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AMAG Pharmaceuticals Announces Financial Results For The Third Quarter And Nine Months Ended September 30, 2012

Stocks in this article: AMAG

Heiden continued, “Additionally, we have extended the international reach of Feraheme/Rienso with launches in Canada and Europe, we remain on-track for our fourth quarter sNDA filing in the U.S. for our Feraheme label expansion and are making progress in our search to acquire additional commercial products.”

Third quarter and Nine Month 2012 Financial Results (unaudited)

Total revenues for the quarter ended September 30, 2012 were $17.7 million, as compared to $17.6 million for the third quarter of 2011. For the nine months ended September 30, 2012, AMAG reported total revenues of $64.2 million, as compared to revenues of $46.3 million for the same period in 2011. The increase in total revenues for the nine-month period ended September 30, 2012 was due to increased physician demand for Feraheme and the recognition of a $15 million milestone payment from Takeda in 2012.

Net U.S. Feraheme product revenues for the third quarter of 2012 were $16.2 million and include approximately $2.1 million in revenues associated with changes in estimated Medicaid rebate and product returns reserves. These reductions in estimated reserves reflect AMAG’s lower Medicaid claims and product returns than originally recorded since launch in 2009. For comparison, net U.S. Feraheme product revenues for the third quarter of 2011 were $15.6 million and included $3.0 million of revenues associated with a change in estimated Medicaid reserves.

Total cost of goods sold (COGS) for the quarter ended September 30, 2012 were $4.3 million, as compared to $2.7 million for the third quarter of 2011. Total COGS for the nine months ended September 30, 2012 were $10.2 million, as compared to $7.8 million for the same period in 2011. The increase in COGS for the nine months ended September 30, 2012 is primarily due to a $0.7 million increase in idle capacity charges and an additional $1.8 million in non-cash charges related to the closure of the company’s Cambridge, MA manufacturing facility.

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