NEWARK, Calif., Feb. 25, 2014 /PRNewswire/ -- Depomed, Inc. (Nasdaq: DEPO) today reported preliminary financial results (unaudited) for the fourth quarter ended December 31, 2013 in anticipation of the company's upcoming presentations and live webcasts at the RBC Global Capital Markets Healthcare Conference and the Cowen & Co. Healthcare Conference.
Preliminary (Unaudited) Fourth Quarter Financial Results
Based on preliminary financial information (unaudited) for the quarter ended December 31, 2013:
- Product sales, including Gralise ®, Zipsor ®, Lazanda ® and CAMBIA ® are expected to be approximately $18.8 million for the fourth quarter of 2013 and approximately $58.3 million for 2013, compared to product revenues of $12.5 million for the fourth quarter of 2012 and $27.5 million for 2012.
- License and other revenue is expected to be approximately $3.3 million, and royalty revenue is expected to be approximately $0.4 million, for the fourth quarter of 2013. License and other revenue and royalty revenue do not include any revenues related to Depomed's October 2013 sale of its Type 2 diabetes royalty and milestone interests to PDL BioPharma, Inc. as Depomed expects to report such revenue as a separate line item in its financial statements.
- Total operating expenses for the fourth quarter of 2013 are expected to be approximately $31 million.
- Depomed ended 2013 with $276 million in cash and marketable securities, compared to $77.9 million as of December 31, 2012.
"2013 was a transformational year for Depomed," noted Jim Schoeneck, President and CEO of Depomed. "We executed a series of transactions that cement our position as a leading specialty pharmaceutical company in pain and neurology. With $276 million in purchasing power pending final determination of our 2013 income taxes, we have the financial resources to continue to build our portfolio of high growth products in pain, neurology and adjacent areas."Investor Conference Presentations and Webcast Details
- Depomed will present at the RBC Capital Markets Healthcare Conference at the New York Palace Hotel in New York City on February 26, 2014 at 2:05 p.m. EST.
- Depomed will also present at the Cowen & Co. Healthcare Conference at the Boston Marriott Copley Place in Boston on March 5, 2014 at 8:40 a.m. EST.
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