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

A live webcast of the conference call and accompanying slides will be accessible through the Investors section of the company’s website at www.amagpharma.com beginning today at 8:00 a.m. ET. Following the conference call, the webcast replay will be available today at approximately 10:00 a.m. ET and will be archived on the AMAG Pharmaceuticals, Inc. website until midnight November 30, 2012.

About Feraheme

In the United States, Feraheme® (ferumoxytol) Injection for Intravenous (IV) use is indicated for the treatment of iron deficiency anemia in adult chronic kidney disease (CKD) patients. Feraheme received marketing approval from the U.S. Food and Drug Administration on June 30, 2009 and was commercially launched by AMAG in the U.S. shortly thereafter. Ferumoxytol received marketing approval in Canada in December 2011, in the European Union in June 2012, and in Switzerland in August 2012. For additional product information, please visit www.feraheme.com.

About AMAG Pharmaceuticals, Inc.

AMAG Pharmaceuticals, Inc. (NASDAQ: AMAG), a specialty pharmaceutical company focused on the development and commercialization of an intravenous iron to treat iron deficiency anemia (IDA). For additional company information, please visit www.amagpharma.com.

AMAG Pharmaceuticals and Feraheme are registered trademarks of AMAG Pharmaceuticals, Inc.

Rienso is a registered trademark of Takeda Pharmaceutical Company, Ltd.

1IMS Health Data (in grams) through the period ending September 30, 2012.
               
 
AMAG Pharmaceuticals, Inc.
Condensed Consolidated Statements of Operations
(unaudited, amounts in thousands, except for per share data)
   
Three Months Ended Sept 30, Nine Months Ended Sept 30,
  2012   2011     2012     2011  
Revenues:
Product sales, net $ 16,176 $ 15,802 $ 44,304 $ 39,905
License fee, collaboration and royalty revenues   1,566   1,753     19,930     6,437  
Total revenues   17,742   17,555     64,234     46,342  
 
Operating costs and expenses (1):
Cost of product sales 4,323 2,669 10,193 7,792
Research and development expenses 5,260 14,894 25,393 45,155
Selling, general and administrative expenses 12,160 17,230 40,442 53,690
Restructuring expense   562   -     1,620     -  
Total operating costs and expenses   22,305   34,793     77,648     106,637  
 
Operating income (loss) (4,563 ) (17,238 ) (13,414 ) (60,295 )
 
Interest and dividend income, net 295 378 1,026 1,390
Other income (expense)   2   14     (1,469 )   (194 )
Net income (loss) before income taxes (4,266 ) (16,846 ) (13,857 ) (59,099 )
Income tax benefit   299   215     793     611  
 
Net income (loss) $ (3,967 ) $ (16,631 ) $ (13,064 ) $ (58,488 )
 
Net income (loss) per share - basic and diluted $ (0.19 ) $ (0.78 ) $ (0.61 ) $ (2.76 )
Weighted average shares outstanding used to compute net loss per share:
Basic and diluted 21,403 21,194 21,374 21,169
 
(1) Stock-based compensation included in operating costs and expenses:
Cost of product sales $ 52 $ 131 $ 198 $ 483
Research and development 473 84 1,420 1,365
Selling, general and administrative 1,525 1,487 3,694 6,950
       
 
AMAG Pharmaceuticals, Inc.
Condensed Consolidated Balance Sheets
(unaudited, amounts in thousands)
 
September 30, 2012 December 31, 2011

Cash and cash equivalents
$ 42,900 $ 63,474
Short-term investments 167,943 148,703
Accounts receivable 7,363 5,932
Inventories 12,227 15,206
Receivable from collaboration 777 428
Assets held for sale 2,300 -
Other current assets   7,627   6,288
Total current assets 241,137 240,031
 
Net property, plant & equipment 3,411 9,206
Long-term investments - 17,527
Other assets   460   460
 
Total assets $ 245,008 $ 267,224
 
Accounts payable $ 3,620 $ 3,732
Accrued expenses and other short-term liabilities 16,674 28,916
Deferred revenues   7,250   6,346
Total current liabilities 27,544 38,994
 
Deferred revenues 40,624 45,196
Other long-term liabilities   2,136   2,438
Total long-term liabilities 42,760 47,634
 
Total stockholders’ equity   174,704   180,596
 
Total liabilities and stockholders’ equity $ 245,008 $ 267,224

Forward-looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Any statements contained herein which do not describe historical facts, including but not limited to, our belief that “we can do better,” our expectation to submit a supplemental new drug application to the U.S. Food and Drug Administration by the end of 2012, our progress in our search to acquire additional products and our expected financial results for the 2012 fiscal year, are forward-looking statements which involve risks and uncertainties that could cause actual results to differ materially from those discussed in such forward-looking statements.

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