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Pharmacyclics Reports Second Quarter 2013 Results
Date:7/31/2013

the quarter ended June 30, 2012. The increase in revenue was primarily due to the Company earning a $50 million milestone payment during the quarter ended June 30, 2013 under its collaboration and license agreement (the "Agreement") with Janssen Biotech, Inc. and its affiliates ("Janssen"). The $50 million milestone was earned on April 11, 2013 as a result of the enrollment of a fifth patient in a study using ibrutinib (PCI-32765) as a monotherapy versus chlorambucil in elderly patients with newly diagnosed chronic lymphocytic leukemia (CLL)/small lymphocytic lymphoma (SLL). Revenue for the six months ended June 30, 2013 was $57.5 million, compared to $4.1 million for the six months ended June 30, 2012.

To date, the Company has received four milestone payments from Janssen of $50 million each, totaling $200 million, under the Agreement. The Company may receive up to an additional $625 million ($50 million for development progress, $225 million for regulatory progress, and $350 million for regulatory approval) in development and regulatory milestone payments, however, clinical development entails risks and the Company has no assurance as to whether or when the milestone targets might be achieved.

The Agreement with Janssen includes a cost sharing arrangement for certain development activities. In general, Janssen is responsible for approximately 60% of development costs and the Company is responsible for 40% of development costs. The Agreement with Janssen also provides for a $50 million annual cap of the Company's share of development costs and pre-tax commercialization losses for each calendar year.

GAAP operating expenses were $42.7 million for the quarter ended June 30, 2013, compared to $19.6 million for the quarter ended June 30, 2012. During the three months ended June 30, 2013, the Company exceeded the $50 million annual cap on the Company's share of development costs and pre-tax commercialization losses by $20.4 million. The Company reco
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SOURCE Pharmacyclics, Inc.
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