Santarus' CEO Discusses Q1 2012 Results - Earnings Call Transcript

The content of this conference call contains time-sensitive information that is accurate only as of the date of this live broadcast on May 8, 2012. Santarus undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this conference call.

I’ll now turn the call over to Gerry Proehl. Gerry.

Gerald T. Proehl

Thank you, Martha, and welcome to this afternoon’s call. We are pleased to report a profitable first quarter on revenues that more than doubled from the prior year period to $45.9 million. We achieved profitability even with the $4 million regulatory milestone we paid to Cosmo Technologies for FDA acceptance for filing of the UCERIS NDA.

Higher net sales for GLUMETZA were the primary driver of our first quarter revenue growth, increasing 104% from the net sales reported by Depomed in the first quarter of 2011. We also benefited from positive sales contributions from CYCLOSET and FENOGLIDE. Although, we only began actively promoting FENOGLIDE in February, we are encouraged by the recent prescription trends we have seen for this product.

Importantly, our strong performance for the quarter is in line with our 2012 financial guidance for revenues of at least $200 million and adjusted EBITDA of $24 million to $29 million, which we are affirming today.

Our commercial portfolio was well positioned for future growth. We have completed training of an additional 40 sales representatives bringing our total budgeted sales force to 150 physicians and we expect that the higher call frequency afforded by our larger commercial organization will translate into increased prescriptions and net sales for all of our promoted products.

We are also making good progress with our development pipeline. As previous announced the NDA for UCERIS for the induction of remission of active ulcerative colitis is under review at the FDA with a PDUFA target action date of October 16, 2012. Additional data from our UCERIS 12-month extended use study will be presented in four poster session at the upcoming Digestive Disease Week Meeting, which is taking place in San Diego later this month. Three of the posters will be on Sunday, May 20, and the fourth poster will be on Tuesday, May 22. All abstracts are now available online at the DDW website.

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