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

Mucositis may occur. If greater-than or equal to Grade 2 mucositis is observed, omit or modify dose. Patients should be instructed to take folic acid and receive vitamin B12 to potentially reduce treatment-related hematological toxicity and mucositis.

Fatal dermatologic reactions may occur. Dermatologic reactions may be progressive and increase in severity with further treatment. Patients with dermatologic reactions should be monitored closely, and if severe, FOLOTYN should be withheld or discontinued. Tumor lysis syndrome may occur. Monitor patients and treat if needed.

FOLOTYN can cause fetal harm. Women should avoid becoming pregnant while being treated with FOLOTYN and pregnant women should be informed of the potential harm to the fetus.

Use caution and monitor patients when administering FOLOTYN to patients with moderate to severe renal function impairment.

Elevated liver function test abnormalities may occur and require monitoring. If liver function test abnormalities are greater-than or equal to Grade 3, omit or modify dose.

Adverse Reactions

The most common adverse reactions were mucositis (70%), thrombocytopenia (41%), nausea (40%), and fatigue (36%). The most common serious adverse events are pyrexia, mucositis, sepsis, febrile neutropenia, dehydration, dyspnea, and thrombocytopenia.

Use in Specific Patient Population

Nursing mothers should be advised to discontinue nursing or the drug, taking into consideration the importance of the drug to the mother.

Drug Interactions

Co-administration of drugs subject to renal clearance (e.g., probenecid, NSAIDs, and trimethoprim/sulfamethoxazole) may result in delayed renal clearance.

Please see FOLOTYN ^® Full Prescribing Information at www.FOLOTYN.com.

Forward-looking statement — This press release may contain forward-looking statements regarding future events and the future performance of Spectrum Pharmaceuticals that involve risks and uncertainties that could cause actual results to differ materially. These statements are based on management's current beliefs and expectations. These statements include but are not limited to statements that relate to our business and its future, including certain company milestones, Spectrum's ability to identify, acquire, develop and commercialize a broad and diverse pipeline of late-stage clinical and commercial products, leveraging the expertise of partners and employees around the world to assist us in the execution of our strategy, and any statements that relate to the intent, belief, plans or expectations of Spectrum or its management, or that are not a statement of historical fact. Risks that could cause actual results to differ include the possibility that our existing and new drug candidates may not prove safe or effective, the possibility that our existing and new applications to the FDA and other regulatory agencies may not receive approval in a timely manner or at all, the possibility that our existing and new drug candidates, if approved, may not be more effective, safer or more cost efficient than competing drugs, the possibility that our efforts to acquire or in-license and develop additional drug candidates may fail, our lack of sustained revenue history, our limited marketing experience, our dependence on third parties for clinical trials, manufacturing, distribution and quality control and other risks that are described in further detail in the Company's reports filed with the Securities and Exchange Commission. We do not plan to update any such forward-looking statements and expressly disclaim any duty to update the information contained in this press release except as required by law.

SPECTRUM PHARMACEUTICALS, INC. ^® , FUSILEV ^® , FOLOTYN ^® and ZEVALIN ^® , are registered trademarks of Spectrum Pharmaceuticals, Inc and its affiliates. REDEFINING CANCER CARE™ and the Spectrum Pharmaceuticals logos are trademarks owned by Spectrum Pharmaceuticals, Inc.

© 2012 Spectrum Pharmaceuticals, Inc. All Rights Reserved.

Source: Spectrum Pharmaceuticals, Inc.

SPECTRUM PHARMACEUTICALS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
(unaudited)
	Three Months Ended							Nine Months Ended
	September 30,							September 30,
		2012			2011				2012				2011
Revenues:
Product sales, net	$	65,871			$ 47,949			$	188,282			$	130,759
License and contract revenue		3,171			3,075				9,321				9,225
Total revenues	$	69,042			$ 51,024			$	197,603			$	139,984
Operating costs and expenses:
Cost of product sales (excludes amortization of purchased intangible assets)		11,155			8,845				31,402				23,555
Selling, general and administrative		23,114			15,811				64,723				47,261
Research and development		10,183			7,388				28,657				20,904
Amortization of purchased intangibles		1,834			930				4,400				2,790
Total operating costs and expenses		46,286			32,974				129,182				94,510
Income (loss) from operations		22,756			18,050				68,421				45,474
Change in fair value of common stock warrant liability		—			2,999				—				(3,488	)
Other income, net		293			(144	)			(1,076	)			550
Income (loss) before provision for income taxes		23,049			20,905				67,345				42,536
Provision for income taxes		(1,737	)		(650	)			18,579				(2,300	)
Net income (loss)	$	21,312			$ 20,255			$	85,924			$	40,236
Net income (loss) per share:
Basic	$	0.36			$ 0.38			$	1.47			$	0.77
Diluted	$	0.33			$ 0.34			$	1.32			$	0.70
Weighted average shares outstanding:
Basic		58,912,031			53,810,047				58,564,176				52,477,789
Diluted		65,139,606			59,469,863			64,880,786					57,326,069

SUMMARY CONSOLIDATED BALANCE SHEETS
(In thousands)
(unaudited)
		September 30,			December 31,
		2012			2011
Cash, cash equivalents			143,283			121,202
Marketable securities			3,308			40,060
Accounts receivable, net			90,943			51,703
Inventories, net			12,978			10,762
Prepaid expenses and other current assets			3,853			2,074
Deferred tax asset			11,351			—
Total current assets			265,716			225,801
Investments			—			9,283
Property and equipment, net			2,988			2,681
Intangible assets, net			204,633			41,654
Goodwill			29,976			—
Other assets			6,228			1.361
Total Assets		$	509,541		$	280,780
Current liabilities		$	134,660		$	78,537
Deferred revenue and other credits – less current portion			5,500			14,029
Deferred development costs – less current portion			11,600			—
Deferred payment contingency			2,200			—
Other long-term liabilities			893			307
Revolving line of credit			75,000			—
Total liabilities			229,853			92,873
Total stockholders’ equity			279,688			187,907
Total liabilities and stockholders’ equity		$	509,541		$	280,780

Non-GAAP Financial Measures

In this press release, Spectrum reports certain historical and expected non-GAAP results. Non-GAAP financial measures are reconciled to the most directly comparable GAAP financial measure in the tables of this press release and the accompanying footnotes. The non-GAAP financial measures contained herein are a supplement to the corresponding financial measures prepared in accordance with generally accepted accounting principles (GAAP). The non-GAAP financial measures presented exclude the items summarized in the below table. Management believes that adjustments for these items assist investors in making comparisons of period-to-period operating results and that these items are not indicative of the Company's on-going core operating performance.

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