Indevus' loss doubles on charges in fiscal 2007

Massachusetts, USA-based Indevus Pharmaceuticals, a specialist in the acquisition, development and commercialization of products in the fields of urology and endocrinology, says that its loss for fiscal 2007 reached $103.8 million, or $1.61 per share, up 105.1% on the deficit it recorded in the previous financial year. The firm added, however, that the shortfall had included a $53.3 million one-time charge related to its acquisition of Valera Pharmaceuticals (Marketletter December 18, 2006).

Indevus' revenue for the 12-month period, which grew 31% to $66.1 million, primarily consisted of $29.9 million from the amortization of upfront and milestone revenue for its overactive-bladder treatment Sanctura (trospium Cl), as well as $10.7 million in royalties from turnover of the drug, $9.1 million in sales force subsidy. Revenues from Vantas, the advanced prostate cancer medication, and the male hypogonadism agent Delatestryl reached $4.1 million and $2.7 million, respectively.

The firm's R&D expenditure fell 3% to $41.9 million, while its marketing, general and administrative costs increased 67% to $60.2 million.