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Avanir Pharmaceuticals Reports Fiscal 2013 First Quarter Financial And Business Results
Date:2/7/2013

ALISO VIEJO, Calif., Feb. 7, 2013 /PRNewswire/ -- Avanir Pharmaceuticals, Inc. (NASDAQ: AVNR) today reported financial results for the three months ended December 31, 2012.

(Logo: http://photos.prnewswire.com/prnh/20130207/LA55901LOGO)

Quarterly Financial Highlights

  • Total company net revenues increased to $16.5 million, representing growth of 22% versus the previous quarter
  • Gross and net NUEDEXTA® sales increased to $18.4 million and $14.9 million, respectively, representing growth of 19% and 20% versus the previous quarter
  • Cash, cash equivalents, and restricted investments of $59.3 million as of December 31, 2012.
  • "Avanir delivered another strong quarter of growth with record NUEDEXTA sales and prescriptions," said Keith A. Katkin , president and CEO of Avanir.  "In addition, the clinical team has successfully executed our plan to move our next generation asset, AVP-786, through the first stage of the phase I clinical study, with encouraging results. With demonstrated success in the AVP-786 study, we now have two promising assets in clinical development, each of which has broad potential in a number of CNS indications."

    Fiscal 2013 First Quarter Results

  • Total net revenues for the quarter ended December 31, 2012 were $16.5 million, compared with $7.2 million for the comparable quarter in fiscal 2012, representing 130% year-over-year growth. Total net revenues consist of NUEDEXTA revenue and royalty revenue from Abreva®.
  • Total operating expenses, excluding cost of sales and share-based compensation were $25.3 million in the first quarter of fiscal 2013, compared with $21.7 million in the comparable period in fiscal 2012.
  • Cash used in operations was $12.7
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  • SOURCE Avanir Pharmaceuticals, Inc.
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