Salix Pharmaceuticals Reports 2Q2012 Results

Salix Pharmaceuticals, Ltd. (NASDAQ:SLXP) today announced financial and operating results for the second quarter ended June 30, 2012 and other business updates.

Total product revenue was $181.0 million for the second quarter of 2012, a 36% increase compared to $133.2 million for the second quarter of 2011. Total product revenue for the first six months of 2012 was $352.1 million, a 47% increase compared to $239.1 million for the first six months of 2011. XIFAXAN ^® revenue for the second quarter of 2012 was $116.7 million, a 34% increase compared to $87.0 million for the second quarter of 2011. XIFAXAN revenue for the first six months of 2012 was $229.6 million, a 37% increase compared to $167.7 million for the first six months of 2011. APRISO ^® revenue for the second quarter of 2012 was $21.8 million, a 45% increase compared to $15.0 million for the second quarter of 2011. The combined revenue contribution of our most recently-introduced products - RELISTOR ^®, SOLESTA ^® and DEFLUX ^®- totaled $19.2 million for the second quarter of 2012.

Total cost of products sold was $33.3 million for the second quarter of 2012 and $67.4 million for the first six months of 2012, compared to $25.2 million for the second quarter of 2011 and $43.8 million for the first six months of 2011. Gross margin on total product revenue was 81.6% for the second quarter of 2012 compared to 81.0% for the second quarter of 2011, and 80.8% for the first six months of 2012 compared to 81.7% for the first six months of 2011. Research and development expenses were $27.2 million for the second quarter of 2012 and $53.9 million for the first six months of 2012, compared to $29.5 million and $60.5 million, respectively, for the prior year periods. Selling, general and administrative expenses were $65.3 million for the second quarter of 2012 compared to $44.7 million for the prior year period and $125.7 million for the first six months of 2012 compared to $91.3 million for the prior year period. The increase in selling, general and administrative expenses for 2012 compared to 2011 is due primarily to increased personnel costs related to our institutional sales force and our office-based sales force expansions and increased marketing expenses related to RELISTOR and SOLESTA. The Company reported GAAP net income of $20.1 million, or $0.32 per share, fully diluted, for the second quarter of 2012 and $30.1 million, or $0.47 per share, fully diluted, for the-six month period ended June 30, 2012.

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