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Depomed Reports Fourth Quarter and Full Year 2012 Financial Results
Date:2/20/2013

NEWARK, Calif., Feb. 20, 2013 /PRNewswire/ -- Depomed, Inc. (Nasdaq: DEPO) today reported financial results for the quarter and twelve months ended December 31, 2012.

2012 Financial and Business Highlights

  • Fourth Quarter 2012 Highlights:
  • Total revenues of $26.6 million, an increase of 119% over fourth quarter 2011
  • Gralise® (gabapentin) net sales of $7.6 million, including a one-time increase of $1.6 million related to a change in revenue recognition to a sell-in model
  • Zipsor® (diclofenac potassium) net sales of $4.9 million
  • Net loss of ($3.7) million or ($0.07) per share  
  • $77.9 million of cash and marketable securities and no debt as of December 31, 2012
  • Full Year 2012 Highlights:
  • Total revenues of $90.8 million
  • Net loss of ($29.8) million or ($0.53) per share
  • Full year 2012 Gralise net sales of $17.3 million
  • Zipsor® (diclofenac potassium) acquired in June 2012 for $25.9 million in cash and assumption of certain liabilities; Zipsor net sales of $9.8 million from acquisition to year end 2012
  • Serada NDA filed in July 2012 and accepted by the FDA in October 2012; Advisory Committee on March 4, 2013; PDUFA date of May 31, 2013
  • Nucynta ER license agreement with Janssen Pharmaceuticals; $10 million upfront payment and royalty to 2021
  • "We believe we made very strong operational and financial progress in 2012.  We solidified our pain franchise by growing Gralise prescriptions throughout the year and acquiring and relaunching Zipsor mid-year.  Our recurring revenue, consisting of our product sales and royalties, exceeded an annualized run rate of $100 million for the first time in the fourth quarter 2012.  We expanded our portfolio of royalty producing agreements with our license to
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    SOURCE Depomed, Inc.
    Copyright©2012 PR Newswire.
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