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AMAG Announces Financial Results For The Second Quarter And Six Months Ended June 30, 2012

Stocks in this article: AMAG

As of June 30, 2012, the company’s cash, cash equivalents and investments totaled approximately $207 million. The $15 million dollar milestone payment from Takeda was recognized as revenue in the second quarter of 2012; however, the payment was received in July 2012 and is therefore not included in the June 30, 2012 cash balance.

“During the second quarter, we also took important actions that led to multiple one-time items in our financial statements,” said Frank E. Thomas, executive vice president and chief operating officer of AMAG. “From de-risking our investment portfolio through the liquidation of our remaining auction rate securities, to streamlining our cost structure and taking the steps necessary to move to a completely outsourced manufacturing model, we believe these actions will strengthen our business and lead to more predictable operating margins in future periods.”

2012 Financial Guidance

The company is updating its 2012 financial guidance. AMAG now expects:

  • Net Feraheme product revenues of $55 – $58 million, excluding any royalties and product sales outside the U.S.;
  • Milestones achieved totaling $33 million associated with regulatory approvals and commercial launches in the EU and Canada;
  • Cost of goods sold (COGS) of approximately 20% – 24% of total product sales, which now includes accelerated depreciation and idle capacity associated with the planned closure of the company’s manufacturing facility;
  • Total operating expenses, excluding COGS, of $90 – $95 million, including one-time charges associated with the planned closure of the company’s manufacturing facility and employee-related restructuring charges; and
  • A 2012 year-end cash and investments balance of $225 – $230 million, excluding cash utilized to acquire or in-license additional marketed products.

Conference Call and Webcast Access

AMAG Pharmaceuticals, Inc. will host a conference call and webcast with slides today at 8:00 a.m. ET. To access the conference call via telephone, dial 877-412-6083 from the United States or 702-495-1202 for international access. A telephone replay of the conference call will be available from approximately 10:00 a.m. ET on July 26 until midnight July 28. To access the replay, dial 855-859-2056 from the United States or 404-537-3406 for international access. The passcode for the live call and the telephone replay is 10874179.

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