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BioCryst Pharmaceuticals Inc. (BCRX) filed Quarterly Report for the period ended 2011-09-30.
Biocryst Pharmaceuticals Inc. has a market cap of $137.7 million; its shares were traded at around $3.05 with and P/S ratio of 2.2. Biocryst Pharmaceuticals Inc. had an annual average earning growth of 1.1% over the past 10 years.
This is the annual revenues and earnings per share of BCRX over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of BCRX.
Highlight of Business Operations:
On February 24, 2011, we announced that HHS had awarded us a $55.0 million contract modification, intended to fund completion of the Phase 3 development of i.v. peramivir for the treatment of patients hospitalized with influenza. This contract modification brings the total award from HHS to $234.8 million and extends the contract term by 24 months through December 31, 2013, providing funding through completion of Phase 3 and the filing of an NDA to seek regulatory approval for i.v. peramivir in the U.S. Through September 30, 2011, approximately $170.0 million has been recognized as revenue under the contract with HHS to support activities related to the i.v. peramivir development program.For the three months ended September 30, 2011, total revenues decreased to $5.2 million compared to $12.0 million for the three months ended September 30, 2010. This $6.8 million decrease was driven primarily by less revenue recognized under the contract with HHS for the continued development of i.v. peramivir, primarily due to the completion of two clinical studies and the realignment of existing clinical studies.
During the three months ended September 30, 2011, the Company incurred $1.2 million in interest expense related to the issuance of the PhaRMA Notes on March 9, 2011 in conjunction with the financing transaction to monetize certain future royalty and milestone payments. In addition, the Company recognized a $0.6 million mark to market loss on its Currency Hedge Agreement associated with the issuance by Royalty Sub of the PhaRMA Notes. The Company entered into a foreign currency hedge arrangement to hedge changes in the value of the Japanese yen relative to the U.S. dollar. The currency hedge does not qualify for hedge accounting treatment and therefore mark to market adjustments will be recognized in earnings.
For the nine months ended September 30, 2011, total revenues decreased to $14.4 million compared to $45.7 million for the nine months ended September 30, 2010. This $31.3 million decrease was driven primarily by a decrease in revenue from the contract with HHS for the continued development of i.v. peramivir, primarily resulting from the completion of two clinical studies and the realignment of existing clinical studies, plus the impact of a change in estimate discussed below. In addition, the decrease also relates to a $7.0 million milestone payment from Shionogi related to its achievement in obtaining marketing and manufacturing approval of i.v. peramivir in Japan and the sale of $6.4 million of peramivir API to collaborators Shionogi and Green Cross, both of which occurred in 2010.
The decrease in revenue from the contract with HHS also reflects the impact of a change in estimate relating to a final cost reconciliation of a completed clinical study performed by a contract research organization (“CRO”) providing services on behalf of the Company. At the end of 2010, the Company estimated expenses related to this clinical study and the associated revenue the Company expected to receive from HHS, based on per patient cost experience from the initial recruitment in the study. Cost estimates used during the pendency of the study considered the ongoing influenza pandemic and the estimated costs of enrolling much sicker patients than originally expected. This resulted in a higher per patient cost than what was realized. Revisions to the estimated costs were based on the final cost reconciliation provided by the CRO in late March 2011 and resulted in a $3.0 million reduction of peramivir R&D expenses and a $3.6 million reduction to collaboration revenue during the three months ended March 31, 2011, resulting in a net impact of $0.6 million to net loss.
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