Cubist Pharmaceuticals Reports 2011 Fourth Quarter And Full Year Financial Results

Cubist Pharmaceuticals, Inc. (NASDAQ: CBST) today announced results for the fourth quarter and year ended December 31, 2011. The Company will host a conference call and webcast today at 5:00 p.m. ET to discuss these results and other business updates (details below).

Financial highlights for the fourth quarter of 2011 (unaudited):

• Total net revenues were $212.9 million compared to $161.8 million in the same period in 2010.
• Non-GAAP net income increased 16% to $53.6 million from $46.2 million in the fourth quarter of 2010. Non-GAAP net income was $0.86 and $0.66 per basic and diluted share, respectively, compared to $0.78 and $0.63 per basic and diluted share, respectively, in the fourth quarter of 2010.
• GAAP net income was $6.8 million, down from $14.6 million in the fourth quarter of 2010. GAAP net income was $0.11 per both basic and diluted share compared to $0.25 and $0.24 per basic and diluted share, respectively, in the fourth quarter of 2010.

Financial highlights for the full year of 2011 (unaudited):

• Total net revenues were $754.0 million compared to $636.4 million in 2010.
• Non-GAAP net income increased 11% to $212.8 million compared to $191.6 million in 2010. Non-GAAP net income was $3.50 and $2.70 per basic and diluted share, respectively, in 2011 compared to $3.26 and $2.77 per basic and diluted share, respectively, in 2010.
• GAAP net income was $33.0 million, down from $94.3 million in 2010. GAAP net income was $0.54 and $0.52 per basic and diluted share, respectively, compared to $1.60 and $1.55 per basic and diluted share, respectively, in 2010.

“With revenue growth of 32% in the fourth quarter and 18% for 2011, we enter 2012 with very strong momentum,” said Michael Bonney, President and CEO of Cubist. “On all fronts, from our strong commercial model to R&D to business development, we have bolstered our position as one of the world’s leading acute care companies.”

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