Adolor Corporation Reports Second Quarter 2011 Financial Results
Adolor Corporation (NasdaqGM: ADLR) today reported net sales of ENTEREG ® (alvimopan) of $8.2 million for the three months ended June 30, 2011, a 31% increase compared to net sales of $6.3 million for the three months ended June 30, 2010. The increase in net sales was driven primarily by an increase in the number of hospitals ordering ENTEREG and increased penetration within existing hospital customers, as well as the impact of pricing changes since the first quarter of 2010. Net sales of ENTEREG were $15.7 million and $11.5 million for the six months ended June 30, 2011 and 2010, respectively.
Net loss for the three months ended June 30, 2011 was $1.8 million, or $(0.04) per basic and diluted share, down from a net loss of $8.3 million, or $(0.18) per basic and diluted share, for the three months ended June 30, 2010. Net loss for the six months ended June 30, 2011 was $9.1 million, or $(0.20) per basic and diluted share, down from a net loss of $17.9 million, or $(0.39) per basic and diluted share, for the six months ended June 30, 2010. The net loss in the three and six months ended June 30, 2011 was favorably impacted by the accelerated amortization of deferred revenue under the Collaboration Agreement with Glaxo Group Limited (GSK) following Adolor’s agreement to terminate the Collaboration Agreement and to reacquire GSK’s rights to ENTEREG. The increase in non-cash contract revenues due to this change was $4.4 million, or $0.09 per share, for the three and six months ended June 30, 2011. As a result of this change, we also expect to record the remaining deferred revenue balance of $16.8 million to contract revenues during the third quarter of 2011.
“The second quarter was highlighted by continuing growth in ENTEREG sales and, of course, our agreement with GSK to assume full ownership of the product,” said Michael R. Dougherty, President and Chief Executive Officer. “We enter the second half of 2011 with positive momentum and look ahead to an important milestone for our Company, the reporting of data in August for ADL5945 in our phase 2 program in chronic OIC.”
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