Reuters: Global Markets: Vivus diet pill sales below expectations, shares fall

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Vivus diet pill sales below expectations, shares fall Feb 25th 2013, 22:15 Mon Feb 25, 2013 5:15pm EST (Reuters) - Vivus Inc's (VVUS.O) revenue for the first full quarter of selling its diet pill, Qsymia, came in well short of analysts' estimates, sending its shares down 5 percent in extended trade. Vivus launched Qsymia, its sole commercial product, in September after the drug became the first new weight-loss pill to be approved by U.S. regulators in 13 years. The company, which has lost nearly half its market value since lackluster sales tarnished the launch of the drug, stepped up spending on marketing the drug during the fourth quarter. Sales of Qsymia were $2 million for the quarter, while analysts on average expected $3.1 million, according to Thomson Reuters I/B/E/S. The net loss rose to $56.7 million, or 56 cents per share, from $11.5 million, or 13 cents per share, a year earlier. Analysts had expected a loss of 44 cents per share. Selling, general and administrative costs jumped more than eight-fold to $50.3 million. The company has no other drug on the market but is planning to launch its erectile dysfunction drug, Stendra, this year, after it received marketing approval from U.S. health regulators last April. (Reporting by Zeba Siddiqui in Bangalore; Editing by Saumyadeb Chakrabarty) Link this Share this Digg this Email Reprints

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