(Adds details, background)
April 3 Insys Therapeutics Inc on
Monday reported a 41.6 percent decline in quarterly revenue,
hurt by a fall in demand for Subsys, an opioid spray approved
for managing pain in cancer patients.
Arizona-based Insys is among the top U.S. opioid drugmakers
by sales, and has come under scrutiny as authorities and
lawmakers step up efforts to tackle the country's deadly opioid
Insys said revenue fell to $54.9 million in the fourth
quarter ended Dec. 31, driven mainly by a 32 percent decline in
prescriptions for Subsys, an under-the-tongue spray that
contains the synthetic opioid fentanyl.
The Drug Enforcement Administration has voiced concerns
about the dangers of fentanyl, an opioid prescribed as a pain
reliever for terminally ill patients, but also produced in
underground labs as a street drug.
Six former Insys executives and managers were arrested by
U.S. prosecutors in December on charges of being engaged in a
nationwide scheme to bribe doctors to prescribe Subsys.
Insys' results come days after the drugmaker said it would
restate some financial statements after identifying errors
related to accounting for some product sales allowances.
Insys also said on Monday it would not hold a call with
analysts following its fourth-quarter report.
The company reported a net loss of $3.7 million or 5 cents
per share in the fourth quarter, compared with a profit of $18.1
million or 24 cents per share, a year earlier.
Insys last week named Saeed Motahari its chief executive,
effective April 17. Motahari joins Insys from Purdue Pharma,
where he was chief commercial officer.
(Reporting by Divya Grover in Bengaluru; Editing by Sai Sachin