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Pharmaceutical industry

ICOS Corporation Reports Financial Results and Recent Events for 2Q 2005

Strategic Insights

— 2 min read

ICOS Corporation and its joint venture Lilly ICOS LLC reported financial results for the second quarter of 2005, with Lilly ICOS nearing profitability due to increased sales and reduced marketing expenses. The company launched a Phase 3 clinical study for the treatment of pulmonary arterial hypertension using tadalafil, the active ingredient in Cialis, which has been used by over 5 million patients with erectile dysfunction.

Key Takeaways:

  • Lilly ICOS' net loss narrowed to $1.7 million in the 2Q 2005, compared to $41.7 million in the 1Q 2005.
  • Worldwide sales of Cialis totaled $190.9 million in the 2Q 2005, a 39% increase from $137.2 million in the 2Q 2004.
  • Cumulative worldwide sales of Cialis passed the $1 billion mark in the 2Q 2005.
  • Lilly ICOS initiated a Phase 3 clinical study of tadalafil for the treatment of pulmonary arterial hypertension.
  • ICOS Corporation reported a net loss of $22.6 million in the 2Q 2005, compared to a net loss of $51.9 million in the 2Q 2004.
  • Equity in losses of Lilly ICOS was $0.7 million in the 2Q 2005, compared to $35.1 million in the 2Q 2004.
  • Collaboration revenue from Lilly ICOS totaled $12.7 million in the 2Q 2005, a decrease from $14.7 million in the 2Q 2004 due to reduced reimbursement of U.S. sales force expenses.
  • ICOS Corporation's total revenue was $18.1 million in the 2Q 2005, compared to $17.9 million in the 2Q 2004.
  • Research and development expenses increased $3.8 million from the 2Q 2004 to the 2Q 2005, due to higher expenses associated with discovery and preclinical research programs.
  • ICOS reported a net loss of $69.0 million for the 6 months ended June 30, 2005, compared to a net loss of $138.2 million for the 6 months ended June 30, 2004.

Statistics:

  • Total operating expenses were $40 million for the 3 months ended June 30, 2005, compared to $34.7 million for the 3 months ended June 30, 2004.
  • Equity in losses of Lilly ICOS was $0.7 million in the 2Q 2005, compared to $35.1 million in the 2Q 2004.
  • Collaboration revenue from Lilly ICOS totaled $12.7 million in the 2Q 2005, a decrease from $14.7 million in the 2Q 2004.
  • Research and development expenses increased $3.8 million from the 2Q 2004 to the 2Q 2005.
  • ICOS Corporation's total revenue was $18.1 million in the 2Q 2005, compared to $17.9 million in the 2Q 2004.
  • Lilly ICOS' net income for the year ending December 31, 2005, is expected to be around $30 million, plus or minus $10 million.
  • ICOS Corporation's net loss for the year ending December 31, 2005, is expected to be in the range of $77 million ($1.20 per share) to $82 million ($1.28 per share).

Sources:

  • ICOS Corporation, "ICOS Corporation Reports Financial Results and Recent Events for 2Q 2005"
  • Health & Medicine Week, "ICOS Corporation Reports Financial Results and Recent Events for 2Q 2005"
  • NewsRx.com, "ICOS Corporation Reports Financial Results and Recent Events for 2Q 2005"

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