Spectrum Pharmaceuticals Reports Strong Revenues and Profits for Third Quarter
Nine-Month Period Ended September 30, 2012 (All numbers are approximate)
The Company recorded net income of $85.9 million, or $1.47 per basic and $1.32 per diluted share, compared to income of $40.2 million, or $0.77 per basic and $0.70 per diluted share, in the nine-month period ended September 30, 2011. Consolidated revenue of $197.6 million was comprised of product sales of $188.3 million and $9.3 million from licensing fees. This represents a 41.1% increase from $140 million in consolidated revenue recorded in the first nine months of 2011, comprised of product sales of $130.8 million and $9.3 million from licensing fees. Total research and development expenses were $28.7 million, as compared to $20.9 million in the same period of 2011. Selling, general and administrative expenses were $64.7 million, compared to $47.3 million in the same period in 2011.
The third quarter marks the eighth consecutive profitable quarter that has helped Spectrum establish a great foundation and platform to attain additional growth," said Rajesh C. Shrotriya, M.D., Chairman, President and Chief Executive Officer of Spectrum Pharmaceuticals, Inc. "Diversification is key to our strategy, and we took a major step in that direction by completing the acquisition of Allos in September and adding a third product, FOLOTYN, to our portfolio. Four years ago we were primarily a FUSILEV company with limited cash. Today, Spectrum has FUSILEV, worldwide ZEVALIN, and FOLOTYN, along with a robust, maturing pipeline, and a strong balance sheet."
Three-Month Period Ended September 30, 2012 (All numbers are approximate)
Consolidated revenue of $69.0 million was comprised of product sales of $65.9 million and $3.2 million from licensing fees. This represents a 35.3% increase from the $51.0 million in consolidated revenue, including product sales of $47.9 million, recorded in the three-month period ending September 30, 2011