Spectrum Pharmaceuticals, Inc. Reports Strongest Financial Position in Company History: Record Revenues, Profits, and Cash Generated from Operations for the Three- and Nine-Month Periods Ended September 30, 2011
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$209 Million In Cash, Cash Equivalents, Investments and Receivables as ofSeptember 30, 2011
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Record Performance in the Three- and Nine-Month 2011:
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Total Revenues of
$51 Million and$140 Million , Respectively, Vs.$17 Million and$40 Million in 2010 -
Product Revenues of
$48 Million and$131 Million , Respectively, Vs.$14 Million and$30 Million in 2010 -
Net Income of
$20 Million and$40 Million , or$0.38 and$0.77 Per Share Basic, and$0.34 and$0.70 Per Share Diluted, Respectively
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Total Revenues of
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November 20, 2011 - FDA Decision Date for ZEVALIN Bioscan Removal - Two New Drug Applications on Track for Filing in 2012
- Board-Approved Stock Repurchase Program In Effect
"We are pleased that we are fulfilling our mission of bringing novel
cancer treatments to patients while continuing to build shareholder
value," said
Three-Month Period Ended
The Company recorded net income of
Nine-Month Period Ended
The Company recorded net income of
During the nine-month period ended
On
There were approximately 57 million shares of common stock issued and
outstanding as of
Conference Call
Domestic: (877) 837-3910,
Conference ID# 14508947
International: (973) 796-5077, Conference
ID# 14508947
On the conference call, management will review the financial results, provide an update on the Company's business and discuss expectations for the future.
Webcast and replays: www.sppirx.com
Conference Call audio replays will be available through
Domestic:
855-859-2056
International: 404-537-3406
2011/2012 Expected Corporate Events and Potential Valuation Catalysts
FUSILEV®
- Continue to promote FUSILEV and grow revenue in advanced metastatic colorectal cancer,
- Initiate additional clinical studies to expand FUSILEV indications.
ZEVALIN®
-
Bioscan removal
FDA decision date (PDUFA) —November 20, 2011 -
Upcoming Presentations at the Annual Meeting of the
American Society of Hematology (ASH) 2011 inSan Diego ,December 10-13, 2011 - To date, a total of seven ZEVALIN data presentations have been accepted, six of which have been selected for oral presentations by the lymphoma review committee of ASH
- Continue a pivotal study in Diffuse Large B-Cell Lymphoma and initiate additional ZEVALIN registrational studies vs. rituximab in non-Hodgkin lymphoma
Apaziquone
- File NDA in 2012
Belinostat
- File NDA in 2012
Robust Pipeline of Products
- Continued development of novel compounds.
About
Forward-looking statement — This press release may contain
forward-looking statements regarding future events and the future
performance of
© 2011
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CONSOLIDATED STATEMENTS OF OPERATIONS |
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(In thousands, except share and per share data) |
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(unaudited) |
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Three Months Ended |
Nine Months Ended |
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2011 | 2010 | 2011 | 2010 | ||||||||||||||||
Revenues: | |||||||||||||||||||
Product sales, net | $ | 47,949 | $ | 13,660 | $ | 130,759 | $ | 30,050 | |||||||||||
License and contract revenue | 3,075 | 3,075 | 9,225 | 10,117 | |||||||||||||||
Total revenues | $ | 51,024 | $ | 16,735 | $ | 139,984 | $ | 40,167 | |||||||||||
Operating costs and expenses: | |||||||||||||||||||
Cost of product sales (excludes amortization of |
8,845 | 3,789 | 23,555 | 10,626 | |||||||||||||||
Selling, general and administrative | 15,811 | 11,411 | 47,261 | 36,075 | |||||||||||||||
Research and development | 7,388 | 7,485 | 20,904 | 50,314 | |||||||||||||||
Amortization of purchased intangibles | 930 | 930 | 2,790 | 2,790 | |||||||||||||||
Total operating costs and expenses | 32,974 | 23,615 | 94,510 | 99,805 | |||||||||||||||
Income (loss) from operations | 18,050 | (6,880 | ) | 45,474 | (59,638 | ) | |||||||||||||
Change in fair value of common stock warrant liability | 2,999 | 1,629 | (3,488 | ) | 6,030 | ||||||||||||||
Other income, net | (144 | ) | 578 | 550 | 245 | ||||||||||||||
Income (loss) before provision for income taxes | 20,905 | (4,673 | ) | 42,536 | (53,363 | ) | |||||||||||||
Provision for income taxes | (650 | ) | 79 | (2,300 | ) | 79 | |||||||||||||
Net income (loss) | $ | 20,255 | $ | (4,594 | ) | $ | 40,236 | $ | (53,284 | ) | |||||||||
Net income (loss) per share: | |||||||||||||||||||
Basic | $ | 0.38 | $ | (0.09 | ) | $ | 0.77 | $ | (1.08 | ) | |||||||||
Diluted | $ | 0.34 | $ | (0.09 | ) | $ | 0.70 | $ | (1.08 | ) | |||||||||
Weighted average shares outstanding: | |||||||||||||||||||
Basic | 53,810,047 | 49,739,072 | 52,477,789 | 49,146,245 | |||||||||||||||
Diluted | 59,469,863 | 49,739,072 | 57,326,069 | 49,146,245 | |||||||||||||||
SUMMARY CONSOLIDATED BALANCE SHEETS |
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(In thousands) |
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(unaudited) |
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September 30,
|
December 31,
|
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Cash, cash equivalents | 110,293 | 53,557 | ||||||
Marketable securities | 38,604 | 42,117 | ||||||
Accounts receivable, net | 47,766 | 21,051 | ||||||
Inventories, net | 10,285 | 4,234 | ||||||
Prepaid expenses and other current assets | 571 |
906 |
||||||
Total current assets | 207,519 | 121,865 | ||||||
Investments | 11,880 | 8,569 | ||||||
Property and equipment, net | 2,821 | 3,158 | ||||||
Intangible assets, net | 43,078 | 29,605 | ||||||
Other assets | 576 | 434 | ||||||
Total Assets | $ | 265,874 | $ | 163,631 | ||||
Current liabilities | $ | 75,553 | $ | 63,322 | ||||
Deferred revenue and other credits — less current portion | 16,173 | 25,495 | ||||||
Other long-term liabilities | 315 | 338 | ||||||
Total liabilities | 92,041 | 89,155 | ||||||
Total stockholders' equity | 173,833 | 74,476 | ||||||
Total liabilities and stockholders' equity | $ | 265,874 | $ | 163,631 |
Non-GAAP Financial Measures
The non-GAAP financial measures contained herein are a supplement to the corresponding financial measures prepared in accordance with generally accepted accounting principles (GAAP). The non-GAAP financial measures presented exclude the items summarized in the below table. Management believes that adjustments for these items assist investors in making comparisons of period-to-period operating results and that these items are not indicative of the Company's on-going core operating performance.
Management uses non-GAAP net income (loss) in its evaluation of the Company's core after-tax results of operations and trends between fiscal periods and believes that these measures are important components of its internal performance measurement process. Management believes that providing these non-GAAP financial measures allows investors to view the Company's financial results in the way that management views the financial results.
The non-GAAP financial measures presented herein have certain limitations in that they do not reflect all of the costs associated with the operations of the Company's business as determined in accordance with GAAP. Therefore, investors should consider non-GAAP financial measures in addition to, and not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP. The non-GAAP financial measures presented by the Company may be different from the non-GAAP financial measures used by other companies.
NON-GAAP INCOME (LOSS) RECONCILIATION |
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(In thousands) |
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Three Months Ended |
Nine Months Ended |
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(unaudited) | (unaudited) | ||||||||||||||||||
2011 |
2010 | 2011 | 2010 | ||||||||||||||||
GAAP income (loss) before income taxes | $ | 20,905 | $ | (4,673 | ) | $ | 42,536 | $ | (53,363 | ) | |||||||||
Stock-based compensation | 4,336 | 2,056 | 15,216 | 6,267 | |||||||||||||||
Change in fair value of common stock warrant liability | (2,999 | ) | (1,629 | ) | 3,488 | (6,030 | ) | ||||||||||||
Income (loss) before income taxes | 22,242 | (4,246 | ) | 61,240 | (53,126 | ) | |||||||||||||
Estimated provision for income taxes | (650 | ) | 79 | (2,300 | ) | 79 | |||||||||||||
Non-GAAP income (loss) | $ | 21,592 | $ | (4,167 | ) | $ | 58,940 | $ | (53,047 | ) | |||||||||
Non-GAAP income (loss) per share - Basic |
$ |
0.40 |
$ |
(0.08 |
) |
$ |
1.12 |
$ |
(1.08 |
) |
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Senior Manager,
Investor Relations
702-835-6300
Source:
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