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Depomed Reports Second Quarter 2014 Financial Results
Date:8/6/2014

luted share
  • $223.7 million of cash and marketable securities and no debt outstanding as of June 30, 2014, an increase of $10.6 million for the quarter
  • Completed bench trial in ANDA litigation related to Gralise with a ruling expected in short order
  • Srinivas G. Rao, MD, PhD, joined Depomed in July as Chief Medical Officer and announced that R. Scott Shively will join the company as Chief Commercial Officer in September
  • "Gralise and our recent acquisitions, CAMBIA and Lazanda, led the way to a strong quarter, doubling our net product sales over the same period last year.  All four of our products showed prescription growth in Q2 compared to Q1 2014," said Jim Schoeneck, President and Chief Executive Officer of Depomed.  "We believe the growth of our product revenues in Q2 and the integration of new products into our commercial organization demonstrate our ability to build a growth-oriented specialty pharmaceutical company focused on pain and central nervous system disorders. We are also thrilled to add Srini and Scott to our leadership team, increasing our depth and expertise in the pain and CNS markets.  For the remainder of 2014, we are focused on growing product revenues, acquiring additional assets that will enhance our product portfolio and managing expenses to continue to operate at positive cash flow."

    Accounting Treatment for the Sale of Type 2 Diabetes Royalty and Milestone Interests to PDLIn October 2013, Depomed sold interests in future royalty and milestone payments in the Type 2 diabetes therapeutic area to PDL Biopharma, Inc. (PDL) for $240.5 million. As a result of ongoing supply order obligations with respect to the underlying royalties, Depomed is accounting for this transaction under the debt accounting method. Although the royalty and milestone payments were sold to PDL, debt accounting requires the Company to continue to recognize the underlying royalties and milestones as revenu
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