Sucampo Reports Third Quarter 2016 Financial Results

Results Driven by 73% Growth in Revenue

GAAP EPS Growth of 12%; Adjusted EPS Growth of 58%

Company Raises 2016 Guidance and Provides Preliminary 2017 Guidance

Announces Settlement with Dr. Reddy's Laboratories for AMITIZA

Reports Phase Three Results for AMITIZA in Pediatric Population

Company to Host Conference Call Today at 8:30 a.m. EST

ROCKVILLE, Md., Nov. 09, 2016 (GLOBE NEWSWIRE) -- Sucampo Pharmaceuticals, Inc. (Sucampo) (NASDAQ:SCMP), a global biopharmaceutical company, today reported consolidated financial results for the third quarter ended September 30, 2016.  The company also highlighted important corporate updates.
Summary of Results Q3-16 % Increase / (Decrease)over Q3-15
Revenue $57.9M   73 %
Net Income GAAP $8.1M   12 %
EPS GAAP - diluted $ 0.19     19 %
EBITDA $35.6M   197 %
Adjusted Net Income $12.4M   58 %
Adjusted EPS - diluted $ 0.28     68 %
Adjusted EBITDA $28.8M   97 %

Key Updates
  • Recently completed a settlement and license agreement with Dr. Reddy's Laboratories, Ltd. and certain of its affiliates (Dr. Reddy's) that resolves patent litigation in the United States related to Sucampo's AMITIZA (lubiprostone) 8 mcg and 24 mcg soft gelatin capsules.  The agreement provides for an entry date more than six years from today's date and profit sharing on product sales by Dr. Reddy's. 
  • A phase 3 trial of AMITIZA in pediatric functional constipation in children six to seventeen years of age did not achieve its primary endpoint of overall spontaneous bowel movement (SBM) response. However, the trial did show a trend in favor of lubiprostone for the primary endpoint, and achieved statistical significance in some secondary endpoints, notably overall SBM frequency, straining, and stool consistency.  Clinical development of AMITIZA with a sprinkle formulation and phase three trials in adults and children six months to less than six years of age using the sprinkle formulation will continue as planned. 
  • Increased adjusted 2016 guidance as follows: revenue guidance to $220-225 million, adjusted net income guidance to $50-55 million, adjusted EPS guidance to $1.20-1.25, and adjusted EBITDA guidance to $110-115 million.

"We are very excited that we have achieved another significant quarter of strong financial results, driven by solid global performance of our flagship brand, AMITIZA. Additionally, we continued to make significant progress on many important areas of our business, including the resolution of our patent litigation with Dr. Reddy's Laboratories that affords us greater certainty on the significant future value of the AMITIZA franchise, " said Peter Greenleaf, Chairman and Chief Executive Officer of Sucampo.  "Looking forward to the remainder of 2016 and throughout 2017, we will be focused on the execution of our base business, next steps in our phase three program for AMITIZA in pediatric functional constipation and development of a sprinkle formulation, and completion of strategic transactions to further boost growth and diversify our company."

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