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

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"In the third quarter, we demonstrated significant revenue growth in both Gralise and Zipsor, and we are excited about the addition of Lazanda at the end of July," said Jim Schoeneck, President and Chief Executive Officer of Depomed. "Our recent sale of our non-core type 2 diabetes royalties, including Glumetza, to PDL BioPharma for $240.5 million gives the company significant flexibility to expand our business through acquisitions of marketed or late stage assets. With over $320 million in cash currently on our balance sheet, pending final tax considerations, and the strength of our core business in pain and neurology, we believe we are well positioned to become a leader in the central nervous system specialty pharmaceutical area."

Third Quarter 2013 Financial ResultsTotal revenues increased to $37.5 million for the third quarter of 2013, compared to $33.3 million for the third quarter of 2012 as indicated below:

 Three Months Ended September 30,20132012Product sales:Gralise$

9,812$

4,758Zipsor6,0224,926Lazanda444—Total product sales 16,2789,684Royalties:Glumetza US$

14,578$

11,603Other844598Total royalty revenue15,42212,201License and other revenue:Glumetza$

760$

1,388Janssen—10,005Mallinckrodt5,000—Other—4Total license and other revenue:5,76011,397Total revenues$

37,460$

33,282 

Selling general and administrative expense was $26.4 million for the third quarter of 2013 compared to $26.8 million for the third quarter of 2012. Third quarter 2013 expenses included two months of selling general and administrative expenses associated with Lazanda.Research and development expense was $1.3 million for the third quarter of 2013 compared to $5.3 million for the third quarter of 2012. The decrease is primarily related the Company ceasing all expenditure on Sefelsa™ during the first quarter of 2013 and the clinical trial expenses a
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SOURCE Depomed, Inc.
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