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

Please see full Prescribing Information, including BOXED WARNINGS, for ZEVALIN and rituximab. Full prescribing information for ZEVALIN can be found at

Forward-looking statement — This press release may contain forward-looking statements regarding future events and the future performance of Spectrum Pharmaceuticals that involve risks and uncertainties that could cause actual results to differ materially. These statements are based on management's current beliefs and expectations. These statements include, but are not limited to, statements that relate to our business and its future, including certain company milestones, Spectrum's ability to identify, acquire, develop and commercialize a broad and diverse pipeline of late-stage clinical and commercial products, leveraging the expertise of partners and employees around the world to assist us in the execution of our strategy, and any statements that relate to the intent, belief, plans or expectations of Spectrum or its management, or that are not a statement of historical fact. Risks that could cause actual results to differ include the possibility that our existing and new drug candidates may not prove safe or effective, the possibility that our existing and new applications to the FDA and other regulatory agencies may not receive approval in a timely manner or at all, the possibility that our existing and new drug candidates, if approved, may not be more effective, safer or more cost efficient than competing drugs, the possibility that our efforts to acquire or in-license and develop additional drug candidates may fail, our lack of sustained revenue history, our limited marketing experience, our dependence on third parties for clinical trials, manufacturing, distribution and quality control and other risks that are described in further detail in the Company's reports filed with the Securities and Exchange Commission. We do not plan to update any such forward-looking statements and expressly disclaim any duty to update the information contained in this press release except as required by law.

SPECTRUM PHARMACEUTICALS, INC. ® , FUSILEV ® , FOLOTYN ® , and ZEVALIN ® are registered trademarks of Spectrum Pharmaceuticals, Inc and its affiliates. REDEFINING CANCER CARE and the Spectrum Pharmaceuticals logos are trademarks owned by Spectrum Pharmaceuticals, Inc.

© 2013 Spectrum Pharmaceuticals, Inc. All Rights Reserved.



(In thousands, except share and per share data)
      Three Months Ended       Year Ended
December 31, December 31,
(unaudited) (unaudited)  
  2012         2011   2012         2011
Product sales, net $ 66,710 $ 49,904 $ 254,992 $ 180,663
License and contract revenue   3,394   3,075   12,715   12,300
Total revenues $ 70,104 $ 52,979 $ 267,707 $ 192,963
Operating costs and expenses:
Cost of product sales (excludes amortization of purchased intangible assets) 15,231 10,283 46,633 33,838
Selling, general and administrative 27,242 25,292 91,965 72,553
Research and development 13,887 6,816 42,544 27,720
Amortization of purchased intangibles   2,341   930   6,741   3,720
Total operating costs and expenses   58,701   43,321   187,883   137,831
Income from operations 11,403 9,658 79,824 55,132
Change in fair value of common stock warrant liability (3,488)
Other income (expense), net   232   27   (844)   577
Income before provision for income taxes 11,635 9,685 78,980 52,221
Benefit (provision) for income taxes   (3,014)   (1,404)   15,565   (3,704)
Net income $ 8,621 $ 8,281 $ 94,545 $ 48,517
Net income per share:
Basic $ 0.15 $ 0.15 $ 1.61 $ 0.91
Diluted $ 0.13 $ 0.13 $ 1.46 $ 0.84
Weighted average shares outstanding:
Basic   58,628,963   56,916,064   58,588,916 53,272,767
Diluted   64,020,783   63,313,226   64,637,256   57,959,714


(In thousands)
December 31, December 31,
2012 2011
Cash, cash equivalents $ 139,698 $ 121,202
Marketable securities 3,310 40,060
Accounts receivable, net 92,169 51,703
Inventories, net 14,478 10,762
Prepaid expenses and other current assets 2,745 2,074
Deferred tax asset   12,473  
Total current assets 264,873 225,801
Investments 9,283
Property and equipment, net 2,548 2,681
Intangible assets, net 202,311 41,654
Goodwill 28,973
Other assets   7,569   1,361
Total Assets $ 506,274 $ 280,780
Current liabilities $ 128,397 $ 78,537
Deferred revenue and other credits – less current portion 2,937 14,029
Deferred development costs – less current portion 11,377
Deferred payment contingency 2,287
Other long-term liabilities 1,430 307
Revolving line of credit   75,000  
Total liabilities 221,428 92,873
Total stockholders’ equity   284,846   187,907
Total liabilities and stockholders’ equity $ 506,274 $ 280,780

Non-GAAP Financial Measures

In this press release, Spectrum reports certain historical and expected non-GAAP results. Non-GAAP financial measures are reconciled to the most directly comparable GAAP financial measure in the tables of this press release and the accompanying footnotes. The non-GAAP financial measures contained herein are a supplement to the corresponding financial measures prepared in accordance with generally accepted accounting principles (GAAP). The non-GAAP financial measures presented exclude the items summarized in the below table. Management believes that adjustments for these items assist investors in making comparisons of period-to-period operating results and that these items are not indicative of the Company's on-going core operating performance.

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