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Spectrum Pharmaceuticals Reports Strong Revenues And Profits For Third Quarter; Revenues Of $69 Million Up 35% Over Last Year And GAAP Diluted EPS Of $0.33 And Non-GAAP Diluted EPS Of $0.42

Stock quotes in this article: SPPI

Insert after Forward-looking statement two financial tables, SPECTRUM PHARMACEUTICALS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS and SUMMARY CONSOLIDATED BALANCE SHEETS.

The corrected release reads:

SPECTRUM PHARMACEUTICALS REPORTS STRONG REVENUES AND PROFITS FOR THIRD QUARTER; REVENUES OF $69 MILLION UP 35% OVER LAST YEAR AND GAAP DILUTED EPS OF $0.33 AND NON-GAAP DILUTED EPS OF $0.42

  • Strong FUSILEV® (levoleucovorin) for Injection revenues recorded in Q3. Accounts ordering FUSILEV increased by 13% over last quarter. FUSILEV market penetration at approximately 31% up from 29% in the prior quarter.
  • Company expects Pro-Forma Revenue to exceed $300 million in 2012, up from earlier guidance of around $300 million.
  • Integration of Allos Therapeutics exceeding expectations. Anticipated synergies are expected to be $50 million or higher, exceeding earlier estimated range of $40 to $50 million.

Spectrum Pharmaceuticals (NasdaqGS: SPPI), a biotechnology company with fully integrated commercial and drug development operations with a primary focus in hematology and oncology, announced today financial results for the three-month and nine-month periods ended September, 2012.

“The third quarter marks the eighth consecutive profitable quarter that has helped Spectrum establish a great foundation and platform to attain additional growth,” said Rajesh C. Shrotriya, M.D., Chairman, President and Chief Executive Officer of Spectrum Pharmaceuticals, Inc. “Diversification is key to our strategy, and we took a major step in that direction by completing the acquisition of Allos in September and adding a third product, FOLOTYN, to our portfolio. Four years ago we were primarily a FUSILEV company with limited cash. Today, Spectrum has FUSILEV, worldwide ZEVALIN, and FOLOTYN, along with a robust, maturing pipeline, and a strong balance sheet.”

Three-Month Period Ended September 30, 2012 (All numbers are approximate)

Consolidated revenue of $69.0 million was comprised of product sales of $65.9 million and $3.2 million from licensing fees. This represents a 35.3% increase from the $51.0 million in consolidated revenue, including product sales of $47.9 million, recorded in the three-month period ending September 30, 2011.

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