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TheStreet Open House

Sucampo Pharmaceuticals, Inc. Reports Third Quarter And Nine Months 2013 Financial And Operating Results

Stocks in this article: SCMP

Sucampo to Begin Co-promotion of AMITIZA for Opioid-Induced Constipation; Revises RESCULA Commercial Strategy Company to Host Conference Call Today at 5:00 pm Eastern

Highlights

  • Sucampo Revenue Grew 39.6% Year-Over-Year for the Nine Months of 2013
  • U.S. AMITIZA ® (lubiprostone) Net Sales, As Reported By Our Partner, Increased 3.5% Year-Over-Year for the Nine Months of 2013
  • Sucampo revenue from sales of AMITIZA in Japan grew 58.2% in third as compared to second quarter of the year
  • Sucampo Raises 2013 Earnings Guidance, Excluding Special Items
  • Sucampo Announces Commercial Strategy Changes
  • Sucampo and partner Takeda Pharmaceuticals U.S.A. Inc (Takeda) agree to increase promotional effort for AMITIZA for non-cancer opioid-induced constipation (OIC)
  • RESCULA ® (unoprostone isopropyl) promotional costs will be reduced by approximately 75% versus current spend

BETHESDA, Md., Nov. 5, 2013 (GLOBE NEWSWIRE) -- Sucampo Pharmaceuticals, Inc. ("Sucampo") (Nasdaq:SCMP), a global biopharmaceutical company with products available in the United States (U.S.), Japan and Europe, today reported its consolidated financial results for the third quarter and nine months ended September 30, 2013.

Sucampo raised its full year 2013 earnings guidance to $3.0 to $5.0 million net income, excluding special items, versus previous guidance of break-even. During the third quarter of 2013, Sucampo recorded a non-cash write-off of its RESCULA inventory and samples of $4.5 million to reflect excess quantities of dated product. Details of the write-off are discussed in the Cost of Goods Sold and Operating Expenses sections below.

  Three Months Ended September 30, Nine Months Ended September 30,
(In thousands, except per share data) 2013 2013
Total revenues  $ 21,163  $ 65,104
GAAP Diluted EPS  0.03  0.10
Non-GAAP Diluted EPS that exclude RESCULA inventory/samples non-cash write-off 1  0.09  0.16
GAAP net income 2  1,291  4,266
Non-GAAP net income that excludes RESCULA inventory/samples non-cash write-off 1, 2  4,007  6,982

1. Sucampo is providing certain 2013 non-GAAP information that excludes certain items because of the nature of these items and the impact they have on the analysis of underlying business performance and trends. Management believes that providing this information enhances investors' understanding of Sucampo's performance. This information should be considered in addition to, but not in lieu of, information prepared in accordance with GAAP.

2. Net income is attributable to Sucampo Pharmaceuticals, Inc. on a consolidated basis.

Sucampo also announced that it is exercising the co-promotion option in its commercialization agreement with Takeda and will begin co-promoting AMITIZA for OIC in adults with chronic, non-cancer pain in the first quarter of next year. Sucampo's AMITIZA co-promotion will provide incremental selling resources in addition to Takeda's current selling efforts, and Takeda will reimburse Sucampo based on details to healthcare prescribers. In addition, Sucampo announced changes to its RESCULA commercialization strategy to improve RESCULA profitability by significantly decreasing sales and marketing expenses. Sucampo will continue, but significantly decrease the amount of, in-person sales calls for RESCULA, and will use a contract sales force to focus its detailing on current prescribers. Sucampo will also use a limited mix of inside sales and other promotional tactics, including digital, to reach the current non-prescriber base in an effort to increase prescribers and sales.

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