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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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