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Cubist Increases Revenue 18% To $238 Million In The Third Quarter

Stocks in this article: CBST

Cubist Pharmaceuticals, Inc. (NASDAQ: CBST) today announced results for the third quarter ended September 30, 2012. The Company will host a conference call and webcast today at 5:00 p.m. ET (details below).

Financial Highlights for the Third Quarter of 2012 (unaudited)

  • Cubist’s strong double-digit revenue growth continued in the third quarter, with total net revenues up 18% over the same period in 2011. Q3 2012 total net revenues were $238.2 million, compared to $201.7 million in Q3 2011.
  • U.S. CUBICIN® (daptomycin for injection) net product revenues increased 12% to $208.3 million from $186.4 million in Q3 2011 – marking the second consecutive quarter to exceed $200 million in revenue; CUBICIN international revenues increased 22% to $12.0 million, compared to $9.8 million in Q3 2011.
  • Non-GAAP adjusted operating income increased 9% to $77.7 million, compared to $71.2 million in Q3 2011; GAAP operating income was $70.4 million, compared to $69.1 million in Q3 2011.
  • Non-GAAP diluted earnings per share (EPS) decreased 13% to $0.68, compared to $0.78 in Q3 2011; GAAP diluted EPS was $0.55, compared to $0.33 per share in Q3 2011.

“2012 continues to position us well as we drive toward our Building Blocks of Growth five-year goals,” said Michael Bonney, CEO of Cubist. “Our market strength and experience, backed by solid business fundamentals, have allowed us to deliver another quarter of strong growth. With revenue growth of 18% and strong bottom line growth, we’re building on our momentum as we continue to deliver important products to our customers and drive value for our shareholders.”

Service revenues for DIFICID® (fidaxomicin) for the third quarter were $7.2 million. This includes $3.5 million of profit sharing revenue from Optimer Pharmaceuticals, Inc., reflecting over-performance versus revenue goals for the first year of sales of DIFICID under the Company’s co-promotion agreement. ENTEREG® (alvimopan), acquired through our acquisition of Adolor Corporation in December 2011, net product revenues were $10.1 million in the third quarter of 2012.

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