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Sucampo Pharmaceuticals, Inc. Reports Third Quarter And Nine Months 2012 Financial And Operating Results

Stocks in this article: SCMP

Sucampo Pharmaceuticals, Inc. (“Sucampo”), (NASDAQ: SCMP), a global pharmaceutical company, today reported its consolidated financial results for the quarter and nine months periods ended September 30, 2012.

For the third quarter of 2012, total revenue grew approximately 8%, to $15.5 million from $14.4 million for the same period in 2011. For the first nine months of 2012, total revenue grew by 15%, to $46.6 million from $40.5 million during the same period in 2011. Net sales of AMITIZA ®, as reported to us by our partner, Takeda, increased 24.2%, to $71.5 million, for the third quarter of 2012, compared to $57.6 million in the same period of 2011. During the third quarter of 2012, R&D and G&A expenses declined, while selling and marketing expenses increased, reflecting continued investment in business growth and a focus on continued productivity.

“Sucampo accomplished several milestones this quarter that allowed us to fulfill our mission of bringing prostone-based medicines to patients who need them around the world. We achieved approval of AMITIZA in Japan, bringing us one step closer to the launch in the Japanese market. We also were granted approval of AMITIZA in the U.K., and made progress on our commercialization plans for that market and Switzerland. Sales of AMITIZA in the United States grew 24% for the third quarter, indicating that the product continues to grow steadily six years after launch. We were also excited to receive priority review status from the FDA for our sNDA filing of AMITIZA for opioid-induced constipation, or OIC. For RESCULA ®, we moved closer to approval of a revised label and launch of the product in the United States,” said Ryuji Ueno, M.D., Ph.D., Ph.D., Chair of the Board and Chief Executive Officer of Sucampo. “Sucampo also made significant progress in advancing our deep pipeline of prostone-based compounds and in lifecycle management of our existing products, with initiation of a phase 1 trial for cobiprostone and the finalization of plans for phase 2 and 3 studies for our compound SPI-017 and AMITIZA in pediatrics, respectively.”

Sucampo reported a net loss of $5.9 million, or $0.14 per diluted share, for the third quarter of 2012 compared to a net loss of $4.1 million, or $0.10 per diluted share, for the third quarter of 2011. Sucampo reported a net loss of $8.7 million, or $0.21 per diluted share, for the first nine months of 2012, compared to a net loss of $20.0 million, or $0.48 per diluted share, for the prior year period. The primary driver of the net loss was a tax provision of $3.8 million for the third quarter of 2012 compared to a tax provision of $0.2 million for the third quarter of 2011. The increase in the tax provision was primarily driven by tax expense on pre-tax profits in our US & Japanese subsidiaries, partially offset by a net discrete benefit related to our intellectual property transfer.

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