Stock Update (NASDAQ:ARIA): Ariad Pharmaceuticals, Inc. Announces Pricing and Reimbursement Negotiations for Iclusig in France to Continue into 2016
Ariad Pharmaceuticals, Inc. (NASDAQ:ARIA) announced that it will continue negotiations with the Economic Committee on Health Care Products in Franceregarding pricing and reimbursement for Iclusig® (ponatinib) into 2016. The Company had previously anticipated reaching agreement by year-end 2015. As a result, ARIAD now expects its global product revenue for Iclusig in 2015 to be $110 million to $115 million, excluding France, compared to our previous guidance of $130 million to$140 million. The Company estimates shipments of Iclusig to patients in France for 2015 to be approximately $9 million, and the cumulative value of shipments through year-end 2015 to be approximately $26 million.
“We are pleased with the continued growth of our business in France as evidenced by increasing product shipments and look forward to successful resolution of price,” stated Marty J. Duvall, executive vice president and chief commercial officer of ARIAD. ”We continue to promote and sell Iclusig in France with the objective of helping patients and driving long-term brand value for key stakeholders.”
ARIAD’s previously stated revenue guidance for 2015 assumed the completion of pricing and reimbursement negotiations in France by year-end. ARIAD will record revenue related to cumulative shipments in France upon completion of pricing and reimbursement negotiations, net of any amounts that will be refunded to the French health authorities as a result of these negotiations, which we now anticipate will be completed in 2016. (Original Source)
Shares of Ariad Pharmaceuticals closed yesterday at $6.34, up $0.10 or 1.60%. ARIA has a 1-year high of $10.07 and a 1-year low of $5.55. The stock’s 50-day moving average is $6.60 and its 200-day moving average is $7.53.
ARIAD Pharmaceuticals Inc is an oncology company. The Company is engaged in transforming the lives of cancer patients with breakthrough medicines. It commercializes & develops products and product candidates including Iclusig, Brigatinib, and AP32788.