Vivus: 30% of Qsymia prescriptions 'abandoned'

Vivus Inc. (NASDAQ:VVUS) fell $3.13 (21%) to $11.82 on Tuesday after disclosing on a conference call to discuss its 3Q12 earnings that 30% of pending prescriptions for Qsymia phentermine/topiramate are "abandoned by patients due to the cash outlay" for the obesity drug. The company priced once-daily Qsymia at $120-$183.90 per month, depending on the dose. Vivus said payers are covering about one-in-five prescriptions, with an average co-payment of $62. The company said it continues to focus on obtaining payer coverage and will focus on other "tactical innovative programs" to reduce out-of-pocket costs for patients.

Vivus launched Qsymia on Sept. 17 in the U.S. for adults with a BMI of 30 kg/m2 or greater, or adults with a BMI of 27 kg/m2 or greater who have at least one weight-related condition. The company said it shipped 656 prescriptions in the quarter for net revenues of $41,000, missing the Street's estimate of $310,000. Vivus said a total of 5,560 prescriptions for 3,504 unique patients have been shipped through the week of Oct. 26. The company declined to provide any guidance for Qsymia sales (see BioCentury, Aug. 6). ...