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Financials in second (earlier) quarter;
Trimeris posts flat earnings
Triangle Business Journal - by James Gallagher
Date: Friday, August 13, 2010, 11:04am EDT



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Cost cuts allowed Trimeris Inc. to hold the line of second quarter earnings even as sales of its top drug fell, the drug maker announced.

The Durham-based company (NASDAQ: TRMS) posted earnings of 6 cents per share during the second quarter, the same as a year ago. The company held that profitability despite quarterly revenues falling from $3.6 million a year ago to $3.26 million in 2010.

Sales of HIV-treatment Fuzeon have been falling. Globally, sales totaled $22.7 million during the second quarter of 2010, down from $29.1 million during the same year-ago period. The drop in sales has hit Trimeris’s financials, cutting down royalty revenue to $1.6 million during the quarter, down from $2.1 million during the same year-ago period.

Trimeris was able to reduce its operating expenses to $1.1 million, down from $1.7 million a year ago. However, part of that $1.7 million was a $496,000 one-time payment to release the company from its lease obligations. Without that one-time cost, Trimeris would have earned 8 cents per share during the second quarter of 2009.


Read more: Trimeris posts flat earnings | Triangle Business Journal