The company told investors today that some patients are abandoning prescriptions at the pharmacy on discovering they must pay a large portion of the cost out-of-pocket, Andrew Berens, senior health-care analyst with Bloomberg Industries, said in a telephone interview. Investors have also started to question the company’s strategy of targeting specialty doctors rather than primary-care physicians, who may be the most likely to prescribe the drug, he said. “The street expects the drug to be a blockbuster, but it looks like a very slow launch,” Berens said. Investors “are not sure their strategy makes any sense.” The net loss for the quarter widened to $40.4 million, or 40 cents a share, from $8.6 million, or 10 cents, a year earlier, the company said today in a statement. Analysts had expected a loss of 32 cents, the average of 13 estimates compiled by Bloomberg. Revenue was $41,000, the amount received from pharmacies that had delivered the drug to patients, Vivus said.

Read at Bloomberg
Read at Reuters
Read at Market Watch

comments powered by Disqus
   
Obesity

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES