Salix Pharmaceuticals Reports 4Q2012 And FY2012 Results

Salix Pharmaceuticals, Ltd. (NASDAQ:SLXP) today announced financial and operating results for the fourth quarter and full year ended December 31, 2012 and other business updates.

Total product revenue was $198.2 million for the fourth quarter of 2012, a 28% increase compared to $155.2 million for the fourth quarter of 2011. Total product revenue for the full year 2012 was $735.4 million, a 36% increase compared to $540.5 million for the full year 2011. XIFAXAN ® revenue for the fourth quarter of 2012 was $147.0 million, a 37% increase compared to $107.2 million for the fourth quarter of 2011. XIFAXAN revenue for the full year 2012 was $514.5 million, a 38% increase compared to $371.7 million for the full year 2011. APRISO ® revenue for the fourth quarter of 2012 was $13.7 million, a 24% increase compared to $11.1 million for the fourth quarter of 2011. APRISO revenue for the full year 2012 was $70.3 million, a 36% increase compared to $51.7 million for the full year 2011.

Total cost of products sold was $30.7 million for the fourth quarter of 2012 and $124.6 million for the full year 2012, compared to $27.5 million for the fourth quarter of 2011 and $95.4 million for the full year 2011. Gross margin on total product revenue was 84.5% for the fourth quarter of 2012 compared to 82.3% for the fourth quarter of 2011, and 83.1% for the full year 2012 compared to 82.4% for the full year 2011. Research and development expenses were $36.6 million for the fourth quarter of 2012 and $123.2 million for the full year 2012, compared to $19.1 million and $104.4 million, respectively, for the prior year periods. The increase in research and development expenses for 2012 compared to 2011 is due primarily to increased expenses related to our Phase 3 retreatment study of rifaximin for irritable bowel syndrome with diarrhea and increased personnel costs. Selling, general and administrative expenses were $70.9 million for the fourth quarter of 2012 compared to $54.2 million for the prior year period and $258.2 million for full year 2012 compared to $187.0 million for the prior year period. The increase in selling, general and administration expenses for 2012 compared to 2011 is due primarily to increased personnel costs related to our sales force expansion in 2012, increased marketing expenses related to RELISTOR, SOLESTA and XIFAXAN550 for hepatic encephalopathy and premarketing expenses related to FULYZAQ™ and GIAZO™. The Company reported GAAP net income of $17.6 million, or $0.28 per share, fully diluted, for the fourth quarter of 2012 and $64.2 million, or $1.01 per share, fully diluted, for the full year ended December 31, 2012.

If you liked this article you might like

After Clearing Valeant Litigation, Jaguar and Napo Pharmaceuticals Reunite

Biotech Hits an Inflection Point

Put Agenus, Progenics on Your Small-Cap List

Put Agenus, Progenics on Your Small-Cap List

Put Agenus, Progenics on Your Small-Cap List

Put Agenus, Progenics on Your Small-Cap List

2 Small Biopharma Stocks on the Move

2 Small Biopharma Stocks on the Move