This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Flamel Technologies Announces Fourth Quarter And Year-End 2010 Results

Flamel Technologies (NASDAQ: FLML) today announced its financial results for the fourth quarter and year ended December 31, 2010.

Fourth Quarter and Recent Highlights:

  • Flamel received €3 million after achieving its first clinical milestone with Merck Serono for the development of an extended-release formulation of interferon beta 1-a.
  • The Company announced receipt of a further €1 million payment following certain technical achievements requested by Merck Serono.
  • Flamel and GSK are in negotiations for a new supply agreement for Coreg CR following the expiration of the old supply agreement on December 31, 2010; Flamel expects that these will be successful.

Stephen H. Willard, Flamel’s chief executive officer, stated, “Our profitability in the fourth quarter resulted from the progress we made in the development of an extended-release formulation of interferon beta 1-a with Merck Serono. For the year 2010, we reduced our level of loss as we strengthened our relationships with many of the world’s largest pharmaceutical companies.”

Mr. Willard continued, “Other licensing agreement discussions, including those that we were negotiating in 2010, are still ongoing. The number of licensing negotiations is greater now than at any point in the history of the Company.”

Flamel’s Fourth Quarter Results

Flamel reported total revenues for the fourth quarter 2010 increased to $13.5 million versus total revenues of $10.6 million in the year-ago period. The increase was led by higher license and research revenue as well as higher Coreg CR royalties. License and research revenues were $8.8 million during the fourth quarter of 2010, versus $4.7 million in the fourth quarter of 2009. Product sales and services during the period, related primarily to production of Coreg CR microparticles, were $2.2 million versus $4.3 million during the year-ago period. Other revenues, consisting primarily of royalty income from GSK on the sales of Coreg CR, increased year-over-year to $2.4 million in the fourth quarter versus $1.7 million during the year-ago quarter.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,096.90 -106.47 -0.58%
S&P 500 2,098.53 -9.25 -0.44%
NASDAQ 4,967.1410 -12.76 -0.26%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs