Sucampo Pharmaceuticals, Inc. Reports Fourth Quarter and Full Year 2012 Financial and Operating Results
Sucampo Pharmaceuticals, Inc. Reports Fourth Quarter and Full Year 2012
Financial and Operating Results
Fourth Quarter Net Income Reported of $13.5 million; Full-Year Net Income
Reported of $4.8 million;
Fourth Quarter Total Revenues Increased 145% to $34.9 million; Full-Year
Revenues Increased 49% to $81.5 million;
Company to Host Conference Call Today at 5:00 pm Eastern
Business Wire
BETHESDA, Md. -- March 13, 2013
Sucampo Pharmaceuticals, Inc. (“Sucampo”) (NASDAQ: SCMP), a global
pharmaceutical company, today reported its consolidated financial results for
the quarter and full year ending December 31, 2012.
For the fourth quarter of 2012, total revenue grew approximately 145%, to
$34.9 million from $14.2 million for the same period in 2011. Net sales of
AMITIZA^® (lubiprostone), as reported to us by our partner increased 31% to
$74.6 million for the fourth quarter of 2012, compared to $56.8 million in the
same period of 2011. During the fourth quarter of 2012, Sucampo reported
product sales revenue and cost of goods sold primarily representing sales of
AMITIZA to Abbott Japan Co., Ltd. (Abbott) in Japan. Sucampo reported $5.0
million of product sales revenue and $3.0 million of cost of goods sold
compared to nil in 2011, respectively. Sucampo also received a $15.0 million
milestone payment from Abbott associated with the initial sale of AMITIZA in
Japan.
“This was a tremendous year of achievement for Sucampo,” said Ryuji Ueno,
M.D., Ph.D., Ph.D., Chairman, Chief Executive Officer, and Chief Scientific
Officer of Sucampo. “With the approval of the sNDA for RESCULA^®, we now have
two FDA approved products marketed in the United States. As the first-ever
prescription medicine approved in Japan for chronic constipation, we launched
AMITIZA in Japan and received a $15 million milestone payment related to the
first commercial sale of AMITIZA. We look forward to upcoming catalysts for
2013, including the continued rollout of RESCULA in the U.S., the PDUFA date
for opioid-induced constipation for AMITIZA in the U.S., the launch of AMITIZA
in the U.K. and Switzerland, and the continued development of our pipeline.”
Sucampo reported a net income of $13.5 million, or $0.32 per diluted share,
for the fourth quarter of 2012 compared to a net income of $2.7 million, or
$0.06 per diluted share, for the fourth quarter of 2011. Sucampo reported a
net income of $4.8 million, or $0.12 per diluted share for the full year 2012,
compared to a net loss of $17.3 million, or $0.41 per diluted share, for the
full year 2011. The primary driver of the net profit was the $15.0 million
milestone payment from Abbott for Japan AMITIZA sales.
For the fourth quarter of 2012, income from operations was $13.0 million, an
increase of $9.4 million, compared to $3.6 million in income from operations
for the fourth quarter of 2011. For the full year 2012, income from operations
was $8.3 million, compared to a loss from operations of $17.7 million for the
full year 2011.
Quarter Operational Highlights –
* As previously reported, on December 11, 2012, Sucampo announced the
receipt of a $15.0 million milestone payment from Abbott, pursuant to the
existing license, commercialization, and supply agreement between Sucampo
and Abbott. The milestone payment was triggered by the approval and first
sale of AMITIZA at a dosage strength of 24 micrograms in Japanese adults.
AMITIZA is available through Abbott in Japan as a prescription medication
for chronic constipation not caused by organic diseases, and was available
in Japan to primary care and specialist physicians beginning in November
2012.
* On December 12, 2012, Sucampo announced that it received approval of a
supplemental new drug application (sNDA) for RESCULA^® (unoprostone
isopropyl ophthalmic solution) 0.15% for the lowering of intraocular
pressure (IOP) in patients with open-angle glaucoma or ocular hypertension
from the U.S. Food and Drug Administration (FDA).
* On November 30, 2012, Sucampo announced the receipt of a supplement
approval from the U.S. FDA that removed pregnancy “warnings and
precautions” and clarified information regarding the use of AMITIZA by
pregnant and/or nursing women. In addition, the FDA expanded the labeling
text of the Mechanism of Action section in the prescribing information for
AMITIZA.
* On November 30, 2012, Sucampo announced that the FDA extended the
Prescription Drug User Fee Act (PDUFA) goal date for the Agency’s priority
review of the sNDA for an additional indication for lubiprostone for the
treatment of opioid-induced constipation (OIC) in patients with chronic,
non-cancer pain. The revised goal date is late April of this year.
Key Value Drivers –
2012 Value Drivers Achieved:
AMITIZA
U.S.
* Sucampo filed an sNDA with the FDA for the treatment of OIC in patients
with chronic, non-cancer pain, and received priority review.
Japan
* AMITIZA received regulatory approval in Japan for the treatment of CC
(excluding constipation caused by organic disease).
* Sucampo received the pricing reimbursement from the Japanese regulatory
authorities and our partner, Abbott, conducted a comprehensive launch of
AMITIZA in Japan to primary care and specialist physicians.
* Following the November launch of the product, Sucampo received a $15.0
million milestone payment, referenced above, and recorded product sales
revenue of $5.0 million for sales of AMITIZA to Abbott.
Europe
* In Switzerland, Sucampo concluded pricing negotiations with the regulatory
authorities for an appropriate reimbursement price for the treatment of
chronic idiopathic constipation (CIC) and made the product available to
specialists.
* AMITIZA was approved by the U.K.’s Medicines and Healthcare products
Regulatory Agency (MHRA) for the treatment of CIC and Sucampo began the
process to obtain National Institute for Health and Clinical Excellence
(NICE) endorsement.
RESCULA
* Sucampo received approval of an sNDA for RESCULA for the lowering of IOP
in patients with open-angle glaucoma or ocular hypertension and prepared
to launch in first quarter 2013.
Other
* Sucampo received the binding decision from the International Court of
Arbitration, International Chamber of Commerce, which has concluded our
dispute with Takeda.
2013 Value Drivers:
Sucampo is pursuing the following value drivers in 2013:
AMITIZA
U.S.
* Sucampo is pursuing approval of an OIC indication for AMITIZA, and the
PDUFA goal date is late April 2013. Upon the first sale of AMITIZA for
OIC, we will receive a $10.0 million milestone payment from Takeda.
* Sucampo expects to have First Patient First Visit in our AMITIZA phase 3
trial for pediatric functional constipation by the third quarter of 2013.
Japan
* Growth of AMITIZA sales is a priority.
Europe
* In the U.K. and Switzerland in the first quarter of 2013, Sucampo
submitted for regulatory approval of AMITIZA for the treatment of OIC.
* In the U.K., Sucampo plans to seek endorsement from NICE for both OIC and
CIC and will make AMITIZA available with reimbursement by some local
budget holders.
* Sucampo will soon begin active marketing of AMITIZA for CIC in
Switzerland.
* Sucampo will use the MHRA approval to seek expansion of AMITIZA’s CIC
indication to other European markets via the mutual recognition procedure.
RESCULA
* Following the RESCULA sNDA approval, Sucampo launched the drug in the U.S.
RESCULA is now available in all major pharmacies.
Other
Oral Mucositis
* Sucampo expects to complete its oral mucositis phase 1a trial for
cobiprostone in the second quarter of 2013.
* Sucampo plans to initiate a phase 1b/2a trial in the fourth quarter of
2013.
Spinal Stenosis
* Sucampo plans to complete its phase 2a trial for SPI-017 in the fourth
quarter of 2013.
As previously announced, in February R-Tech Ueno, Sucampo's development
partner, signed an agreement for unoprostone isopropyl with the Japan Science
and Technology Agency in which the Japanese government shall provide the
majority of funding for phase 3 clinical development costs for unoprostone
isopropyl for retinitis pigmentosa (RP). Sucampo is co-developing unoprostone
isopropyl with R-Tech Ueno and may file for FDA approval of the product for RP
in the future assuming the successful trials.
Financial Results for the Quarter and Full Year 2012
For the fourth quarter of 2012, Sucampo reported total revenue of $34.9
million compared to $14.2 million for the same period in 2011, a growth of
approximately 145%. The key components of revenue for the fourth quarter
included R&D revenue of $15.1 million, product royalty revenue of $14.2
million and product sales revenue of $5.0 million which compare to $2.7
million, $10.8 million and nil, respectively, in the same period of 2011.
For the full year 2012, Sucampo reported total revenue of $81.5 million,
compared to $54.8 million for the full year 2011, a growth of approximately
49%. The key components of total revenue for the full year 2012 were product
royalty revenue of $50.7 million, R&D revenue of $21.5 million and product
sales revenue of $5.0 million compared to $41.5 million, $9.2 million and nil,
respectively, for the full year 2011. The increase in R&D revenue was
primarily due to the receipt of the $15.0 million milestone payment from
Abbott upon the first commercial sale of AMITIZA at a dosage strength of 24
micrograms in Japanese adults.
U.S. net sales of AMITIZA, as reported to us by our partner, Takeda, increased
31% to $74.6 million for the fourth quarter of 2012, compared to $56.8 million
in the same period of 2011. U.S. net sales of AMITIZA, as reported to us by
our partner, Takeda, increased 20% to $271.9 million for the full year of
2012, compared to $226.4 million in the same period of 2011. For both periods
the increase in AMITIZA U.S. net sales was primarily due to both volume and
price increases, as reported to us by our partner.
Operating Expenses
R&D expenses were $7.1 million for the fourth quarter of 2012, compared to
$7.7 million for the same period of 2011. For the full year 2012, R&D expenses
were $21.3 million, compared to $33.5 million for the full year 2011. For both
periods, the decrease was primarily due to higher expenses in 2011 associated
with the completion of the phase 3 OIC trial for AMITIZA.
G&A expenses were $7.6 million for the fourth quarter of 2012, compared to
$12.0 million for the fourth quarter of 2011. G&A expenses were $30.2 million
for the full year 2012, compared to $41.3 million for the full year 2011. For
both periods, the decrease in G&A expense was primarily due to lower legal,
consulting, and other professional expenses as a result of the conclusion of
certain legal matters, partially offset by increases in corporate marketing
and branding and staff to support business growth.
Selling and marketing expenses were $4.2 million for the fourth quarter of
2012, compared to $2.1 million for the fourth quarter of 2011. Selling and
marketing expenses for the full year 2012 were $18.7 million, compared to $8.8
million for the full year 2011. The increase in selling and marketing expenses
relates primarily to some non-recurring pre-commercialization planning
activities for AMITIZA, and commercialization and launch costs for RESCULA.
Settlement of Legal Dispute in 2011 – In 2011 Sucampo reported income of $11.1
million from the settlement of a legal dispute related to a dispute with
Covance, a CRO that performed clinical trials for the OBD or OIC indication.
The amount represents receipt of $10.0 million in cash and cancellation of
outstanding payables of $1.1 million and was reported as a reduction to
operating expenses. There were no corresponding amounts in 2012.
Income from Operations
For the fourth quarter of 2012, income from operations was a profit of $13.0
million, an increase of $9.4 million, compared to a profit of $3.6 million for
the same period in 2011. For the full year of 2012, income from operations was
a profit of $8.3 million, compared to a loss of $17.7 million for the full
year 2011.
Non-Operating Income (Expense)
Non-operating income was $0.4 million for the fourth quarter of 2012, compared
to expenses of $0.5 million for the fourth quarter of 2011. The fourth quarter
of 2012 included a foreign exchange gain of $0.9 million, compared to a gain
of $14,000 for the same period 2011. Non-operating expenses for the full year
2012 were $0.6 million, compared to $4.2 million for the full year 2011.
Non-operating expenses for the full year 2012 included a foreign exchange gain
of $1.6 million, compared to foreign exchange loss of $2.0 million for the
same period 2011.
Net Income
Net income for the fourth quarter of 2012 was $13.5 million, compared to net
income of $2.7 million for the same period of 2011. For the full year 2012,
net income was $4.8 million, compared to a net loss of $17.3 million for the
full year 2011.
Comprehensive Income (Loss)
Comprehensive income for the full year of 2012 was $3.1 million, compared to
comprehensive loss of $16.0 million for the same period in 2011. Comprehensive
loss for the full year 2012 includes a $1.7 million foreign currency
translation loss compared to a foreign currency translation gain of $1.3
million for the same period in 2011.
Cash, Cash Equivalents, Restricted Cash and Marketable Securities
At December 31, 2012, cash, cash equivalents, restricted cash and investments
were $91.4 million, compared to $93.4 million at December 31, 2011. At
December 31, 2012, notes payable were $52.9 million, compared to $59.6 million
at December 31, 2011, including current notes payable of $19.1 million at
December 31, 2012, and $20.4 million at December 31, 2011.
Stock Repurchase Plan
In September 2011, the Board of Directors authorized the repurchase of our
class A common stock under the previously approved repurchase plan, up to an
aggregate of $2.0 million. On November 2, 2012, the Board authorized the
increase of the program amount up to an aggregate of $5.0 million. During the
fourth quarter of 2012, we repurchased 146,908 shares at a cost of $721,487.
Board Members
In February 2013, the Board of Directors appointed Barbara A. Munder and
Maureen E. O’Connell to the Board of Directors.
Company to Host Conference Call Today
In conjunction with this fourth quarter financial and operating results press
release, Sucampo will host a conference call today at 5:00 pm Eastern. To
participate on the live call, please dial 800-688-0836 (domestic) or
617-614-4072 (international), and provide the participant passcode 62809438,
five to ten minutes ahead of the start of the call. A replay of the call will
be available within a few hours after the call ends. Investors may listen to
the replay by dialing 888-286-8010 (domestic) or 617-801-6888 (international),
with the passcode 95378400.
Investors interested in accessing the live audio webcast of the teleconference
may do so at http://investor.sucampo.com and should log on before the
teleconference begins in order to download any software required. The archive
of the teleconference will remain available for 30 days.
About unoprostone isopropyl (RESCULA^®)
In 2009, Sucampo acquired development and commercialization rights to
unoprostone isopropyl throughout the world except in Japan, Korea, Taiwan and
the People’s Republic of China. Unoprostone isopropyl (trade named RESCULA)
first received marketing authorization in 1994 in Japan and was subsequently
approved in over 40 countries, including approval in 2000 by the FDA.
About lubiprostone (AMITIZA^®)
AMITIZA (lubiprostone) is a prostone, a locally acting chloride channel
activator, indicated for the treatment of CIC (24 mcg twice daily) in adults
and for IBS-C (8 mcg twice daily) in women 18 years of age and older in the
United States. In Japan, lubiprostone (24 mcg twice daily) is indicated for
the treatment of chronic constipation (excluding constipation caused by
organic diseases). In Switzerland, lubiprostone 24 mcg twice daily is
indicated for the treatment of chronic idiopathic constipation. In the U.K.,
lubiprostone 24 mcg twice daily is indicated for the treatment of chronic
idiopathic constipation and associated symptoms in adults.
About Sucampo Pharmaceuticals, Inc.
Sucampo Pharmaceuticals, Inc. is a global pharmaceutical company focused on
innovative research, discovery, development and commercialization of
proprietary drugs based on prostones. The therapeutic potential of prostones
was first discovered by Ryuji Ueno, M.D., Ph.D., Ph.D., Sucampo’s Chairman,
Chief Executive Officer, Chief Scientific Officer, and co-founder. Prostones,
naturally occurring fatty acid metabolites that have emerged as promising
compounds with unique physiological activities, can be targeted for the
treatment of unmet or underserved medical needs. For more information, please
visit www.sucampo.com.
AMITIZA is a registered trademark of Sucampo Pharmaceuticals, Inc. RESCULA is
a registered trademark of R-Tech Ueno, Ltd, and has been licensed to Sucampo
AG.
Sucampo Forward-Looking Statement
This press release contains "forward-looking statements" as that term is
defined in the Private Securities Litigation Reform Act of 1995. These
statements are based on management's current expectations and involve risks
and uncertainties, which may cause results to differ materially from those set
forth in the statements. The forward-looking statements may include statements
regarding product development, product potential, future financial and
operating results, and other statements that are not historical facts. The
following factors, among others, could cause actual results to differ from
those set forth in the forward-looking statements: the impact of
pharmaceutical industry regulation and health care legislation; Sucampo's
ability to accurately predict future market conditions; dependence on the
effectiveness of Sucampo's patents and other protections for innovative
products; the risk of new and changing regulation and health policies in the
U.S. and internationally and the exposure to litigation and/or regulatory
actions.
No forward-looking statement can be guaranteed and actual results may differ
materially from those projected. Sucampo undertakes no obligation to publicly
update any forward-looking statement, whether as a result of new information,
future events, or otherwise. Forward-looking statements in this presentation
should be evaluated together with the many uncertainties that affect Sucampo's
business, particularly those mentioned in the risk factors and cautionary
statements in Sucampo's most recent Form 8-K and 10-K, which Sucampo
incorporates by reference.
Sucampo Pharmaceuticals, Inc.
Consolidated Statements of Operations and Comprehensive Income (unaudited)
(in thousands, except per share data)
Three Months Ended December 31, Year Ended December 31,
2012 2011 2012 2011
Revenues:
Research and
development $ 15,127 $ 2,658 $ 21,545 $ 9,249
revenue
Product royalty 14,175 10,793 50,696 41,517
revenue
Co-promotion 323 610 3,576 3,378
revenue
Contract and
collaboration 200 154 633 617
revenue
Product sales 5,037 - 5,037 -
revenue
Total revenues 34,862 14,215 81,487 54,761
Cost of goods 3,030 - 3,030 -
sold
Gross profit 31,832 14,215 78,457 54,761
Operating
expenses:
Research and 7,090 7,659 21,292 33,497
development
Settlement of - (11,100 ) - (11,100 )
legal dispute
General and 7,559 11,953 30,157 41,270
administrative
Selling and 4,217 2,094 18,691 8,783
marketing
Total operating 18,866 10,606 70,140 72,450
expenses
Income (loss) 12,966 3,609 8,317 (17,689 )
from operations
Non-operating
income (expense):
Interest income 61 89 179 249
Interest expense (566 ) (611 ) (2,346 ) (2,455 )
Other income 875 14 1,602 (2,019 )
(expense), net
Total
non-operating 370 (508 ) (565 ) (4,225 )
income (expense),
net
Income (loss)
before income 13,336 3,101 7,752 (21,914 )
taxes
Income tax
benefit 196 (402 ) (2,916 ) 4,608
(provision)
Net income (loss) $ 13,532 $ 2,699 $ 4,836 $ (17,306 )
Net income (loss)
per share:
Basic net income $ 0.33 $ 0.06 $ 0.12 $ (0.41 )
(loss) per share
Diluted net
income (loss) per $ 0.32 $ 0.06 $ 0.12 $ (0.41 )
share
Weighted average
common shares 41,553 41,766 41,660 41,839
outstanding -
basic
Weighted average
common shares 41,991 41,832 41,785 41,839
outstanding -
diluted
Comprehensive
income (loss):
Net income (loss) $ 13,532 $ 2,699 $ 4,836 $ (17,306 )
Other
comprehensive
income gain
(loss):
Unrealized loss
on investments, 13 (110 ) 36 (2 )
net of tax effect
Foreign currency 43 121 (1,724 ) 1,282
translation
Comprehensive $ 13,588 $ 2,710 $ 3,148 $ (16,026 )
income (loss)
Sucampo Pharmaceuticals, Inc.
Consolidated Balance Sheets (unaudited)
(in thousands, except share data)
December 31,
2012 2011
ASSETS:
Current assets:
Cash and cash equivalents $ 52,022 $ 50,662
Investments, current 6,035 24,452
Product royalties receivable 14,175 10,795
Unbilled accounts receivable 732 2,036
Accounts receivable, net 1,360 4,616
Prepaid and income taxes receivable - 2,845
Deferred tax assets, current 874 163
Deferred charge, current 673 3,057
Restricted cash, current 15,113 15,113
Prepaid expenses and other current assets 1,930 1,177
Total current assets 92,914 114,916
Investments, non-current 14,408 998
Property and equipment, net 1,540 1,669
Intangibles assets, net 7,415 8,364
Deferred tax assets, non-current 1,654 2,089
Deferred charge, non-current 5,213 26,751
Restricted cash, non-current 3,832 2,129
Other assets 820 653
Total assets $ 127,796 $ 157,569
LIABILITIES AND STOCKHOLDERS' EQUITY:
Current liabilities:
Accounts payable $ 5,496 $ 6,978
Accrued expenses 10,595 13,648
Deferred revenue, current 3,700 3,888
Deferred tax liability, current - 2,167
Income tax payable 148 -
Notes payable, current 19,129 20,400
Other current liabilities 1,003 -
Total current liabilities 40,071 47,081
Notes payable, non-current 33,722 39,227
Deferred revenue, non-current 7,093 7,045
Deferred tax liability, non-current 2,627 23,019
Other liabilities 1,253 2,603
Total liabilities 84,766 118,975
Stockholders' equity:
Preferred stock, $0.01 par value; 5,000,000
shares authorized at December 31, 2012 and - -
2011; no shares issued and outstanding at
December 31, 2012 and 2011
Class A common stock, $0.01 par value;
270,000,000 shares authorized at December 31,
2012 and 2011; 41,964,905 and 15,690,780 420 157
shares issued and outstanding at December 31,
2012 and 2011, respectively
Class B common stock, $0.01 par value; 0 and
75,000,000 shares authorized at December 31,
2012 and 2011; 0 and 26,191,050 shares issued - 262
and outstanding at December 31, 2012 and 2011,
respectively
Additional paid-in capital 62,521 59,957
Accumulated other comprehensive income 16,166 17,854
Treasury stock, at cost; 457,030 and 186,987 (1,977 ) (700 )
shares
Accumulated deficit (34,100 ) (38,936 )
Total stockholders' equity 43,030 38,594
Total liabilities and stockholders' equity $ 127,796 $ 157,569
Sucampo Pharmaceuticals, Inc.
Key Segment Information (unaudited)
(In thousands) Americas Europe Asia Consolidated
Three Months Ended
December 31, 2012
Research and $ 311 $ (74 ) $ 14,890 $ 15,127
development revenue
Product royalty 14,175 - - 14,175
revenue
Co-promotion revenue 323 - - 323
Contract and 141 46 13 200
collaboration revenue
Product sales revenue - 14 5,023 5,037
Total revenues 14,950 (14 ) 19,926 34,862
Cost of goods sold 98 9 2,923 3,030
Gross profit 14,852 (23 ) 17,003 31,832
Research and 1,559 4,166 1,365 7,090
development expenses
Depreciation and 118 255 10 383
amortization
Other operating 8,935 417 2,041 11,393
expenses
Income (loss) from 4,240 (4,861 ) 13,587 12,966
operations
Interest income 56 4 1 61
Interest expense - (527 ) (39 ) (566 )
Other non-operating 10 (269 ) 1,134 875
expense, net
Income (loss) before $ 4,306 $ (5,653 ) $ 14,683 $ 13,336
income taxes
Capital expenditures $ 108 $ 25 $ - $ 133
Three Months Ended
December 31, 2011
Research and $ 2,478 $ - $ 180 $ 2,658
development revenue
Product royalty 10,793 - - 10,793
revenue
Co-promotion revenue 610 - - 610
Contract and 141 - 13 154
collaboration revenue
Total revenues 14,022 - 193 14,215
Research and 4,593 2,002 1,064 7,659
development expenses
Settlement for legal (11,100 ) - - (11,100 )
dispute
Depreciation and (133 ) 405 10 282
amortization
Other operating 13,094 285 386 13,765
expenses
Income (loss) from 7,568 (2,692 ) (1,267 ) 3,609
operations
Interest income 85 3 1 89
Interest expense - (569 ) (42 ) (611 )
Other non-operating (21 ) (105 ) 140 14
expense, net
Income (loss) before $ 7,632 $ (3,363 ) $ (1,168 ) $ 3,101
income taxes
Capital expenditures $ 52 $ 3 $ - $ 55
Year Ended December
31, 2012
Research and $ 6,189 $ - $ 15,356 $ 21,545
development revenue
Product royalty 50,696 - - 50,696
revenue
Co-promotion revenue 3,576 - - 3,576
Contract and 565 16 52 633
collaboration revenue
Product sales revenue - 14 5,023 5,037
Total revenues 61,026 30 20,431 81,487
Cost of goods sold 98 9 2,923 3,030
Gross profit 60,928 21 17,508 78,457
Research and 7,809 9,571 3,912 21,292
development expenses
Depreciation and 484 964 40 1,488
amortization
Other operating 41,410 2,993 2,957 47,360
expenses
Income (loss) from 11,225 (13,507 ) 10,599 8,317
operations
Interest income 161 16 2 179
Interest expense - (2,183 ) (163 ) (2,346 )
Other non-operating 77 (187 ) 1,712 1,602
expense, net
Income (loss) before $ 11,463 $ (15,861 ) $ 12,150 $ 7,752
income taxes
Capital expenditures $ 401 $ 3,470 $ - $ 3,871
Year Ended December
31, 2011
Research and $ 8,033 $ - $ 1,216 $ 9,249
development revenue
Product royalty 41,517 - - 41,517
revenue
Co-promotion revenue 3,378 - - 3,378
Contract and 565 - 52 617
collaboration revenue
Total revenues 53,493 - 1,268 54,761
Research and 24,058 4,354 5,085 33,497
development expenses
Settlement for legal (11,100 ) - - (11,100 )
dispute
Depreciation and 791 474 43 1,308
amortization
Other operating 46,326 1,092 1,327 48,745
expenses
Income (loss) from (6,582 ) (5,920 ) (5,187 ) (17,689 )
operations
Interest income 240 6 3 249
Interest expense - (2,288 ) (167 ) (2,455 )
Other non-operating (42 ) (1,884 ) (93 ) (2,019 )
expense, net
Income (loss) before $ (6,384 ) $ (10,086 ) $ (5,444 ) $ (21,914 )
income taxes
Capital expenditures $ 145 $ 6,006 $ 133 $ 6,284
Contact:
Sucampo Pharmaceuticals, Inc.
Silvia Taylor, 1-240-223-3718
staylor@sucampo.com
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