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Avanir Pharmaceuticals Reports Fiscal 2011 Third Quarter Financial Results
Date:8/8/2011

with meeting the objectives of the PRIME study, including, but not limited to, delays or failures in enrollment, and the occurrence of adverse safety events, and other risks detailed from time to time in the Company's most recent Annual Report on Form 10-K and other documents subsequently filed with or furnished to the Securities and Exchange Commission. These forward-looking statements are based on current information that may change and you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and the Company undertakes no obligation to revise or update any forward-looking statement to reflect events or circumstances after the issuance of this press release.AVANIR PHARMACEUTICALS, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)Three Months Ended June 30,Nine Months Ended June 30,2011201020112010REVENUES FROM PRODUCT SALES   Gross product sales

$
2,187,124$
-$
2,692,090$
-   Less: discount and allowances

(254,889)-(297,841)-   Net product sales

1,932,235-2,394,249-   Cost of product sales

119,20880,000233,53580,000Product gross margin (deficit)

1,813,027(80,000)2,160,714(80,000)OTHER REVENUES   Revenues from royalties

547,900487,3503,340,8762,966,778Total gross margin

2,360,927407,3505,501,5902,886,778OPERATING EXPENSES   Research and development

3,258,9502,788,1329,622,12910,050,635   Selling, general and administrative

15,150,0533,733,15138,522,26410,222,333Total operating expenses

18,409,0036,521,28348,144,39320,272,968Loss from operations(16,048,076)(6,113,933)(42,642,803)(17,386,190)OTHER INCOME (EXPENSE)   Interest income

10,8482,66128,03110,822   Other, net

(28,332)389,689(28,295)390,366Net loss$ (16,065,560)$ (5,721,583)$ (42,64
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SOURCE Avanir Pharmaceuticals, Inc.
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