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

inancial Outlook Depomed is increasing its guidance for total revenues and GAAP earnings per share  for full year 2014 and is reiterating its guidance for product sales, non-GAAP adjusted earnings per share and cash flow for  full year 2014:

  • Product sales of approximately $115 to $125 million
  • Total revenues of approximately $215 to $230 million, which includes non-cash revenues related to the PDL transaction and $15 million in milestones already received in 2014 from Mallinckrodt
  • GAAP earnings per share of approximately $0.36 to $0.51 per share, which includes the non-cash PDL revenues and non-cash PDL interest expense
  • Non-GAAP adjusted earnings per share of break-even to $0.16 per share
  • Cash flow of at least break-even excluding payment of approximately $58 million in taxes in the first quarter of 2014 related to fiscal year 2013
  • The increases in guidance regarding total revenues and GAAP earnings per share are entirely due to increased estimates of non-cash PDL royalty revenues resulting from net sales of Glumetza by Salix Pharmaceuticals during the first half of 2014.

    Non-GAAP Financial MeasuresIn this press release, Depomed includes information about non-GAAP adjusted earnings per share, a non-GAAP financial measure, as a useful operating metric for the three and six month periods ended June 30, 2014 and its 2014 financial outlook. The Company believes that the presentation of this non-GAAP financial measure, when viewed with our results and projections under GAAP and the accompanying reconciliation, provides supplementary information to investors. The Company uses this non-GAAP measure in connection with its own planning and forecasting purposes and for measuring the Company's performance. This non-GAAP financial measure should be considered in addition to, and not a substitute for, or superior to, net income or other financial measures calculated in accordance with GAAP. Non-GAAP adjust
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