LA JOLLA, Calif., Oct. 20 /PRNewswire/ -- Agouron Pharmaceuticals, Inc.
(Nasdaq: AGPH) today announced net income of $6,890,000, or $.21 per share on
total revenues of $144,937,000 for the quarter ended September 30, 1998.
Total sales of the company's HIV protease inhibitor VIRACEPT(R) (nelfinavir
mesylate), were $133,870,000, including $107,187,000 in North American sales,
a 42% increase from the same period a year ago. Prior year results for the
same period were a net income of $3,630,000, or $.11 per share, on total
revenues of $91,857,000.
"VIRACEPT is now the most widely prescribed HIV protease inhibitor in the
United States and in certain major European markets," said Peter Johnson,
Agouron's president and chief executive officer. "We estimate that
approximately 150,000 people are taking VIRACEPT on a worldwide basis."
Agouron Pharmaceuticals, Inc. is an integrated pharmaceutical company
committed to the discovery, development, manufacturing, and marketing of
innovative therapeutic products engineered to inactivate proteins that play
key roles in cancer, AIDS, and other serious diseases.
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.
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.
The most commonly observed adverse event of moderate or greater severity
in clinical trials of VIRACEPT was diarrhea, which was generally controlled
with over-the-counter medications. New onset or exacerbation of diabetes
mellitus and hyperglycemia, as well as increased bleeding in patients with
hemophilia types A and B, have been reported with protease inhibitors.
CONSOLIDATED STATEMENT OF INCOME (LOSS)
(In thousands, except per share amounts)
Three Months Ended
September 30,
1998 1997
(Unaudited)
Revenues:
Product sales $133,870 $79,502
Contracts 6,017 10,003
License fees and royalties 5,050 2,352
144,937 91,857
Operating expenses:
Cost of product sales 57,045 34,073
Research and development 37,364 26,932
Selling, general and
administrative 17,142 12,546
Royalties 25,893 13,376
137,444 86,927
Operating income 7,493 4,930
Other income (expense):
Interest and other income 1,036 1,281
Interest expense (423) (161)
613 1,120
Income before income taxes 8,106 6,050
Income tax provision 1,216 2,420
Net income $6,890 $3,630
Earnings per share:
Basic $.22 $.12
Diluted $.21 $.11
Shares used in calculation of:
Basic 31,127 29,964
Diluted 33,179 33,158
CONSOLIDATED BALANCE SHEET
(In thousands)
September 30, June 30,
1998 1998
(Unaudited) (Audited)
Assets:
Cash, cash equivalents
and short-term investments $61,940 $87,123
Accounts receivable, net 51,755 51,341
Inventories 106,638 103,706
Current deferred tax assets 564 564
Other current assets 3,868 5,247
Total current assets 224,765 247,981
Property and equipment, net 45,670 47,212
Deferred tax assets 64,999 64,644
Purchased intangibles 3,350 3,500
$338,784 $363,337
Liabilities and stockholders' equity:
Accounts payable and accrued
liabilities $62,601 $79,749
Deferred revenue and advances 21,191 23,563
Current deferred tax liabilities 1,621 1,139
Loan payable and current
portion of long-term debt 819 15,802
Total current liabilities 86,232 120,253
Long-term debt, less
current portion 6,242 5,892
Accrued rent 938 1,023
Stockholders' equity 245,372 236,169
$338,784 $363,337
Shares outstanding 31,247 31,053
SOURCE Agouron Pharmaceuticals, Inc.
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Related links:
http://www.agouron.com
Company News On-Call:
http://www.prnewswire.com/comp/019650.html or fax,
800-758-5804, ext. 019650
CONTACT:
Donna Nichols, Vice President and Head of
Corporate Communications of Agouron Pharmaceuticals, Inc.,
619-622-3009
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