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Labopharm Reports Results for Second Quarter Fiscal 2009
Date:8/7/2009

partially offset by higher average selling prices per tablet in the second quarter of fiscal 2009. Product sales to the U.S. were $1.8 million.

Under its licensing and distribution agreement with Purdue for RYZOLT in the United States, Labopharm is entitled to royalty payments of 20% of Purdue's net sales of the product to distributors as defined in the agreement (up to 25% if Purdue achieves certain net annual sales levels). Royalty revenue recorded on sales of RYZOLT in the U.S. for the quarter was $0.1 million. Considering that RYZOLT was just recently launched in May 2009, Labopharm is recording its royalty earned for the quarter based on the sell-through method, under which revenue is recognized, for accounting purposes, upon dispensing of the product to the patient based on third-party prescription data.

Labopharm supplies finished packaged RYZOLT product at cost to Purdue Pharma, for which the Company records revenue from product sales that generate no gross margin. As a result, the adjusted gross margin figures discussed below exclude sales and cost of goods sold for product sold in the U.S. to provide a more meaningful understanding of the gross margin. Adjusted gross margin (as a percentage of revenue from product sales) for territories outside the U.S. for the second quarter of fiscal 2009 was 66% compared with 56% for the second quarter of fiscal 2008. Adjusted gross margin for territories outside the U.S. for the second quarter of fiscal 2009 excludes the reversal of $0.2 million of previously recorded write downs. The increase in adjusted gross margin was due primarily to a higher average selling price per tablet.

Licensing revenue for the second quarter of fiscal 2009 was $1.3 million and represented a portion of licensing payments received from the Company's licensing and distribution partners for once-daily tramadol. Licensing revenue for the second quarter of fiscal 2008 was $1.1 million.'/>"/>

SOURCE Labopharm Inc.
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