Idenix Pharmaceuticals Inc. (IDIX) reported a loss of 21 cents per share in the fourth quarter of 2013, wider than the year ago loss of 17 cents per share but narrower than the Zacks Consensus Estimate loss of 22 cents.
In the fourth quarter of 2013, Idenix reported revenues of ($0.5) million. Revenues in the year ago quarter were $0.3 million.
In 2013, Idenix reported a loss of 88 cents per share, wider than the year-ago loss of 21 cents per share but narrower than the Zacks Consensus Estimate of a loss of 91 cents per share. Full-year revenues plunged to $0.5 million from $69.7 million in 2012, missing the Zacks Consensus Estimate of $1 million.
Lower revenues in 2013 resulted from the recognition of deferred revenues of $36.1 million in 2012 related to termination of the ViiV license agreement and a collaboration revenue of $33.1 million in 2012 related to the termination and revised relationship agreement with Novartis AG (NVS).
Quarterly Details
Research and development expense increased 6.9% year over year to $18.8 million. This increase was primarily driven by the advancement of pipeline candidates.
General and administrative expense surged 35.9% year over year to $10 million.
Pipeline Update
Idenix, which focuses primarily on the development of treatments for hepatitis C virus (HCV), will be reporting data from the seven-day proof-of-concept portion of a phase I/II study on IDX21437, its lead uridine-based nucleotide prodrug candidate, in the first half of 2014.
Meanwhile, Idenix and partner Janssen are conducting a second 12-week phase II study (HELIX-2) on samatasvir, simeprevir and TMC647055/r with and without ribavirin, to evaluate their effect on genotype 1 HCV patients (previously untreated as well as previously treated with interferon and ribavirin). Data from the HELIX-2 should be out in the second half of 2014.
We expect investor focus to remain on pipeline updates from the company.
2014 Outlook
Idenix said that it expects its current cash balance of $122 million to be sufficient to sustain operations at least till the second half of 2015.
Idenix currently carries a Zacks Rank #3 (Hold). Other better-ranked stock in the biopharmaceutical sector include Biogen Idec Inc. (BIIB) and Alexion Pharmaceuticals, Inc. (ALXN), which carry a Zacks Rank #1 (Strong Buy).
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