Viropharma Incorporated (MM)【VPHM】株式ニュース

ViroPharma Incorporated Reports Second Quarter 2011 Financial Results
- Quarter Highlighted by Record Net Product Sales and European Approval of Cinryze® (C1 Inhibitor [human]) -

Press Release Source: ViroPharma Incorporated On Thursday July 28, 2011, 7:30 am EDT

EXTON, Pa., July 28, 2011 /PRNewswire/ -- ViroPharma Incorporated (Nasdaq:VPHM - News) reported today its financial results for the second quarter ended June 30, 2011.

In the second quarter of 2011, we:

Achieved a record $129 million in net product sales, including $62.5 million in net sales of Cinryze® (C1 esterase inhibitor [human]) representing Cinryze growth of 55 percent over the same period in 2010;
Realized non-GAAP adjusted net income of $36 million; GAAP net income reached $23 million;
Delivered positive cash flows from operations of $29 million;
Improved working capital to $585 million as of June 30, 2011, including cash, cash equivalents and short-term investments of $518 million;
Attained centralized European approval for Cinryze in adults, and adolescents with HAE for routine prevention, pre-procedure prevention and acute treatment of angioedema attacks;
Entered into a collaboration with Halozyme initially focused on a novel subcutaneous formulation of Cinryze, resulting in a charge of $9 million; and
Received positive CHMP opinion recommending approval of Buccolam® (midazolam, oromucosal solution) for treatment of prolonged, acute, convulsive seizures in infants, toddlers, children and adolescents.

"Execution and achievement are the terms that best describe our second quarter," stated Vincent Milano, ViroPharma's president and chief executive officer. "Our team continues to design and execute new ways to meet patient needs, which are generating significant growth opportunities. For example, almost half of our new patient adds during the first half of the year formerly used steroids for their HAE. Also we have achieved our goal of having a commercial organization in Europe, as we launch Cinryze, our first product in Europe, and approach the European Commission decision regarding Buccolam, following the positive CHMP opinion we received last month."

Milano continued, "And while we can look back on the second quarter as a period of great execution and achievement, our focus remains on the future and on continuously meeting the evolving needs of our patients. Looking forward to the upcoming months and quarters, we are very excited about our clinical development efforts to advance our various C1 esterase inhibitor programs as well as our novel approach to addressing recurrence of C. difficile through VP-20621."

Net sales were $128.8 million and $255.8 million for the three and six months ended June 30, 2011, compared to $109.0 million and $199.6 million in the comparative periods of 2010, respectively. This represents an 18 percent increase for the three month period and 28 percent increase for the six month period.

Our GAAP net income was $22.8 million in the second quarter of 2011 compared to $28.5 million in the 2010 quarter. For the six month period in 2011, GAAP net income was $59.2 million, a 19 percent increase over the $49.8 million of GAAP net income during the first six months in 2010.

Non-GAAP adjusted net income for the three and six months ended June 30, 2011 was $36.2 million and $81.3 million, respectively, compared to $36.0 million and $64.6 million for the same periods in 2010.

Operating Highlights

Our net sales of Cinryze during the three and six months ended June 30, 2011 increased to $62.5 million and $119.1 million, respectively, from sales of $40.3 million and $75.2 million, respectively, during the same periods in the prior year due to the increase in the number of patients receiving commercial product. During the three months ended June 30, 2011, net sales of Vancocin were $65.2 million which is a decrease from $68.4 million in the same period in 2010 due to reduced volumes partly offset by the effect by net realized price growth. During the six months ended June 30, 2011, net sales of Vancocin increased to $134.5 million from $124.1 million in the same period in 2010 primarily due to net realized price growth.

Research and development costs increased in the both the three and six month period of 2011 compared to the same period in 2010 primarily due to the $9.0 million upfront payment made to Halozyme. The increase in selling, general and administrative expenses in both periods of 2011 compared to the same period of 2010 is driven by higher spending related to our European commercialization efforts and new Cinryze marketing programs.

We also incurred other operating expenses of approximately $5.5 million and $6.0 million during the three and six months ended June 30, 2011 respectively, including costs to expand Cinryze manufacturing capacity at Sanquin and the increase in the fair value of the contingent consideration related to the acquisition of Buccolam.

Working Capital Highlights

At June 30, 2011 our working capital was $585.3 million compared to $561.0 million at the end of 2010 as we generated $68.5 million in cash flow from operations during the first six months of 2011, offset by the $50 million cash outlay associated with the accelerated share repurchase agreement under which we repurchased 2.7 million shares.

Looking ahead in 2011

ViroPharma is updating its guidance for the year 2011 as a convenience to investors. The following guidance provided by ViroPharma are projections, based upon numerous assumptions, all of which are subject to certain risks and uncertainties. For a discussion of the risks and uncertainties associated with these forward looking statements, please see the Disclosure Notice below.

For the year 2011, ViroPharma expects the following:

Net Cinryze sales are expected to be between $250 and $260 million.

Research and development (R&D) and selling, general and administrative (SG&A) expenses are expected to be between $180 and $190 million.

Non-GAAP Disclosures

The Company is reporting both GAAP net income and non-GAAP adjusted results for the three and six month periods ending June 30, 2011. Non-GAAP adjusted net income is GAAP net income excluding (1) non-cash interest expense, (2) amortization related intangible assets acquired, (3) stock compensation expenses, and (4) certain non-recurring events. A reconciliation between GAAP and non-GAAP adjusted net income is provided in the Selected Financial Information - Reconciliation of GAAP Net Income to Adjusted Net Income table included with this release.

The Company believes it is important to share these non-GAAP financial measures with shareholders as they better represent the ongoing economics of the business and reflect how we manage the business. Accordingly, management believes investors' understanding of the Company's financial performance is enhanced as a result of our disclosing these non-GAAP financial measures. Non-GAAP adjusted net income should not be viewed in isolation, or as a substitute for or superior to reported GAAP net income. ViroPharma's definition of non-GAAP financial measures may differ from others.

Conference Call and Webcast

ViroPharma is hosting a live teleconference and webcast with senior management to discuss the financial announcement, guidance, and other business results on July 28, 2011 at 9:00 a.m. Eastern. To participate in the conference call, please dial (888) 299-4099 (domestic) and (302) 709-8337 (international). After placing the call, please tell the operator you wish to join the ViroPharma investor conference call.

Alternatively, the live webcast of the conference call can be accessed via ViroPharma's website at http://www.viropharma.com. Windows Media or Real Player will be needed to access the webcast. An audio archive will be available at the same address until August 18, 2011.

ViroPharma Announces Availability of Cinryze(TM) (C1 Esterase Inhibitor [Human]) Final Open-Label Data
- Experience Highlights Effectiveness of Cinryze in Preventing Attacks of Hereditary Angioedema -

Press Release Source: ViroPharma Incorporated On Monday May 17, 2010, 8:10 am EDT
EXTON, Pa., May 17 /PRNewswire-FirstCall/ -- ViroPharma Incorporated (Nasdaq:VPHM - News) today announced the availability of final data from Open-Label studies of Cinryze™ (C1 Esterase Inhibitor [Human]) in preventing and treating attacks of hereditary angioedema (HAE) on the U.S. National Institutes of Health's online clinical trial registry, www.clinicaltrials.gov. The data from the CHANGE 3 prophylaxis study are available now; the data from the CHANGE 2 acute treatment study will be available at the same website in the coming weeks. The company expects the complete data set to be presented at a scientific meeting later this year and in subsequent publications in peer-reviewed journals.

Cinryze was approved by the U.S. Food and Drug Administration in October 2008 for routine prophylaxis against angioedema attacks in adolescent and adult patients with HAE. Cinryze is not approved in the U.S. for acute treatment of attacks.

"We are excited about the strength of these data in support of the efficacy and safety of Cinryze, and are happy to see them available online," commented Colin Broom, M.D., ViroPharma's chief scientific officer. "Our open label experience with the therapy, outside the confines of controlled pivotal clinical studies, has shown that Cinryze therapy can change the lives of HAE patients and their families. For example, prophylaxis with Cinryze in the open label prevention study dramatically reduced the median frequency of attacks from three times per month to less than three attacks per year. Our goal as a company is to improve the lives of the patients suffering from HAE, and it is clear that Cinryze accomplishes that goal for patients who choose prophylaxis against their HAE attacks as their means to regain control of their lives."

Open-Label C1 Esterase Inhibitor for the Prevention of Acute HAE Attacks

The CHANGE 3 study was performed to evaluate the safety and efficacy of prophylactic use of Cinryze for the prevention of attacks of HAE. One hundred forty six (146) HAE patients were enrolled in this study and were included in the analysis of the primary efficacy outcome measure. The vast majority of the patients enrolled in the study have transitioned to commercial Cinryze. Seventy-nine (79) patients completed the study; most of those not completing the study did so because they transitioned to commercial Cinryze before the end of the study. Per protocol, patients received 1,000U of Cinryze administered intravenously every three to seven days.

The primary efficacy outcome measure was the frequency of all HAE attacks that occurred during prophylaxis with Cinryze. Prior to initiating prophylactic therapy with Cinryze, patients enrolled in the study had a median of 3.00 HAE attacks per month. During prophylaxis with Cinryze, over a median of 244 days, enrolled patients had a median of 0.21 HAE attacks per month.

For patients that received Cinryze prophylaxis for at least one year, the degree of protection from HAE attacks was maintained over the one year period.

In this study, there were no serious adverse events (SAEs) considered related to Cinryze. No subjects were discontinued from Cinryze due to an adverse event, and there were no adverse trends observed in vital signs. Among the 74 subjects tested, there were no subjects who had detectable anti-C1-INH antibodies following Cinryze administration.

Open-Label C1 Esterase Inhibitor for the Treatment of Acute HAE Attacks

The CHANGE 2 study was performed to evaluate the safety and efficacy of repeat use of Cinryze for treatment of attacks of HAE. A total of 113 subjects were enrolled in the study; 101 subjects received Cinryze for treatment of one or more HAE attacks and were analyzed for efficacy. Forty three (43) patients completed the study; the majority of the patients not completing the study did so because they transferred to the open-label prophylaxis study. Per protocol, patients received 1,000U of Cinryze administered intravenously for treatment of HAE attacks. If there was inadequate response to treatment within one hour after the first dose, a second 1,000U dose could be administered.

The primary efficacy outcome measure was the proportion of HAE attacks with substantial relief of the defining symptom within four hours of initial treatment with Cinryze. Substantial relief was attained in eighty seven (87) percent of attacks, when a conservative definition of response was applied so that all patients with incomplete data were considered treatment failures. Using a less conservative definition of substantial relief as either three consecutive reports of symptom improvement or improvement of the defining symptom followed by cessation of symptom assessments, ninety five (95) percent of HAE attacks were substantially relieved within four hours of initial treatment. Eighty-four (84) laryngeal attacks occurred during this study; none required intubation following treatment with Cinryze.

Data were also analyzed for patients who received Cinryze treatment for multiple attacks of HAE; there was no loss of effectiveness of Cinryze with subsequent repeat administration.

In this study, there were no serious adverse events (SAEs) considered related to Cinryze. No subjects were discontinued from Cinryze due to an adverse event, and there were no adverse trends observed in vital signs. There was no evidence for the development of anti-C1-INH antibodies following repeated Cinryze administration.

About Cinryze™ (C1 esterase inhibitor [human])

Cinryze is a highly purified, pasteurized and nanofiltered plasma-derived C1 esterase inhibitor product that has been approved by FDA for routine prophylaxis against angioedema attacks in adolescent and adult patients with HAE. C1 inhibitor therapy has been used acutely for more than 35 years in Europe to treat patients with C1 inhibitor deficiency. A Medicinal Authorization Application (MAA) for Cinryze for acute treatment and routine prophylaxis of acute attacks in patients with HAE has been accepted for filing by the European Medicines Agency (EMA) and currently is undergoing review.

The most common adverse reactions observed have been upper respiratory infection, sinusitis, rash and headache. No drug-related serious adverse events (SAEs) have been observed in clinical trials. Severe hypersensitivity reactions may occur. Thrombotic events have occurred in patients receiving high dose off-label C1 esterase inhibitor therapy well above the approved treatment dosage regimen. With any blood or plasma derived product, there may be a risk of transmission of infectious agents, e.g. viruses and, theoretically, the CJD agent. The risk has been reduced by screening plasma donors for prior exposure to certain virus infections and by manufacturing steps to reduce the risk of viral transmission including pasteurization and nanofiltration.

Cinryze is for intravenous use only. A dose of 1000 Units of Cinryze can be administered every 3 or 4 days for routine prophylaxis against angioedema attacks in HAE patients. Cinryze is administered at an injection rate of 1 mL per minute.

About Hereditary Angioedema (HAE)

HAE is a rare, severely debilitating, life-threatening genetic disorder caused by a deficiency of C1 inhibitor, a human plasma protein. This condition is the result of a defect in the gene controlling the synthesis of C1 inhibitor. C1 inhibitor maintains the natural regulation of the contact, complement, and fibrinolytic systems, that when left unregulated, can initiate or perpetuate an attack by consuming the already low levels of endogenous C1 inhibitor in HAE patients. Patients with C1 inhibitor deficiency experience recurrent, unpredictable, debilitating, and potentially life threatening attacks of inflammation affecting the larynx, abdomen, face, extremities and urogenital tract. Patients with HAE experience approximately 20 to 100 days of incapacitation per year. There are estimated to be at least 6,000 people with HAE in the United States.

For more information on HAE, visit the U.S. HAE Association's website at: http://www.haea.org/.

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