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

ssociated with our Phase 2 clinical trial of DM-1992 in third quarter 2012.

Net income for the third quarter of 2013 was $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 were $85.4 million as of September 30, 2013 as compared to $74.2 million as of June 30, 2013. This does not include proceeds from the sale of type 2 diabetes milestones and royalties to PDL BioPharma, announced in October 2013.

Revised 2013 Guidance in Light of PDL Transaction Depomed is revising the financial outlook previously given for the full year of 2013 resulting from the sale of milestone and royalty interests in Depomed's type 2 diabetes portfolio to PDL Biopharma in October 2013.

  • Operating expenses of approximately $116 to $118 million, which includes intangible amortization related to the acquisitions of Zipsor and Lazanda.
  • Depomed is revising its revenue guidance for 2013 to a range of approximately $113 to $116 million. This guidance removes revenues related to the type 2 diabetes interests sold to PDL for the fourth quarter of 2013 and does not include a potential $10 million approval milestone from Mallinckrodt.  Depomed is still reviewing the accounting for the PDL transaction, which could have an effect on reported revenues under US GAAP.
  • Year-end 2013 cash and marketable securities of $318 to $322 million prior to consideration of taxes that may result from the PDL transaction and does not include receipt of a potential $10 million approval milestone from Mallinckrodt before year end.
  • Conference CallDepomed will host a conference call today, Tuesday, November 5 beginning at 5:00 p.m. EST (2:00 p.m. PST) to discuss its results.  Participants can access the call by dialing 877-317-6789 (United States) or 412-317-6789 (international). The conference call will also be available via a live webcast on the investor
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    SOURCE Depomed, Inc.
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