SAN DIEGO, Oct. 14 /PRNewswire/ -- Dura Pharmaceuticals, Inc. (Dura)
(Nasdaq: DURA) today announced net income totaling $3.5 million for the third
quarter and $18.9 million for the first nine months of 1999. Excluding the
after tax impact of the $3.5 million charge for the previously announced
settlement of the Scandipharm litigation, earnings per diluted share were
$0.13 for the third quarter and $0.47 for the nine months ended September 30,
1999, compared to $0.05 and $0.37 for the respective periods in 1998.
Including the after tax impact of the charge for the Scandipharm settlement,
earnings per diluted share were $0.08 for the third quarter and $0.41 for the
first nine months of 1999.
Revenues totaled $71.6 million for the third quarter and $210.8 million
for the first nine months of 1999, representing increases of 65% and 46% over
the respective periods in 1998. Revenue from pharmaceutical sales totaled
$54.3 million for the third quarter and $160.7 million for the first nine
months of 1999, increases of 117% and 68% over the respective periods in 1998.
Contract revenue totaled $17.3 million for the third quarter and $50.1 million
for the first nine months of 1999, compared to $18.4 million and $48.3 million
for the same respective periods last year.
"We are very pleased with the third quarter results as they were driven by
strong pharmaceutical sales which allowed us to invest in acute care marketing
programs and substantially complete the building of our acute care sales
organization during the quarter," said Cam L. Garner, Dura's Chairman and
Chief Executive Officer. "The growth of our acute care products and the
impressive market share gain achieved during the third quarter for Ceclor(R)
CD (cefaclor extended release tablets) played a strong role in our higher
pharmaceutical revenues. Market share for Ceclor CD in the second and third
generation cephalosporin market increased more than one full share point
during the quarter and as of October 1, 1999 was at an all-time high of 8.1%
which positions us well as we enter the peak season for Ceclor CD. In
aggregate, our performance through September 30, 1999 is on target to meet our
pharmaceutical sales and earnings expectations for 1999."
"The Company's cash position remains strong, totaling $267 million, which
is targeted primarily for the acquisition of products, companies, and/or
late-stage development product candidates," continued Mr. Garner.
In a separate press release issued today, Dura and Spiros Development
Corporation II, Inc. (Nasdaq: SDCOZ) jointly announced the initiation of the
run-in period for the first in a series of pivotal clinical studies for
Beclomethasone Spiros(TM).
Dura Pharmaceuticals, Inc. is a San Diego based developer and marketer of
prescription pharmaceutical products for the treatment of allergies, asthma,
pneumonia and related respiratory conditions. Dura focuses on the U.S.
respiratory market because of its size and growth opportunities through two
major strategies: (1) acquiring prescription pharmaceuticals and/or
businesses developing or marketing such pharmaceuticals to support its
marketing presence in high-prescribing respiratory physicians' offices and/or
the hospital market, and (2) developing Spiros(R), a pulmonary drug delivery
system for both topical and systemic delivery 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 our
acute care sales force in promoting our products, the timely initiation and
successful completion of the clinical trial programs for the Spiros products,
the ability to obtain adequate funding to complete the clinical trial programs
for the Spiros products, the timely FDA approval of the Spiros(R) products, if
at all, our dependence on third parties for marketing, 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.
CONSOLIDATED STATEMENTS OF OPERATIONS DATA
(In thousands, except per share data)
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
1999 1998 1999 1998
REVENUES:
Sales $54,271 $24,961 $160,673 $95,759
Contract 17,289 18,402 50,140 48,308
Total Revenues 71,560 43,363 210,813 144,067
OPERATING COSTS AND EXPENSES:
Cost of Sales 10,467 5,798 31,337 21,348
Clinical, Development
and Regulatory 13,000 11,298 36,966 32,375
Selling, General
and Administrative 39,243 25,224 110,120 70,685
Total Operating
Costs and Expenses 62,710 42,320 178,423 124,408
OPERATING INCOME 8,850 1,043 32,390 19,659
OTHER INCOME (EXPENSE) - net (3,650) 2,634 (3,717) 7,272
INCOME BEFORE INCOME TAXES 5,200 3,677 28,673 26,931
PROVISION FOR INCOME TAXES 1,664 1,253 9,789 9,166
NET INCOME $3,536 $2,424 $18,884 $17,765
NET INCOME PER SHARE - diluted $0.08 $0.05 $0.41 $0.37
WEIGHTED AVERAGE NUMBER
OF COMMON AND COMMON
EQUIVALENT SHARES - diluted 45,462 47,578 45,656 47,647
CONSOLIDATED BALANCE SHEET DATA (unaudited)
September 30, December 31,
1999 1998
CASH AND SHORT-TERM INVESTMENTS $266,719 $269,412
OTHER CURRENT ASSETS 55,867 33,633
LICENSE AGREEMENTS, PRODUCT RIGHTS, AND OTHER 542,409 522,414
TOTAL ASSETS $864,995 $825,459
CURRENT LIABILITIES $81,869 $62,248
LONG-TERM LIABILITIES 352,778 352,839
SHAREHOLDERS' EQUITY 430,348 410,372
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $864,995 $825,459
SOURCE Dura Pharmaceuticals, Inc.
 back to top
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, Senior Vice President and
Chief Financial Officer, Dura Pharmaceuticals, Inc., 858-457-2553
NOTE TO EDITORS: A separate press release was issued today
entitled "Dura Pharmaceuticals and Spiros Development Corporation
II Announce Initiation of Pivotal Clinical Program for
Beclomethasone Spiros."
|
