XenoPort Fourth Quarter and Year-End 2012 Financial Results
Revenues for the fourth quarter and year ended December 31, 2012 were $0.5 million and $21.6 million, respectively, compared to $5.4 million and $43.5 million for the same periods in 2011. The decrease in revenues for the fourth quarter and year ended December 31, 2012 compared to the same periods in 2011 were primarily due to the receipt and recognition of a $5.0 million milestone payment associated with the acceptance of the supplemental NDA for the management of PHN in the fourth quarter of 2011 and a $30.0 million contingent payment associated with the first commercial sale of Horizant in the United States in the second quarter of 2011, partially offset by the receipt and recognition of a $10.0 million milestone payment for the approval of Regnite® (gabapentin enacarbil) Extended-Release Tablets for RLS in Japan in the first quarter of 2012 and a $10.0 million contingent payment associated with the approval of Horizant for the management of PHN in the second quarter of 2012. Net sales for Horizant for the fourth quarter and year ended 2012 as recorded by GSK were $2.1 million and $6.5 million, respectively.
Research and development expenses for the fourth quarter of 2012 were $10.6 million, compared to $12.5 million for the same period in 2011. The decrease in research and development expenses for the fourth quarter of 2012 was primarily due to decreased personnel costs resulting primarily from decreased headcount and decreased development activities for XP21279. Research and development expenses for 2012 were $42.9 million, compared to $43.8 million for 2011. The decrease in research and development expenses for 2012 compared to 2011 was principally due to decreased net costs for XP21279, partially offset by increased net costs for AP and XP23829 development activities.
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