Company reported ZILRETTA® (triamcinolone acetonide extended-release injectable suspension) net sales of $23.7 million in third quarter 2020
#FLXN reported financial results and recent business highlights for the quarter ended September 30, 2020.
Third-Quarter Results & Financial Highlights
The Company reported a net loss of $24.6 million for the third quarter of 2020, compared to a net loss of $38.2 million for the same period of 2019. Net sales of ZILRETTA were $23.7 million and $21.8 million for the three months ended September 30, 2020 and 2019, respectively.
Cost of sales was $5.1 million and $2.9 million for the three months ended September 30, 2020 and 2019, respectively. For the three months ended September 30, 2020, cost of sales included $2.0 million for the actual cost of units sold and $3.1 million of unabsorbed overhead associated with the voluntary, temporary suspension of manufacturing activities at Patheon due to COVID19 impacts on sales of ZILRETTA. For the three months ended September 30, 2019, cost of sales was comprised of $1.8 million related to the actual cost of units sold, $0.9 million related to unabsorbed manufacturing costs and $0.2 million of period costs and other adjustments.
Research and development expenses were $10.1 million and $20.9 million for the three months ended September 30, 2020 and 2019, respectively. The decrease in research and development expenses of $10.8 million was primarily due to a decrease of $5.9 million in development expenses for ZILRETTA due to a reduction in ZILRETTA life cycle management activities, a decrease in $2.9 million in portfolio expansion-related expenses as the upfront payment for the purchase of XEN402 from Xenon Pharmaceuticals occurred in the third quarter of 2019, as well as a decrease of $1.4 million in salary and other employee-related costs and stock-based compensation expense related to lower headcount".
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