Santarus, Inc. (NASDAQ: SNTS), today reported financial and operating results for the quarter and year ended December 31, 2012.
Key financial results for the fourth quarter of 2012 include:
- Total revenues of $70.2 million grew 65% compared with $42.6 million for the fourth quarter of 2011
- Net income of $5.5 million, or $0.08 diluted earnings per share (EPS), which included a $10.0 million expense for a success-based clinical milestone, increased significantly compared with $1.9 million, or $0.03 diluted EPS for the fourth quarter of 2011
- Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) improved to $9.6 million in the fourth quarter of 2012 compared with $4.5 million for the fourth quarter of 2011
- Cash, cash equivalents and short-term investments were $94.7 million as of December 31, 2012, an increase of $36.1 million compared with $58.6 million at December 31, 2011
“We believe that 2012 was an inflection year for Santarus, with strong revenue growth and greatly improved earnings and cash flow compared with 2011,” said Gerald T. Proehl, president and chief executive officer of Santarus. “In addition to our commercial progress and the favorable outcome on the ZEGERID ® (omeprazole/ sodium bicarbonate) patent litigation at the appellate court, we were successful in advancing our clinical pipeline, including reporting positive Phase III results for both RUCONEST ® (recombinant human C1 esterase inhibitor) in hereditary angioedema (HAE) and for rifamycin SV MMX ® in travelers’ diarrhea. We also initiated a major Phase IIIb clinical study with UCERIS ™ (budesonide) extended release tablets as add-on therapy to 5-ASA drugs and completed enrollment in a Phase I clinical study with SAN-300, a monoclonal antibody.”
Mr. Proehl added, “Our momentum has continued into 2013 with the mid-January U.S. Food and Drug Administration (FDA) approval of UCERIS for the induction of remission in patients with active, mild to moderate ulcerative colitis and the commercial launch of UCERIS and relaunch of ZEGERID a few weeks ago. We believe 2013 is shaping up to be another robust year for Santarus.”