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Flamel Technologies Announces First Quarter 2012 Results

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.

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