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Aegerion Pharma posts smaller 3Q loss

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October 30, 2013 02:08 PM EST | AP

NEW YORK (AP) — NEWS: Aegerion Pharmaceuticals said Wednesday that it took a smaller third-quarter loss and raised its sales forecast for its cholesterol disorder drug Juxtapid.

DETAILS: The company reported $16.3 million in third-quarter sales of Juxtapid. The drug is designed to treat a rare condition called homozygous familial hypercholesterolemia, which causes high levels of "bad" LDL cholesterol. The Food and Drug Administration approved the drug in December and European Union regulators did the same in August.

NUMBERS: Aegerion said it lost $12.5 million, or 43 cents per share, in the most recent quarter. A year ago it took a loss of $14.9 million, or 59 cents per share.

Analysts expected a loss of 50 cents per share and $12.6 million in revenue, according to FactSet.

The Cambridge, Mass., company did not have any revenue a year ago.

FUTURE: Aegerion now expects to report revenue of $45 million to $50 million in 2013, above its previous guidance of $30 million to $35 million.

Analysts were projecting $41.6 million in revenue on average.

STOCK: Aegerion Pharmaceuticals Inc. stock fell $6.64, or 7.1 percent, to $86.68 in afternoon trading. The shares have enjoyed a rapid run-up, tripling in value in 2013. They reached an all-time high of $101 earlier Wednesday.