Pozen (Nasdaq: POZN) foresees better sales for its recently approved migraine drug than Wall Street analysts say they see.
In its quarterly financial update Thursday, Pozen forecast revenues of between $62 million and $68 million for its fiscal year. First Call projected revenues of $52.7 million.
The news didn’t help Pozen stock, however. It traded down 45 cents, or more than 3 percent, at $13.81 in afternoon trading Thursday.
Pozen closed at $13.88, down 38 cents or 2.7 percent.
Citing increased operating costs, Pozen reported a quarterly loss of 25 cents per share, or $2.1 million, even as revenues increased to $7.7 million, up 2 percent from a year ago. That total topped analysts’ forecast of $6.4 million.
Pozen will report a $20 million milestone payment for its second quarter from GlaxoSmithKline. GSK partnered with Pozen to produce Treximet, which was approved in April for treatment of migraines. Pozen also said it expected between $5 million and $9 million in royalties from Treximet sales. The drug is expected to go on sale in the near future.
Pozen also is developing a pain reliever in partnership with AstraZeneca. The company said it expects to receive between $22 million and $24 million in milestone payments in that project.
