Dallas, Texas 02/07/2014 (FINANCIALSTRENDS) – The $524 million market capped generic drug maker Avanir Pharmaceuticals Inc (NASDAQ:AVNR) reported its first quarter 2014 results on 6th February. It reported net loss of $0.07 per share for the first quarter. Its revenue for the quarter went up to $26.7, which is 62 percent more in comparison to 1Q13. The big jump in revenue was being linked to the more than 56 percent increase in the revenue generated by its flag ship drug Nuedexta to reach $23.3 million. This is a recently approved drug which is designed to treat patients who are suffering from “pseudobulbar affect (PBA)”.
In the current quarter, Avanir Pharmaceuticals Inc (NASDAQ:AVNR) also spent $9.5 million on research and development. This was significantly higher than the $6.6 million the drug maker has spent in 2013 1Q. The increase on this expense header indicates the picked up pace at which new drug pipeline development occurred during the 1Q. The emerging drug maker also recorded a huge 29.2 percent increase in its 1Q14 expense in marketing and sales, as it tried to increase revenue yield form Nuedexta. The firm also disclosed that its administrative expenses also increased 29.2% in 1Q14, thereby reducing the earnings per share significantly.
Commenting about the successful execution in 1Q which resulted in the good start to the year, Avanir Pharmaceuticals Inc (NASDAQ:AVNR) President and CEO, Keith Katkin has been quoted to have said that, The first quarter of fiscal 2014 was another strong quarter for Avanir building upon the breakout year that was 2013. At the start of 2013, we laid out a vision to build Avanir into a leading CNS company, and that vision had three key pillars which we’ve made significant progress on in the first quarter of 2014.” He ascribed the steady increase in firm’s potential to the “significant and growing revenue base”.