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Cubist Reports Third Quarter 2013 Financial Results

Stocks in this article: CBST

Cubist Pharmaceuticals, Inc. (NASDAQ: CBST) today announced results for the third quarter ended September 30, 2013. The Company will host a conference call and webcast today at 5:00 p.m. ET (details below).

Financial highlights for the third quarter of 2013 (unaudited)

  • Q3 2013 total net revenues were $266.0 million, up 12% compared to $238.2 million in Q3 2012.
  • U.S. CUBICIN® (daptomycin for injection) net product revenues increased 10% to $229.9 million from $208.3 million in Q3 2012. CUBICIN international revenues were $13.0 million compared to $12.0 million in Q3 2012.
  • Non-GAAP diluted earnings per share (EPS) was $0.41 compared to $0.62 in the third quarter of 2012. GAAP diluted EPS was $(0.50) compared to $0.55 in the third quarter of 2012.
  • Non-GAAP adjusted operating income was $52.5 million compared to $77.7 million in the third quarter of 2012. GAAP operating income was $4.1 million compared to $70.4 million in the third quarter of 2012.

“This was an exciting quarter for Cubist as we extended our global leadership in the acute care environment and took a major step towards achieving our Building Blocks of Growth strategic goals. We believe our transactions to acquire Trius and Optimer will enhance our product portfolio and position us to further leverage our differentiated business model with our promising pipeline candidates,” said Michael Bonney, Chief Executive Officer of Cubist. “We look forward to another important quarter ahead that we expect will include top-line data readouts from the cUTI and cIAI trials of our Phase 3 candidate ceftolozane/tazobactam.”

Third quarter ENTEREG® (alvimopan) net product revenues were $13.7 million, up 36% compared to $10.1 million in the third quarter of 2012. Service revenues for the Company’s co-promote of DIFICID® (fidaxomicin) for the third quarter were $3.8 million. Other revenues for the third quarter were $5.6 million, which primarily consist of a $5.0 million milestone from Novartis due to achieving a predetermined level of CUBICIN sales in its territories.

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