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VIVUS REPORTS FOURTH QUARTER AND YEAR-END 2015 FINANCIAL RESULTS
Management to Review Results and Provide Business Update
in Conference Call Today at 4:30 p.m. Eastern Time
MOUNTAIN VIEW, Calif., March 9, 2016 - VIVUS, Inc. (NASDAQ: VVUS; the Company), a biopharmaceutical company commercializing and developing innovative, next-generation therapies to address unmet needs in obesity and sexual health, today provided a business update and reported its financial results for the fourth quarter and year ended December 31, 2015. The net loss for the 2015 fourth quarter was $12.2 million as compared to $25.4 million in 2014. The net loss for the twelve months ended December 31, 2015 was $93.1 million as compared to $82.6 million in 2014. Cash, cash equivalents and available-for-sale securities was $241.6 million at December 31, 2015.
We have been pleased with the interest we have received for STENDRA® since announcing the return of the U.S. and Canadian commercialization rights in December 2015, said Seth H. Z. Fischer, VIVUS Chief Executive Officer. We have initiated a process with a strategic advisor to assist us in evaluating not only our STENDRA alternatives, but our overall business strategy as well.
Mr. Fischer continued, We are encouraged by the 21% growth in Qsymia annual net revenue in 2015 in a difficult branded anti-obesity market. We will continue to focus on efficiently commercializing Qsymia and managing our costs as we expect a continued difficult market in 2016.
· In December 2015, VIVUS announced the return of the U.S. and Canadian rights for STENDRA from Auxilium Pharmaceuticals, Inc., a subsidiary of Endo Pharmaceuticals, plc, on June 30, 2016, absent an agreement between Auxilium and VIVUS for an earlier termination date.
· In November 2015, VIVUS presented the following posters at Obesity Week 2015.
○ Abstract Title: Effects of Phentermine and Topiramate Extended-Release (PHEN/TPM ER) on Weight Loss (WL) in Patients With a Baseline Body Mass Index (BMI) >45 kg/m 2
Authors: Scott Kahan, MD, MPH; W. Timothy Garvey, MD; Roman Dvorak, MD, PhD
○ Abstract Title: Budget Impact of Phentermine and Topiramate Extended-Release (PHEN/TPM ER) in Patients who are Overweight or Obese With Prediabetes or Type 2 Diabetes Mellitus (T2DM)
The following information was filed by Vivus Inc (VVUS) on Wednesday, March 9, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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