Executives
Michael Freeman – Associate Vice President, Investor Relations and Corporate Communications
Adam C. Derbyshire – Chief Financial Officer, Executive Vice President-Finance and Administration
Carolyn J. Logan – President and Chief Executive Officer
William P. Forbes – Executive Vice President-Research and Development and Chief Development Officer
Analysts
Michael Faerm – Credit Suisse
Ami Fadia – UBS Securities LLC
Mario Corso – Caris & Co., Inc.
David A. Amsellem – Piper Jaffray, Inc.
Corey Davis – Jeffries & Co, Inc.
Jim Dawson – Buckingham Research
Annabel Samimy – Stifel, Nicolaus & Co., Inc.
Irina Rivkind – Cantor Fitzgerald Securities
Michael Tong – Wells Fargo Securities LLC
Andrew J. Finkelstein – Susquehanna Financial Group LLP
Liisa A. Bayko – JMP Securities LLC
Scott R. Henry – ROTH Capital Partners LLC
Patricia Banks – DISCERN Securities, Inc.
Gregory D. Fraser – Bank of America/Merrill Lynch
Salix Pharmaceuticals, Ltd. (SLXP) Q2 2012 Earnings Call August 8, 2012 5:00 PM ET
Operator
Good afternoon. My name is Jay, and I will be your conference operator today. At this time, I would like to welcome everyone to Salix Pharmaceuticals’ Second Quarter 2012 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. (Operator Instructions) Thank you.
Mr. Michael Freeman, Associate Vice President of Investor Relations, you may begin.
Michael Freeman
Thank you. Good afternoon, and thank you for joining us today. I am Mike Freeman, Associate Vice President of Investor Relations and Corporate Communications for Salix Pharmaceuticals. With me today are Carolyn Logan, President and Chief Executive Officer; Adam Derbyshire, Executive Vice President and Chief Financial Officer; and Bill Forbes, Executive Vice President, Medical and Research and Development, and Chief Development Officer.
Adam will begin the presentation with a review of the financial results for the second quarter of 2012. Carolyn then will review operations to complete the formal segment of today’s call. At the conclusion of these comments, management will respond to appropriate questions.
Various remarks that management might make during this conference call about future expectations, plans, and prospects for the Company, constitute forward-looking statements for purposes of the Safe Harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual results might differ materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed in our press releases and SEC filings, including our Form 10-K for 2011. Specifically, the information in this conference call related to projections, development plans, and other forward-looking statements is subject to the Safe Harbor.
I now will turn the call over to Adam.
Adam C. Derbyshire
Thank you, Mike. Total product revenue was $181 million for the second quarter of 2012, a 36% increase compared to $133.2 million for the second quarter of 2011. Total product revenue for the first six months of 2012 was $352.1 million, a 47% increase compared to $239.1 million for the first six-months of 2011.
XIFAXAN revenue for the second quarter of 2012 was $116.7 million, a 34% increase compared to $87 million for the second quarter of 2011. XIFAXAN revenue for the first six months of 2012 was $229.6 million, a 37% increase compared to $167.7 million for the first six months of 2011.
APRISO revenue for the second quarter of 2012 was $21.8 million, a 45% increase compared to $15 million for the second quarter of 2011. The combined revenue contribution of our most recently-introduced products RELISTOR, SOLESTA and DEFLUX totaled $19.2 million for the second quarter of 2012.
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