NPS Pharmaceuticals Reports Third Quarter 2012 Financial Results And Reiterates Year-end Cash Guidance

NPS PHARMACEUTICALS, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations (In thousands, except per share data) (Unaudited)
						Three Months Ended										Nine months ended
						September 30,														September 30,
						2012							2011							2012							2011
Revenues:
Royalties						$	27,012						$	24,483						$	78,453						$	70,244
Sale of royalty rights							--							--							25,000							--
Milestones and license fees							7							19							7							5,044
Product sales							--							99							--							99
Total revenues							27,019							24,601							103,460							75,387
Costs and expenses:
Cost of royalties							--							--							--							500
Cost of license fees							--							2							--							2,540
Research and development							17,957							20,227							70,797							52,267
General and administrative							8,329							6,413							25,769							17,028
Total operating expenses							26,286							26,642							96,566							72,335
Operating income (loss)							733							(2,041	)						6,894							3,052
Other (expense) income:
Interest income, net							64							70							224							260
Interest expense							(4,444	)						(10,589	)						(14,445	)						(31,150	)
Other							323							211							795							225
Total other expense, net							(4,057	)						(10,308	)						(13,426	)						(30,665	)
Loss before income tax expense							(3,324	)						(12,349	)						(6,532	)						(27,613	)
Income tax expense							--							--							--							18
Net loss							($3,324	)						($12,349	)						($6,532	)						($27,631	)
Net loss per common and potential common share:
Basic							($0.04	)						($0.14	)						($0.08	)						($0.35	)
Diluted							($0.04	)						($0.14	)						($0.08	)						($0.35	)
Weighted average common and potential common share:
Basic							86,947							86,749							86,910							79,417
Diluted							86,947							86,749							86,910							79,417

NPS PHARMACEUTICALS, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (In thousands) (Unaudited)
										September 30,2012					December 31,2011
Assets:
Cash, cash equivalents and marketable investment securities										$118,723					$162,233
Account receivable										28,074					29,532
Other current assets										4,681					7,863
Property and equipment, net										4,097					4,346
Goodwill										9,429					9,429
Debt issuance costs, net										462					577
Total assets										$165,466					$213,980
Liabilities and Stockholders’ Deficit:
Current liabilities										$29,567					$43,603
Convertible notes										16,545					16,545
Non-recourse debt, less current portion*										159,400					192,085
Other long-term liabilities										6,695					7,863
Total liabilities										212,207					260,096
Common stock and additional paid-in capital										950,212					944,430
Accumulated other comprehensive income										29					(96)
Accumulated deficit										(996,982)					(990,450)
Total stockholders' deficit										(46,741)					(46,116)
Total liabilities and stockholders' deficit										$165,466					$213,980
* Non-recourse debt secured by Sensipar ®/Mimpara ®, Preotact ® and REGPARA ® royalty revenue

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