Vivus falls on Qsymia sales

Vivus Inc. (NASDAQ:VVUS) fell $1.52 (12%) to $10.89 on Tuesday after reporting lower-than-expected 4Q12 revenues from once-daily obesity drug Qsymia phentermine/topiramate. Vivus launched the drug last September and recorded $2 million in net product revenues for Qsymia, falling short of the Street's $3.1 million estimate. On a conference call, Vivus said challenges for launching Qsymia include a REMS that requires the drug be distributed only through certified mail-order pharmacies and 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 Qsymia's reimbursement. Vivus declined to provide guidance on Qsymia sales for 2013. The Street is expecting $100.9 million. ...