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Auxilium Pharmaceuticals, Inc. Announces Fourth Quarter and Full Year 2012 Financial Results and Guidance for 2013
Date:2/26/2013

ont and milestone payments previously received from Pfizer.  These deferred revenues were recognized in the fourth quarter as a result of the previously announced agreement to mutually terminate the collaboration agreement.  Testim U.S. revenue increased by 3% in the quarter to $58.4 million while XIAFLEX U.S. revenue increased 30% over the fourth quarter of 2011 to $17.5 million.  See Table 3 attached for further details on revenues.

Gross margin on net revenues was 84% for the quarter ended December 31, 2012 compared to 77% for the comparable period in 2011.  This increase in the gross margin rate is due to the impact of the $93.6 million in deferred revenues, offset by $8.4 million of related deferred costs, recognized as a result of the agreement to mutually terminate the Company's agreement with Pfizer. Excluding this impact, the gross margin rate declined primarily due to costs incurred in 2012 for XIAFLEX manufacturing initiatives partially offset by the impact of year-over-year net price increases on Testim U.S. product sales.

Research and development spending for the quarter ended December 31, 2012 was $13.2 million, compared to $18.7 million for 2011.  This decrease in expense results principally from a reduction in 2012 of activities related to development of a larger scale XIAFLEX production process.

Selling, general and administrative costs for the quarter ended December 31, 2012 were $40.7  million, compared to $50.1 million in the comparable 2011 period.  This decrease was primarily due to a lower level of spending in 2012 on XIAFLEX marketing and costs incurred in 2011 related to management changes, offset in part by costs incurred in 2012 related to the relocation of the company's headquarters.

Net income for the fourth quarter of 2012 was $90.5 million, or $1.83 per share, fully diluted, compared to a net loss of $(11.9) million, or $(0.25) per share, fully diluted, reported for the f
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