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POZEN Reports Fourth Quarter & Year End 2012 Results

Stocks in this article: POZN

The Company reported a net loss of ($6.1) million, or ($0.20) loss per share for the fourth quarter of 2012, compared to net income of $61.5 million, or $2.04 per share on a diluted basis, for the fourth quarter of 2011.

Twelve Month Results

For the twelve months ended December 31, 2012, POZEN reported revenue of $5.3 million compared to $87.0 million in 2011. The 2012 revenue is primarily royalty revenue from sales of VIMOVO. The 2011 revenue was comprised of $71.9 million in net revenue from the monetization of the Treximet royalty stream, $12.2 million of Treximet royalty and $2.9 million of VIMOVO royalty.

Operating expenses for the twelve months ended December 31, 2012 were $30.9 million compared to $44.8 million in the same period in 2011. The decrease in operating expenses was primarily a result of lower PA32540 development and pre-commercialization costs, partially offset by higher development costs for PA8140.

For the full year of 2012, the Company reported a net loss of ($25.3) million, or ($0.84) per share compared to net income of $42.3 million, or $1.40 per share on a diluted basis, for the same period in 2011.

Balance Sheet

At December 31, 2012, cash, cash equivalents and short-term investments totaled $87.3 million.

2013 Strategic Focus

The Company’s areas of strategic focus for 2013 are: securing a commercial partnership(s) for its PA products, completing the PA regulatory submission(s) in the US and potentially one or more other regions of the world, and controlling expenses. The Company expects continued strong sales growth for VIMOVO outside the U.S. and is estimating a net cash burn of less than $22 million in 2013, excluding proceeds from any PA deals.

Fourth Quarter Results Webcast

POZEN will host a webcast to present fourth quarter and year end 2012 results and management’s outlook on Wednesday, March 6, 2013 at 11:00 a.m. (ET). The webcast can be accessed live and will be available for replay at www.pozen.com.

About POZEN

POZEN Inc. is a small pharmaceutical company that specializes in developing novel therapeutics for unmet medical needs and licensing those products to larger pharmaceutical companies for commercialization. By utilizing a unique in-source model and focusing on integrated therapies, POZEN has successfully developed and obtained FDA approval of two self-invented products in two years. Funded by these milestone/royalty streams, POZEN is now creating a portfolio of cost-effective, evidence based integrated aspirin therapies designed to enable the full power of aspirin by reducing its GI damage.

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