Columbia Laboratories, Inc. (Nasdaq: CBRX) today reported financial results for the three-month period ended March 31, 2012. Highlights of the first quarter include:
- Total net revenues were $3.8 million, compared to $12.5 million for the first quarter of 2011. The 2011 quarter included $8.4 million of the amortization of the $34 million gain on the sale of the progesterone assets in July 2010 to Watson Pharmaceuticals, Inc. (“Watson”); amortization concluded in the second quarter of 2011.
- Net product revenues were $3.1 million in the first quarter of 2012, compared to $3.5 million in the first quarter of 2011 due to the absence of sales of STRIANT, coupled with relatively flat sales to Merck Serono S.A. (“Merck Serono”) and Watson, in 2012.
- Net income was $5.0 million, including a $6.2 million positive non-cash adjustment, or $0.06 per basic and $(0.02) per diluted share.
- Cash, cash equivalents and short-term investments at March 31, 2012 were $22.7 million.
- Transferred the new drug application (“NDA”) for progesterone vaginal gel 8% for preterm birth to Watson, for which Watson received a Complete Response Letter (“CRL”) from the U.S. Food and Drug Administration (“FDA”).
- Completed a 42% workforce reduction that will generate annual savings of $1.5 million.
- Engaged Cowen and Company as the Company's independent financial advisor to assist in evaluating potential strategic transactions.
Frank Condella, Columbia's President and CEO, said, “Our partners, Watson and Merck Serono, continue to generate strong in-market CRINONE growth in their respective territories. For example, total prescriptions in the U.S. increased 48% versus first quarter 2011 levels. However, our first quarter 2012 revenues do not align with this growth due to fluctuations in inventory levels and a batch for international markets that did not meet specifications and so could not be shipped. Assuming in-market sales remain robust, we expect our revenue growth will better reflect this in the coming quarters.