VIVUS, Inc. (NASDAQ: VVUS) (the “Company”), a specialty
pharmaceutical company committed to the development and
commercialization of innovative therapies focusing on treatments
for patients with serious unmet medical needs, today reported
financial results for the quarter ended September 30, 2019 and
provided a business update.
“The strategies that we have implemented over
the past several quarters continue to gain traction, as evidenced
by growing patient adoption rates from our Qsymia Advantage
Program, which increased 170% in prescriptions in the third quarter
compared with the second quarter,” said John Amos, VIVUS’ Chief
Executive Officer. “As we implement our plan to expand the U.S.
market for Qsymia, we are also making significant strides toward
unlocking its full global potential, having recently obtained
marketing approval in the Republic of Korea and having our
Marketing Authorization Application for Qsymia accepted on a
decentralized basis in Europe. The initiation of our strategy for
reducing our corporate debt is helping to improve our capital
structure, while providing us with financial flexibility to advance
the growth opportunities for both Qsymia and PANCREAZE.”
Recent Business Highlights
- Qsymia® Marketing
Authorization Application (MAA) Accepted on a Decentralized
BasisIn September 2019, the European regulatory agencies
in Sweden, Denmark, Finland, Iceland, Norway, and Poland (the
“Concerned Member States”) accepted the MAA for Qsymia (phentermine
and topiramate extended-release) on a decentralized basis, with
Sweden acting as the lead Concerned Member State, also known as the
Reference Member State, for purposes of assessing the MAA.
- Qsymia Approved in the Republic of KoreaIn
August 2019, VIVUS announced that its Korean marketing partner,
Alvogen Malta Operations (ROW) Ltd, obtained marketing approval for
Qsymia from the South Korea Ministry of Food and Drug Safety
(MFDS).
- Released Results of a Pilot Study with Qsymia and
Laparoscopic Sleeve SurgeryIn August 2019, VIVUS announced
the results of a pilot clinical study demonstrating that patients
receiving Qsymia before and after laparoscopic sleeve gastrectomy
surgery lost more weight and had a greater probability of achieving
a body mass index of less than 40 compared with patients undergoing
surgery alone without anti-obesity medication. The study was
conducted at the Wake Forest School of Medicine and the results
appear in the current issue of Surgery for Obesity and Related
Diseases.
- Reduced Debt and Interest ExpenseIn September
2019, VIVUS paid down $48.6 million of its Senior Secured Notes due
2024 resulting in savings of $10.5 million due to a reduction in
interest payments over the remaining term of the loan.
2019 Third Quarter vs 2019 Second
Quarter Financial Results
Revenue consisted of the following:
|
|
(In thousands)Three Months
Ended |
|
|
|
September 30,2019 |
|
June 30,2019 |
|
Qsymia net product revenue |
|
$ |
9,583 |
|
$ |
9,994 |
|
Milestone revenue |
|
|
2,500 |
|
|
- |
|
PANCREAZE/PANCREASE MT, net product revenue |
|
|
5,266 |
|
|
5,110 |
|
Supply revenue |
|
|
64 |
|
|
1,780 |
|
Royalty revenue |
|
|
557 |
|
|
1,506 |
|
Total revenue |
|
$ |
17,970 |
|
$ |
18,390 |
|
Qsymia net product revenue was $9.6 million and
$10.0 million in the third and second quarters of 2019,
respectively. In both the third and second quarters of 2019,
approximately 86,000 prescriptions were dispensed. The Company
continues to migrate Qsymia patients from a traditional retail
pharmacy model to the Qsymia Advantage Program that is expected to
improve access to Qsymia through, among other things,
direct-to-patient distribution and improved pricing. During the
third quarter, 22% of Qsymia scripts were dispensed through the
Qsymia Advantage Program’s Direct-to-Patient model, up from 8% and
less than 2% in the second and first quarters of 2019,
respectively.
Milestone revenue represents the payment received related to
Alvogen, VIVUS’ Korean marketing partner, obtaining marketing
approval for Qsymia from the South Korea MFDS.
PANCREAZE® net product revenue was $5.3 million
and $5.1 million in the third and second quarters of 2019,
respectively. In the third quarter, this amount includes $0.1
million related to Canadian sales of PANCREASE® MT. Prior to the
third quarter, the Company received a royalty on Canadian sales.
The Company currently has a dedicated 10-person sales force,
sampling program, full patient support program, a plan for
investigator-sponsored trials in oncology, a digital marketing
campaign strategy, along with a number of other enhancements.
Supply revenue consists of sales of
STENDRA®/SPEDRA™ to our licensees for sales in the EU and U.S.
Supply revenue varies based on the timing of orders from our
licensees and consists of minimum order requirements and such
purchases do not correspond to end user demand.
Royalty revenue was $0.6 million and $1.5
million in the third and second quarters of 2019, respectively.
Third quarter 2019 royalty revenue consisted of royalties earned on
SPEDRA European revenues. Second quarter 2019 royalty revenue
consisted of $1.0 million of royalties on PANCREASE MT Canadian
revenue and $0.5 million of royalties on SPEDRA European
revenues. In the third quarter, the Company assumed commercial
responsibility for PANCREASE MT and began recording sales of
PANCREASE MT as net product revenue.
Total cost of goods sold excluding amortization
was $3.0 million and $4.4 million in the third and second quarters
of 2019, respectively. The decrease was primarily due to no STENDRA
supply revenue in the third quarter. Supply revenue varies based on
the timing of orders by our commercial partners.
Amortization of intangible assets was $3.6
million in both the third and second quarters of 2019. The amount
primarily consisted of amortization expense of costs capitalized
related to the acquisition of PANCREAZE.
Selling, general and administrative expense was
$9.2 million and $10.1 million for the third and second quarters of
2019, respectively, and included selling and marketing expense of
$4.5 million and $4.6 million, respectively. VIVUS expects selling,
general and administrative expenses to fluctuate with business
development activities.
Research and development expense was $3.3
million and $2.4 million in the third and second quarters of 2019,
respectively. In 2019, research and development efforts primarily
consisted of activities related to the Qsymia adolescent and
efficacy study (OB-0403), PANCREAZE post-marketing requirements
assumed from Janssen and ongoing PANCREAZE product improvement
initiatives.
Total interest and other expense was $9.9
million and $3.9 million in the third and second quarters of 2019,
respectively. The increase in interest expense in the third quarter
was due to prepayment premiums related to the reduction in debt
balances.
Net loss for the third and second quarters of
2019 was $11.1 million and $5.9 million, respectively. Cash, cash
equivalents and available-for-sale securities were $40.1 million at
September 30, 2019.
Non-GAAP EBITDA for the third and second
quarters of 2019 was $3.0 million and $2.1 million, respectively.
Excluding the Qsymia milestone revenue and certain professional
fees related to our debt buyback, recurring non-GAAP EBITDA was
$1.2 million for the third quarter of 2019.
Conference Call Details
VIVUS will hold a conference call and an
audio webcast to provide a business update and to discuss third
quarter 2019 financial results today, November 5, 2019,
beginning at 4:30 PM Eastern Time. Investors may listen to
this call by dialing toll-free (877) 359-2916 in
the U.S. and (224) 357-2386 from outside the U.S.
The audience passcode is 2467905. A webcast replay will be
available for 30 days and may be accessed
at http://ir.vivus.com/events-and-presentations.
About Qsymia
Qsymia is approved in the U.S. and is indicated
as an adjunct to a reduced-calorie diet and increased physical
activity for chronic weight management in adults with an initial
body mass index (BMI) of 30 kg/m2 or greater (obese) or 27
kg/m2 or greater (overweight) in the presence of at least one
weight-related medical condition such as high blood pressure, type
2 diabetes, or high cholesterol.
The effect of Qsymia on cardiovascular morbidity
and mortality has not been established. The safety and
effectiveness of Qsymia in combination with other products intended
for weight loss, including prescription and over-the-counter drugs,
and herbal preparations, have not been established.
For more information about Qsymia, please
visit www.Qsymia.com.
Important Safety Information for
Qsymia
Qsymia® (phentermine and topiramate
extended-release) capsules CIV is contraindicated in pregnancy; in
patients with glaucoma; in hyperthyroidism; in patients receiving
treatment or within 14 days following treatment with monoamine
oxidase inhibitors; or in patients with hypersensitivity to
sympathomimetic amines, topiramate, or any of the inactive
ingredients in Qsymia.
Qsymia can cause fetal harm. Females of
reproductive potential should have a negative pregnancy test before
treatment and monthly thereafter and use effective contraception
consistently during Qsymia therapy. If a patient becomes pregnant
while taking Qsymia, treatment should be discontinued immediately,
and the patient should be informed of the potential hazard to the
fetus.
The most commonly observed side effects in
controlled clinical studies, 5% or greater and at least 1.5 times
placebo, include paraesthesia, dizziness, dysgeusia, insomnia,
constipation, and dry mouth.
About PANCREAZE
PANCREAZE is a prescription medicine used to
treat people who cannot digest food normally because their pancreas
does not make enough enzymes due to cystic fibrosis or other
conditions. PANCREAZE may help your body use fats, proteins, and
sugars from food. PANCREAZE contains a mixture of digestive enzymes
including lipases, proteases, and amylases from pig pancreas.
PANCREAZE is safe and effective in children when taken as
prescribed by your doctor.
Important Safety Information for PANCREAZE
What is the most important information I should know
about PANCREAZE?
- PANCREAZE may increase your chance of having a serious, rare
bowel disorder called fibrosing colonopathy that may require
surgery.
- The risk of having this condition may be reduced by following
the dosing instructions that your healthcare provider gave
you.
Call your doctor right away if you have any unusual
or severe stomach area (abdominal) pain, bloating,
trouble passing stool (having bowel movements), nausea, vomiting,
or diarrhea.
Take PANCREAZE exactly as prescribed by your doctor. Do
not take more or less PANCREAZE than directed by your doctor.
What are the possible side effects of
PANCREAZE?
PANCREAZE may cause serious side effects,
including:
- A rare bowel disorder called fibrosing
colonopathy.
- Irritation of the inside of your mouth.
This can happen if PANCREAZE is not swallowed
completely.
- Increase in blood uric acid levels. This
may cause worsening of swollen, painful joints (gout) caused by an
increase in your blood uric acid levels.
- Allergic reactions including trouble with
breathing, skin rashes, or swollen lips.
Call your doctor right away if you have any of these
symptoms.
The most common side effects include pain in your stomach
(abdominal pain) and gas.
Other possible side effects: PANCREAZE and other
pancreatic enzyme products are made from the pancreas of pigs, the
same pigs people eat as pork. These pigs may carry viruses.
Although it has never been reported, it may be possible for a
person to get a viral infection from taking pancreatic enzyme
products that come from pigs.
These are not all the side effects of PANCREAZE. Talk to your
doctor about any side effect that bothers you or does not go
away.
You may report side effects to FDA at 1-800-FDA-1088
or www.fda.gov/medwatch.
What should I tell my doctor before taking
PANCREAZE?
Tell your doctor if you:
- are allergic to pork (pig) products.
- have a history of blockage of your intestines, or scarring or
thickening of your bowel wall (fibrosing colonopathy).
- have gout, kidney disease, or high blood uric acid
(hyperuricemia).
- have trouble swallowing capsules.
- have any other medical condition.
- are pregnant or plan to become pregnant.
- are breast-feeding or plan to breast-feed.
Tell your doctor about all the medicines you
take, including prescription and nonprescription
medicines, vitamins, and herbal supplements.
The Product Information and Medication Guide for PANCREAZE is
available at www.pancreaze.com.
About STENDRA/SPEDRA
(Avanafil)
STENDRA® (avanafil) is approved in the U.S.
by the FDA for the treatment of erectile dysfunction.
Metuchen Pharmaceuticals LLC has exclusive marketing rights to
STENDRA in the U.S., Canada, South
America and India.
STENDRA is available through retail and mail
order pharmacies.
SPEDRA™, the trade name for avanafil in the EU,
is approved by the EMA for the treatment of erectile dysfunction in
the EU. VIVUS has granted an exclusive license to
the Menarini Group through its subsidiaries to
commercialize and promote SPEDRA for the treatment of erectile
dysfunction in over 40 European countries plus Australia and
New Zealand.
Avanafil is licensed from Mitsubishi Tanabe
Pharma Corporation (MTPC). VIVUS owns worldwide
development and commercial rights to avanafil for the treatment of
sexual dysfunction, with the exception of certain Asian-Pacific Rim
countries. VIVUS is in discussions with other parties
for the commercialization rights to its remaining territories.
For more information about STENDRA, please
visit www.STENDRA.com.
Important Safety Information for
STENDRA
STENDRA® (avanafil) is prescribed to treat
erectile dysfunction (ED).
Do not take STENDRA if you take nitrates, often
prescribed for chest pain, as this may cause a sudden, unsafe drop
in blood pressure.
Discuss your general health status with your
healthcare provider to ensure that you are healthy enough to engage
in sexual activity. If you experience chest pain, nausea, or any
other discomforts during sex, seek immediate medical help.
STENDRA may affect the way other medicines work.
Tell your healthcare provider if you take any of the following;
medicines called HIV protease inhibitors, such as ritonavir
(Norvir®), indinavir (Crixivan®), saquinavir (Fortavase® or
Invirase®) or atazanavir (Reyataz®); some types of oral antifungal
medicines, such as ketoconazole (Nizoral®), and itraconazole
(Sporanox®); or some types of antibiotics, such as clarithromycin
(Biaxin®), telithromycin (Ketek®), or erythromycin.
In the rare event of an erection lasting more
than 4 hours, seek immediate medical help to avoid long-term
injury.
In rare instances, men taking PDE5 inhibitors
(oral erectile dysfunction medicines, including STENDRA) reported a
sudden decrease or loss of vision. It is not possible to determine
whether these events are related directly to these medicines or to
other factors. If you experience sudden decrease or loss of vision,
stop taking PDE5 inhibitors, including STENDRA, and call a doctor
right away.
Sudden decrease or loss of hearing has been
rarely reported in people taking PDE5 inhibitors, including
STENDRA. It is not possible to determine whether these events are
related directly to the PDE5 inhibitors or to other factors. If you
experience sudden decrease or loss of hearing, stop taking STENDRA
and contact a doctor right away. If you have prostate problems or
high blood pressure for which you take medicines called alpha
blockers or other anti-hypertensives, your doctor may start you on
a lower dose of STENDRA.
Drinking too much alcohol when taking STENDRA
may lead to headache, dizziness, and lower blood pressure.
STENDRA in combination with other treatments for
ED is not recommended.
STENDRA does not protect against sexually
transmitted diseases, including HIV.
The most common side effects of STENDRA are
headache, flushing, runny nose and congestion.Please see full
patient prescribing information for STENDRA (50 mg, 100 mg, 200 mg)
tablets.
About VIVUS
VIVUS is a specialty pharmaceutical company
committed to the development and commercialization of innovative
therapies that focus on advancing treatments for patients with
serious unmet medical needs. For more information about the
Company, please visit www.vivus.com.
Forward-Looking Statements
Certain statements in this press release are
forward-looking within the meaning of the Private Securities
Litigation Reform Act of 1995 and are subject to risks,
uncertainties and other factors, including risks and uncertainties
related to our ability to execute on our business strategy to
enhance long-term stockholder value; risks and uncertainties
related to our ability to address our outstanding balance of the
convertible notes due in May 2020; risk and uncertainties related
to the timing, strategy, structure and success of our capital
raising efforts; risks and uncertainties related to our expected
future revenues, operations and expenditures; risks and
uncertainties related to our ability to identify and acquire cash
flow generating assets and opportunities; risks and uncertainties
related to the timing, strategy, tactics and success of the
marketing and sales of PANCREAZE, including our ability to improve
patient access to PANCREAZE; risks and uncertainties related to our
commercialization of PANCREAZE as a new product and our management
team initiating the commercialization of PANCREAZE; risks and
uncertainties related to our, or our current or potential
partner's, ability to successfully commercialize Qsymia, including
our ability to improve patient and physician access to Qsymia;
risks and uncertainties related to the impact of promotional
programs for Qsymia on our net product revenue and net income
(loss) in future periods; risks and uncertainties related to our
ability to sell through the Qsymia retail pharmacy network and the
Qsymia Advantage Program; risks and uncertainties related to our
ability to successfully develop or acquire a proprietary
formulation of tacrolimus; risks and uncertainties related to our
ability to identify, acquire and develop new product pipeline
candidates; risks and uncertainties related to our ability to
demonstrate through clinical testing the quality, safety, and
efficacy of our current or future investigational drug candidates
or approved products; risks and uncertainties related to the
timing, strategy, tactics and success of the launches and
commercialization of STENDRA/SPEDRA (avanafil) by our current or
potential collaborators; risks and uncertainties related to our
ability to successfully complete on acceptable terms, and on a
timely basis, avanafil partnering discussions for territories under
our license with MTPC in which we do not have a commercial
collaboration; risks and uncertainties related to our ability to
work with FDA to significantly reduce or remove the requirements of
the clinical post-approval cardiovascular outcomes trial (“CVOT”);
risks and uncertainties related to our dialog with certain
concerned member states in Europe relating to the pending
decentralized Marketing Authorization Application, the timing and
scope of the assessment by such Concerned Member State health
authorities of our Marketing Authorization Application, and
ultimately the decision of such Concerned Member State health
authorities whether to grant Marketing Authorization for Qsymia in
such EU countries; risks and uncertainties related to the failure
to obtain FDA or foreign authority clearances or
approvals and noncompliance with FDA or foreign authority
regulations; and risks and uncertainties related to the impact, if
any, of changes to our Board of Directors and senior management
team. These risks and uncertainties could cause actual results to
differ materially from those referred to in these forward-looking
statements. The reader is cautioned not to rely on these
forward-looking statements. Investors should read the risk
factors set forth in VIVUS’ Form 10-K for the year ended December
31, 2018 as filed on February 26, 2019, and periodic reports filed
with the Securities and Exchange Commission. VIVUS does not
undertake an obligation to update or revise any forward-looking
statements.
VIVUS, Inc. |
Investor Relations: Lazar FINN Partners |
Mark Oki |
David Carey |
Chief Financial Officer |
Senior Partner |
oki@vivus.com |
david.carey@finnpartners.com |
650-934-5200 |
212-867-1768 |
VIVUS, INC.CONDENSED CONSOLIDATED
BALANCE SHEETS(In thousands, except par
value)
|
|
|
|
|
|
|
September 30, |
|
December 31, |
|
2019 |
|
|
2018 |
|
|
|
Unaudited |
|
|
|
ASSETS |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
40,113 |
|
|
$ |
30,411 |
|
Available-for-sale securities |
|
— |
|
|
|
80,838 |
|
Accounts receivable, net |
|
24,065 |
|
|
|
25,608 |
|
Inventories |
|
30,008 |
|
|
|
23,132 |
|
Prepaid expenses and other current assets |
|
6,979 |
|
|
|
7,538 |
|
Total current assets |
|
101,165 |
|
|
|
167,527 |
|
Property and equipment,
net |
|
273 |
|
|
|
341 |
|
Right-of-use assets |
|
1,299 |
|
|
|
— |
|
Intangible and other
non-current assets |
|
123,366 |
|
|
|
134,279 |
|
Total assets |
$ |
226,103 |
|
|
$ |
302,147 |
|
LIABILITIES AND STOCKHOLDERS’ DEFICIT |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable |
$ |
6,159 |
|
|
$ |
8,921 |
|
Accrued and other liabilities |
|
34,304 |
|
|
|
33,044 |
|
Deferred revenue |
|
1,251 |
|
|
|
1,235 |
|
Current portion of lease liability |
|
768 |
|
|
|
— |
|
Current portion of long-term debt |
|
184,190 |
|
|
|
— |
|
Total current liabilities |
|
226,672 |
|
|
|
43,200 |
|
Long-term debt, net of current portion |
|
58,538 |
|
|
|
294,446 |
|
Deferred revenue, net of current portion |
|
3,376 |
|
|
|
4,290 |
|
Lease liability, net of current portion |
|
788 |
|
|
|
— |
|
Non-current accrued and other liabilities |
|
— |
|
|
|
234 |
|
Total liabilities |
|
289,374 |
|
|
|
342,170 |
|
Commitments and
contingencies |
|
|
|
|
|
Stockholders’ deficit: |
|
|
|
|
|
Preferred stock; $.001 par value; 5,000 shares authorized; no
shares issued and outstanding at September 30, 2019 and
December 31, 2018 |
|
— |
|
|
|
— |
|
Common stock; $.001 par value; 200,000 shares
authorized; 10,643 and 10,636 shares issued and outstanding at
September 30, 2019 and December 31, 2018, respectively |
|
11 |
|
|
|
11 |
|
Additional paid-in capital |
|
842,185 |
|
|
|
840,751 |
|
Accumulated other comprehensive loss |
|
(6 |
) |
|
|
(270 |
) |
Accumulated deficit |
|
(905,461 |
) |
|
|
(880,515 |
) |
Total stockholders’ deficit |
|
(63,271 |
) |
|
|
(40,023 |
) |
Total liabilities and stockholders’ deficit |
$ |
226,103 |
|
|
$ |
302,147 |
|
VIVUS, INC.CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS(In thousands, except per
share data)(Unaudited)
|
|
|
|
|
|
|
Three Months Ended |
|
September 30,2019 |
|
June 30, 2019 |
Revenue: |
|
|
|
|
|
Net product revenue |
$ |
14,849 |
|
$ |
15,104 |
Milestone revenue |
|
2,500 |
|
|
— |
Supply revenue |
|
64 |
|
|
1,780 |
Royalty revenue |
|
557 |
|
|
1,506 |
Total revenue |
|
17,970 |
|
|
18,390 |
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
Cost of goods sold (excluding amortization) |
|
3,016 |
|
|
4,377 |
Amortization of intangible assets |
|
3,638 |
|
|
3,638 |
Selling, general and administrative |
|
9,207 |
|
|
10,070 |
Research and development |
|
3,266 |
|
|
2,352 |
Total operating expenses |
|
19,127 |
|
|
20,437 |
|
|
|
|
|
|
Loss from operations |
|
(1,157) |
|
|
(2,047) |
|
|
|
|
|
|
Interest expense and other expense, net |
|
9,911 |
|
|
3,880 |
Loss before income taxes |
|
(11,068) |
|
|
(5,927) |
Provision for income
taxes |
|
4 |
|
|
8 |
Net loss |
$ |
(11,072) |
|
$ |
(5,935) |
|
|
|
|
|
|
Basic and diluted net loss per
share: |
$ |
(1.04) |
|
$ |
(0.56) |
Shares used in per share
computation: |
|
|
|
|
|
Basic and diluted |
|
10,643 |
|
|
10,640 |
VIVUS, INC.GAAP to
NON-GAAP RECONCILIATIONNET LOSS to
EBITDA(In
thousands)(Unaudited)
A reconciliation between net loss on a GAAP
basis and non-GAAP EBITDA is as follows:
|
Three Months Ended |
|
|
September 30,2019 |
|
June 30, 2019 |
|
Net loss |
$ |
(11,072) |
|
$ |
(5,935) |
|
Adjustments: |
|
|
|
|
|
|
Interest expense and other expense, net |
|
9,911 |
|
|
3,880 |
|
Depreciation of fixed assets |
|
36 |
|
|
37 |
|
Amortization of intangible assets |
|
3,638 |
|
|
3,638 |
|
Share-based compensation expense |
|
483 |
|
|
467 |
|
Provision for income taxes |
|
4 |
|
|
8 |
|
Non-GAAP EBITDA |
$ |
3,000 |
|
$ |
2,095 |
|
Milestone revenue |
|
(2,500) |
|
|
— |
|
Fees from debt buy down |
|
656 |
|
|
— |
|
Non-GAAP recurring EBITDA |
$ |
1,156 |
|
$ |
2,095 |
|
Use of Non-GAAP Financial Measures
We supplement our condensed consolidated
financial statements presented on a GAAP basis by providing an
additional measure which is considered non-GAAP under applicable
SEC rules. We believe that the disclosure of this non-GAAP measure
provides investors with additional information that reflects the
basis upon which our management assesses and operates our business.
This non-GAAP financial measure is not in accordance with GAAP and
should not be viewed in isolation or as a substitute for GAAP net
loss and is not a substitute for, or superior to, measures of
financial performance performed in conformity with GAAP.
We define non-GAAP EBITDA as net loss before
interest expense and other expense, depreciation of fixed assets,
amortization of intangible assets, share-based compensation expense
and provision for or benefit from income taxes. We define non-GAAP
Recurring EBITDA as non-GAAP EBITDA adjusted for certain
non-recurring revenues and expenses, such as non-recurring
milestone revenues, non-recurring restructuring and transaction
costs and the one-time impact of changes in accounting estimates or
the impact of new accounting standards. Management believes that
non-GAAP EBITDA is a meaningful indicator of our performance and
provides useful information to investors regarding our results of
operations and financial condition.
VIVUS (NASDAQ:VVUS)
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From Apr 2024 to May 2024
VIVUS (NASDAQ:VVUS)
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From May 2023 to May 2024