NPS Pharmaceuticals Inc., of Bedminster, N.J., racked up $4.8 million in Gattex (teduglutide) sales in the second quarter of 2013, with expectations of $25 million to $30 million in net sales for the full year.

Its net loss for the quarter was $12.4 million, or 16 cents per diluted share, compared to a net income of $7.4 million or 8 cents per share for the second quarter of 2012. The company's total revenues were $31.7 million for the quarter.

Investors responded positively to Gattex sales, which blew away the consensus estimate of $2.5 million, and NPS's first guidance for drug sales, pushing the company's stock (NASDAQ:NPSP) up $4.59, or 25.4 percent, to close Friday at $22.69.

In an investor conference Thursday evening, regarding the Gattex launch, NPS CEO Francoise Nader said, "The launch has certainly exceeded our internal expectations so far."

As of Aug. 2, the company had 318 prescriptions for the short bowel syndrome drug, as compared to 160 in May. The wild success of Gattex's launch prompted the company to increase its guidance related to patients on the drug, and it now expects between 275 and 325 patients to be taking Gattex by the end of 2013, compared to its previous guidance of 200 to 300 patients.

NPS currently is studying Gattex in a Phase III trial in intergastric short bowel syndrome. That study will include about 50 patients between the ages of 1 and 18. If successful, that indication would extend Gattex's market exclusivity in the U.S. by six months to October 2020, and in Europe, where the drug is marketed as Revestive, it would extend exclusivity by two years to August 2024.

NPS expects to submit a biologics license application for Natpara (recombinant human parathyroid hormone 1-84), for adult hypoparathyroidism, in the fourth quarter of 2013.

"That leaves us well positioned to have a second orphan approved in the U.S. before the end of 2014," Nader said, adding that, if approved, Natpara would be the first treatment in its indication.

NPS recently regained full worldwide rights to Gattex and Natpara from Takeda Pharmaceutical Co. Ltd. in exchange for common stock valued at $50 million, plus a milestone payment of $30 million in cash or stock in the first year that net sales of both products exceed $750 million. (See BioWorld Today, March 20, 2013.)

NPS is assembling sales teams in targeted international territories, focusing on 30 countries that it expects to provide the best value for its orphan drug assets.

"The international opportunity is very significant," noted Eric Pauwels, NPS' chief commercial officer. "While we anticipate a slower launch than the U.S., we believe that at peak, international Revestive sales could exceed those of Gattex in the U.S."

Chief Financial Officer Luke Beshar noted that in addition to revenues from the launch of Gattex, the quarter also brought a successful secondary offering worth nearly $100 million, resulting in the company "having more than enough to support the global launch of both Gattex and Natpara, and affords us the resources to execute on other long-term growth initiatives."

Beshar also noted that royalties for Sensipar (cinacalcet) were up by 23 percent, at $29 million for the quarter, and that the company has received cash payments for royalties on Janssen Biotech Inc.'s Nucynta (tapentadol) of about $750,000.

Leerink Swann analyst Joseph Schwartz wrote, "NPSP continues to execute extremely well on the Gattex launch in the U.S." and noted a high 95 percent rate of patient compliance to therapy. "Patient compliance to therapy has been over 95 percent, which is unusually high for an injectable product, speaking to the company's patient-focused nursing and concierge services."

NPS did not update its compliance guidance of 70 percent to 80 percent, allowing for the possibility of patients missing doses in the future.

NPS had cash, cash equivalents and marketable securities of about $181 million as of June 30.

In other earnings news:

• Dendreon Corp., of Seattle, reported $73.3 million in net product revenue for the second quarter of 2013, 8.4 percent lower than its revenue for the same period in 2012, with sales of Provenge (sipuleucel-T) for prostate cancer coming in just shy of consensus estimates of $75 million. The company's net loss for the quarter was $68.8 million, or 45 cents per share, compared to a net loss of $96.1 million, or 65 cents per share for the same period in 2012. The company closed the quarter with $280 million in cash, cash equivalents and investments. Dendreon's stock (NASDAQ:DNDN) fell $1.20, or 26 percent, to close Friday at $3.39.

• Raptor Pharmaceuticals Corp., of Novato, Calif., had a net loss of $24.1 million, or 43 cents per share, for the second quarter of 2013, compared to a loss of $3 million, or 6 cents per share, for the fiscal quarter that ended May 31, 2012. Its non-GAAP net loss was $17.1 million, or 30 cents per share, for the second quarter of 2013. The company received $21,000 in net sales of Procysbi (cysteamine bitartrate) for nephropathic cystinosis. Raptor closed the quarter with cash and cash equivalents of $74.6 million. Raptor's stock (NASDAQ:RPTP) lost 1 cent Friday to close at $10.49.