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

ourth quarter of 2011.  The increase in net income was primarily related to $85.2 million recorded as a result of the previously announced agreement to mutually terminate the Company's European collaboration with Pfizer.  Net income for the fourth quarter of 2012 includes total stock-based compensation expense of $3.9  million, compared to $5.1 million included in the net loss for the fourth quarter of 2011.

As of December 31, 2012, Auxilium had $157.4 million in cash, cash equivalents and short-term investments, compared to $173.5 million at September 30, 2012.

Full Year 2012 Financial Details Total revenues for the twelve months ended December 31, 2012 were $395.3 million compared to $264.3 million recorded for 2011.  This increase in revenues is primarily due to the fourth quarter revenue recognition of $93.6 million in deferred up-front and milestone payments previously received from Pfizer.  These deferred revenues were recognized in the fourth quarter of 2012 as a result of the previously announced agreement to mutually terminate the collaboration agreement with Pfizer. Testim U.S. revenue increased by 14% in 2012 to $233.4 million while XIAFLEX U.S. revenue increased 31% over 2011 to $55.2 million. See Table 4 attached for further details on revenues.

Gross margin on net revenues was 80% for the full year 2012, compared to 79% for the full year 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 Pfizer collaboration in the EU. Excluding this impact, the gross margin rate declined primarily due to costs incurred in 2012 for XIAFLEX manufacturing initiatives and the $1.9 million benefit recorded in 2011 for past claims from our licensor of XIAFLEX, offset in part by the impact of year-over-year net price increases on Testim U.S. produc
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