LA JOLLA, Calif., April 14 /PRNewswire/ -- Agouron Pharmaceuticals, Inc.
(Nasdaq-NNM: AGPH) today announced a net loss of $4,999,000, or $.37 per
common share, on revenues of $38,613,000 for the quarter ended March 31, 1997.
The net loss recorded in the comparable period of the prior year was
$11,006,000, or $1.04 per common share, on revenues of $6,910,000.
"The Company's third quarter and year-to-date operating results were
significantly impacted by the clinical development and commercialization of
VIRACEPT(R)," said Steven Cowell, vice president, finance and chief financial
officer. "Initial VIRACEPT sales in the two weeks following its approval by
the FDA on March 14 generated a gross margin contribution of over $7,000,000
and a new VIRACEPT marketing agreement with Hoffmann-La Roche Ltd. generated
$9,000,000 in initial license fees. Our increased research and development
expenses reflect significant increases in the size and cost of VIRACEPT
clinical trials and expanded access programs. Selling, general and
administrative expenses were driven by the establishment of a sales and
marketing organization of more than 100 people which facilitated the
nationwide distribution of VIRACEPT within days of its approval."
Agouron Pharmaceuticals, Inc. is an integrated pharmaceutical firm
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.
Financial Information
(In thousands, except per share amounts)
Statement of Operations Three Months Ended Nine Months Ended
(unaudited) March 31, March 31,
1997 1996 1997 1996
Revenues:
Net sales $13,401 $-- $13,401 $--
Contracts 16,212 6,910 48,835 27,465
License fees 9,000 -- 9,000 --
38,613 6,910 71,236 27,465
Operating expenses:
Cost of sales 6,023 -- 6,023 --
Research and development 28,431 17,064 81,367 43,780
Selling, general and
administrative 10,280 1,968 19,802 4,051
44,734 19,032 107,192 47,831
Operating loss (6,121) (12,122) (35,956) (20,366)
Other income and expenses, net 1,122 1,116 3,954 2,705
Net loss $(4,999) $(11,006) $(32,002) $(17,661)
Net loss per common share $(0.37) $(1.04) $(2.42) $(1.84)
Shares used in computing net loss
per common share 13,615 10,571 13,239 9,574
Balance Sheet March 31, June 30,
1997 1996
(unaudited)
Assets
Cash, cash equivalents and short
term investments $82,927 $90,875
Accounts receivable 16,481 2,966
Inventory 42,657 0
Property and equipment 11,905 6,936
Other assets 1,006 1,800
$154,976 $102,577
Liabilities and stockholders' equity
Current liabilities $29,432 $25,260
Long-term liabilities 1,692 1,734
Stockholders' equity 123,852 75,583
$154,976 $102,577
Shares outstanding 13,669 10,732
SOURCE Agouron Pharmaceuticals Inc.
 back to top
CONTACT:
Steven S. Cowell, Vice President & CFO, or
Donna Nichols, Senior Director, Corporate Communications, both of
Agouron Pharmaceuticals, Inc., 619-622-3009
|
