InterMune Shares Popped: What You Need to Know
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What: Shares of biopharmaceutical company InterMune (NAS: ITMN) jumped as much as 13% in midday trading after the company revealed preliminary results of its recent launch of Esbriet, a lung disease treatment.
So what: During the fourth quarter, InterMune sold $2.7 million of Esbriet in Germany and has sold $2.8 million since its launch in mid-September. The company expects to launch the drug in France, Spain, and Italy during the second quarter and in the United Kingdom in October.
Now what: The company also said that long-term use of Esbriet has shown positive results in trials. It also updated guidance saying that during fiscal 2011, InterMune expects to spend between $75 million and $80 million on R&D, a drop from a previously expected $85 million to $95 million. The extra money will be spent mostly on sales, general, and administrative expenses.
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