Keryx Biopharmaceuticals (NASDAQ:KERX) Release 1Q2017 Financial Results As It Looks To Expand Auryxia


Keryx Biopharmaceuticals (NASDAQ:KERX) has released its financial results for the 1Q2017, recording $11.8 million, in revenues. The company noted that $10.5 million of this amount came from the sale of Auryxia. Added to this, KERX claimed that it expects to record $56-$60 million in Auryxia sales, during the current year. It was also noted that Keryx would submit a New Drug Application, by the start of November 2017, to expand indications for ferric citrate.

Greg Madison, the CEO of the company, stated that they experienced significant prescription growth, during the 1Q2017, across the dialysis patient population. He also claimed that with a stronger brand awareness, broader patient access, they would be able to bring this medication to a larger patient population, suffering from hyperphosphatemia, on dialysis. Talking about the potential NDA, Mr. Madison revealed that it would be aimed at another chronic kidney disease, Iron Deficiency Anemia. The label is currently under review, but once approved, it would become the exclusive drug for the condition.

Keryx further revealed that it has been actively promoting the phase-3 results, for the use of ferric citrate, in patients with stage 3-5 NDD-CKD. So far, the company has highlighted these results in four poster presentations, at various conferences across the country. As far as KERX’s financials are concerned, it recorded a decline in R&D expenses, of $0.8 million on a year-over-year basis. The company claimed that the reduction was primarily attributed to the reduction of development work, at their contract manufacturer.

However, KERX recorded a surge of $2.3 million, in terms of its selling and general administrative expenses, on a year-over-year basis. The company noted that this was due to the continued commercialization of Auryxia and its potential expansion, later this year. Unfortunately, despite the rise in revenues, the company recorded a net loss of $23 million for its 1Q2017.

Keryx Biopharmaceuticals (NASDAQ:KERX) completed the May 4 trading session, with a gain of 6.56%, in terms of its share value, to close at $6.17 per share.