LA JOLLA, Calif., Jan. 12 /PRNewswire/ -- Agouron Pharmaceuticals, Inc.
(Nasdaq: AGPH) today announced net income of $4,922,000, or $.15 per share, on
total revenues of $104,662,000 for the quarter ended December 31, 1997. Prior
year results for the same period were a net loss of $12,556,000, or $.46 per
share, on total revenues of $15,109,000. Total second quarter sales of the
company's anti-HIV drug VIRACEPT(R) (nelfinavir mesylate) were $91,800,000,
including $84,500,000 in U.S. sales -- a 12% increase from the preceding
quarter.
"VIRACEPT sales for the quarter generated a gross margin contribution of
approximately $53,900,000," said Steven S. Cowell, corporate vice president,
finance and chief financial officer. "We anticipate that patient demand will
continue to increase during the remainder of fiscal 1998 and that United
States product sales for fiscal 1998 should approximate $350 million to
$360 million."
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.
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 Six Months Ended
December 31, December 31,
1997 1996 1997 1996
Revenues:
Product sales $91,800 $0 $171,302 $0
Contracts 12,462 15,109 22,465 32,623
License fees and royalties 400 0 2,752 0
104,662 15,109 196,519 32,623
Operating expenses:
Cost of product sales 37,942 0 72,015 0
Research and development 30,322 23,302 57,254 52,936
Selling, general
and administrative 14,045 5,786 26,591 9,522
Royalties 15,432 0 28,808 0
97,741 29,088 184,668 62,458
Operating income (loss) 6,921 (13,979) 11,851 (29,835)
Other income (expense):
Interest and other income 1,488 1,745 2,769 3,524
Interest expense (206) (16) (367) (80)
1,282 1,729 2,402 3,444
Income (loss) before income
taxes 8,203 (12,250) 14,253 (26,391)
Income tax provision 3,281 306 5,701 612
Net income (loss) $4,922 $(12,556) $8,552 $(27,003)
Earnings (loss) per share:
Basic $.16 $(.46) $.28 $(1.03)
Diluted $.15 $(.46) $.26 $(1.03)
Shares used in calculation of:
Basic 30,520 27,048 30,242 26,100
Diluted 33,238 27,048 33,298 26,100
CONSOLIDATED BALANCE SHEET
(In thousands)
December 31, June 30,
1997 1997
(Unaudited) (Audited)
Assets:
Cash, cash equivalents and
short term investments $117,249 $91,317
Accounts receivable, net 43,200 31,375
Inventories 78,919 58,800
Current deferred tax assets 407 500
Other current assets 2,757 2,209
Total current assets 242,532 184,201
Property and equipment, net 28,327 22,613
Deferred tax assets 56,843 56,000
Purchased intangibles 3,800 4,100
$331,502 $266,914
Liabilities and stockholder's equity:
Accounts payable and accrued liabilities $65,738 $37,722
Deferred contract revenue and advances 40,141 27,567
Current deferred tax liabilities 806 600
Loan payable and current
portion of long-term debt 3,345 2,526
Total current liabilities 110,030 68,415
Long-term debt, less current portion 4,818 5,940
Accrued rent 1,158 1,277
Stockholder's equity 215,496 191,282
$331,502 $266,914
Shares outstanding 30,632 29,430
SOURCE Agouron Pharmaceuticals, Inc.
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Related links:
http://www.agouron.com
CONTACT:
Donna Nichols, Vice President, Head of
Corporate Communications of Agouron Pharmaceuticals, Inc.,
619-622-3009
CNOC: http://www.prnewswire.com or fax, 800-758-5804, ext.
019650
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