Flamel Technologies (NASDAQ: FLML) today announced its financial results for the first quarter of 2012.
Highlights for the quarter and subsequent time include:
- Total revenues of $7.3 million versus total revenues of $6.8 million in the year-ago period
- Continuing to maintain a strong balance sheet with $21.3 million of cash and marketable securities as of March 31 st, 2012
- Announcing the acquisition of Éclat Pharmaceuticals, and moving forward with the integration of this strategic initiative
- Remaining on track to file the Company’s first New Drug Application (NDA) with the U.S. Food and Drug Administration (FDA) in 2012
Flamel’s First Quarter Results
Flamel reported total revenues for the first quarter 2012 of $7.3 million versus total revenues of $6.8 million in the year-ago period. The growth was driven by increased production of Coreg CR microparticles. License and research revenues were $2.1 million during the first quarter of 2012, versus $3.2 million in the first quarter of 2011. Product sales and services during the first quarter of 2012 were $3.4 million versus $1.6 million during the year-ago quarter. Other revenues, consisting primarily of royalty income from GSK on the sales of Coreg CR, were $1.9 million, a slight decrease compared to the first quarter of 2011.Total costs and expenses during the first quarter of 2012 increased to $12.1 million versus $11.7 million in the year-ago period. Costs of goods and services sold for the first quarter of 2012 were $1.3 million, a slight decrease from $1.4 million in the first quarter of 2011. Research and development costs in the first quarter of 2012 totaled $5.7 million versus $7.8 million in the year-ago period. This decrease is due to timing year on year of our clinical and pre-clinical program. Selling, general, and administrative costs were $5.1 million in the first quarter of 2012 versus $2.5 million in the first quarter of 2011. The costs associated with the acquisition of Éclat Pharmaceuticals amounted to $0.7 million, and we have incurred severance costs totaling $1.4 million.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV