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Auxilium Pharmaceuticals, Inc. Announces First Quarter 2011 Financial Results and Operational Highlights
Date:5/9/2011

Total XIAFLEX Revenue

$12.3$1.3732%Total Worldwide Revenue

$58.4$45.528%Contract Revenues represent amortization of previously received upfront and milestone payments.  XIAFLEX revenue recognition change reflects the one-time recognition of previously deferred revenue upon the Company changing its revenue recognition methodology to record sales of XIAFLEX when units are sold to its distributors rather than when those distributors ship to the physician's office.  

First Quarter 2011 Financial DetailsThe net loss for the first quarter of 2011 was $(11.8) million, or $(0.25) per share, compared to a net loss of $(8.6) million, or $(0.18) per share, reported for the first quarter of 2010.  Net loss for the first quarter of 2011 includes total stock-based compensation expense of $4.3 million, compared to $3.8 million for the first quarter of 2010.

Gross margin on net revenues was 81% for the quarter ended March 31, 2011 compared to 79% for the comparable period in 2010.  Gross margin reflects the costs of products sold, royalty obligations due to the Company's licensors, and the amortization of the deferred costs associated with the Pfizer contract.  The increase in the gross margin rate is due to the contribution of high margin XIAFLEX product sales, including a contribution from the impact of the change in revenue recognition, and year-over-year price increases of Testim in the U.S., partially offset by non recurring favorable Testim product cost adjustments recorded in 2010, and increased managed care rebates.

Investments in research and development for the quarter ended March 31, 2011 were $15.8 million, compared to $8.5 million for the comparable period in 2010.  The increase results principally from the activities related to the phase III XIAFLEX clinical trials for Peyronie's disease, costs incurred to address inspection comments received from European regulators concerning our manufacturing plant
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SOURCE Auxilium Pharmaceuticals, Inc.
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