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

gnizes amounts incurred in excess of the annual cap ("Excess Amounts") as a reduction to operating expenses. For the three months ended June 30, 2013, the Company recognized $20.4 million of Excess Amounts as a $17.4 million reduction to research and development expense and a $3.0 million reduction to general and administrative expense.

GAAP operating expenses were $98.5 million for the six months ended June 30, 2013, compared to $39.5 million for the six months ended June 30, 2012. For the six months ended June 30, 2013, the Company recognized $20.4 million of Excess Amounts as a $17.4 million reduction to research and development expense and $3.0 million reduction to general and administrative expense. Under the Agreement, Janssen will fund maximum Excess Amounts of $225 million, which includes interest of $25 million. To date, the Company has recorded Excess Amounts of $38.5 million. The Company recognizes Excess Amounts as a reduction to operating expenses as the Company's repayment of Excess Amounts to Janssen is contingent and would become payable only after the third profitable calendar quarter for the product. Further, Excess Amounts shall be reimbursable only from the Company's share of pre-tax profits (if any) after the third profitable calendar quarter for the product.

As of June 30, 2013, the Company had cash, cash equivalents and marketable securities of $505.0 million, compared with $317.1 million as of December 31, 2012. As previously announced on July 10, 2013, the Company submitted a New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA) for the investigational oral Bruton's tyrosine kinase (BTK) inhibitor, ibrutinib, for two relapsed/refractory B-cell malignancy indications: mantle cell lymphoma (MCL) and CLL/SLL. Upon acceptance of such filing by the FDA, the Company would be entitled to receive from Janssen $75 million in regulatory milestone payments.

The Company expects to end 2013 in excess of $550 mill
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SOURCE Pharmacyclics, Inc.
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