On Friday, Shares of VIVUS Inc (NASDAQ: VVUS) gained 0.68% to $0.74. The stock opened its trade at $0.74 and after floating in a price range of $0.71 to $0.74; the stock grabbed the investor’s attention and traded 341.27K shares as compared to its average daily volume of 1.36M shares. The stock’s institutional ownership stands at 22.60%.
VIVUS, Inc. (VVUS), a specialty pharmaceutical company committed to the development and commercialization of innovative therapies focusing on treatments for patients with serious unmet medical needs, recently stated financial results for the quarter ended March 31, 2018 and offered a business update.
Net loss for the first quarter of 2018 was $10.70M, as contrast to a net loss of $1.10M in the first quarter of 2017. Cash, cash equivalents and available-for-sale securities were $209.10M at March 31, 2018.
Net Qsymia product revenue reduced to $9.60M in the first quarter of 2018 as contrast to $10.30M in the first quarter of 2017, excluding the one-time change in accounting adjustment of $7.30M in the first quarter of 2017 for the change to the “sell-in” revenue recognition methodology. In the first quarters of 2018 and 2017, VIVUS shipped about 83.0K and 89.0K units of Qsymia to the wholesalers, respectively. About 92.0K and 102.0K Qsymia prescriptions were dispensed in the first quarters of 2018 and 2017, respectively.
Total cost of goods sold was $2.70M and $6.20M in the first quarters of 2018 and 2017, respectively. The decrease was mainly a result of lower Qsymia product revenue and the lower STENDRA/SPEDRA supply revenue as described above.
Research and development expense was $1.40M and $2.20M in the first quarters of 2018 and 2017, respectively. In 2017, research and development expenses were influenced by the payment of license fees to Selten for the acquisition of tacrolimus. Excluding these license fees, development costs increased because of the ongoing development of tacrolimus.
General and administrative expense was $5.80M and $6.00M for the first quarters of 2018 and 2017, respectively. Selling and marketing expense for the commercialization of Qsymia totaled $4.30M and $5.50M in the first quarters of 2018 and 2017, respectively. Sales and marketing expense in 2017 included a $0.70M one-time adjustment related to the one-time accounting adjustment.
VVUS has a market value of $78.51M while its EPS was booked as $-0.38 in the last 12 months. The stock has 106.81M shares outstanding. In the profitability analysis, the company has gross profit margin of 72.70% while net profit margin was -79.80%. Beta value of the company was 0.75; beta is used to measure riskiness of the security. Analyst recommendation for this stock stands at 3.00.