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Avanir Pharmaceuticals Reports Fiscal 2011 Second Quarter Results
Date:5/9/2011

ALISO VIEJO, Calif., May 9, 2011 /PRNewswire/ -- Avanir Pharmaceuticals, Inc. (NASDAQ: AVNR) today reported financial results for the three and six months ended March 31, 2011.

Financial Highlights

  • Total net revenues of $1.4 million (deferred royalty revenue and recognized NUEDEXTA® revenue)
  • Gross revenue for NUEDEXTA of $505,000
  • Total NUEDEXTA net shipments of $3.1 million
  • Quarter end cash, cash equivalents, and investments of $105.1 million

  • Commenting on the financial results and recent events, Keith A. Katkin, president and CEO of Avanir, said, "With the mid-February launch of NUEDEXTA, the only FDA approved treatment for pseudobulbar affect, we have become a commercial stage biopharmaceutical company. I believe we are off to a promising start with over 1,000 new prescriptions through the end of March, representing the first seven weeks of launch. With a strong balance sheet, dedicated and talented employees, and plans for further clinical development, I believe Avanir is poised for a successful fiscal 2011."

    Fiscal 2011 Second Quarter Results

  • Total net revenues for the quarter ended March 31, 2011 totaled $1.4 million, compared with $1.0 million for the comparable quarter in 2010.
  • Total operating expenses were $15.8 million in the second quarter of fiscal 2011, compared with $7.4 million in the comparable period in fiscal 2010.
  • Cash used in operations was $13.9 million in the second quarter of fiscal 2011.
  • Net loss for the fiscal 2011 second quarter was $14.5 million, or $0.12 per share, compared with a net loss of $6.4 million, or $0.08 per share, for the same period in fiscal 2010.

  • Six-Month Results

  • Total net revenue for the first six-months of fiscal 2011 totaled $3.3 million compared with $2.5 million for the first six months of fisc
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  • SOURCE Avanir Pharmaceuticals, Inc.
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