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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Lannett CO | AMEX:LCI | AMEX | Ordinary Share |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.00 | - |
Avanir Pharmaceuticals, Inc. (AVNR) announced preliminary results for the first quarter of fiscal 2014 (year ending in Sep 2014) with gross revenues of roughly $34.6 million ahead of the Zacks Consensus Estimate of $24 million.
Avanir expects first quarter gross Nuedexta revenues to grow around 13% sequentially to $31.3 million. Nuedexta is approved for the treatment of patients suffering from pseudobulbar affect (PBA). Avanir expects Nuedexta net revenues to grow 15%–18% sequentially.
In the reported quarter, Avanir expects cash and cash equivalents, investments and cash used in operating activities around $43.9 million, $2.6 million and $9.5 million respectively.
Avanir is looking to expand Nuedexta’s label. Nuedexta is currently being studied for two additional indications in phase II, namely, AVR-131 study – for the treatment of agitation in Alzheimer's disease (second half calendar 2014) and AVR-133 study – for levodopa induced dyskinesia (LID) in patients suffering from Parkinson's disease (second half calendar 2014).
We note that in Dec 2013, share price of Avanir fell 2.5% on the failure of phase II, PRIME study. The PRIME study on Nuedexta for the treatment of central neuropathic pain in patients with multiple sclerosis failed to achieve the primary endpoint. Patients treated with Nuedexta experienced similar levels of pain reduction as compared to placebo.
Avanir carries a Zacks Rank #3 (Hold). The share price of Avanir jumped 9.9% on the announcement of the preliminary results. Other better-ranked players in the pharma industry include Lannett Company, Inc. (LCI), WuXi PharmaTech (Cayman) Inc. (WX) and Jazz Pharmaceuticals Inc. (JAZZ). All the three stocks carry a Zacks Rank #1 (Strong Buy).
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