Cubist Pharmaceuticals Inc. (NASDAQ:CBST) announced its third quarter earnings for 2013 recently and they fell short of Zach’s Consensus Estimates of 55 cents to fall to 41 cents per share. Earnings for the company were short of last years’ figures by almost 34% mostly due to the higher expenses that the company has incurred.
The net product sales of the company in the United Sates saw a rise by 11.6% to $243.6 million, most of these sales came from the sale of Cubicin. The product saw a net growth in sales of 10.4% to $229.9 million in Q3. The drug Cubicin performed well in international markets as well with sales figures climbing up by 8.6% to $13 million. Besides the revenues from Cubicin sales, a significant chunk the total revenue for Cubist Pharmaceuticals Inc. also includes Entereg sales and service revenues which come from the company’s agreement with Optimer Pharma Inc. to promote Dificid in the United States. Dificid is a drug that is used for the treatment of C. difficile diarrhea.
Cubist Pharma had announced in July 2013 that they had intentions to acquire Optimer Pharma, this acquisition is expected to be completed in the coming months. Post this acquisition, Cubist will gain total control of Dificid which will further strengthen its already wide antibiotic portfolio. Apart from Optimer Pharma, Cubist has also acquired Trius Therapeutics in Q3. Trius is also an antibiotics maker which the company hopes will help boost its already wide range of antibiotic drugs on offer.
Q3 revenues for the company rose by 12% to %266 million; this year-over-year rise was mostly because of the strong sales of the antibiotic injection Cubicin. It accounted for the bulk of the revenues for the third quarter even as revenues fell short of the Zach’s Consensus Estimates of $270 million.