This Day On The Street
Continue to site
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

Maxygen Announces Second Quarter 2012 Financial Results And Business Update

Maxygen, Inc. (Nasdaq: MAXY), a biotechnology company, today announced financial and business results for the quarter ended June 30, 2012. Maxygen also announced today that its Board of Directors has authorized a special pro rata distribution of $3.60 per share for each outstanding share of Maxygen common stock owned on the close of business on August 21, 2012. The distribution is expected to total approximately $100.0 million and will be payable on September 6, 2012.

Second Quarter 2012 Financial Results

Maxygen reported net income attributable to Maxygen, Inc. of $27.1 million, or $1.00 per basic share and $0.99 per diluted share, for the second quarter of 2012, compared to net income attributable to Maxygen, Inc. of $54.5 million, or $1.86 per basic and diluted share, for the same period in 2011. The net income for the second quarter of 2012 primarily reflects Maxygen’s receipt of the $30.0 million payment from Bayer HealthCare LLC in May 2012 in connection with the company’s sale of certain hematology assets to Bayer in July 2008. Net income for the second quarter of 2011 primarily reflects a gain on sale of discontinued operations of $62.2 million recognized upon the acquisition by Astellas Pharma Inc. of Maxygen’s interests in Perseid Therapeutics LLC for $76.0 million in cash in May 2011.

Maxygen reported revenue of $30.0 million in the second quarter of 2012, compared to $3,000 of revenue for the same period in 2011. The increase in revenue was due to Maxygen’s receipt of the $30.0 million payment from Bayer in May 2012.

Total operating expenses from continuing operations in the second quarter of 2012 were $2.4 million, compared to $3.4 million for the same period in 2011. The decrease in operating expenses was primarily due to a reduction in research and development expenses, salary and other employee related expenses and consulting fees. Such consulting fees in the 2011 period included expenses related to Maxygen’s submission of a proposal to the Biomedical Advanced Research and Development Authority (BARDA) in May 2011 for the potential development of its MAXY-G34 product candidate as a potential medical countermeasure for acute radiation syndrome (ARS).

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $95.51 2.00%
FB $117.76 -0.68%
GOOG $695.63 -0.37%
TSLA $233.03 -3.60%
YHOO $36.09 -1.20%


Chart of I:DJI
DOW 17,741.91 -149.25 -0.83%
S&P 500 2,064.91 -16.52 -0.79%
NASDAQ 4,775.3820 -42.2120 -0.88%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs