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

A live webcast of the conference call and accompanying slides will be accessible through the Investors section of the Company’s website at www.amagpharma.com beginning at 8:00 a.m. ET. Following the conference call, the webcast replay will be available at approximately 10:00 a.m. ET and will be archived on the AMAG Pharmaceuticals, Inc. website until midnight August 26, 2012.

About Feraheme

In the United States, Feraheme® (ferumoxytol) Injection for Intravenous (IV) use is indicated for the treatment of iron deficiency anemia in adult chronic kidney disease (CKD) patients. Feraheme received marketing approval from the U.S. Food and Drug Administration on June 30, 2009 and was commercially launched by AMAG in the U.S. shortly thereafter. Ferumoxytol received marketing approval in Canada in December 2011 and in the European Union in June 2012. For additional product information, please visit www.feraheme.com.

About AMAG Pharmaceuticals, Inc.

AMAG Pharmaceuticals, Inc. is a biopharmaceutical company that manufactures and markets Feraheme® in the United States. For additional company information, please visit www.amagpharma.com.

AMAG Pharmaceuticals and Feraheme are registered trademarks of AMAG Pharmaceuticals, Inc.

1IMS Health DDD Data (in grams) through the period ending June 30, 2012.

 

AMAG Pharmaceuticals, Inc.

Condensed Consolidated Statements of Operations

(unaudited, amounts in thousands, except for per share data)

       

Three Months Ended June 30,

Six Months Ended June 30,

  2012   2011   2012   2011
Revenues:
Product sales, net $ 14,420 $ 13,081 $ 28,128 $ 24,103
License fee, collaboration and royalty revenues   16,592   2,321   18,364   4,684
Total revenues   31,012   15,402   46,492   28,787
Operating costs and expenses (1):
Cost of product sales 3,224 2,082 5,870 5,123
Research and development expenses 7,671 16,695 20,133 30,261
Selling, general and administrative expenses 15,101 16,826 28,282 36,460
Restructuring Expense   1,058   -   1,058   -
Total operating costs and expenses   27,054   35,603   55,343   71,844
Operating Income (Loss) 3,958 (20,201) (8,851) (43,057)
Interest and dividend income, net 338 452 731 1,012
Other income (expense)   (1,471)   (209)   (1,471)   (208)
Net income (loss) before income taxes 2,825 (19,958) (9,591) (42,253)
Income tax benefit   494   396   494   396
Net income (loss) $ 3,319 $ (19,562) $ (9,097) $ (41,857)
 
Net income (loss) per basic share: $ 0.16 $ (0.92) $ (0.43) $ (1.98)
Net income (loss) per diluted share: $ 0.15 $ (0.92) $ (0.43) $ (1.98)
 

Weighted average shares outstanding used to compute net income (loss) per share:

Basic 21,370 21,167 21,359 21,156
Diluted 21,649 21,167 21,359 21,156
 
(1) Stock-based compensation included in operating costs and expenses:
Cost of product sales $ 68 $ 157 $ 146 $ 352
Research and development $ 525 $ 639 $ 947 $ 1,281
Selling, general and administrative $ 984 $ 1,825 $ 2,169 $ 5,463
 
 
AMAG Pharmaceuticals, Inc.
Condensed Consolidated Balance Sheets
(unaudited, amounts in thousands)
   
June 30, 2012 December 31, 2011
 
Cash and cash equivalents $ 30,678 $ 63,474
Short-term investments 176,571 148,703
Accounts receivable, net 5,778 5,932
Inventories 13,580 15,206
Receivable from collaboration 15,133 428
Other current assets   4,202   6,288
Total current assets 245,942 240,031
 
Net property, plant & equipment 7,831 9,206
Long-term investments - 17,527
Other assets   460   460
 
Total assets $ 254,233 $ 267,224
 
Accounts payable $ 3,757 $ 3,732
Accrued expenses and other short-term liabilities 23,351 28,916
Deferred revenues   6,346   6,346
Total current liabilities 33,454 38,994
 
Deferred revenues 42,148 45,196
Other long-term liabilities   2,239   2,438
Total long-term liabilities 44,387 47,634
 
Total stockholders’ equity   176,392   180,596
 
Total liabilities and stockholders’ equity $ 254,233 $ 267,224
 

Forward-looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Any statements contained herein which do not describe historical facts, including but not limited to, our intention to divest our manufacturing facility and reduce our workforce by 45 positions, our expectation to submit a supplemental new drug application to the U.S. Food and Drug Administration by the end of 2012, our belief that we are ready to add additional products to our portfolio, and our belief that our recent initiatives will strengthen our business and lead to more predictable operating margins in future periods, are forward-looking statements which involve risks and uncertainties that could cause actual results to differ materially from those discussed in such forward-looking statements.

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