Auxilium Pharmaceuticals Inc. (AUXL) filed Quarterly Report for the period ended 2009-03-31.
Auxilium Pharmaceuticals Inc. is a specialty pharmaceutical company that develops and markets products for urology and sexual health. Auxilium markets Testim 1% a topical testosterone gel for the treatment of hypogonadism. Auxilium is developing additional Testim line extensions as well as other products for urology and sexual health including an enzyme in Phase II for the treatment of Peyronie's Disease that may also prove useful for the treatment of Dupuytren's Disease. Auxilium Pharmaceuticals Inc. has a market cap of $1.01 billion; its shares were traded at around $23.85 with and P/S ratio of 8.1.
Highlight of Business Operations:Net revenues. Net revenues increased $7.6 million, or 28%, to $34.7 million for the quarter ended March 31, 2009 from $27.1 million for the comparable 2008 period. This increase in net revenues resulted primarily from growth in Testim demand resulting from increased prescriptions and increases in pricing, net of discounts, rebates and coupons. According to National Prescription Audit (“NPA”) data from IMS Health (“IMS”), a pharmaceutical market research firm, Testim total prescriptions for the first quarter of 2009 grew 14.1% over the comparable period of 2008. We believe that Testim prescription growth in the 2009 period over the 2008 period was driven by physician and patient acceptance that
Testim provides better patient outcomes, the shift in prescriptions away from the testosterone patch product and the other gel product to Testim, and the continued focus of our sales force on the promotion of Testim to urologists, endocrinologists and select primary care physicians. Net revenues for the first quarter of 2009 benefited from price increases having a cumulative impact of 9% over the comparable 2008 period. Net revenues for the first quarter of 2009 and 2008 include $0.4 million and zero, respectively, of international product shipments of Testim and $0.8 million and $0.2 million, respectively, of revenues related to Testim up-front and milestone payments. Net revenues for the first quarter of 2009 also include amortization of the deferred revenue resulting from our collaboration agreement with Pfizer, Inc. (the “Pfizer Agreement”). Total product sales allowances for the first quarter of 2009 and 2008 amounted to 21.8% and 19.4%, respectively, of total sales of Testim in the U.S. The increase in this 2009 period over the comparable period in 2008 results from an increase in coupon usage for new patients.
Since inception through March 31, 2009, we have financed our product development, operations and capital expenditures primarily from private and public sales of equity securities. Since inception through March 31, 2009, we received net proceeds of approximately $284.6 million from private and public sales of equity securities and the exercise of stock options and warrants. We had $90.2 million and $113.9 million in cash and cash equivalents as of March 31, 2009 and December 31, 2008, respectively.
Cash used in operations was $21.1 million and $13.5 million for the three months ended March 31, 2009 and 2008, respectively. Cash used in operations for the three months ended March 31, 2009 resulted primarily from operating losses and the payment of costs accrued in 2008, including $6.4 million to BioSpecifics Technologies Corp for their share of the $75 million received under the Pfizer Agreement and approximately $3.0 million in transaction related costs associated with this agreement. Cash used in
Cash used in investing activities was $3.1 million for the three months ended March 31, 2009 compared to cash provided of $0.8 million for the three months ended March 31, 2008. The cash impact of investing activities relates primarily to our investments in property and equipment and, in 2008, to the net effect of purchases and redemptions of short-term investments.
Cash provided by financing activities was $0.4 million and $0.9 million for the three months ended March 31, 2009 and 2008, respectively. Cash provided by financing activities in both periods results primarily from cash receipts from stock option exercises, net of treasury shares acquired in satisfaction of tax withholding requirements on stock awards to certain officers and employees.
Auxilium Pharmaceuticals Inc. is a specialty pharmaceutical company that develops and markets products for urology and sexual health. Auxilium markets Testim 1% a topical testosterone gel for the treatment of hypogonadism. Auxilium is developing additional Testim line extensions as well as other products for urology and sexual health including an enzyme in Phase II for the treatment of Peyronie's Disease that may also prove useful for the treatment of Dupuytren's Disease. Auxilium Pharmaceuticals Inc. has a market cap of $1.01 billion; its shares were traded at around $23.85 with and P/S ratio of 8.1.
Highlight of Business Operations:Net revenues. Net revenues increased $7.6 million, or 28%, to $34.7 million for the quarter ended March 31, 2009 from $27.1 million for the comparable 2008 period. This increase in net revenues resulted primarily from growth in Testim demand resulting from increased prescriptions and increases in pricing, net of discounts, rebates and coupons. According to National Prescription Audit (“NPA”) data from IMS Health (“IMS”), a pharmaceutical market research firm, Testim total prescriptions for the first quarter of 2009 grew 14.1% over the comparable period of 2008. We believe that Testim prescription growth in the 2009 period over the 2008 period was driven by physician and patient acceptance that
Testim provides better patient outcomes, the shift in prescriptions away from the testosterone patch product and the other gel product to Testim, and the continued focus of our sales force on the promotion of Testim to urologists, endocrinologists and select primary care physicians. Net revenues for the first quarter of 2009 benefited from price increases having a cumulative impact of 9% over the comparable 2008 period. Net revenues for the first quarter of 2009 and 2008 include $0.4 million and zero, respectively, of international product shipments of Testim and $0.8 million and $0.2 million, respectively, of revenues related to Testim up-front and milestone payments. Net revenues for the first quarter of 2009 also include amortization of the deferred revenue resulting from our collaboration agreement with Pfizer, Inc. (the “Pfizer Agreement”). Total product sales allowances for the first quarter of 2009 and 2008 amounted to 21.8% and 19.4%, respectively, of total sales of Testim in the U.S. The increase in this 2009 period over the comparable period in 2008 results from an increase in coupon usage for new patients.
Since inception through March 31, 2009, we have financed our product development, operations and capital expenditures primarily from private and public sales of equity securities. Since inception through March 31, 2009, we received net proceeds of approximately $284.6 million from private and public sales of equity securities and the exercise of stock options and warrants. We had $90.2 million and $113.9 million in cash and cash equivalents as of March 31, 2009 and December 31, 2008, respectively.
Cash used in operations was $21.1 million and $13.5 million for the three months ended March 31, 2009 and 2008, respectively. Cash used in operations for the three months ended March 31, 2009 resulted primarily from operating losses and the payment of costs accrued in 2008, including $6.4 million to BioSpecifics Technologies Corp for their share of the $75 million received under the Pfizer Agreement and approximately $3.0 million in transaction related costs associated with this agreement. Cash used in
Cash used in investing activities was $3.1 million for the three months ended March 31, 2009 compared to cash provided of $0.8 million for the three months ended March 31, 2008. The cash impact of investing activities relates primarily to our investments in property and equipment and, in 2008, to the net effect of purchases and redemptions of short-term investments.
Cash provided by financing activities was $0.4 million and $0.9 million for the three months ended March 31, 2009 and 2008, respectively. Cash provided by financing activities in both periods results primarily from cash receipts from stock option exercises, net of treasury shares acquired in satisfaction of tax withholding requirements on stock awards to certain officers and employees.
No comments:
Post a Comment