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ViroPharma Incorporated Reports Fourth Quarter and Full Year 2010 Financial Results
Date:2/24/2011

in Cinryze sales volume and increased selling, general and administrative expense

The change between our GAAP net income of $125.6 million for the year ended December 31, 2010 from GAAP net loss of $11.1 million in the same period of 2009 was primarily the result of our increased net sales in 2010 and the goodwill impairment of $65.1 million in 2009. The change in GAAP net income in the three months ended December 31, 2010 compared to 2009 was driven primarily by the increase in product sales.

Operating HighlightsCinryze net sales during the three and twelve months ended December 31, 2010 were $52.5 million and $176.8 million, respectively, a 46 percent and 82 percent increase over the respective periods in 2009 due to an increase in the number of patients receiving Cinryze. Vancocin net sales during the three and twelve months ended December 31, 2010 were $67.8 million and $259.6 million, respectively, or a 31 percent and 22 percent increase over the respective period in 2009 primarily due to net realized price growth during 2010, offset by lower sales volumes.

Cost of sales increased over the three and twelve month periods in the prior year by $6.0 million and $21.1 million, respectively, due to increased Cinryze volume partially offset by the impact of the step-up of inventory on 2009 cost of sales related to the acquisition of Lev.  As part of our October 2008 purchase of Lev, we acquired Cinryze inventory which was recorded at fair value in purchase accounting.  This fair value of inventory increased cost of sales for Cinryze during the year ended December 31, 2009 by $6.9 million.Research and development costs decreased $12.5 million during 2010 from 2009 primarily as a result of the winding down our stem cell and liver transplant studies in 2009 in our maribavir program. Selling, general and administrative expenses increased $6.3 million during 2010 compared to 2009.  The increase was driven by expenses related to
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SOURCE ViroPharma Incorporated
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