SAN DIEGO, Jan. 24 /PRNewswire/ -- Dura Pharmaceuticals, Inc. (Dura)
(Nasdaq: DURA) today announced financial results for the fourth quarter and
year ended December 31, 1999. Dura reported total revenues of $90.6 million
and $301.4 million for the fourth quarter and full year 1999, respectively,
increases of 64% and 51% over the respective periods in 1998. Dura reported
net income of $11.1 million, or $0.24 per diluted share, for the fourth
quarter and net income of $30 million, or $0.66 per diluted share, for the
full year 1999. Excluding the after tax impact of one-time charges in both
years, earnings per diluted share were $0.71 for the full year 1999, a
34% increase over $0.53 for the full year 1998.
Revenue from pharmaceutical sales totaled $71.1 million for the fourth
quarter and $231.8 million for the year ended December 31, 1999, increases of
76% and 70% over the respective periods in 1998. Contract revenue totaled
$19.5 million for the fourth quarter and $69.7 million for the full year 1999,
compared to $14.7 million and $63 million for the respective periods in 1998.
"We are very pleased with the fourth quarter and full year results as they
reflect primarily the accomplishments of our field and hospital sales forces
in successfully promoting our key brands, Maxipime(R) (cefepime hydrochloride)
for Injection, Ceclor(R) CD (cefaclor extended release tablets), Nasarel(R)
(flunisolide) Nasal Solution 0.025% and Azactam(R) (aztreonam) for Injection,"
said Cam L. Garner, Dura's Chairman and Chief Executive Officer. "All of our
promoted brands met or exceeded their sales targets for 1999; Maxipime in
particular had a very strong year. In addition, we progressed the development
of our Spiros(R) respiratory programs by initiating clinical programs for
Beclomethasone Spiros(TM) and Budesonide Spiros(TM) during the fourth quarter.
We are excited and optimistic as we move into 2000 and continue to grow our
promoted brands, progress our Spiros(R) respiratory products through the
clinic, and strengthen our platform for growth by acquiring products, product
rights, and/or companies."
"Financially, our cash position remains strong, totaling $274.4 million at
year end which places Dura in a strong position to continue its strategy of
acquiring late-stage product candidates or currently marketed products that
leverage either our field or hospital sales force, and developing the
Spiros(R) respiratory products," continued Mr. Garner.
Dura Pharmaceuticals, Inc. is a San Diego based developer and marketer of
prescription pharmaceutical products for the treatment of allergies, asthma,
pneumonia and related respiratory conditions. Dura focuses on the U.S.
respiratory market because of its size and growth opportunities through two
major strategies: (1) acquiring prescription pharmaceuticals, product
candidates and/or businesses developing or marketing such pharmaceuticals to
support its marketing presence in high-prescribing respiratory physicians'
offices and/or the hospital market, and (2) developing Spiros(R), a pulmonary
drug delivery system for both topical and systemic delivery of medications.
Except for the historical and factual information contained herein, the
matters discussed in this press release may contain forward-looking statements
which involve risks and uncertainties, including the effectiveness of our
sales forces in promoting our products, the timely initiation and successful
completion of the clinical trial programs for the Spiros(R) products, our
ability to obtain adequate funding to complete those clinical trial programs,
the timely FDA approval of the Spiros(R) products, if at all, our dependence
on third parties for manufacturing and development, the competitiveness of the
pharmaceutical industry, and other risks detailed from time to time in Dura's
filings with the Securities and Exchange Commission. Actual results may
differ materially from those projected. Any forward-looking statements
represent Dura's judgment as of the date of this release. Dura disclaims,
however, any intent or obligation to update these forward-looking statements.
Further information about Dura Pharmaceuticals, Inc. can be found at
http://www.durapharm.com.
News releases from Dura Pharmaceuticals are available at no charge on
Dura's website at http://www.durapharm.com and through PR Newswire's On-Call fax
service by calling (800) 758-5804, extension 197051.
CONSOLIDATED STATEMENTS OF OPERATIONS DATA
(In thousands, except per share data) (unaudited)
Three Months Ended Year Ended
December 31, December 31,
1999 1998 1999 1998
REVENUES:
Sales $71,103 $40,434 $231,776 $136,193
Contract 19,510 14,651 69,650 62,959
Total Revenues 90,613 55,085 301,426 199,152
OPERATING COSTS AND EXPENSES:
Cost of sales 14,502 7,915 45,839 29,263
Clinical, Development
and Regulatory 16,011 11,500 52,977 43,876
Selling, General
and Administrative 43,434 33,406 153,553 104,090
Charges for Other
Non-Recurring Items -- 29,332 -- 29,332
Total Operating
Costs and Expenses 73,947 82,153 252,369 206,561
OPERATING INCOME (LOSS) 16,666 (27,068) 49,057 (7,409)
OTHER INCOME (EXPENSE)
- net (892) 1,963 (4,609) 9,235
INCOME (LOSS) BEFORE
INCOME TAXES 15,774 (25,105) 44,448 1,826
PROVISION (BENEFIT)
FOR INCOME TAXES 4,655 (10,073) 14,444 (907)
NET INCOME (LOSS) $11,119 $(15,032) $30,004 $2,733
NET INCOME (LOSS)
PER SHARE - diluted $0.24 $(0.33) $0.66 $0.06
WEIGHTED AVERAGE NUMBER
OF COMMON AND COMMON
EQUIVALENT SHARES
- diluted 45,684 45,471 45,672 47,809
CONSOLIDATED BALANCE SHEET DATA (unaudited)
December 31, December 31,
1999 1998
CASH AND SHORT-TERM INVESTMENTS $274,413 $269,412
OTHER CURRENT ASSETS 57,570 33,633
LICENSE AGREEMENTS, PRODUCT RIGHTS,
AND OTHER 551,491 522,414
TOTAL ASSETS $883,474 $825,459
CURRENT LIABILITIES $87,581 $62,248
LONG-TERM LIABILITIES 354,154 352,839
SHAREHOLDERS' EQUITY 441,739 410,372
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $883,474 $825,459
SOURCE Dura Pharmaceuticals, Inc.
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http://www.durapharm.com
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http://www.prnewswire.com/comp/197051.html or fax,
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CONTACT:
Michael T. Borer, Senior Vice President and
Chief Financial Officer of Dura Pharmaceuticals, Inc.,
858-457-2553
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