Achillion Reports First Quarter 2013 Financial Results

Achillion Reports First Quarter 2013 Financial Results

NEW HAVEN, Conn., May 7, 2013 (GLOBE NEWSWIRE) -- Achillion Pharmaceuticals,
Inc. (Nasdaq:ACHN) today reported financial results for the three months ended
March 31, 2013. For the first quarter of 2013, the Company reported a net loss
of $11.7 million or $0.14 per share, compared with a net loss of $9.1 million
or $0.13 per share for the first quarter of 2012. Cash, cash equivalents,
marketable securities and interest receivable as of March 31, 2013 were $200.9
million.

"Our goal to advance our potentially best-in-class HCV compounds continued to
pick up significant momentum during 2013. We believe that the 12-week safety
and efficacy results recently announced on ACH-3102, our second-generation
pan-genotypic NS5A inhibitor, continue to support its differentiated profile
with a high barrier to resistance and no viral breakthrough," commented
Michael D. Kishbauch, President and Chief Executive Officer of Achillion. "We
recently initiated an all-oral Phase 2 program evaluating sovaprevir and
ACH-3102 for the treatment of genotype 1 HCV, and we expect to achieve a
number of significant catalysts over the next few months including interim RVR
results from the -007 trial in the third quarter, followed by SVR results
during the fourth quarter. Furthermore, we remain focused on evaluating
additional assets with complementary mechanisms of action that could
potentially expand our treatment regimens to treat subsets of patient
populations not adequately addressed by current regimens."

First Quarter 2013 Results

For the first quarter of 2013, the Company reported a net loss of $11.7
million, or $0.14 per share, compared with a net loss of $9.1 million, or
$0.13 per share for the first quarter of 2012. Cash, cash equivalents,
marketable securities, and interest receivable as of March 31, 2013 were
$200.9 million.

Research and development expenses were $8.7 million in the first quarter of
2013, compared with $8.9 million for the same period of 2012. For the three
months ended March 31, 2013, general and administrative expenses totaled $3.1
million, an increase from $2.7 million for the same period in 2012.

No revenue was recognized for the three months ended March 31, 2013, compared
with revenue of $2.5 million for the three months ended March 31, 2012.
Revenue during the first quarter of 2012 was related to recognition of
deferred revenue under the Company's former collaboration with Gilead
Sciences, Inc.

Non-cash stock compensation expense totaled $1.4 million for the first quarter
of 2013 as compared with $0.9 million for the first quarter of 2012, and is
included in research and development and general and administrative expenses.

About HCV

The hepatitis C virus is the most common cause of viral hepatitis, which is an
inflammation of the liver. It is currently estimated that more than 170
million people are infected with HCV worldwide including more than 5 million
people in the United States, more than twice as widespread as HIV.
Three-fourths of the HCV patient population is undiagnosed; it is a silent
epidemic and a major global health threat. Chronic hepatitis, if left
untreated, can lead to permanent liver damage that can result in the
development of liver cancer, liver failure or death. Few therapeutic options
currently exist for the treatment of HCV infection. The current standard of
care is limited by its specificity for certain types of HCV, significant
side-effect profile, and injectable route of administration.

About Achillion Pharmaceuticals

Achillion is an innovative pharmaceutical company dedicated to bringing
important new treatments to patients with infectious disease. Achillion's
proven discovery and development teams have advanced multiple product
candidates with novel mechanisms of action. Achillion is focused on solutions
for the most challenging problems in infectious disease including HCV and
resistant bacterial infections. For more information on Achillion
Pharmaceuticals, please visit www.achillion.com or call 1-203-624-7000.

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995 that are subject to
risks, uncertainties and other important factors that could cause actual
results to differ materially from those indicated by such forward-looking
statements, including statements with respect to: the potency, safety,
tolerability, effectiveness and other characteristics of Achillion's protease
inhibitors and NS5A inhibitors; Achillion's expectations regarding timing for
the commencement, completion and reporting of results of clinical trials of
drug candidates in its protease inhibitor and NS5A inhibitor programs; and
Achillion's ability to advance a potentially best-in-class all-oral,
interferon-free combination protease and NS5A inhibitor. Among the factors
that could cause actual results to differ materially from those indicated by
such forward-looking statements are risks relating to, among other things
Achillion's ability to: replicate in later clinical trials positive results
found in earlier stage clinical trials of sovaprevir, ACH-3102 and its other
product candidates; advance the development of its drug candidates under the
timelines it anticipates in current and future clinical trials; obtain
necessary regulatory approvals; obtain patent protection for its drug
candidates and the freedom to operate under third party intellectual property;
establish commercial manufacturing arrangements; identify, enter into and
maintain collaboration agreements with appropriate third-parties; compete
successfully with other companies that are seeking to develop improved
therapies for the treatment of HCV; manage expenses; and raise the substantial
additional capital needed to achieve its business objectives. These and other
risks are described in the reports filed by Achillion with the U.S. Securities
and Exchange Commission, including its Annual Report on Form 10-K for the
fiscal year ended December 31, 2012 and its subsequent SEC filings.

In addition, any forward-looking statement in this press release represents
Achillion's views only as of the date of this press release and should not be
relied upon as representing its views as of any subsequent date. Achillion
disclaims any obligation to update any forward-looking statement, except as
required by applicable law.

                       -- Financial Tables Attached --

                                      

ACHILLION PHARMACEUTICALS INC. (ACHN)
Statements of Operations
(Unaudited, in thousands, except per share amounts)
                                                          
                                               Three Months Ended
                                               March 31,
                                               2013        2012
                                                          
Revenue                                         $--       $2,489
                                                          
Operating expenses:                                        
Research and development                        8,719      8,942
General and administrative                      3,074      2,739
Total operating expenses                        11,793     11,681
                                                          
Loss from operations                            (11,793)   (9,192)
                                                          
Other income (expense):                                    
Interest income                                 77         65
Interest expense                                (22)       (14)
                                                          
Net loss                                        $(11,738) $(9,141)
                                                          
                                                          
Net loss per share - basic and diluted          $(0.14)   $(0.13)
                                                          
Weighted average shares outstanding - basic and 85,850     70,411
diluted
                                                          
                                                          
                                                                           
Balance Sheets
(Unaudited, in thousands)
                                                          
                                               March 31, December 31,
                                               2013        2012
                                                          
Cash, cash equivalents, marketable securities   $200,865  $77,611
and interest receivable
Working capital                                 138,777    58,731
Total assets                                    205,835    81,530
Long-term liabilities                           255        347
Total liabilities                               10,835     9,483
Total stockholders' (deficit) equity            205,835    72,047

CONTACT: Company Contact:
         Glenn Schulman
         Achillion Pharmaceuticals, Inc.
         Tel. (203) 624-7000
         gschulman@achillion.com
        
         Investors:
         Mary Kay Fenton
         Achillion Pharmaceuticals, Inc.
         Tel. (203) 624-7000
         mfenton@achillion.com
        
         Media:
         Sally Barton
         Ogilvy PR
         Tel. (212)880-5240
         sally.barton@ogilvy.com
        
         Investors:
         Seth Lewis
         The Trout Group, LLC
         Tel. (646) 378-2952
         slewis@troutgroup.com
 
Press spacebar to pause and continue. Press esc to stop.