Aug 13 2010
Trimeris, Inc., (Nasdaq: TRMS) or the "Company," today announced financial results for the quarter ended June 30, 2010, reporting net income of $1.3 million, or $0.06 per share, which was unchanged from the quarter ended June 30, 2009. Comparisons of net income between the quarters ended June 30, 2010 and June 30, 2009 are affected by a one-time adjustment in the second quarter of 2009 that increased operating expenses for that period by $496,000, as described below. Excluding the one-time adjustment, the Company would have reported adjusted net income of $1.8 million or $0.08 per share in the second quarter of 2009.
For the six months ended June 30, 2010, the Company reported net income of $2.3 million, or $0.10 per share, compared with $3.4 million, or $0.15 per share for the six months ended June 30, 2009. Comparisons of net income between the periods are affected by two one-time adjustments in the first half of 2009. The first adjustment increased operating expenses by $496,000 and the second adjustment increased collaboration income by $1.1 million, as described below. Excluding these one-time adjustments, the Company would have reported adjusted net income of $2.8 million or $0.13 per share in the first half of 2009.
Royalty revenue for the quarter ended June 30, 2010 was $1.6 million compared with $2.1 million for the quarter ended June 30, 2009. This decrease was driven by a decrease in net FUZEON® sales outside the U.S. and Canada. Net sales of FUZEON® outside the U.S. and Canada for the second quarter of 2010 were $14.6 million, down 25 percent from $19.4 million in the second quarter of 2009.
Collaboration income for the quarter ended June 30, 2010 was $1.6 million compared with $1.4 million for the quarter ended June 30, 2009. This increase was primarily driven by a decrease in selling and marketing expenses offset, in part, by a decrease in net sales of FUZEON® in the U.S and Canada. Net sales of FUZEON® in the U.S. and Canada for the second quarter of 2010 were $8.0 million, down 18 percent from $9.7 million in the second quarter of 2009.
Operating expenses for the quarter ended June 30, 2010 were $1.1 million compared with $1.7 million for the quarter ended June 30, 2009. This decrease was primarily driven by a one-time real estate commission of $496,000 paid in connection with the release of the Company's obligations under the lease of the Company's former corporate office and research facility in the quarter ended June 30, 2009.
Cash, cash equivalents and investment securities available-for-sale totaled $46.9 million at June 30, 2010, compared to $48.4 million at December 31, 2009.
FUZEON® Sales Releases
The Company's collaborative partner, Roche, no longer includes FUZEON sales results in their quarterly reports. Accordingly, the Company will no longer issue separate press releases announcing FUZEON® sales results. FUZEON® sales results will now be included in the Company's earnings releases.