EXTON, Pa., Aug. 1, 2013 /PRNewswire/ --VIROPHARMA INCORPORATED (VPHM) today announced financial results for the second quarter of 2013. Net sales were $104 million for the second quarter ended June 30, 2013 as compared to $95 million in the comparative period of 2012. The increase in net sales quarter over quarter was driven by the commercial product growth of both Cinryze in the U.S. and higher European product sales. During the second quarter of 2013 U.S. Cinryze net sales grew by 22 percent over the second quarter of 2012 to $91 million. The quarterly U.S. Cinryze sales reflect $96 million of patient demand offset by approximately $5 million of wholesaler channel inventory drawdown. The patient demand represents an increase of approximately $5 million from the $91 million of patient demand reported in the first quarter of 2013.
"The second quarter of 2013 represented a period of strong commercial execution coupled with significant progress in our clinical development pipeline, despite this morning's news related to our combination efforts with Halozyme," stated Vincent Milano, ViroPharma's chief executive officer. "In addition to the positive maribavir interim data update we shared last month and the continued advancement of enrollment in the two studies, we also are approaching critical data milestones heading into the second half of 2013, including our antibody mediated rejection study with Cinryze in kidney transplant patients and analysis of the completed subjects from the Cinryze subcutaneous administration study which we updated this morning."
Continued Milano, "On the commercial front, the continued growth trajectory of U.S. Cinryze remains strong, with early signs of positive impact from our sales force optimization and continued progress with our European operations. Overall, we believe ViroPharma is well positioned to continue generating growth and strong momentum."
Our GAAP net income was $0.6 million in the second quarter of 2013 compared to a GAAP net loss of $6 million in the second quarter of 2012. GAAP diluted earnings per share was $0.01 for the second quarter of 2013 compared to GAAP diluted loss per share of $0.08 for the same period in 2012.
Non-GAAP adjusted net income for the three months ended June 30, 2013 was $11 million, compared to $5 million for the same period in 2012. Non-GAAP adjusted diluted net earnings per share was $0.15 for the second quarter of 2013 compared to $0.07 for the same period in 2012. A reconciliation between GAAP and non-GAAP adjusted measures is provided in the Selected Financial Information Non-GAAP Financial Measures Reconciliation table included with this release.
Operating Highlights
Cinryze global net sales during the second quarter of 2013 were $95 million, a 23 percent increase over the same period in 2012 driven by demand growth and net realized price growth, partially offset by a reduction in channel inventories. Vancocin net sales during the second quarter of 2013 were $4 million compared to $16 million for the same period in 2012. During the second quarter of 2013, we generated net sales of approximately $8 million from our European operations compared to $4 million during the second quarter of 2012.
Cost of sales for the three months ended June 30, 2013 was flat as compared to the three months ended June 30, 2012.
Research and development costs incurred during the second quarter of 2013 were relatively flat compared to the same period in 2012 as advancements in our clinical development programs, including the subcutaneous Cinryze and maribavir development programs were offset by lower spending in our VP20621 program due to the completion of our Phase 2 trial. The increase in selling, general and administrative expenses for the second quarter of 2013 compared to the same period in 2012 was driven by the growth of our global organization and our commercialization efforts.
We recognized a tax benefit of $0.8 million in the second quarter ended June 30, 2013 compared to a tax benefit of $2.9 million in the second quarter ended June 30, 2012.
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ViroPharma Announces Second Quarter 2013 Financial Results