Depomed third quarter 2012 revenue increases to $33.3 million

Published on November 5, 2012 at 11:36 PM · No Comments

Depomed, Inc. (Nasdaq: DEPO) today reported financial results for the quarter and nine months ended September 30, 2012.

2012 Third Quarter and Recent Business Highlights

  • Financial Highlights:
    • Revenue of $33.3 million for the third quarter and $64.2 million for the nine months ended September 30
    • Net loss of ($1.5) million or ($0.03) per share for the third quarter and ($26.1) million or ($0.47) per share for the nine months ended September 30
    • $87.7 million of cash and marketable securities and no debt
  • Gralise® (gabapentin) Highlights:
    • Gralise product sales of $4.8 million for the third quarter
    • Gralise prescription demand now over 3,500 per week
    • Approximately 8,500 physicians have prescribed Gralise since launch
  • Zipsor® (diclofenac potassium) Highlights:
    • Zipsor product sales of $4.9 million for the third quarter
    • Depomed promotion commenced at the end of July 2012
  • Glumetza® (metformin hydrochloride extended release tablets) Highlights:
    • Royalty of $11.6 million on third quarter Glumetza sales
  • Technology and R&D Highlights:
    • License agreement with Janssen Pharmaceuticals for Nucynta ER; $10 million upfront payment received in September; royalties started July 2, 2012 and continue through 2021
    • Serada NDA accepted by FDA; Advisory Committee meeting tentatively scheduled for March 4, 2013; PDUFA date of May 31, 2013

"During the third quarter, Gralise prescriptions continued to grow, we relaunched Zipsor, Glumetza royalties for the quarter exceeded $11 million, we expanded our portfolio of license and development agreements with our license to Janssen for Nucynta ER and received a $10 million upfront payment. In October, the FDA accepted our NDA for Serada and set a tentative date for an Advisory Committee. We believe that we are well on our way toward transforming Depomed into a sustainably profitable specialty pharmaceutical company.  We are developing a pain franchise with our two marketed products, Gralise and Zipsor.  We have a Glumetza royalty stream that should exceed $40 million for 2012, a broad base of six license and development agreements that should provide us significant milestones and royalties over the next several years, a pipeline of product candidates and a strong balance sheet," said Jim Schoeneck, president and chief executive officer of Depomed.

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