Gross margin on total product revenue was 81.6% for the second quarter of 2012 compared to 81% 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 period.
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 cost related to our institutional sales force and our office based sales force expansion 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 first six months period ended June 30, 2012.Net income on a non-GAAP basis, excluding the loss on extinguishment of debt and non-cash adjustments related to the repurchase of a portion of our 2028 notes on March 2012, the difference between income taxes paid and income taxes expensed and non-cash depreciation, amortization, stock-based compensation and convertible debt interest expense was $50.1 million or $0.79 per share fully diluted for the three-month period ended June 30, 2012 and $94.8 million or $1.48 per share fully diluted for the first six-month period ended June 30, 2012.We believe these non-GAAP measures might provide investors additional relevant information in part for purposes of historical comparison. In addition, we use these non-GAAP measures to analyze our performance in more detail and with better historical comparability; however, you should be aware that non-GAAP measures are not superior to nor a substitute for the comparable GAAP measures. A reconciliation of our non-GAAP measures to the comparable GAAP measures is provided in our second quarter 2012 press release.Read the rest of this transcript for free on seekingalpha.com
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