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Avanir Pharmaceuticals Reports Fiscal 2014 Third Quarter Financial and Business Update
Date:8/5/2014

ALISO VIEJO, Calif., Aug. 5, 2014 /PRNewswire/ -- Avanir Pharmaceuticals, Inc. (NASDAQ: AVNR) today reported financial results for the three and nine months ended June 30, 2014.

Quarterly Financial Highlights

  • Total company net revenues of $28.6 million.
  • Net NUEDEXTA® sales of $26.5 million.
  • Cash, cash equivalents, and restricted investments of $87.6 million as of June 30, 2014.
  • "We had a great quarter across all aspects of our business. I am delighted with the positive outcome of our ANDA patent litigation, solid revenue growth of 45% year-over-year, and the positive interim data from our open label PRISM II study in PBA and COMPASS clinical trial in migraine," said Keith A. Katkin, president and CEO of Avanir. "The future looks very promising as we are in the midst of expanding the sales force which should further accelerate revenue growth and we will announce data from our agitation and levodopa-induced dyskinesia trials later this year."

    Fiscal 2014 Third Quarter Results

  • Total net revenues for the third quarter fiscal 2014 were $28.6 million, compared with $19.8 million for the comparable quarter in fiscal 2013, representing 45 percent year-over-year growth. Total net revenues consist of NUEDEXTA revenue, Abreva® royalties and co-promotion revenues.
  • Total operating expenses were $40.5 million in the third quarter of fiscal 2014, compared with $30.2 million in the comparable period in fiscal 2013.
  • Cash used in operations was $16.1 million in the third quarter of fiscal 2014.
  • Net loss for the fiscal 2014 third quarter was $12.7 million, or $0.08 per share, compared with a net loss of $11.4 million, or $0.08 per share, for the same period in fiscal 2013.
  • Fiscal 2014 Nine-Month Results

  • Total net revenues for the first nine months of fiscal 2014 totaled $82.3 million,
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  • SOURCE Avanir Pharmaceuticals, Inc.
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