ViroPharma's net income jumps from red to $113.7 million in 2005

By Angela McDaniels

Seattle, Feb. 28 - ViroPharma Inc.'s net income increased to $113.7 million for the year ended Dec. 31 from a net loss of $19.5 million for the year ended Dec. 31, 2004, according to a company news release.

Net income was $2.56 per basic share and $2.02 per diluted share, compared to a net loss of $0.73 per share, basic and diluted, for the same period in 2004.

Net income for the fourth quarter ended Dec. 31 increased to $72.7 million from $5.8 million for the same period a year earlier.

Those numbers translated into $1.21 per basic share and $1.17 per diluted share for the fourth quarter of 2005, compared to $0.22 per basic and diluted share for the same period in 2004.

Revenue for 2005 increased to $132.4 million from $22.4 million a year earlier. The company said the numbers are not comparable, however, as $125.9 million of 2005 revenue was derived from sales of Vancocin, a product the company acquired from Eli Lilly and Co. in November 2004.

ViroPharma predicted that Vancocin sales will help increase 2006 net sales by between 27% and 35% to $160 million to $170 million.

"The expected growth of Vancocin this year will drive a significant increase in our operating income in 2006 and allow us to make investments in our clinical development and medical education programs during 2006 at a substantially higher rate than we experienced during 2005," chief executive officer Michel de Rosen said in the release.

Revenue for the fourth quarter of 2005 increased to $40.5 million from $18.5 million for the same period a year earlier.

ViroPharma is an Exton, Pa., biopharmaceutical company that develops and commercializes products for the treatment of viral diseases such as cytomegalovirus and hepatitis C.

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