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Spectrum Pharmaceuticals Reports Record Revenues, Profits, And Cash Generated From Operations For The Twelve-Month Period Ended December 31, 2012

Stocks in this article: SPPI

The Company had cash, cash equivalents and securities of approximately $143 million as of December 31, 2012 which included payments of dividends of $9 million and Allos-related severance benefits of $8 million in the fourth quarter of 2012.

On August 10, 2012, the Board of Directors of the Company authorized the repurchase of up to a total of $100 million of our common stock through the end of August 1, 2013. Under the program the Company has repurchased to date approximately 1.1 million shares of common stock.

There were approximately 60.0 million shares of common stock issued and outstanding as of December 31, 2012.

Non-GAAP Results

The Company recorded non-GAAP net income of $91.9 million, or $1.57 per basic share and $1.42 per diluted share in the twelve-month period ended December 31, 2012, compared to net income of $76.1 million, or $1.43 per basic share and $1.31 per diluted share in the same period in 2011. Non-GAAP research and development expenses were $39.2 million in 2012, as compared to $26.1 million in 2011. Non-GAAP selling, general and administrative expenses were $70.7 million in 2012, as compared to $51.9 million in 2011.

Three-Month Period Ended December 31, 2012 (All #s are Approximate)

GAAP Results

Consolidated revenue of $70.1 million in the three-month period ending December 31, 2012 was comprised of product sales of $66.7 million and $3.4 million from licensing fees. This represents a 32.3% increase from the $53.0 million in consolidated revenue, including product sales of $49.9 million, recorded in the three-month period ending December 31, 2011.

The Company recorded net income of $8.6 million, or $0.15 per basic and $0.13 per diluted share in the three-month period ended December 31, 2012, compared to a net income of $8.3 million, or $0.15 per basic and $0.13 per diluted share in the comparable period in 2011. Total research and development expenses were $13.9 million in the fourth quarter of 2012, as compared to $6.8 million in the same period in 2011. Selling, general and administrative expenses were $27.2 million in the fourth quarter of 2012, compared to $25.3 million in the same period in 2011.

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