Please keep in mind that risks and uncertainties involved in the company’s business may affect the matters referred to in forward-looking statements made by management during today’s call. As a result, the company’s performance may differ from those expressed in or indicated by such forward-looking statements, which are qualified in their entirety by the cautionary statements contained in the press release and the company’s Securities and Exchange Commission filings.
The content of this conference call contains time sensitive information that is accurate only as of the date of this live broadcast on March 5, 2012. Santarus undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this conference call.
With that I’ll turn it over to Gerry Proehl.
Gerry ProehlThank you, Martha, and welcome to this afternoon’s call. I am exceptionally pleased to report our fourth quarter financial performance in which we achieved 65% revenue growth over the prior year period and net income of $1.9 million. These strong results cap a year of transition and accomplishments and importantly our return to profitability.For the full year we reported revenues of $118.8 million and net income of approximately $4.7 million, outperforming our guidance of $3 million. And we ended the year with $59 million in cash, a balance that reflects of our payment of $11 million upfront fee for FENOGLIDE. We are optimistic about our future which is reflected in our 2012 outlook. We expect revenues of approximately $200,000 million, up roughly 68% over 2011. Net income in the range $8 million to $11 million and adjusted EBITDA of $24 million to $29 million.We believe that the revenues from our commercial portfolio and our strong balance sheet position us to advance our development programs. Our robust development pipeline addresses multiple specialty markets, providing us with diversification and a strong engine for future growth in revenues and profits. Fourth quarter revenue growth was driven primarily by GLUMETZA. Total GLUMETZA prescriptions grew 34% compared with the fourth quarter of 2010, and we benefited from our price increase that brought this product’s price inline with the branded competition. We expect GLUMETZA to be the primary contributor to higher revenues in 2012.
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