This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

Cubist Increases Revenue 30% To $231 Million In The Second Quarter

Stocks in this article: CBST

Cubist Pharmaceuticals, Inc. (NASDAQ: CBST) today announced results for the second quarter ended June 30, 2012. The Company will host a conference call and webcast today at 5:00 p.m. ET (details below).

Financial Highlights for the Second Quarter of 2012 (unaudited)

  • For the second consecutive quarter, total net revenues grew 30% over the same period in 2011. Q2 2012 total net revenues were $230.6 million, compared to $176.8 million in Q2 2011.
  • U.S. CUBICIN® (daptomycin for injection) net product revenues increased 19% to $200.2 million from $168.6 million in Q2 2011; CUBICIN international revenues increased 47% to $11.4 million, compared to $7.7 million in Q2 2011.
  • Non-GAAP diluted earnings per share (EPS) increased 28% to $0.68, compared to $0.53 in Q2 2011; GAAP diluted EPS was $0.58, compared to a loss of $0.34 per share in Q2 2011.
  • Non-GAAP adjusted operating income increased 23% to $71.1 million, compared to $57.7 million in Q2 2011; GAAP operating income was $61.5 million, compared to an operating loss of $24.2 million in Q2 2011.

Michael Bonney, CEO of Cubist, said, “With another strong quarter, driven by revenue growth of 30% and a marked increase in bottom line growth, we are very pleased with the first half of 2012. We’re off to a strong start as we drive toward our Building Blocks of Growth five-year goals, and we look forward to a promising second half of 2012 as we continue to focus on creating long-term shareholder value.”

Cubist recorded a $5 million bonus from Optimer Pharmaceuticals, Inc. in the second quarter of 2012, for achieving the first year revenue target, bringing DIFICID® (fidaxomicin) service revenues for the quarter to $8.7 million. ENTEREG® (alvimopan), acquired through our acquisition of Adolor Corporation in December 2011, net product revenues were $9.7 million in Q2 2012.

1 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

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.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,814.94 -2.96 -0.02%
S&P 500 2,067.03 -2.38 -0.12%
NASDAQ 4,758.2520 +3.36 0.07%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs