Record Earnings Per Share and Cash Flow From Operations
SAN DIEGO, April 18 /PRNewswire/ -- Dura Pharmaceuticals, Inc. (Dura)
(Nasdaq: DURA) today reported total revenues of $85.8 million for the first
quarter of 2000, an increase of 20% over the first quarter of 1999. Net
income for the quarter totaled $12.5 million, or $0.27 per diluted share
compared to net income of $7.8 million, or $0.17 per diluted share, in the
first quarter of 1999. Included in the first quarter results was a gain on
the sale of an investment, net of income taxes, of $2.2 million. Excluding
the net impact of this gain, net income and earnings per diluted share would
have been $10.3 million and $0.22 per diluted share for the first quarter of
2000. The revenue growth during the quarter was due primarily to an increase
in pharmaceutical sales, which totaled $67.3 million, an increase of 22% over
the first quarter of 1999.
"We are pleased with our sales performance this quarter despite a weak
cough/cold/flu season that impacted the entire second and third generation
cephalosporin market, including Ceclor(R) CD (cefaclor extended release
tablets)," stated Cam L. Garner, Dura's Chairman and CEO. "Our performance
this quarter can be attributed to the continued strength of our promoted
brands, Ceclor(R) CD, Nasarel(R) (flunisolide) Nasal Solution 0.025%,
Maxipime(R) (cefepime hydrochloride) and Azactam(R) (aztreonam). In
aggregate, promoted product sales were up 36% over the first quarter of 1999,
with Maxipime(R) sales increasing over 100% over the first quarter of 1999."
"A highlight of the quarter was the completion of our segment alliance
agreement with Allergan, Inc. (Allergan) (NYSE: AGN)," continued Mr. Garner.
"In late March, our field sales representatives began promoting the first
product under the Allergan agreement, Alocril(TM) (nedocromil sodium
ophthalmic solution 2%), a proprietary topical solution indicated for the
treatment of itch associated with allergic conjunctivitis, to primary care
physicians and allergists in time for the allergy season. We also look
forward to launching the second Allergan product in the near future, as well
as the opportunity to evaluate other Allergan development-stage products."
Dura also announced today that it has encountered a short delay in
starting the safety and efficacy study for Beclomethasone Spiros(TM) due to
Schering-Plough's recall of VANCERIL(R), the comparator product in the study.
Dura has procured replacement VANCERIL(R) product and is currently qualifying
the material for the study. Subject to qualifying the material, the Company
plans to initiate the safety and efficacy study by the end of May. Dura's
current plan, which takes into account the delay of the study due to the
VANCERIL(R) recall, is to file a new drug application for Beclomethasone
Spiros(TM) in the first half of 2001, and if the product is approved by the
U.S. Food and Drug Administration (FDA), to launch the product in 2002. The
Company continues to make steady progress with the Budesonide Spiros(TM)
program and currently plans to launch the product in 2003, if the product is
approved by the FDA.
Dura Pharmaceuticals, Inc. is a San Diego based specialty pharmaceutical
company that develops, markets and sells prescription products that treat
respiratory conditions and infectious diseases. Dura focuses on acquiring
products and late-stage product development candidates that leverage the
relationships its sales and marketing organization has established with target
physician groups. Dura is developing Spiros(R), a proprietary pulmonary drug
delivery system, for the local and systemic delivery of a wide range of
medications.
Except for the historical and factual information contained herein, the
matters discussed in this press release regarding Dura or its business may
contain forward-looking statements which involve risks and uncertainties,
including the effectiveness of our sales forces in promoting our products, the
timely development and FDA approval of Spiros(R), 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.
(Financial Information to Follow)
CONSOLIDATED STATEMENTS OF OPERATIONS DATA
(In thousands, except per share data)
(unaudited)
Three Months Ended
March 31,
2000 1999
REVENUES:
Sales $67,325 $55,081
Contract 18,454 16,166
Total revenues 85,779 71,247
OPERATING COSTS AND EXPENSES:
Cost of sales 14,172 10,491
Clinical, development and regulatory 14,804 11,491
Selling, general and administrative 37,510 32,414
Product rights amortization 5,389 4,876
Total operating costs and expenses 71,875 59,272
OPERATING INCOME 13,904 11,975
OTHER INCOME - net 3,894 11
INCOME BEFORE INCOME TAXES 17,798 11,986
PROVISION FOR INCOME TAXES 5,340 4,220
NET INCOME $12,458 $7,766
NET INCOME PER SHARE - diluted $0.27 $0.17
WEIGHTED AVERAGE NUMBER OF COMMON
AND COMMON EQUIVALENT SHARES - diluted 46,158 45,686
CONSOLIDATED BALANCE SHEET DATA (unaudited)
March 31, December 31,
2000 1999
CASH AND SHORT-TERM INVESTMENTS $299,237 $274,413
OTHER CURRENT ASSETS 70,769 69,093
LICENSE AGREEMENTS, PRODUCT RIGHTS,
AND OTHER 541,658 539,968
TOTAL ASSETS $911,664 $883,474
CURRENT LIABILITIES $100,581 $87,581
LONG-TERM LIABILITIES 354,879 354,154
SHAREHOLDERS' EQUITY 456,204 441,739
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $911,664 $883,474
SOURCE Dura Pharmaceuticals, Inc.
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Related links:
http://www.durapharm.com
Company News On-Call:
http://www.prnewswire.com/comp/197051.html or fax,
800-758-5804, ext. 197051
CONTACT:
Michael T. Borer, Sr. Vice President and
Chief Financial Officer of Dura Pharmaceuticals, Inc.,
858-457-2553
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