MOUNTAIN VIEW, Calif. (AP) — Vivus Inc. said Tuesday it took a larger loss in the second quarter as it prepared to launch its obesity drug Qsymia.
The Food and Drug Administration approved Qsymia July 17, after the second quarter ended. However Vivus' spending increased 49 percent in the April-to-June period compared with last year as the company prepared to bring the drug to market. Vivus plans to start selling Qsymia before the end of 2012, and analysts say sales should top $1 billion a year within the next few years.
The company said it lost $24 million, or 24 cents per share, in the second quarter. A year earlier it lost $16.2 million, or 20 cents per share.
The company has no products on the market and reported no revenue.
Analysts expected Vivus to post a loss of 23 cents per share, according to FactSet.
In April the FDA approved Vivus' impotence drug Stendra. Vivus said it is holding discussions with potential marketing partners on the drug, which was discovered by Mitsubishi Tanabe Pharma of Japan. Vivus owns the rights to sell Stendra in most countries.
Shares of Vivus jumped $1.96, or 9.2 percent, to $23.18 on Tuesday, then slipped 18 cents to $23 in after-hours trading after the release of the report.