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Allos Therapeutics, Inc. (NASDAQ: ALTH), a biopharmaceutical company committed to the development and commercialization of innovative anti-cancer therapeutics, today reported preliminary and unaudited 2011 financial highlights and key business priorities in anticipation of its presentation at the 30th Annual J.P. Morgan Healthcare Conference on January 11, 2012.
Net product sales are expected to approximate $15.4 million for the fourth quarter of 2011, representing a 17% sequential increase over the third quarter of 2011.
As of December 31, 2011, the Company had no debt and $97.8 million in total cash, cash equivalents and investments.
The Company plans to report its complete audited financial results for 2011 in early March 2012.
“In the fourth quarter, we continued to make important progress with FOLOTYN for patients with relapsed or refractory peripheral T-cell lymphoma and are pleased with the quarter-over-quarter revenue growth,” commented Paul L. Berns, president and chief executive officer of Allos Therapeutics.“We ended 2011 with a strong balance sheet and remain focused on growing U.S. sales of FOLOTYN for relapsed or refractory PTCL while prudently managing our operating expenses.Also, in collaboration with Mundipharma, we are pursuing regulatory approval for FOLOTYN in the EU and other ex-U.S. geographies as well as future label expansion opportunities in T-cell lymphoma.”
Preliminary and Unaudited 2011 Financial Highlights
® (pralatrexate injection) net product sales for full year 2011 are expected to approximate $50.5 million, compared to $35.2 million for 2010. For the fourth quarter of 2011, net product sales are expected to approximate $15.4 million, a 17% increase compared to $13.2 million for the third quarter of 2011. When excluding certain infrequently occurring items, net product sales for the fourth quarter of 2011 were $11.0 million, an 8% increase compared to $10.2 million for the third quarter of 2011. These infrequently occurring items include: (i) $3.0 million in the third quarter of 2011 relating to the sale of FOLOTYN for use in a clinical trial to be conducted by a third party, (ii) $3.2 million in the fourth quarter of 2011 relating to an increase in our distributors’ year-end 2011 inventory levels as compared to average inventory levels for 2011, and (iii) $1.2 million in the fourth quarter of 2011 relating to the release of gross-to-net sales allowances due to refined estimates.
Allos reiterates prior guidance and expects total operating costs and expenses, excluding cost of sales, cost of license and other revenue and non-cash stock-based compensation expense, to approximate $82 to $84 million for 2011. Stock-based compensation expense for 2011 is expected to approximate $12 million.