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Avanir Pharmaceuticals' CEO Discusses F2Q2012 Results - Earnings Call Transcript

During the course of this conference call we will be making certain forward-looking statements, these statements are subject to numerous risks and uncertainties and reflect our current expectations and judgments. Examples of this forward-looking statements includes statements relating to our expectations for NUEDEXTA sales and revenue growth, future expense levels, the timing and success of future development of AVP-923 for other indications and the potential approval of NUEDEXTA in new markets.

Actual results could vary materially from the results anticipated by these statements. Investors should read the risk factors set forth in Avanir’s Form 10-K for the year ended September 30, 2011 and periodic reports filed with Securities and Exchange Commission.

For the investor communications perspective we will be presenting an overview of the company at three meetings this month. Later today we will present the Deutsche Bank Healthcare Conference in Boston. Next we will present at the JMP Securities Conference in San Francisco and also the Bank of America/Merrill Lynch Healthcare Conference in Las Vegas, Nevada. A webcast of these presentations will be accessible through the Investor Relations section of our website.

With that said I’d now like to turn the call over to Keith Katkin. Keith?

Keith Katkin

Thank you, Ian and good morning everyone. The second fiscal quarter was another strong quarter for Avanir. We continue to see strong growth in NUEDEXTA sales and prescriptions, we secured additional low cost capital through a $30 million debt instrument and we made substantial progress on our clinical and regulatory initiatives.

I will start with NUEDEXTA sales and prescriptions. As you many of you saw in our press release this morning, starting in this quarter we have changed the accounting methodology for recognizing NUEDEXTA revenues. Going forward we record revenues based upon actual shipments to wholesalers. Previously we had used IMS prescription data to record our revenues. Our growth sales to wholesalers during the second quarter grew approximately 42% over the first quarter of fiscal 2012.

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