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Avanir Pharmaceuticals Pre-Announces Preliminary Fiscal 2013 Year End Financial Information

Stocks in this article: AVNR

Non-GAAP financial measures contained in this press release reflects adjustments based on the following items:

Total Gross Revenues.  Total gross revenues exclude allowances for customer credits, including estimated discounts, rebates, chargebacks and co-pay assistance (collectively, "Customer Credits"), the costs of which are included in our net revenue figures.  We believe that the exclusion of the Customer Credits provides management and investors with an additional basis on which to evaluate the growth of the NEUDEXTA sales revenues and the potential addressable market for NUEDEXTA, particularly given that there are no other drugs approved to treat PBA.  We are unable to provide a reconciliation of total net revenues to total gross revenues because, at this time, we are in the process of completing our financial statements for the year ended September 30, 2013 and are finalizing the accounting of the Customer Credits that account for the difference between the gross and net revenue figures. However, we estimate that the Customer Credits will be in the range of $19.6 million to $20.6 million for the year ended September 30, 2013.

Total Operating Expenses.  Total operating expenses exclude non-cash items consisting of: share-based compensation; depreciation and amortization of long-lived assets; and the one-time upfront payment to OptiNose of $20.0 million.  We believe that exclusion of these costs in presenting Non-GAAP financial measures provides management and investors a more effective means of evaluating its historical performance and projected costs and the potential for realizing cost efficiencies within our core business.  Share-based compensation expense and depreciation and amortization of long-lived assets will recur in future periods; although the upfront payment to OptiNose was a one-time occurrence, it is possible that we will have similar milestone payments in future periods. 

Avanir Investor & Media Contact Ian Clements, PhD ir@avanir.com +1 (949) 389-6700

SOURCE Avanir Pharmaceuticals, Inc.

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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