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

alance sheet at the time paid and we were required under GAAP to amortize the deferred revenues and deferred costs into our income statement over the course of the Pfizer collaboration agreement.  We originally estimated that the life of the Pfizer agreement would be 20 years.  When the agreement to mutually terminate the collaboration was reached, with a termination date of April 24, 2013, the balance of the deferred revenues and costs that existed at that time on our balance sheet was required to be adjusted to record the cumulative impact of the revised, shorter life of the agreement. 

At September 30, 2012 the balance of deferred revenues related to the Pfizer agreement was $103.4 million and the balance of the deferred costs was $9.3 million.  In the fourth quarter of 2012 the Company recorded $93.6 million in revenue and $8.4 million in cost of goods sold as the amortization of these deferred revenues and costs, respectively.  Had we not reached agreement with Pfizer to mutually terminate the collaboration agreement, we would have recognized $1.6 million and $0.1 million of revenue and costs, respectively.  Therefore, the impact of this change in estimate of the life of the Pfizer collaboration agreement was an increase in 2012 revenues of $92.0 million, cost of goods sold of $8.3 million and net income of $83.7 million, or $1.70 per share, fully diluted (representing the incremental $92.0 million in deferred revenues less the incremental $8.3 million in deferred costs). The remaining deferred revenue and deferred cost balances of $9.8 million and $0.9 million, respectively, will be amortized into our income statement by April 24, 2013, the date that the Pfizer collaboration terminates.

2013 Financial Guidance and non-GAAP MeasuresBeginning in 2013, Auxilium management will be providing certain financial measures on a non-GAAP basis, and is providing financial guidance with respect to certain non-GAAP financial meas
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SOURCE Auxilium Pharmaceuticals, Inc.
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