Because our Vancocin intangible asset is amortizable for tax purposes, we recorded a tax benefit of $41 million related to the impairment of the asset. We recognized a total tax benefit of $42 million in the quarter ended March 31, 2013 compared to a tax expense of $18 million in the quarter ended March 31, 2012.
Working Capital HighlightsAt March 31, 2013, our working capital was $356 million, which included cash, cash equivalents and short term investments of $261 million. During the first quarter of 2013 we generated $14 million net cash from operations. Financial Highlights ($ in millions, except per share data)Q1 2013Q1 2012PercentChangeTotal net product sales
-21%Cinryze U.S. net product sales
+44%EU net product sales
+152%Vancocin net product sales
-95%GAAP net income (loss)
20.0Non-GAAP adjusted net income
31.1GAAP diluted net income (loss) per share
0.26Non-GAAP adjusted diluted EPS
0.37Non-GAAP DisclosuresThe Company is reporting both GAAP net income (loss) and non-GAAP adjusted results for the three months ended March 31, 2013 and 2012. Non-GAAP adjusted net income is GAAP net income (loss) excluding (1) non-cash interest expense, (2) amortization related to intangible assets acquired, (3) share-based compensation expenses, (4) changes in contingent consideration, (5) option amortization and (6) certain non-recurring events, including asset impairments. Non-GAAP adjusted diluted net income per share reflects the Non-GAAP adjusted net income, after the incremental effect of applying the "if converted" method of accounting to the senior convertible notes, and the diluted shares
|SOURCE ViroPharma Incorporated|
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