Spectrum Pharmaceuticals Reports Record Revenues, Profits, and Cash Generated from Operations for the Twelve-Month Period Ended December 31, 2011
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Financial Highlights:
- First Full Year of Profitability Since Inception in 2002
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Total Revenues of
$193 Million in 2011, Up 160% From Previous Record Revenues of$74 Million in 2010, Comprised of Product Sales of$181 Million :-
$153 Million From FUSILEV -
$28 Million From ZEVALIN
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Non-GAAP EPS of
$1.25 Per Diluted Share in 2011, Up From a Loss of$0.87 in 2010 -
$222 Million in Cash, Cash Equivalents, Investments and Receivables as ofDecember 31, 2011 , Compared to$125 Million as ofDecember 31, 2010 - Stock Repurchase Program Initiated in 2011 Remains in Place
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Two New Drug Applications on Track for Filing in 2012
- Apaziquone Pivotal, Registrational Data Expected Soon
- Belinostat Pivotal, Registrational Data Expected Later in the Year
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Stage Is Set For Long-Term ZEVALIN Growth
- Worldwide Commercial Strategy Being Executed
- Expanded Clinical Development Program Underway
- Repositioning Campaign Capitalizes on the Bioscan Removal to Augment Market Penetration
"A 160% increase in annual total revenues and a healthy year-end balance
sheet made 2011 a landmark year," said
Twelve-Month Period Ended
Consolidated revenue of
Non-GAAP Results
The Company recorded non-GAAP net income of
GAAP Results
The Company recorded net income of
During the twelve-month period ended
On
There were approximately 59 million shares of common stock issued and
outstanding as of
Conference Call
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Domestic: | (877) 837-3910, Conference ID# 50311145 | |||
International: | (973) 796-5077, Conference ID# 50311145 |
On the conference call, management will review the financial results, provide an update on the Company's business and discuss expectations for the future.
Key Catalysts For 2012
FUSILEV®
- Continue to gain market share and grow revenue; and,
- Initiate additional clinical studies to expand indications.
ZEVALIN®
- Execute worldwide commercial strategy;
- Initiate enrollment in the "ZEST" clinical study in Diffuse Large B-Cell Lymphoma; and,
- Expand the "ZAR" head-to-head study vs. rituximab maintenance in follicular non-Hodgkin lymphoma.
Apaziquone
- Results of pivotal registrational clinical trial, and
- File NDA.
Belinostat
- Results of pivotal registrational clinical trial, and
- File NDA.
Robust Pipeline
- Initiate a Phase 2 study for SPI-1620
- Initiate a Phase 2 study for SPI-2012
- Initiate a Phase I study for SPI-014 (f/k/a Renazorb)
About
Forward-looking statement — This press release may contain
forward-looking statements regarding future events and the future
performance of
© 2012
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.
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Consolidated Statements of Operations and Reconciliation of Non-GAAP Adjustments | ||||||||||||||||||||||||||
(In thousands, except share and per share data) |
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(Unaudited) |
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Three Months Ended |
Three Months Ended |
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GAAP |
Non-GAAP |
Non-GAAP | GAAP |
Non-GAAP |
Non-GAAP | |||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Product sales, net | $ | 49,904 | $ | - | $ | 49,904 | $ | 30,871 | $ | - | $ | 30,871 | ||||||||||||||
License and contract revenue | 3,075 | - | 3,075 | 3,075 | - | 3,075 | ||||||||||||||||||||
Total revenues | $ | 52,979 | $ | - | $ | 52,979 | $ | 33,946 | $ | - | $ | 33,946 | ||||||||||||||
Operating costs and expenses: | ||||||||||||||||||||||||||
Cost of product sales (excludes amortization of purchased intangible assets) | 10,283 |
- |
10,283 | 6,813 |
- |
6,813 | ||||||||||||||||||||
Selling, general and administrative | 25,292 |
(6,572 |
) |
(1) |
18,720 | 12,475 |
(1,645 |
) |
(1) |
10,830 | ||||||||||||||||
Research and development | 6,816 |
(449 |
) |
(1) |
6,367 | 6,986 |
(373 |
) |
(1) |
6,613 | ||||||||||||||||
Amortization of purchased intangibles | 930 | - | 930 | 930 | - | 930 | ||||||||||||||||||||
Total operating costs and expenses | 43,321 | (7,021 | ) |
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36,300 | 27,204 | (2,018 | ) |
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25,186 | ||||||||||||||||
Income (loss) from operations | 9,658 | 7,021 | 16,679 | 6,742 | 2,018 | 8,760 | ||||||||||||||||||||
Change in fair value of common stock warrant liability | - | - | - | (3,300 | ) |
3,300 |
(2) |
- | ||||||||||||||||||
Other income, net | 27 | - | 27 | 1,034 | - | 1,034 | ||||||||||||||||||||
Income (loss) before provision for income taxes | 9,685 | 7,021 | 16,706 | 4,476 | 5,318 | 9,794 | ||||||||||||||||||||
(Provision) benefit for income taxes | (1,404 | ) | - | (1,404 | ) | (36 | ) | - | (36 | ) | ||||||||||||||||
Net income (loss) | $ | 8,281 | $ | 7,021 | $ | 15,302 | $ | 4,440 | $ | 5,318 | $ | 9,758 | ||||||||||||||
Net income (loss) per share: | ||||||||||||||||||||||||||
Basic | $ | 0.15 | $ | 0.27 | $ | 0.09 | $ | 0.19 | ||||||||||||||||||
Diluted | $ | 0.13 | $ | 0.24 | $ | 0.08 | $ | 0.19 | ||||||||||||||||||
Weighted average shares outstanding: | ||||||||||||||||||||||||||
Basic | 56,916,064 | 56,916,064 | 50,344,177 | 50,344,177 | ||||||||||||||||||||||
Diluted | 63,313,226 | 63,313,226 | 52,268,739 | 52,268,739 | ||||||||||||||||||||||
(1) | Adjustment for stock-based compensation expense recognized in the period | |
(2) | Add back the change in fair value of common stock warrant liability | |
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Consolidated Statements of Operations and Reconciliation of Non-GAAP Adjustments | ||||||||||||||||||||||||||
(In thousands, except share and per share data) |
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(Unaudited) |
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Twelve Months Ended |
Twelve Months Ended |
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GAAP |
Non-GAAP |
Non-GAAP | GAAP |
Non-GAAP |
Non-GAAP | |||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Product sales, net | $ | 180,663 | $ | - | $ | 180,663 | $ | 60,921 | $ | - | $ | 60,921 | ||||||||||||||
License and contract revenue | 12,300 | - | 12,300 | 13,192 | - | 13,192 | ||||||||||||||||||||
Total revenues | $ | 192,963 | $ | - | $ | 192,963 | $ | 74,113 | $ | - | $ | 74,113 | ||||||||||||||
Operating costs and expenses: | ||||||||||||||||||||||||||
Cost of product sales (excludes amortization of purchased intangible assets) | 33,838 | - | 33,838 | 17,439 | - | 17,439 | ||||||||||||||||||||
Selling, general and administrative | 72,553 |
(20,609 |
) |
(1) |
51,944 | 48,550 |
(5,801 |
) |
(1) |
42,749 | ||||||||||||||||
Research and development | 27,720 |
(1,628 |
) |
(1) |
26,092 | 57,301 |
(2,484 |
) |
(1) |
54,817 | ||||||||||||||||
Amortization of purchased intangibles | 3,720 | - | 3,720 | 3,720 | - | 3,720 | ||||||||||||||||||||
Total operating costs and expenses | 137,831 | (22,237 | ) | 115,594 | 127,010 | (8,285 | ) | 118,725 | ||||||||||||||||||
Income (loss) from operations | 55,132 | 22,237 | 77,369 | (52,897 | ) | 8,285 | (44,612 | ) | ||||||||||||||||||
Change in fair value of common stock warrant liability | (3,488 | ) |
3,488 |
(2) |
- | 2,731 |
(2,731 |
) |
(2) |
- | ||||||||||||||||
Other income, net | 577 | - | 577 | 1,279 | - | 1,279 | ||||||||||||||||||||
Income (loss) before provision for income taxes | 52,221 | 25,725 | 77,946 | (48,887 | ) | 5,554 | (43,333 | ) | ||||||||||||||||||
(Provision) benefit for income taxes | (3,704 | ) | (1,896 | ) | (5,600 | ) | 43 | - | 43 | |||||||||||||||||
Net income (loss) | $ | 48,517 | $ | 23,829 | $ | 72,346 | $ | (48,844 | ) | $ | 5,554 | $ | (43,290 | ) | ||||||||||||
Net income (loss) per share: | ||||||||||||||||||||||||||
Basic | $ | 0.91 | $ | 1.36 | $ | (0.99 | ) | $ | (0.87 | ) | ||||||||||||||||
Diluted | $ | 0.84 | $ | 1.25 | $ | (0.99 | ) | $ | (0.87 | ) | ||||||||||||||||
Weighted average shares outstanding: | ||||||||||||||||||||||||||
Basic | 53,272,767 | 53,272,767 | 49,502,854 | 49,502,854 | ||||||||||||||||||||||
Diluted | 57,959,714 | 57,959,714 | 49,502,854 | 49,502,854 | ||||||||||||||||||||||
(1) | Adjustment for stock-based compensation expense recognized in the period | |
(2) | Add back the change in fair value of common stock warrant liability | |
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SUMMARY CONSOLIDATED BALANCE SHEETS | ||||||||
(In thousands) |
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(Unaudited) |
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December 31, |
December 31, |
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Cash and equivalents | 121,202 | 53,557 | ||||||
Marketable securities | 40,060 | 42,117 | ||||||
Accounts receivable, net | 51,703 | 21,051 | ||||||
Inventories, net | 10,762 | 4,234 | ||||||
Prepaid expenses and other current assets | 2,074 | 906 | ||||||
Total current assets | 225,801 | 121,865 | ||||||
Investments | 9,283 | 8,569 | ||||||
Property and equipment, net | 2,681 | 3,158 | ||||||
Intangible assets, net | 41,654 | 29,605 | ||||||
Other assets | 1,361 | 434 | ||||||
Total Assets | $ | 280,780 | $ | 163,631 | ||||
Current liabilities | $ | 78,537 | $ | 63,322 | ||||
Deferred revenue and other credits — less current portion | 14,029 | 25,495 | ||||||
Other long-term liabilities | 307 | 338 | ||||||
Total liabilities | 92,873 | 89,155 | ||||||
Total stockholders' equity | 187,907 | 74,476 | ||||||
Total liabilities and stockholders' equity | $ | 280,780 | $ | 163,631 |
Vice President,
Strategic Planning & Investor Relations
702-835-6300
or
Senior Manager, Investor Relations
702-835-6300
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