At least 17 biotechs and pharmas reported earnings last week. Vivus Inc. (NASDAQ:VVUS) fell 18%, losing $225 million in market value on the week, after reporting a loss per share and revenues that missed the Street's estimates. The biotech, which launched its once-daily obesity drug Qsymia phentermine/topiramate last September, reported 4Q12 net product revenues of $2 million, missing the analyst consensus estimate of $3.1 million. On its conference call, Vivus said the Qsymia launch has faced challenges that include a REMS that requires the drug be distributed only through certified mail-order pharmacies as well as patient the out-of-pocket costs due to the drug's lack of reimbursement. Vivus said it expects a decision from FDA in April on a proposed REMS modification that would allow select retail pharmacies to dispense Qsymia. The company also said it is making progress with payers and employers to improve reimbursement.

Anika Therapeutics Inc. (NASDAQ:ANIK) closed the week up 22% after posting EPS and revenues above the Street's estimates. Mcap in $M