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Avanir Pharmaceuticals Reports Fiscal 2013 Second Quarter Financial and Business Results
Date:5/8/2013

ALISO VIEJO, Calif., May 8, 2013 /PRNewswire/ -- Avanir Pharmaceuticals, Inc. (NASDAQ: AVNR) today reported financial results for the three and six months ended March 31, 2013.

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

Quarterly Financial Highlights

  • Total company net revenues of $17.4 million
  • Gross and net NUEDEXTA® sales increased to $20.8 million and $16.5 million, respectively, representing growth of 14% and 11% versus the previous quarter
  • Cash, cash equivalents, and restricted investments of $70.2 million as of March 31, 2013.
  • "Avanir achieved a major milestone with the exciting news regarding the positive CHMP opinion for NUEDEXTA in Europe. This is a significant moment in the evolution of the company towards its goal of becoming a leading mid-cap biopharmaceutical company," said Keith A. Katkin, president and CEO of Avanir.  "Additionally, we continue to execute in the U.S. as demonstrated by our commercial and clinical progress. We enter the second half of fiscal 2013 with strong momentum, a broad CNS pipeline and a continued focus on building our business."

    Fiscal 2013 Second Quarter Results

  • Total net revenues for the quarter ended March 31, 2013 were $17.4 million, compared with $10.0 million for the comparable quarter in fiscal 2012, representing 74% year-over-year growth. Total net revenues consist of NUEDEXTA net revenue and royalty revenue from Abreva®.
  • Total operating expenses, excluding cost of sales and share-based compensation were $30.1 million in the second quarter of fiscal 2013, compared with $25.3 million in the comparable period in fiscal 2012.
  • Cash used in operations was $9.6 million in the second quarter of fiscal 2013.
  • Net loss for the fiscal 2013 second qu
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  • SOURCE Avanir Pharmaceuticals, Inc.
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