Salix Pharmaceuticals, Ltd. (NASDAQ:SLXP) today announced financial and operating results for the first quarter ended March 31, 2012 and other business updates.
Total product revenue was $171.1 million for the first quarter of 2012, a 62% increase compared to $105.9 million for the first quarter of 2011. XIFAXAN ® revenue for the first quarter of 2012 was $112.9 million, a 40% increase compared to $80.7 million for the first quarter of 2011. APRISO ® revenue for the first quarter of 2012 was $15.1 million, a 44% increase compared to $10.5 million for the first quarter of 2011. The revenue contribution of newly-introduced products - RELISTOR ®, SOLESTA ® and DEFLUX ®- contributed to the 62% increase in year-over-year total product revenue for the first quarter of 2012 compared to the first quarter of 2011.
Total cost of products sold was $34.2 million for the first quarter of 2012 compared to $18.6 million for the first quarter of 2011. Gross margin on total product revenue was 80.0% for the first quarter of 2012 compared to 82.4% for the first quarter of 2011. Research and development expenses were $26.7 million for the first quarter of 2012 compared to $31.0 million for the prior year period. Selling, general and administrative expenses were $60.4 million for the first quarter of 2012 compared to $46.7 million for the prior year period. The Company reported GAAP net income of $10.0 million, or $0.15 per share, fully diluted, for the first quarter of 2012.
Net income on a non-GAAP basis, excluding the loss on extinguishment of debt and non-cash adjustments related to the repurchase of a portion of our 2028 Notes in March 2012, the difference between income taxes paid and income taxes expensed, and non-cash depreciation, amortization, stock-based compensation and convertible debt interest expense, was $44.7 million, or $0.67 per share, fully diluted, for the three-month period ended March 31, 2012. We believe these non-GAAP measures might provide investors additional relevant information, in part for purposes of historical comparison. In addition, we use these non-GAAP measures to analyze our performance in more detail and with better historical comparability; however, you should be aware that non-GAAP measures are not superior to, nor a substitute for, the comparable GAAP measures. A reconciliation of our non-GAAP measures to the comparable GAAP measures is provided in the accompanying financial table.
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