Santarus, Inc. (NASDAQ: SNTS), a specialty biopharmaceutical company, today reported financial and operating results for the quarter ended June 30, 2012. Key financial results include:
- Total revenues of $47.2 million grew 77% compared with $26.6 million for the second quarter of 2011
- Net income of $3.4 million, or $0.05 diluted earnings per share (EPS) compared with $2.7 million, or $0.04 diluted EPS for the second quarter of 2011
- Cash, cash equivalents and short-term investments of $72.1 million as of June 30, 2012 compared with $58.6 million at December 31, 2011
“Our year-over-year revenue growth was strong in the first half of 2012, and we expect further growth for our promoted products, GLUMETZA ®, CYCLOSET ® and FENOGLIDE ®, as a result of the sales force expansion we carried out at the beginning of this year,” said Gerald T. Proehl, president and chief executive officer of Santarus.
He added, “We are looking forward to several key regulatory and development milestones in the second half of the year, the most important of which is the October 16 th U.S. Food and Drug Administration (FDA) target action date for UCERIS ™ for the induction of remission of mild to moderate active ulcerative colitis. We are working on a number of activities to prepare for the commercial launch of UCERIS in early 2013, subject to the receipt of FDA approval. We also expect top-line data from two Phase III studies in the second half of the year, including data from our development partner for RUCONEST ® in treating acute attacks of hereditary angioedema and data evaluating rifamycin SV MMX ® for the treatment of travelers’ diarrhea.”
Business HighlightsKey second quarter and recent business activities include the following: