Company Reports Net Profit of $2.2 M and Operating Profit of $881,000
WALTHAM, Mass., July 27 /PRNewswire-FirstCall/ -- Repligen Corporation
(Nasdaq: RGEN) today reported results for the first quarter of fiscal year
2006, ended June 30, 2005. Total revenue for the quarter was $4,239,000
compared to total revenue of $2,809,000 for the first quarter of fiscal year
2005, an increase of $1,430,000 or 51%. Total revenue for the first quarter
consisted of $4,013,000 of Protein A and SecreFlo(TM) sales and $226,000 of
research revenue. Gross profit from product revenue for the first quarter of
fiscal year 2006 was $3,040,000 (76%), compared to $1,676,000 (60%) for the
same period in fiscal year 2005. This increase in profit margin was primarily
due to increased customer demand, change in product mix and a decreased
royalty obligation for SecreFlo(TM).
Operating expenses for the first quarter of fiscal year 2006 were
$3,358,000 compared to $3,551,000 for the first quarter of fiscal year 2005.
The net profit for the first quarter of fiscal year 2006 was $2,186,000 and
basic and diluted earnings was $.07 per share. The net loss for the first
quarter of fiscal year 2005 was $645,000 and basic and diluted net loss was
$.02 per share. This quarter the Company recorded as other income $1,169,000
of a previously expensed but disputed royalty obligation that was reversed as
a result of the SecreFlo(TM) settlement in May 2005. Cash and investments as
of June 30, 2005 were $24,894,000.
"During the quarter, we reported record product sales and gross profits,"
stated Walter C. Herlihy, President and CEO of Repligen. "We remain committed
to our strategy to direct the profits from our commercial products toward
advancing our pipeline and building a sustainable franchise in
neuropsychiatric disease."
Quarterly Conference Call
Repligen's President and Chief Executive Officer, Walter C. Herlihy,
Ph.D., will host a conference call and webcast on Wednesday July 27th at 11:00
a.m. EDT, to report first quarter fiscal year 2006 financial results and to
provide a quarterly update of the Company. This call can be accessed via
Repligen's website at http://www.repligen.com or you may listen to the live
broadcast by calling (866) 831-6224 for domestic calls and (617) 213-8853 for
international calls, passcode: 54651562.
About Repligen Corporation
Repligen Corporation is a biopharmaceutical company committed to being the
leader in the development of novel therapeutics for profound neuropsychiatric
disorders and autoimmune disease. Repligen has a Specialty Pharmaceuticals
business comprised of rProtein A(TM) and SecreFlo(TM), the profits from which
will be used to partially support the development of our proprietary products.
Repligen's corporate headquarters are located at 41 Seyon Street, Building #1,
Suite 100, Waltham, MA 02453. Additional information may be requested from
http://www.repligen.com.
SELECTED FINANCIAL DATA
Operating Statement Data:
Three-months ended
June 30,
2005 2004
Revenue:
Product revenue $4,013,000 $2,809,000
Research revenue 226,000 --
Total revenue 4,239,000 2,809,000
Operating expenses:
Research and development 1,190,000 1,389,000
Selling, general and administrative 1,195,000 1,029,000
Cost of revenue 973,000 1,133,000
Total operating expenses 3,358,000 3,551,000
Profit (loss) from operations 881,000 (742,000)
Investment income 136,000 97,000
Other income 1,169,000 --
Net profit (loss) $2,186,000 $(645,000)
Earnings per share:
Basic $.07 $(.02)
Diluted $.07 $(.02)
Weighted average shares outstanding:
Basic 30,094,435 30,054,000
Diluted 30,398,735 30,054,000
Balance Sheet Data:
June 30, 2005 March 31, 2005
Cash and investments $24,894,000 $23,841,000
Total assets 28,964,000 27,607,000
Stockholders' equity 26,476,000 24,290,000
This press release contains forward-looking statements which are made
pursuant to the safe harbor provisions of Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. The forward-looking statements in this release do not constitute
guarantees of future performance. Investors are cautioned that statements in
this press release which are not strictly historical statements, including,
without limitation, statements regarding current or future financial
performance and position, management's strategy, plans and objectives for
future operations, plans and objectives for product development, plans and
objectives for present and future clinical trials and results of such trials,
plans and objectives for regulatory approval, litigation, intellectual
property, product development, manufacturing plans and performance such as the
anticipated growth in the monoclonal antibody market and our other target
markets and projected growth in product sales, constitute forward-looking
statements. Such forward-looking statements are subject to a number of risks
and uncertainties that could cause actual results to differ materially from
those anticipated, including, without limitation, risks associated with: the
success of current and future collaborative relationships, the market
acceptance of our products, our ability to compete with larger, better
financed pharmaceutical and biotechnology companies, new approaches to the
treatment of our targeted diseases, our expectation of incurring continued
losses, our uncertainty of product revenues and profits, our ability to
generate future revenues, our ability to raise additional capital to continue
our drug development programs, the success of our clinical trials, our ability
to develop and commercialize products, our ability to obtain required
regulatory approvals, our compliance with all Food and Drug Administration
regulations, our ability to obtain, maintain and protect intellectual property
rights for our products, the risk of litigation regarding our intellectual
property rights, our limited sales and manufacturing capabilities, our
dependence on third-party manufacturers and value added resellers, our ability
to hire and retain skilled personnel, our volatile stock price, and other
risks detailed in Repligen's filings with the Securities and Exchange
Commission. Repligen assumes no obligation to update any forward-looking
information contained in this press release or with respect to the
announcements described herein.
SOURCE Repligen Corporation
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Related links:
http://www.repligen.com
CONTACT:
Walter C. Herlihy, Ph.D., President and Chief
Executive Officer, ext. 2000, or Laura Whitehouse, Vice
President, Market Development, ext. 2306, both of Repligen
Corporation, +1-781-250-0111
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