Salix Pharmaceuticals Reports 3Q2012 Results

Salix Pharmaceuticals, Ltd. (NASDAQ:SLXP) today announced financial and operating results for the third quarter ended September 30, 2012 and other business updates.

Total product revenue was $185.1 million for the third quarter of 2012, a 27% increase compared to $146.2 million for the third quarter of 2011. Total product revenue for the first nine months of 2012 was $537.3 million, a 39% increase compared to $385.3 million for the first nine months of 2011. XIFAXAN ^® revenue for the third quarter of 2012 was $137.9 million, a 43% increase compared to $96.7 million for the third quarter of 2011. XIFAXAN revenue for the first nine months of 2012 was $367.5 million, a 39% increase compared to $264.4 million for the first nine months of 2011. APRISO ^® revenue for the third quarter of 2012 was $19.7 million, a 31% increase compared to $15.0 million for the third quarter of 2011. The combined revenue contribution of our most recently-introduced products - RELISTOR ^®, SOLESTA ^® and DEFLUX ^®- totaled $12.1 million for the third quarter of 2012.

Total cost of products sold was $26.5 million for the third quarter of 2012 and $93.9 million for the first nine months of 2012, compared to $24.1 million for the third quarter of 2011 and $67.9 million for the first nine months of 2011. Gross margin on total product revenue was 85.7% for the third quarter of 2012 compared to 83.5% for the third quarter of 2011, and 82.5% for the first nine months of 2012 compared to 82.4% for the first nine months of 2011. Research and development expenses were $32.8 million for the third quarter of 2012 and $86.7 million for the first nine months of 2012, compared to $24.8 million and $85.3 million, respectively, for the prior year periods. The increase in research and development expenses for 2012 compared to 2011 is due primarily to increased expenses related to our Phase 3 retreatment study of rifaximin for irritable bowel syndrome with diarrhea. Selling, general and administrative expenses were $61.5 million for the third quarter of 2012 compared to $41.4 million for the prior year period and $187.3 million for the first nine months of 2012 compared to $132.8 million for the prior year period. The increase in selling, general and administration expenses for 2012 compared to 2011 is due primarily to increased personnel costs related to our sales force expansion in 2012 and increased marketing expenses related to SOLESTA and XIFAXAN550 for hepatic encephalopathy. The Company reported GAAP net income of $16.5 million, or $0.26 per share, fully diluted, for the third quarter of 2012 and $46.6 million, or $0.73 per share, fully diluted, for the nine-month period ended September 30, 2012.

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