Zogenix Reports Q4 Earnings; Shares Soar 5%
Zogenix (NASDAQ: ZGNX), a leading provider of products for the treatment of pain-related conditions and central nervous system disorders, reported its fourth quarter and full-year financial earnings and results following Wednesday's close. Shares of the pharmaceutical are relatively higher, as investors felt optimistic regarding the company's earnings.
Shares are currently up $.21 per share, or 4.68 percent, to $4.70 per share.
For the quarter, the company achieved numerous milestones, including raising net proceeds of $64.5 million in a public offering and expanding medical and commercial leadership teams.
Zogenix also achieved milestones related to its Migraine franchise. SUMAVEL DosePro gross product revenue of $14.0 million on approximately 142,000 units shipped, with unit volume up two percent over the third quarter, and an FDA approval of its 4 mg SUMAVEL DosePro.
Total revenues for the fourth quarter were $9.9 million, which is up from $9.5 million year-over-year. Investors were happy with these figures, as the pharmaceutical has started to show growth.
Total revenues for the full year 2013 were $33.0 million. This compares to total revenues for the full year 2012 of $44.3 million, which included contract revenue.
The company is not issuing any guidance at this time: “Zogenix is not providing financial guidance on expected 2014 revenues, cost of sales, or royalty expense at this time. However, the Company expects $110 - $120 million in combined research and development and selling, general and administrative expenses in 2014. This reflects expansion of the Company's sales force.”
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