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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

Total operating expenses, excluding COGS, for the quarter ended September 30, 2012 were $18.0 million, as compared to $32.1 million for the third quarter of 2011. Total operating expenses, excluding COGS, for the nine months ended September 30, 2012 were $67.5 million, as compared to $98.8 million for the same period in 2011. The decreases in total operating expenses in the 2012 periods were due to decreased research and development costs associated with the company’s global IDA registration program and decreased selling, general and administrative expenses as the company realized the benefits of its streamlined cost structure.

For the quarter ended September 30, 2012, the company’s net loss decreased 76% to $4.0 million, or a loss of $0.19 per basic and diluted share, as compared to a net loss of $16.6 million, or a loss of $0.78 per basic and diluted share, for the third quarter of 2011. AMAG’s net loss for the nine months ended September 30, 2012 was $13.1 million, or a loss of $0.61 per basic and diluted share, as compared to a net loss of $58.5 million, or a loss of $2.76 per basic and diluted share for the same period in 2011.

Updated Annual 2012 Financial Guidance

The company is updating its 2012 full year financial guidance. AMAG now expects:

  • Increased net Feraheme product revenue of $58 – $60 million, including the impact of changes in estimated reserves already recorded this year; and
  • Reduced total operating expenses, excluding COGS, of $87 – $90 million.

AMAG confirms prior annual 2012 guidance for the following:

  • COGS of approximately 20% – 24% of total product sales, which includes accelerated depreciation and idle capacity associated with the closure of the company’s manufacturing facility;
  • Cash milestones totaling $33 million associated with regulatory approvals and commercial launches in the EU and Canada, $18 million of which have already been received; and
  • A 2012 year-end cash and investments balance of $225 – $230 million, not including the impact of a business development transaction.

Conference Call and Webcast Access

AMAG Pharmaceuticals, Inc. will host a conference call and webcast with slides today at 8:00 a.m. ET. To access the conference call via telephone, dial 877-412-6083 from the United States or 702-495-1202 for international access. A telephone replay of the conference call will be available from approximately 12:00 p.m. ET on November 1, 2012 until midnight November 8, 2012. To access the replay, dial 855-859-2056 from the United States or 404-537-3406 for international access. The passcode for the live call and the telephone replay is 37432497.

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