SAN DIEGO, July 24 /PRNewswire/ -- Dura Pharmaceuticals, Inc. (Dura)
(Nasdaq: DURA) today reported total revenues of $81.5 million for the second
quarter and $167.3 million for the first six months of 2000, increases of 20%
over the second quarter and first six months of 1999. Net income totaled
$9.4 million, or $0.21 per diluted share, for the second quarter of 2000,
increases of 24% over the results for the same period in 1999. For the first
six months of 2000, net income was $21.9 million, compared to $15.3 million
for the first six months of 1999. Earnings per diluted share for the first
six months of 2000 were $0.48 per diluted share, increasing 41% over the
$0.34 per diluted share reported for the first six months of 1999.
Pharmaceutical sales totaled $60.9 million for the second quarter and
$128.2 million for the first six months of 2000, representing increases of 19%
and 20% over the respective periods last year. The increase in pharmaceutical
sales was principally attributed to the growth in the sales of Dura's
hospital-based products, Maxipime(R) (cefepime) for Injection and Azactam(R)
(aztreonam) for Injection, which were up a combined 42% over the second
quarter of 1999. Contract revenue generated primarily from development
activity of Spiros(R) products on behalf of both Spiros Development
Corporation II, Inc. (Nasdaq: SDCO) and Eli Lilly & Company (NYSE: LLY),
totaled $20.6 million for the second quarter and $39.1 million for the first
six months of 2000, compared to $16.7 million for the second quarter and
$32.9 million for the first six months of 1999. The Company's pending
acquisition of Spiros Development Corporation II, Inc., expected to be
completed in the third quarter of 2000, will significantly reduce future
period contract revenues. The Company ended the second quarter of 2000 with
approximately $295 million in cash and short-term investments and generated
strong cash flows from operations of $22.0 million and $50.3 million during
the second quarter and first six months of 2000, respectively.
"We are pleased overall with the quarter's results as they demonstrate
that we are making steady progress at growing our key promoted brands," said
Cam L. Garner, Dura's Chairman and CEO. "Maxipime(R) sales have increased
substantially on a year-over-year basis and are tracking toward our sales
expectations for 2000. Azactam(R) is performing very well and sales are
tracking ahead of our expectations for 2000. Ceclor(R) CD has underperformed
this year, due to the weak flu season in the first quarter and its effect on
the second quarter, and we are adjusting our mid $50 million target for 2000
to the mid-to-upper $40 million range. However, we are optimistic that
Ceclor(R) CD market growth will grow as it has with the onset of the flu
seasons the past two years. Nasarel(R) line sales are tracking toward our
annual sales goal even though the overall allergy market growth of intranasal
steroids is not growing as fast as it did in 1999. Our new agreement with
Allergan, Inc. (NYSE: AGN) and the resulting addition of Alocril(TM) and
Ocuflox(R) this spring represent great complementary products for our field
sales force and will enhance profitability by leveraging calls on our
currently targeted office-based physicians."
Dura will have a conference call at 8:30 a.m. Eastern Time on Tuesday,
July 25, 2000. To access the webcast replay, available one hour after the
call, please visit StreetFusion at
http://www.streetfusion.com/Marketing/Public/Replay.asp?APTab=Live and enter
our ticker symbol, DURA.
Dura Pharmaceuticals, Inc. is a San Diego based specialty pharmaceutical
company that markets and sells prescription products that treat infectious and
respiratory diseases. Dura focuses on products and transactions that leverage
its sales and marketing organization. Also, through the use of collaborative
relationships, Dura intends to develop the Spiros(R) blisterdisk and Spiros(R)
S2 pulmonary drug delivery systems 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 may contain forward-looking statements
which involve risks and uncertainties, including the effectiveness of Dura's
sales forces in promoting products, Dura's ability to acquire marketed
products, risks associated with the successful development and
commercialization of the inhaled insulin product candidate and Dura's
Spiros(R) S2 technology, Dura's dependence on third parties for manufacturing
and development, the competitiveness of the pharmaceutical industry, the
successful completion of the merger with Spiros Development Corporation II,
Inc. 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, including future growth in product sales and earnings. Any
forward-looking statements represent Dura's judgment as of the time and date
of this release. Dura disclaims, however, any intent or obligation to update
any such forward-looking statements. Further information about Dura
Pharmaceuticals, Inc. can be found at http://www.durapharm.com.
CONSOLIDATED STATEMENTS OF OPERATIONS DATA
(In thousands, except per share data) (unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2000 1999 2000 1999
REVENUES:
Sales $60,881 $51,321 $128,206 $106,402
Contract 20,649 16,685 39,103 32,850
Total revenues 81,530 68,006 167,309 139,252
OPERATING COSTS
AND EXPENSES:
Cost of sales 11,905 10,379 26,076 20,870
Clinical,
development
and regulatory 16,475 12,474 30,811 23,965
Selling, general
and administrative 34,978 28,654 72,956 61,068
Product rights
amortization 5,526 4,933 10,916 9,809
Total operating
costs and
expenses 68,884 56,440 140,759 115,712
OPERATING INCOME 12,646 11,566 26,550 23,540
OTHER INCOME (LOSS)
- net 827 (78) 4,721 (67)
INCOME BEFORE
INCOME TAXES 13,473 11,488 31,271 23,473
PROVISION FOR
INCOME TAXES 4,033 3,905 9,373 8,125
NET INCOME $9,440 $7,583 $21,898 $15,348
NET INCOME PER SHARE
- diluted $0.21 $0.17 $0.48 $0.34
WEIGHTED AVERAGE
NUMBER OF COMMON
AND COMMON
EQUIVALENT
SHARES - diluted 45,776 45,085 46,002 45,329
CONSOLIDATED BALANCE SHEET DATA (unaudited)
June 30, December 31,
2000 1999
CASH AND SHORT-TERM INVESTMENTS $295,082 $274,413
OTHER CURRENT ASSETS 68,208 69,093
LICENSE AGREEMENTS, PRODUCT
RIGHTS, AND OTHER 562,952 539,968
TOTAL ASSETS $926,242 $883,474
CURRENT LIABILITIES $103,237 $87,581
LONG-TERM LIABILITIES 355,788 354,154
STOCKHOLDERS' EQUITY 467,217 441,739
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $926,242 $883,474
News releases from Dura Pharmaceuticals are available at no charge on Dura's
web site at http://www.durapharm.com
and through PR Newswire's On-Call fax service by calling (800) 758-5804,
extension 197051.
A separate press release was issued today entitled,
"Dura Pharmaceuticals Refocuses its Strategy for Future Growth"
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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