InterMune reports net loss of $29 million for the third quarter, revenue down $4 million

By Lisa Kerner

Charlotte, N.C., Oct. 26 - InterMune, Inc. reported a net loss for the third quarter ended Sept. 30 of $29.0 million, or $0.88 per share, and includes a $6.9 million charge related to the comprehensive government settlement related to promotional activities for Actimmune.

Total revenue for the quarter was down at $22.5 million, comprised solely of Actimmune sales, from $26.5 million in the prior-year period.

Research and development expense for the third-quarter 2006 was up 67% at $32.1 million, from $19.2 million for the third-quarter 2005.

"We made excellent progress with our hepatitis C virus protease inhibitor program in the third quarter and recent weeks," president and chief executive officer Dan Welch said in a company news release.

"We submitted a Clinical Trial Authorization application for ITMN-191 and entered into an exciting agreement with Roche to collaborate on the worldwide development and commercialization of compounds from our HCV protease inhibitor program, including ITMN-191."

The company reported nine-month results including a net loss of $85.8 million, or $2.60 per share, and total revenue of $71.0 million.

Actimmune revenues for the first nine months were down 11% at $71.0 million, from $79.4 million in the same period of 2005.

The Brisbane, Calif., biotechnology company updated its financial guidance for 2006, expecting total revenue of $85 million to $95 million, from previous guidance of $75 million to $100 million.

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