Spectrum Pharmaceuticals Reports Record Revenues And Strong Profits For Second Quarter; Revenues Of $68.7 Million Up 51.5% Over Last Year And Strong Non-GAAP EPS Of $0.37, Up 48% Over Last Year
Spectrum Pharmaceuticals (NasdaqGS: SPPI), a biotechnology company with fully integrated commercial and drug development operations with a primary focus in hematology and oncology, announced today financial results for the three-month and six-month periods ended June, 2012.
"The second quarter was a historic period for Spectrum, during which we had record revenues and strong profits," said Rajesh C. Shrotriya, MD, Chairman, Chief Executive Officer, and President of Spectrum Pharmaceuticals. "These are exciting times at Spectrum, and we expect several key catalysts before the end of the year. Based on our current product portfolio, strong financial position, robust pipeline and active business development, we are in a formidable position to further grow our company over the next 5 years."
Three-Month Period Ended June 30, 2012 (All numbers are approximate)
Consolidated revenue of $68.7 million was comprised of product sales of $65.6 million and $3.1 million from licensing fees. This represents a 51.5% increase from the $45.4 million in consolidated revenue, including product sales of $42.3 million, recorded in the three-month period ending June 30, 2011.GAAP Results The Company recorded net income of $18.1 million, or $0.31 per basic and $0.29 per diluted share in the three-month period ended June 30, 2012, compared to a net income of $7.2 million, or $0.14 per basic and $0.12 per diluted share in the comparable period in 2011. Total research and development expenses were $9.6 million in the quarter, as compared to $7.7 million in the same period in 2011. Selling, general and administrative expenses were $23.3 million in the quarter, compared to $18.7 million in the same period in 2011. Non-GAAP Results The Company recorded non-GAAP net income of $23.5 million, or $0.40 per basic share and $0.37 per diluted share in the three-month period ended June 30, 2012, compared to a net income of $14.5 million, or $0.28 per basic and $0.25 per diluted share in the comparable period in 2011. Non-GAAP research and development adjustments were $397,000, as compared to $495,000 in the same period of 2011. Non-GAAP selling, general and administrative adjustments were $5.9 million, as compared to $6.3 million in the same period in 2011.
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