WALTHAM, Mass., Nov. 8 /PRNewswire-FirstCall/ -- Repligen Corporation (Nasdaq: RGEN) today reported results for the second quarter of fiscal year 2008, ended September 30, 2007. Total revenue for the quarter was $5,352,000 compared to $2,865,000 for the second quarter of fiscal year 2007 ended September 30, 2006, an increase of $2,487,000 or 87%. Total revenue for the quarter consisted primarily of Protein A product revenue. Gross profit on product revenue for the second quarter of fiscal year 2008 was $3,744,000 (73%) compared to $1,765,000 (66%) for the same period in fiscal year 2007, an increase of $1,979,000 or 112%.
During the second quarter of fiscal year 2008, the Company reached a settlement with ImClone Systems in the patent infringement lawsuit against ImClone related to the manufacture and sale of Erbitux(R). As a result of the Settlement Agreement, the Company recorded a net gain from litigation settlement of $40,170,000 as a separate component of operating expenses.
Operating expenses, exclusive of the net gain from litigation settlement, were $4,752,000 for the second quarter of fiscal year 2008 compared to $3,961,000 for the same period in fiscal year 2007. This increase in operating expenses of $791,000 was primarily the result of other litigation expenses as well as increased external research and direct material expenses, which were partially offset by lower clinical operations costs.
Net income for the second quarter of fiscal year 2008 was $40,306,000
or $1.29 per diluted share, compared to a net loss for the second quarter
of fiscal year 2007 of $863,000 or $.03 per share. Cash, cash equivalents
and marketable securities as of September 30, 2007 were $62,696,000
compared to $22,
|SOURCE Repligen Corporation|
Copyright©2007 PR Newswire.
All rights reserved