Operating expenses for the full-year period ended December 31, 2012 were $51,183,000 compared to $32,550,000 for the same period in 2011. Operating expenses for the 2012 period included an increase in cost of product revenue of $18,407,000 due to higher product sales, and an increase in selling, general and administrative expenses of $1,738,000 compared to the same period in 2011. These increases were primarily due to the expansion of our business with the acquisition of Repligen Sweden AB. Research and development expenses decreased by $2,756,000 during the twelve-month period ended December 31, 2012 compared to the same period in 2011 as a result of our decision to focus on our core bioprocessing business.Financial Guidance for 2013 The Company is providing updated and additional guidance for fiscal year 2013. This guidance is based on expectations for our existing business and does not include the impact on our revenue and expenses of potential milestone payments from Pfizer, additional out-licensing agreements for our remaining clinical assets, potential bioprocessing acquisitions or foreign currency exchange rates. Additional details will be provided on our conference call today.
- Total revenue for the full year 2013 is expected to be $63-$65 million, including the receipt of royalties from Bristol-Myers Squibb on its U.S. sales of Orencia ® which the Company will no longer receive after December 31, 2013
- Bioprocessing product revenue for the full year 2013 is expected to be $46-$48 million, reflecting product sales growth of 10%-15%
- Net income for the full year 2013 is expected to be $18-$20 million
- We expect to end 2013 with approximately $65 million in cash and investments