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Santarus Reports Third Quarter 2013 Financial Results

Santarus, Inc. (NASDAQ: SNTS) today reported financial and operating results for the quarter and nine months ended September 30, 2013. Key financial results include:

  • Total revenues of $98.8 million grew 81% compared with $54.7 million for the third quarter of 2012
  • Net income of $30.3 million, or $0.38 diluted earnings per share (EPS), compared with $9.0 million, or $0.13 diluted EPS for the third quarter of 2012
  • Non-GAAP adjusted earnings were $35.6 million and diluted non-GAAP adjusted EPS were $0.45 in the third quarter of 2013 compared with non-GAAP adjusted earnings of $12.3 million and diluted non-GAAP adjusted EPS of $0.18 for the third quarter of 2012
  • Cash, cash equivalents and short-term investments were $168.7 million as of September 30, 2013, an increase of approximately $74.0 million compared with $94.7 million at December 31, 2012

Santarus Conference Call Cancelled

The previously scheduled Santarus investor conference call at 5:00 p.m. Eastern time (2:00 p.m. Pacific time) today, November 7, 2013 has been cancelled as a result of the joint press release issued today after market close by Santarus and Salix Pharmaceuticals, Ltd. announcing that their Boards of Directors have unanimously approved a definitive merger agreement under which Salix will acquire Santarus through a tender offer followed by a merger for $32.00 in cash for a purchase price of approximately $2.6 billion.

Salix will host a conference call at 4:30 p.m. Eastern Time today, Thursday, November 7, 2013. Interested parties can access the conference call by way of webcast or telephone. The live webcast will be available at www.salix.com. A replay of the webcast will be available at the same location. The telephone numbers to access the live conference call are (800) 319-9003 (U.S. and Canada) or (719) 325-2134 (international). The telephone numbers to access the replay of the call are (888) 203-1112 (U.S. and Canada) or (719) 457-0820 (international). The access code for the call is 612126.

Third Quarter 2013 Financial Results

Total revenues increased to $98.8 million for the third quarter of 2013, compared with $54.7 million for the third quarter of 2012 as indicated below ($ in millions):

  Three Months Ended   Increase
September 30, (Decrease)
  2013     2012
Product sales, net
GLUMETZA $ 45.6 $ 39.3 $ 6.3
ZEGERID 27.1 8.4 18.7
UCERIS 19.6 - 19.6
CYCLOSET 4.2 4.3 (0.1 )
FENOGLIDE   1.6   1.7   (0.1 )
Total product sales, net 98.1 53.7 44.4
Other revenue   0.7   1.0   (0.3 )
Total revenues $ 98.8 $ 54.7 $ 44.1
 

Net income for the third quarter of 2013 was $30.3 million and diluted EPS was $0.38. Non-GAAP adjusted earnings for the third quarter of 2013 were $35.6 million and diluted non-GAAP adjusted EPS were $0.45. In the third quarter of 2012 the company reported net income of $9.0 million, diluted EPS of $0.13 and non-GAAP adjusted earnings of $12.3 million, and had diluted non-GAAP adjusted EPS of $0.18.

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