Adolor Corporation Reports Third Quarter 2011 Financial Results
Adolor Corporation (NasdaqGM: ADLR) today reported net sales of ENTEREG ® (alvimopan) of $7.8 million for the three months ended September 30, 2011, a 20% increase compared to net sales of $6.5 million for the three months ended September 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. Net sales of ENTEREG were $23.5 million and $18.1 million for the nine months ended September 30, 2011 and 2010, respectively. During the third quarter, the Company completed the transition of all ENTEREG commercial activities from Glaxo Group Limited (GSK) to Adolor.
Net income for the three months ended September 30, 2011 was $8.9 million, or $0.19 per basic and diluted share, up from a net loss of $6.1 million, or $(0.13) per basic and diluted share, for the three months ended September 30, 2010. Net loss for the nine months ended September 30, 2011 was $0.2 million, or $(0.00) per basic and diluted share, down from a net loss of $23.9 million, or $(0.52) per basic and diluted share, for the nine months ended September 30, 2010. Net income (loss) for the three and nine months ended September 30, 2011 was favorably impacted by the accelerated amortization of deferred revenue under the Collaboration Agreement with GSK following the 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 $15.7 million, or $0.34 and $0.33 per basic and diluted share, respectively, for the three months ended September 30, 2011 and $20.1 million, or $0.43 per basic and diluted share, for the nine months ended September 30, 2011.
Cash, cash equivalents and short-term investments at September 30, 2011 were $23.2 million.
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