Lexicon Pharmaceuticals Reports Second Quarter 2018 Financial Results and Provides a Business Update

Pharmaceutical Investing

Lexicon Pharmaceuticals (NASDAQ:LXRX) has announced its financial results for the quarter ended June 30, 2018. As quoted in the press release: “We continue to make progress across our portfolio while maintaining good financial discipline,” said Lonnel Coats, Lexicon’s president and chief executive officer. “In the second quarter, we experienced significant momentum around our sotagliflozin program …

Lexicon Pharmaceuticals (NASDAQ:LXRX) has announced its financial results for the quarter ended June 30, 2018.

As quoted in the press release:

“We continue to make progress across our portfolio while maintaining good financial discipline,” said Lonnel Coats, Lexicon’s president and chief executive officer. “In the second quarter, we experienced significant momentum around our sotagliflozin program with the FDA’s acceptance of our collaborator Sanofi’s NDA filing for type 1 diabetes and the recent publications of the pivotal sotagliflozin studies in Diabetes Care. In addition, Sanofi is making excellent progress in enrolling the Phase 3 studies in the type 2 diabetes program. In the second half of the year, we anticipate continued advancement of our pipeline, which we believe will create long-term value for the company.”
Second Quarter Product and Pipeline Highlights
XERMELO (telotristat ethyl) 250 mg
Favorable data on body weight from the randomized, double-blind, placebo-controlled Phase 3 TELESTAR (Telotristat Etiprate for Somatostatin Analog Not Adequately Controlled Carcinoid Syndrome) study were published in Clinical Therapeutics in May.
Sotagliflozin
In May, the U.S. Food and Drug Administration (FDA) accepted Lexicon collaborator Sanofi’s New Drug Application (NDA) for sotagliflozin for use in combination with insulin therapy to improve glycemic control in adults with type 1 diabetes mellitus with a PDUFA date of March 22, 2019.
Positive 52-week inTandem1 and inTandem2 data were presented at the 78^th Scientific Sessions of the American Diabetes Association (ADA) and published in Diabetes Care in June.
Second Quarter 2018 Financial Highlights
Revenues: Revenues for the three months ended June 30, 2018 increased to $13.8 million from $12.1 million for the corresponding period in 2017, primarily due to an increase in net product revenues, partially offset by lower revenues recognized from the collaboration and license agreement with Sanofi. Net product revenues for the three months ended June 30, 2018 included $6.0 million from net sales of XERMELO in the U.S., up 65% from the prior year quarter and 11% from the first quarter of 2018, and $1.3 million from the sale of bulk tablets of XERMELO to Ipsen.