LA JOLLA, Calif., April 14 /PRNewswire/ -- Agouron Pharmaceuticals, Inc.
(Nasdaq: AGPH) today announced net income of $13,525,000, or $.41 per share,
on total revenues of $134,458,000 for the quarter ended March 31, 1998. Prior
year results for the same period were a net loss of $4,999,000, or $.18 per
share, on total revenues of $38,613,000. Current quarter results include one-
time revenues of $12,000,000 ($.22 per share) from meeting certain product
approval milestones. Sales of the Company's anti-HIV drug VIRACEPT(R)
(nelfinavir mesylate) in the third quarter were $111,950,000, including
$92,806,000 in U.S. sales -- a 10% increase from the immediately preceding
quarter.
"Since VIRACEPT was cleared for marketing by FDA in March 1997, United
States sales have totaled over $308 million through March 31, 1998," said
Peter Johnson, president and chief executive officer. "We believe that the
anti-HIV potency, durability, safety, and tolerability of VIRACEPT has
distinguished the product in the United States as an important element in the
arsenal of anti-HIV drugs." VIRACEPT was also recently approved for marketing
in both Europe and Japan and is now approved for marketing in 26 countries.
Agouron Pharmaceuticals, Inc. is an integrated pharmaceutical company
committed to the discovery, development, manufacturing, and marketing of
small-molecule drugs engineered to inactivate proteins which play key roles in
cancer, AIDS, and other serious diseases.
VIRACEPT is indicated for the treatment of HIV infection when
antiretroviral therapy is warranted. This indication is based on analyses of
surrogate marker changes in patients who received VIRACEPT in combination with
nucleoside analogues or alone for up to 24 weeks. At present, there are no
results from controlled trials evaluating the effect of therapy with VIRACEPT
on clinical progression of HIV infection, such as survival or the incidence of
opportunistic infections.
The most commonly observed adverse event of moderate or greater severity
in clinical trials of VIRACEPT was diarrhea, which was generally controlled
with over-the-counter medications. New onset or exacerbation of diabetes
mellitus and hyperglycemia, as well as increased bleeding in patients with
hemophilia types A and B, have been reported with protease inhibitors.
This press release may contain forward-looking statements or predictions.
These statements represent our judgment as of this date and are subject to
risks and uncertainties that could cause the actual results to differ
materially. Important factors concerning these risks are discussed in our
Form 10-K for the fiscal year ended June 30, 1997 currently on file with the
Securities and Exchange Commission.
For more information on Agouron, you may visit the Agouron Web Site at:
http://www.agouron.com.
VIRACEPT(R) is a registered trademark of Agouron Pharmaceuticals, Inc.
CONSOLIDATED STATEMENT OF INCOME (LOSS)
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended Nine Months Ended
March 31, March 31,
1998 1997 1998 1997
Revenues:
Product sales $111,950 $13,401 $283,252 $13,401
Contracts 8,608 16,212 31,073 48,835
License fees and royalties 13,900 9,000 16,652 9,000
134,458 38,613 330,977 71,236
Operating expenses:
Cost of product sales 49,220 6,023 121,235 6,023
Research and development 31,859 28,431 89,113 81,367
Selling, general and
administrative 14,168 10,280 40,759 19,802
Royalties 18,081 0 46,889 0
113,328 44,734 297,996 107,192
Operating income (loss) 21,130 (6,121) 32,981 (35,956)
Other income (expense):
Interest and other income 1,624 1,441 4,393 4,965
Interest expense (212) (13) (579) (93)
1,412 1,428 3,814 4,872
Income (loss) before
income taxes 22,542 (4,693) 36,795 (31,084)
Income tax provision 9,017 306 14,718 918
Net income (loss) $13,525 $(4,999) $22,077 $(32,002)
Earnings (loss) per share:
Basic $.44 $ (.18) $ .73 $(1.21)
Diluted $.41 $ (.18) $ .66 $(1.21)
Shares used in calculation of:
Basic 30,757 27,230 30,414 26,478
Diluted 32,956 27,230 33,251 26,478
CONSOLIDATED BALANCE SHEET
(In thousands)
March 31, June 30,
1998 1997
(Unaudited) (Audited)
Assets:
Cash, cash equivalents and
short term investments $116,946 $91,317
Accounts receivable, net 55,940 31,375
Inventories 91,000 58,800
Current deferred tax assets 1,654 500
Other current assets 2,777 2,209
Total current assets 268,317 184,201
Property and equipment, net 40,998 22,613
Deferred tax assets 52,011 56,000
Purchased intangibles 3,650 4,100
$364,976 $266,914
Liabilities and stockholders' equity:
Accounts payable and accrued liabilities $85,835 $37,722
Deferred revenue and advances 32,379 27,567
Current deferred tax liabilities 154 600
Loan payable and current portion of
long-term debt 3,530 2,526
Total current liabilities 121,898 68,415
Long-term debt, less current portion 5,330 5,940
Accrued rent 1,085 1,277
Stockholders' equity 236,663 191,282
$364,976 $266,914
Shares outstanding 30,854 29,430
SOURCE Agouron Pharmaceuticals, Inc.
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Related links:
http://www.agouron.com
Company News On-Call: http://www.prnewswire.com or
fax, 800-758-5804, ext. 019650
CONTACT:
Investors: Donna Nichols, Vice President of
Corporate Communications, 619-622-3009 or Media: Joy Schmitt,
Manager of Product Public Relations, 619-622-3220 both of Agouron
Pharmaceuticals, Inc.
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