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Depomed Reports Third Quarter 2013 Financial Results
Date:11/5/2013

NEWARK, Calif., Nov. 5, 2013 /PRNewswire/ -- Depomed, Inc. (Nasdaq: DEPO) today reported financial results for the quarter ended September 30, 2013.

Third Quarter 2013 Financial and Operational Summary

  • Total revenues were $37.5 million and included recognition of a $5.0 million milestone payment from Mallinckrodt related to the NDA filing of MNK-795. Excluding this milestone and a $10 million upfront payment from Janssen in the third quarter of 2012, total revenues of $32.5 million grew 39% compared to $23.3 million for the third quarter of 2012.
  • Product revenues of $16.3 million grew 68% compared to $9.7 million for the third quarter of 2012.
  • Gralise® (gabapentin) net sales of $9.8 million grew 104% compared to $4.8 million for the third quarter of 2012.
  • Zipsor® (diclofenac potassium) net sales of $6.0 million grew 22% compared to $4.9 million for the third quarter of 2012.
  • Glumetza® (metformin hydrochloride extended-release) royalties from Santarus, Inc. of $14.6 million, compared to $11.6 million for the third quarter of 2012.
  • Net income of $6.5 million or $0.11 per share, compared to a net loss of ($1.5) million or ($0.03) per share for the third quarter of 2012.
  • Cash and marketable securities of $85.4 million as of September 30, 2013; does not include proceeds of the $240.5 million from PDL BioPharma announced in October 2013.
  • Depomed acquired and launched Lazanda® (fentanyl) Nasal Spray for the treatment of breakthrough pain in cancer patients 18 years of age and older who are already receiving and who are tolerant to opioid therapy for their underlying persistent cancer pain. 
  • In October, Depomed sold its royalty and milestone interest in its type 2 diabetes portfolio to PDL BioPharma, generating $240.5 million.<
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  • SOURCE Depomed, Inc.
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