Salix Pharmaceuticals Reports 3Q2012 Results

Net income on a non-GAAP basis, excluding the loss on extinguishment of debt and non-cash adjustments related to the repurchase of a portion of our 2028 Notes in March 2012, the intangible asset impairment charge and change in acquisition-related contingent consideration that occurred in September 2012, the difference between income taxes paid and income taxes expensed, and non-cash depreciation, amortization, stock-based compensation and convertible debt interest expense, was $59.7 million, or $0.95 per share, fully diluted, for the three-month period ended September 30, 2012 and $154.5 million or $2.43 per share, fully diluted for the nine-month period ended September 30, 2012. We believe these non-GAAP measures might provide investors additional relevant information, in part for purposes of historical comparison. In addition, we use these non-GAAP measures to analyze our performance in more detail and with better historical comparability; however, you should be aware that non-GAAP measures are not superior to, nor a substitute for, the comparable GAAP measures. We have provided a reconciliation of these measures to the most closely related GAAP measures in the accompanying financial tables.

Cash and cash equivalents were $775.9 million as of September 30, 2012.

Adam Derbyshire, Executive Vice President and Chief Financial Officer, stated, “XIFAXAN 550 mg continued to perform well during the third quarter of 2012. During the quarter our XIFAXAN prescription business, comprised of XIFAXAN 200 mg tablets and XIFAXAN 550 mg tablets, demonstrated impressive growth, on a milligram basis, of 20% compared to the third quarter of 2011. APRISO also demonstrated strong prescription year-over-year growth of 24% for the third quarter of 2012 compared to the third quarter of 2011. RELISTOR prescriptions increased 89% year-over-year for the third quarter of 2012 compared to the third quarter of 2011.

“We continue to believe total Company product revenue for 2012 will be approximately $735 million, representing 36% growth over 2011 revenue. We now believe we will be able to generate adjusted net income of approximately $200 million, or $3.13 per share, fully diluted on the non-GAAP basis described above for the full year ending December 31, 2012.

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