Spectrum Pharmaceuticals (NasdaqGS: SPPI), a biotechnology company with fully integrated commercial and drug development operations with a primary focus in hematology and oncology, announced today financial results for the three-month period ended June 30, 2013.
“We are excited about launching our recently acquired FDA approved anti-cancer product Marqibo®, in the fourth quarter through our existing sales force,” said Rajesh C. Shrotriya, MD, Chairman, Chief Executive Officer, and President of Spectrum Pharmaceuticals. “We also have additional three drugs in late stage development that could be launched in the next 18 to 24 months. The infrastructure we have built over the recent years is the foundation from which we will be able to launch a number of our drugs in the near future. We believe we are in a prime position to fuel Spectrum’s future growth, while we continue to mitigate risk and diversify our products in development and revenue stream.”
Three-Month Period Ended June 30, 2013 (All numbers are approximate)
GAAP ResultsConsolidated revenues of $33.2 million was comprised of product net sales of $32.2 million and $1.0 million from licensing fees. This represents a 51.6% decrease from the $68.7 million in consolidated revenue, including product net sales of $65.6 million, recorded in the three-month period ended June 30, 2012. Product revenues in second quarter included: FUSILEV® (levoleucovorin) net sales of $12.9 million, FOLOTYN® (pralatrexate injection) net sales of $12.6 million and ZEVALIN® (ibritumomab tiuxetan) net sales of $6.8 million. The Company recorded net loss of $10.2 million, or ($0.17) per basic and diluted share in the three-month period ended June 30, 2013, compared to a net income of $18.1 million, or $0.31 per basic and $0.29 per diluted share in the comparable period in 2012. Total research and development expenses were $10.5 million in the quarter, as compared to $9.6 million in the same period in 2012. Selling, general and administrative expenses were $22.6 million in the quarter, compared to $23.3 million in the same period in 2012.
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