Epizyme Posts Q4 Profit

(RTTNews) - Clinical stage biopharmaceutical company Epizyme, Inc. (EPZM), Thursday reported fourth-quarter net income of $15.9 million or $0.52 per share, compared to a loss of $4.7 million or 2.81 per share in the prior-year quarter.

On average, five analysts expected the company to report a loss of $0.22 per share for the quarter. Analysts' estimates typically exclude one-time items.

Collaboration Revenue for the quarter increased to $36.3 million from $8.9 million in the corresponding quarter last year.

Four analysts had a consensus revenue estimate of $15.63 million for the quarter.

Epizyme said it received a $25 million proof of concept milestone in December 2013, related to its EPZ-5676 clinical program with Celgene.

Total operating expenses for the fourth quarter increased to $20.1 million from $13.4 million in the previous year, of which research and development expenses were $15.7 million.

Cash, cash equivalents and accounts receivable as of December 31, 2013, were $157.2 million, compared to $99.8 million as of December 31, 2012.

Looking ahead, Epizyme expects 2014 R&D expenses at about $75 million, including non-cash expenses of nearly $3 million. G&A expenses are anticipated at about $20 million, including non-cash expenses of approximately $5.5 million.