Aegerion Pharmaceuticals Inc. (AEGR), maker of the drug Juxtapid for a rare cholesterol disorder, said it received a subpoena from the U.S. Department of Justice requesting documents on its marketing and sale of the medicine.
Aegerion said it intends to cooperate with the government’s investigation and didn’t provide further details in a statement today. The Cambridge, Massachusetts-based company said it “is committed to complying with all applicable laws, rules and regulations.”
Chief Executive Officer Marc Beer received a warning letter from the Food and Drug Administration in November about comments in an interview on CNBC. The FDA said Beer’s statements “provide evidence that Juxtapid is intended for new uses, for which it lacks approval and for which its labeling does not provide adequate directions for use.”
Aegerion dropped 15 percent to $62.95 in extended trading at 5:16 p.m. New York time. The shares had more than doubled in the last year as of today’s close.
The company also forecast 2014 sales of $190 million to $210 million compared with the $204.1 million average of 10 analysts’ estimates compiled by Bloomberg. Revenue last year was $48 million to $49 million while the average of the analysts’ estimates was $49.8 million.
Amanda Murphy, a spokeswoman for Aegerion, didn’t immediately return calls seeking comment.
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