After-Hours: Vivus Shares Down Following Earnings Update

Shares of biotechnology firm Vivus are trading lower by almost three percent in Tuesday's after-hours session after the company reported a second-quarter loss of $24 million, or 24 cents a share, compared with a year-earlier loss of $16.2 million, or 20 cents per share. The increase in net loss is primarily attributable to increased expenses for Qsymia pre-commercialization activities, the company said in a statement. VIVUS had cash, cash equivalents and available-for-sale securities (cash) of $310.4 million at the end of the quarter, more than double the amount the firm had the at the end of last year. According to the statement, Qsymia was approved with a Risk Evaluation and Mitigation Strategy (REMS) with a goal of informing prescribers and female patients of reproductive potential about an increased risk of orofacial clefts in infants exposed to Qsymia during the first trimester of pregnancy, the importance of pregnancy prevention for females of reproductive potential receiving Qsymia and the need to discontinue Qsymia immediately if pregnancy occurs. The Qsymia REMS program includes a Medication Guide, Healthcare Provider training, distribution through certified pharmacies and assessments at specified times. Vivus' Stendra was approved by the FDA on April 27, 2012, for the treatment of erectile dysfunction. Shares of Vivus jumped 9.2 percent on heavy trading Tuesday.