InterMune (NASDAQ:ITMN) swung back to a profit in the second quarter.
Earnings and Revenue The company posted an EPS above analyst expectations, though revenues fell short of predictions. The company reported EPS of one cent a share versus the loss of 18 cents a share estimate and revenues of $5.5 million versus the $36.4 million estimate. The estimates of 12 analysts ranged from net loss of 73 cents to profit of 17 cents.
Continue Reading Below
The company's profit for the quarter was $493,000.
There were no Esbriet sales in the second quarter of 2011, as Esbriet's initial commercial launch was in Germany in September 2011.
Company Fundamental Trends Profit in the latest quarter comes after The company reported losses in the three prior quarters. For the past five quarters, The company has averaged revenue decreases of 13.8% year over year.
History Against Expectations The company topped expectations last quarter after falling short of forecasts in the first quarter. It reported a loss of 74 cents versus a mean estimate of a loss of 71 cents per share.
Official Comment: Dan Welch, Chairman, Chief Executive Officer and President of InterMune said, "We are very pleased to have negotiated with the German authorities a strong price for Esbriet, the first orphan drug that has undergone pricing and reimbursement review under Germany's new AMNOG law. The conclusion of this favorable pricing and reimbursement negotiation brings welcome clarity and confidence to German physicians regarding the reimbursement status of Esbriet."
Estimates provided by Zacks Investment Research and company fundamentals from Xignite Financials.