Spectrum Pharmaceuticals Reports Record Revenues, Profits, and Cash Generated from Operations for the Twelve-Month Period Ended December 31, 2012
Total GAAP revenue for 2012 was $267.7 million; pro forma revenue (including ex-US ZEVALIN® and FOLOTYN® for the entire year) was $302 million.
GAAP Product revenues were up 41% and net income increased by 95% in 2012.
The Company reported GAAP Diluted EPS of $1.46 and Non-GAAP Diluted EPS of $1.42 compared to last year GAAP EPS of $0.84 and non-GAAP of $1.31.
FUSILEV® unit volume was higher in the fourth quarter compared to the third quarter and end user sales trends are stable year-to-date.
Significant cost synergies have been achieved in a short period following the Allos acquisition. FOLOTYN® shows strong sales growth in the most recent quarter.
The Company ended the year with a strong balance sheet with $143 million in cash, cash equivalents and investments after paying $133 million for the Allos acquisition, net of Allos’ cash.
The Company expects revenues and operating income to increase in 2013.
They are also authorized by the BOD to re-purchase up to $100 million in stock thru 8/13. So far they have purchased 1.1 million shares. Nice way to reduce the float and add long term shareholder value.