NPS Pharmaceuticals Inc. (NASDAQ:NPSP): Posts $6.6 million of Net Loss for 1Q14

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Dallas, Texas 05/12/2014 (FINANCIALSTRENDS) –A biopharmaceutical company, NPS Pharmaceuticals, Inc. (NASDAQ:NPSP)recently reported its results for the quarter ended March 31, 2014.

For the 1Q14 the company reported net product sales of $17.9 million as compared to $0.7 million for the same quarter of last year, which indicates a sequential growth of 17% over net sales in the 4Q13.

NPS Pharmaceuticals, Inc. (NASDAQ:NPSP)’s president, MD and CEO Francois Nader, said that: “We are pleased to report that physician and patient interest in Gattex continues to be very high, After a challenging January and February, which were partially affected by severe winter weather, we saw key metrics bounce back for prescriptions in March and April with weekly averages exceeding those in the fourth quarter.”

Financial Results

A net loss of $6.6 million or $0.06 per diluted share for the 1Q14 has been reported by the company as compared to a net loss of $7.8 million or $0.09 per diluted share for the same quarter of last year. This loss of 6 cents for the 1Q14 was higher than the Zacks Consensus Estimate of a loss of 4 cents.

Revenues:

Revenues of the company consist of net product sales for royalty and Gattex revenues. For the 1Q14 net sales of Gattex were $17.9 million as compared to $0.7 million for the same quarter of last year. Earlier in February 2013, the company has launched and started sales of Gattex in the U.S. For the 1Q14 revenues of the company from royalty were $26.2 million as compared to $24.8 million for the same quarter of prior year.

The company is going to receive a cash payment of $15.2 million on May 15, 2014 for the Sensipar/Mimpara royalties which were earned earlier in the 1Q14. The remaining royalties of Sensipar/Mimpara for an amount of $8.0 million will be retained for the payment of advance royalty which was received in August 2011 from Amgen.

Stock Update:

Stock of NPS Pharmaceuticals, Inc. (NASDAQ:NPSP) closed at $27.52 on Friday, gaining 13.86% from its previous close. Its 52 week range is between $13.59 and $39.68.

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