Aegerion Pharmaceuticals, Inc. (AEGR) announced preliminary results for the year ended Dec 31, 2013 with net product revenues coming in between $48–$49 million, below the Zacks Consensus Estimate of $50 million. This update is in line with Aegerion's most recent guidance of revenues between $45 million and $50 million.
Aegerion expects 2014 product sales in the range $190 million to $210 million worldwide. For 2014, Aegerion expects total operating expenses (excluding stock-based compensation) in the range of $145 million to $155 million.
Aegerion plans to initiate a therapeutic study on Juxtapid in pediatric patients in 2014. Discussions relating to the trial protocol design are underway with both the U.S. Food and Drug Administration (FDA) and European Medicines Agency (EMA). In 2014, Aegerion plans to submit regulatory filings for potential marketing approval of Juxtapid in several markets.
We note that Juxtapid, indicated for the treatment of patients suffering from homozygous familial hypercholesterolemia (HoFH), was launched in the U.S. in late Jan 2013. The Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency gave a positive opinion on the drug in May 2013 and Aegerion gained EU approval in Jul 2013 under the brand name Lojuxta.
The positive preliminary results for 2013 were overshadowed by the receipt of a subpoena from the United States Department of Justice requesting documents regarding the marketing and sale of Juxtapid in the U.S. Following this news, Aegerion’s share price fell 13.22% after market closed on Jan 9, 2014.
Aegerion carries a Zacks Rank #3 (Hold). Other players in the pharma industry, which look attractive at current levels, include Sucampo Pharmaceuticals Inc. (SCMP), WuXi PharmaTech (Cayman) Inc. (WX) and Forest Laboratories Inc. (FRX). All the three stocks carry a Zacks Rank #1 (Strong Buy).
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