Shares of Santarus Inc. (NASDAQ: SNTS), a specialty biopharmaceutical company engaged in the acquisition, development and commercialization of products that address the needs of patients treated by physician specialists, surged on Tuesday after the company received FDA approval of UCERIS™ (budesonide) for the induction of remission in patients with active, mild to moderate ulcerative colitis.
SNTS expects to start the commercial launch of UCERIS in March this year. Commenting on the development, Gerald T. Proehl, President and CEO of Santarus, said that the company is pleased to provide a new option for patients to treat the active phase of mild to moderate ulcerative colitis.
Proehl further said that the company is adding 85 new sales representatives, thereby increasing its total number of sales to 235, to facilitate a strong commercial launch of UCERIS. He added that the expanded commercial organization will promote both UCERIS and ZEGERID® to gastroenterologists in addition to promoting SNTS’s three diabetes/metabolic products to endocrinologists and other physicians.
Proehl also said that with the incremental revenue from UCERIS and continued growth in marketed products, the company expects another robust year of solid financial results in 2013. The company expects total revenue of $320 million to $325 million in 2013. Net income for 2013 is expected to be between $50 million and $54 million.
Santarus also said that it expects to meet or exceed the financial guidance it provided back in November. The company had forecast total revenue of $210 million in 2012. Net income for the full year was forecast to come in between $12 million and $14 million.
The FDA approval and solid guidance sparked a huge rally in SNTS shares on Tuesday. The stock hit a 52-week high of $13.09 before finishing the day 10.99% higher at $12.52 on above average volume of 4.58 million.
Recent Comments