Celgene Reports Strong Fourth Quarter And Full Year 2012 Operating And Financial Results
For the full year 2012, adjusted R&D expenses were $1,310 million compared to $1,240 million for the full year 2011. Adjusted R&D expenses included absorption of the Avila Therapeutics acquisition which closed in March 2012, increased activities related to validation of the Phoenix, Arizona manufacturing facility for ABRAXANE and advancing more than 30 late-stage clinical trials.
On a GAAP basis, R&D expenses were $473 million for the fourth quarter 2012 and $436 million for the same period in 2011; full year R&D expenses were $1,724 million for 2012 compared to $1,600 million for 2011. The increase in R&D expenses on a GAAP basis reflects the impact of an IPR&D impairment charge recorded during the fourth quarter 2012.
Selling, General, and Administrative (SG&A)
Adjusted SG&A expenses were $340 million for the fourth quarter 2012 compared to $278 million for the fourth quarter 2011. The increase was primarily due to launch preparation expenses for ABRAXANE in non-small cell lung cancer (NSCLC) in the U.S. and POMALYST ® globally.For the full year 2012, adjusted SG&A was $1,257 million versus $1,099 million in 2011. The increase was primarily due to the ABRAXANE NSCLC and POMALYST launch preparations. On a GAAP basis, SG&A expenses were $370 million for the fourth quarter 2012 compared to $315 million for the same period in 2011; full year SG&A expenses were $1,374 million for 2012 compared to $1,226 million for 2011. Cash, Cash Equivalents, and Marketable Securities Operations generated cash flow of $2,031 million for 2012, an increase of 12 percent compared to 2011. Under the authorized stock repurchase program, Celgene purchased approximately 7.5 million shares during the fourth quarter at a total cost of approximately $580 million. For the full year 2012, Celgene purchased approximately 28.6 million shares at a cost of approximately $2,100 million. As of December 31, 2012, the Company had approximately $1,800 million remaining under the existing stock repurchase program. The Company ended the year with $3,900 million in cash and marketable securities and approximately 420 million actual shares and 430 million fully diluted shares outstanding.
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