Boston, MA 02/28/2014 (wallstreetpr) – Ariad Pharmaceutical, Inc. (NASDAQ:ARIA) reported its fourth quarter results for 2013 in which earning per share beat Zacks estimated loss of 46 cents per share to come in at a loss of 40 cents a share, slightly higher than same quarter a year loss of 36 cents a share. TheStreet currently rates Ariad stock as a “Sale” as it continues to show significant weaknesses in its key areas such as deteriorating net income as well as weak operating cash flow.
Fourth quarter results
Revenues for the fourth quarter were impressive coming in at $8.4 million against the previous year same quarter of $0.07 million. Revenue for the quarter also beat Zacks estimates of $6 million. Ariad net loss for the full year seem to be gaining momentum surging to highs of $1.49 per share against the previous year lows of $1.i34 per share. Revenues for full year were also high, beating Zacks estimates of $43 million to come in at $45.6 million.
Ariad sales
Ariad Pharmaceutical, Inc. (NASDAQ:ARIA) Iclusigpill; generated net sales of $8.3 million a drop of 50.3% mainly due to the FDA suspending the drug as it continued to record increased side effects such as blood clots and narrowing of blood vessels. There seem to be a turnaround in events as the Pill was later accepted into the market in January and continues to be sold across several countries in Europe.
Ariad Pharmaceutical, Inc. (NASDAQ:ARIA) has also confirmed that it is to terminate its license agreement with Merck & Co. Inc. as of November 2014 for the development and commercialization of ridaforolimus.
Research and development expenses for the full year declined by 4.9% coming in at $35.8 million with selling and Administrative expenses skyrocketing to highs of $37.6 million an increase of 64.2%. Ariad plans to start post marketing of Iclusig according to the FDA requirements and regulations. The pharmaceutical company also plans to evaluate the safety of using lower doses of Iclusig against the currently approved doses of 45mg a day.
Ariad 2014 guidance
Ariad Pharmaceutical, Inc. (NASDAQ:ARIA) expects research and development expenses to range between $140 and $150 million for the year, with 75% of the amount to be used for the development of Iclusig. SG&A expenses should also surge to between $135 and $145 million, most of which will be allocated for the commercialization of Iclusig in the US and across Europe. Ariad Pharmaceutical, Inc. (NASDAQ:ARIA) expects Cash and cash equivalent for the full year to range between $60 and $70 million.
