ViroPharma Incorporated Reports First Quarter 2009 Financi...( - Company Achieves Record First Quart...)

- Company Achieves Record First Quarter of Net Product Sales; Quarter Highlighted by Nearly $7 Million in Net Sales of Cinryze(TM) C1 Esterase Inhibitor (Human) -

EXTON, Pa., April 29 /PRNewswire-FirstCall/ -- ViroPharma Incorporated (Nasdaq: VPHM) reported today its financial results for the first quarter ended March 31, 2009.

• First quarter 2009 adjusted net income of $11.5 million, and GAAP net loss of $59.2 million; the difference is primarily associated with $65 million non-cash write-off of goodwill;
• $60 million in net product sales, including $6.7 million in net sales of Cinryze(TM) (C1 esterase Inhibitor [human]);
• Working capital of $301 million as of the end of the first quarter of 2009, which includes cash and cash equivalents of $245 million; and
• $45 million principal amount of its senior convertible notes repurchased for $21.2 million.

Net sales of Cinryze and Vancocin(R) were $60.2 million for the first quarter of 2009 as compared to $50.9 million for Vancocin only in the first quarter of 2008, representing 18 percent growth in net product sales.

The Company is reporting both GAAP Net income (loss) and adjusted results. Adjusted net income is GAAP Net income excluding (1) non-cash interest expense including portions related to the adoption of FSP APB 14-1 as described below; (2) amortization related to the acquisition of Lev Pharmaceuticals and Vancocin, and step up in inventory related to purchase accounting arising from our acquisition of Lev Pharmaceuticals, (3) stock compensation expenses, and (4) certain non-recurring events such as the goodwill write off arising from our book value being lower than our market capitalization at March 31, 2009, and gain on extinguishment of repurch
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