SUNNYVALE, Calif., July 31, 2014 /PRNewswire/ -- Pharmacyclics, Inc. (the "Company") (Nasdaq: PCYC) today reported financial results and recent developments for the quarter ended June 30, 2014.
Financial Results for the Six Months and Quarter Ended June 30, 2014 RevenueTotal revenue for the quarter ended June 30, 2014 increased to $113.0 million from $54.7 million for the quarter ended June 30, 2013 primarily due to IMBRUVICA® (ibrutinib) net product revenue of $109.5 million.
Total revenue for the six months ended June 30, 2014 increased to $232.4 million from $57.5 million for the six months ended June 30, 2013 primarily due to net product revenue of $165.7 million from sales of IMBRUVICA.
The quarter ended June 30, 2014 represented the Company's first full quarter of IMBRUVICA sales after receiving approval from the U.S. Food and Drug Administration (FDA) under accelerated approval on February 12, 2014 as a single agent for the treatment of patients with chronic lymphocytic leukemia (CLL) who have received at least one prior therapy. IMBRUVICA first came to market on November 13, 2013 after receiving approval from the FDA under accelerated approval as a single agent for the treatment of patients with mantle cell lymphoma (MCL) who have received at least one prior therapy.
Subsequent to June 30, 2014, we announced on July 28, 2014 that the FDA granted IMBRUVICA regular (full) approval for the treatment of patients with CLL who have received at least one prior therapy, and for the treatment of CLL patients with deletion of the short arm of chromosome 17 (del 17p CLL), including treatment naive (frontline) and previously treated del 17p CLL patients. This approval of IMBRUVICA in del 17p CLL triggers $60 million in milestone payments to us under our Agreement with Janssen, which will be recognized as revenue in the third quarter of 2014.
To date, in addition to the upfront payment of $150 million, we have earned milestone payments of $505 million under the Agreement. We may receive up to an additional $320 million ($50 million for development progress, $70 million for regulatory progress and $200 million for approval) in development, regulatory and approval milestone payments, however, clinical development entails risks and we have no assurance as to whether or when the milestone targets might be achieved.
GAAP and Non-GAAP net income (loss)Non-GAAP net income for the six months ended June 30, 2014 was $11.5 million, or $0.15 net income per diluted share, compared to non-GAAP net loss of $9.1 million, or $0.13 net loss per diluted share for the six months ended June 30, 2013.
Non-GAAP net loss for the quarter ended June 30, 2014 was $19.7 million, or $0.26 net loss per diluted share, compared to non-GAAP net income of $19.2 million, or $0.25 net income per diluted share for the quarter ended June 30, 2013. See "Use of Non-GAAP Financial Measures" below for a description of our Non-GAAP Financial Measures. Reconciliation between certain GAAP and Non-GAAP measures is provided at the end of this press release.
GAAP net loss for the six months ended June 30, 2014 was $18.8 million, or $0.25 net loss per diluted share, compared to GAAP net loss of $39.6 million, or $0.55 net loss per diluted share for the six months ended June 30, 2013.
GAAP net loss for the quarter ended June 30, 2014 was $37.1 million, or $0.49 net loss per diluted share, respectively, compared to GAAP net income of $12.4 million or $0.16 net income per diluted share for the quarter ended June 30, 2013.
"We're pleased to report these very strong results today that reflect our commercial success with IMBRUVICA and which indicate a continued strong growth trend for the remainder of the year," said Bob Duggan, Chairman & CEO of Pharmacyclics. "This quarter's results are bolstered by a well executed commercial strategy, availability of compelling clinical data, and a robust presence within scientific peer-review forums. In addition, recent regulatory actions both in the U.S. and in Europe continue to validate the efficacy, safety and tolerability of IMBRUVICA, and strengthen its brand within the CLL prescriber, patient and payor environments."
GAAP and Non-GAAP expensesNon-GAAP R&D expenses for the quarter ended June 30, 2014 were $37.5 million, compared to $24.2 million for the quarter ended June 30, 2013. Non-GAAP SG&A expenses were $36.2 million for the quarter ended June 30, 2014, compared to $11.6 million for the quarter ended June 30, 2013. Reconciliation between certain GAAP and Non-GAAP measures is provided at the end of this press release.
GAAP R&D expenses for the quarter ended June 30, 2014 were $45.7 million, compared to $27.9 million for the quarter ended June 30, 2013. GAAP SG&A expenses for the quarter ended June 30, 2014 were $45.0 million, compared to $14.7 million for the quarter ended June 30, 2013.
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 approximately 40% of development costs. Generally, costs associated with commercialization will be included in determining pre-tax profit or pre-tax loss relating to IMBRUVICA, and are to be shared 50% by the Company and 50% by Janssen. The Agreement with Janssen also provides for a $50 million annual cap of the Company's share of IMBRUVICA related R&D expenses, SG&A expenses, and offset by pre-tax commercial profits for each calendar year. The Company recognizes amounts incurred in excess of the annual cap (Excess Amounts) as a reduction to costs and expenses since 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. 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. Under the Agreement, Janssen will fund maximum Excess Amounts of $200 million, plus interest of up to $25 million.
The Company recorded no Excess Amounts for the three and six months ended June 30, 2014. Included in GAAP and non-GAAP costs and expenses for the three and six months ended June 30, 2013 was Excess Amounts of $20.4 million in total. Of the Excess Amounts recognized for the three and six months ended June 30, 2013, $17.4 million was recorded as a reduction to R&D expenses and $3.0 million was recorded as a reduction to SG&A expenses. To date, the Company had recorded Excess Amounts totaling $134.3 million.
For the three and six months ended June 30, 2014, the Company's share of R&D expenses and SG&A expenses related to IMBRUVICA under the Janssen collaboration Agreement was calculated as follows (in thousands):Three Months EndedSix Months EndedJun. 30,Jun. 30,Jun. 30,Jun. 30,2014201320142013Net collaboration costs for IMBRUVICAincluded within:Research and development expenses(1)
$ 30,072$ 21,424$ 54,474$ 43,596Selling, general and administrative expenses(1)
25,9843,70744,1496,40456,05625,13198,62350,000Less: Pharmacyclics' 50% share of net product revenue less cost of goods sold (2)
50,095-75,130-Total net costs for IMBRUVICAunder Janssen collaboration agreement (3)
50,000(1)Includes the reduction for Excess Amounts recorded in each period as follows:Three Months EndedSix Months EndedJun. 30,Jun. 30,Jun. 30,Jun. 30,2014201320142013Research and development expenses(1)
7,377Selling, general and administrative expenses(1)
-3,006-3,006Total Excess Amounts
20,383(2)Pharmacyclics 50% share of net product revenue less cost of goods sold:Three Months EndedSix Months EndedJun. 30,Jun. 30,Jun. 30,Jun. 30,2014201320142013Product revenue, net
-Less: Cost of goods sold
9,305-15,415-100,190-150,259-Janssen's share of pre-tax profits
50%50%50%50%Total Cost of collaboration (Janssen's 50% share as per the Agreement)
-Pharmacyclics' 50% share of net product revenue less cost of goods sold
-(3)The Company's total share of net costs under the Agreement did not exceed the $50 million annual cap provided for in the Agreement. As such, no Excess Amounts were recorded for the three and six months ended June 30, 2014. Regulatory UpdateOn July 28, 2014, the U.S. FDA granted IMBRUVICA full approval for the treatment of CLL patients who have received at least one prior therapy, and for the treatment of CLL patients with deletion of the short arm of chromosome 17 (del 17p CLL), including treatment naive (frontline) and previously treated del 17p CLL patients. This was the first full FDA approval for IMBRUVICA, and was granted only five and a half months after the original accelerated approval for patients with previously treated CLL, which was granted in February 2014.
This full approval is based on data from the Phase III RESONATE™ study (PCYC-1112-CA), a randomized, multi-center, international head-to-head comparison of single-agent, orally-administered IMBRUVICA (ibrutinib) versus the intravenous, monoclonal antibody ofatumumab targeting the CD 20 antigen. This study enrolled 373 patients with CLL and 18 patients with small lymphocytic lymphoma (SLL), who received at least one prior therapy. The median number of prior treatments was 2 (range, 1 to 13 treatments). At baseline, the median age of these patients was 67 years, 58% of whom had at least one tumor ≥ 5 cm, and 32% of whom had the del 17p mutation. Patients receiving IMBRUVICA demonstrated a statistically significant improvement in progression-free survival (PFS), overall survival (OS) and overall response rate (ORR) as compared to patients treated with ofatumumab. The median PFS and OS has not been reached on the IMBRUVICA arm. There was a 78% reduction in the risk of progression or death as assessed by an independent review committee (IRC) according to the modified IWCLL criteria (HR 0.22, 95% CI, 0.15 to 0.32, P<0.0001). In addition, the analysis of overall survival demonstrated a 57% statistically significant reduction in the risk of death for patients in the IMBRUVICA arm (HR 0.43; 95 CI, 0.24 to 0.79, P<0.005). This was observed despite a total of 57 patients who were initially randomized to ofatumumab crossing over to receive IMBRUVICA prior to the analysis. For previously treated del 17p CLL patients, there was a 75% reduction in the risk of progression or death as assessed by an IRC (HR 0.25, 95% CI, 0.14 to 0.45, P<0.0001).
In addition, on July 25, 2014, the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) issued a positive opinion recommending full marketing approval for IMBRUVICA in the European Union. The CHMP recommendation for IMBRUVICA is for the treatment of adult patients with relapsed or refractory MCL, or adult patients with CLL who have received at least one prior therapy, or in first line in the presence of 17p deletion or TP53 mutation in patients unsuitable for chemo‑immunotherapy. The positive opinion was based on data from the Phase II study (PCYC-1104) in MCL, a Phase III RESONATE™ study (PCYC-1112-CA) and a Phase II study (PCYC-1102) in CLL.
The EMA is a decentralized agency of the European Union responsible for the scientific evaluation of medicines developed by pharmaceutical companies for use in the 28 countries of the European Union. The positive opinion of the EMA's CHMP will be reviewed by the European Commission, and a final decision on IMBRUVICA is anticipated later this year. In addition to European markets, a worldwide regulatory filing program for IMBRUVICA currently is underway.
Clinical UpdateIMBRUVICA (ibrutinib) clinical trials are active in all regions including US, Europe, Asia Pacific, Canada and Latin America. Currently IMBRUVICA is being developed in 8 different B-cell malignancies. There are 12 Phase III clinical trials initiated with IMBRUVICA and a total of 50 trials are registered on www.clinicaltrials.gov, of which 23 are investigating combination regimens while the remaining 27 are investigating IMBRUVICA monotherapy. The total planned enrollment for all of our clinical studies investigating IMBRUVICA is approximately 7,200 patients. As of today there are seven Phase III studies focused on patients with CLL, two designed for patients with MCL, one for patients with diffuse large B-cell lymphoma, one for patients with follicular lymphoma and one for Waldenstroms macroglobulinemia. To date, over 3,300 patients have been treated in Company-sponsored trials which are being conducted in over 35 countries around the globe and which involve more than 800 principal investigators.
During the second quarter, we initiated a Company-sponsored, randomized, double-blind, placebo-controlled, Phase III study of IMBRUVICA or placebo in combination with rituximab in previously treated Waldenstrom's Macroglobulinemia patients. The total planned enrollment for this study is 180 patients.
In the second quarter, we provided significant preclinical updates in chronic graft versus host disease (GvHD) and solid tumors (Her2-posivtive breast cancer) which led to the publication of two abstracts at the American Association of Cancer Research (AACR). Since then we initiated our first trial with IMBRUVICA in GvHD. The study is a Phase Ib/II investigating the safety and efficacy of IMBRUVICA in patients with chronic GVHD who are steroid dependent or refractory. The study is currently recruiting with a total planned enrollment of 39 patients.
During the three months ended June 30, 2014, we provided updates on several of our clinical programs in various press releases and filings with the Securities and Exchange Commission. Pharmacyclics participated in three prominent medical conferences, the American Association for Cancer Research (AACR) in San Diego, Ca, the 50th Annual Meeting of the American Society of Clinical Oncology (ASCO) in Chicago, IL, and the 19th European Hematology Association (EHA) Congress in Milan, Italy. The oral presentation of the Phase III RESONATETM and its inclusion in the official press program during the 50th Annual ASCO meeting was a historical milestone for the Company and captured the attention of the scientific community, as well as worldwide media outlets. The data also were validated at the EHA Congress in Milan where they were presented during the presidential symposium with approximately 4,000 hematologists in attendance. During these scientific conferences, IMBRUVICA was presented in four oral sessions and in 14 posters covering results in seven histologies (i.e., CLL, small lymphocytic lymphoma, HCL, MCL, diffuse large B-cell lymphoma, follicular lymphoma, and marginal zone lymphoma).
IMBRUVICA (ibrutinib) – Selected Clinical Trial UpdatesChronic Lymphocytic Leukemia/Small Lymphocytic Lymphoma (CLL/SLL)
Mantle Cell Lymphoma (MCL)
Diffuse Large B-cell Lymphoma (DLBCL)
Follicular Lymphoma (FL)
Marginal Zone Lymphoma (MZL)
Waldenstrom's Macroglobulinemia (WM)
Multiple Myeloma (MM)
Conference CallThe Company will hold a conference call today at 4:30 p.m. ET. To participate, please dial 1-877-303-7908 (domestic callers) and 1-678-373-0875 (international callers). To access the live audio broadcast or the subsequent archived recording, log on to http://ir.pharmacyclics.com/events.cfm. The archived version of the webcast and conference call will be available for 30 days on the Investor Relations section of the Company's Web site at http://www.pharmacyclics.com.
About IMBRUVICAIMBRUVICA is indicated for the treatment of patients with mantle cell lymphoma or chronic lymphocytic leukemia who have received at least one prior therapy, and for patients with chronic lymphocytic leukemia with deletion of 17p who are either treatment naïve or previously treated. Accelerated approval was granted for the MCL indication and is based on overall response rate. Improvements in survival or disease-related symptoms have not been established. Continued approval for this indication may be contingent upon verification of clinical benefit in confirmatory trials.
IMBRUVICA is a new, first-in-class, oral therapy that inhibits an enzyme called Bruton tyrosine kinase (BTK). BTK is a key signaling molecule of the B-cell receptor signaling complex that plays an important role in the survival and spread of malignant B-cells. IMBRUVICA blocks signals that tell malignant B-cells to multiply and spread uncontrollably. It is one of the first medicines to file for FDA approval via the new Breakthrough Therapy Designation pathway, and is the recipient of three Breakthrough Therapy Designations for various indications. To date, 11 Phase III trials have been initiated with IMBRUVICA and 43 trials are currently registered on www.clinicaltrials.gov. Janssen and Pharmacyclics entered into a collaboration and license agreement in December 2011 to co-develop and co-commercialize IMBRUVICA.
For more information about IMBRUVICA, including the full prescribing information, please visit www.IMBRUVICA.com.
Access to IMBRUVICAPatients who are prescribed IMBRUVICA can receive access support through several distinct programs:
For more information about these comprehensive patient access programs, call 1-877-877-3536 or visit www.IMBRUVICA.com.
IndicationsIMBRUVICA is a kinase inhibitor indicated for the treatment of patients with:
Important Safety InformationIMBRUVICA can cause serious side effects. Warnings and Precautions include hemorrhage, infection, cyptopenias, atrial fibrillation, second primary malignancies, and embryo-fetal toxicity.
The most common adverse reactions include diarrhea, neutropenia, anemia, fatigue, musculoskeletal pain, peripheral edema, upper respiratory tract infection, nausea, bruising, dyspnea, constipation, rash, abdominal pain, pyrexia, vomiting, and decreased appetite.
For other important safety information, please see Full Prescribing Information at www.imbruvica.com.
About PharmacyclicsPharmacyclics® is a biopharmaceutical company focused on developing and commercializing innovative small-molecule drugs for the treatment of cancer and immune mediated diseases. Our mission and goal is to build a viable biopharmaceutical company that designs, develops and commercializes novel therapies intended to improve quality of life, increase duration of life and resolve serious unmet medical healthcare needs; and to identify and control promising product candidates based on scientific development and administrational expertise, develop our products in a rapid, cost-efficient manner and pursue commercialization and/or development partners when and where appropriate.
Pharmacyclics markets IMBRUVICA and has three product candidates in clinical development and five preclinical molecules in lead optimization. The Company is committed to high standards of ethics, scientific rigor, and operational efficiency as it moves each of these programs to viable commercialization.
Use of Non-GAAP Financial MeasuresThis press release contains non-GAAP financial measures, including costs and expenses and other expenses adjusted to exclude certain non-cash expenses. These measures are not in accordance with, or an alternative to, generally accepted accounting principles, or GAAP, and may be different from non-GAAP financial measures used by other companies. The items included in GAAP presentations but excluded for purposes of determining non-GAAP financial measures for the periods presented in this press release are: (i) employee-related non-cash expenses including stock-based compensation expense which may fluctuate from period to period based on factors including the timing and accounting of grants for performance-based stock options and changes in the Company's stock price which impacts the fair value of options granted and (ii) non-cash amortization of intangible assets. The Company believes the presentation of non-GAAP financial measures provides useful information to management and investors regarding various financial and business trends relating to our financial condition and results of operations. When GAAP financial measures are viewed in conjunction with non-GAAP financial measures, investors are provided with a more meaningful understanding of our ongoing operating performance. In addition, these non-GAAP financial measures are among those indicators the Company uses as a basis for evaluating operational performance, allocating resources and planning and forecasting future periods. Non-GAAP financial measures are not intended to be considered in isolation or as a substitute for GAAP financial measures. To the extent this release contains historical or future non-GAAP financial measures, the Company has also provided corresponding GAAP financial measures for comparative purposes. Reconciliation between certain GAAP and non-GAAP measures is provided at the end of this press release.
NOTE: This announcement may contain forward-looking statements made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements, among others, relating to our future capital requirements, including our expected liquidity position and timing of the receipt of certain milestone payments, and the sufficiency of our current assets to meet these requirements, our future results of operations, our expectations for and timing of ongoing or future clinical trials and regulatory approvals for any of our product candidates, and our plans, objectives, expectations and intentions. Because these statements apply to future events, they are subject to risks and uncertainties. When used in this announcement, the words "anticipate", "believe", "estimate", "expect", "expectation", "goal", "should", "would", "project", "plan", "predict", "intend", "target" and similar expressions are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to us and are subject to a number of risks, uncertainties and other factors that could cause our actual results, performance, expected liquidity or achievements to differ materially from those projected in, or implied by, these forward-looking statements. Factors that may cause such a difference include, without limitation, our need for substantial additional financing and the availability and terms of any such financing, the safety and/or efficacy results of clinical trials of our product candidates, our failure to obtain regulatory approvals or comply with ongoing governmental regulation, our ability to commercialize, manufacture and achieve market acceptance of any of our product candidates, for which we rely heavily on collaboration with third parties, and our ability to protect and enforce our intellectual property rights and to operate without infringing upon the proprietary rights of third parties. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, performance or achievements and no assurance can be given that the actual results will be consistent with these forward-looking statements. For more information about the risks and uncertainties that may affect our results, please see the Risk Factors section of our filings with the Securities and Exchange Commission, including our Form 10-K for the year ended December 31, 2013 and quarterly reports on Form 10-Q. We do not intend to update any of the forward-looking statements after the date of this announcement to conform these statements to actual results, to changes in management's expectations or otherwise, except as may be required by law.
Pharmacyclics, Inc.Condensed Consolidated Balance Sheets(unaudited; in thousands)Jun. 30,Dec. 31,20142013AssetsCurrent assets:Cash and cash equivalents$ 666,279$ 623,956Marketable securities11,70411,672Accounts receivable, net45,33511,044Receivable from collaboration partner3,87251,957Inventory38,30112,603Advances to manufacturers5,79320,316Prepaid expenses and other current assets12,2489,253Total current assets783,532740,801Property and equipment, net30,49025,471Intangible assets9,096-Other assets2,9702,479Total assets$ 826,088$ 768,751Liabilities and Stockholders' EquityCurrent liabilities:Accounts payable and accrued liabilities$ 71,490$ 75,214Payable to collaboration partner43,3593,388Deferred revenue - current portion15,1657,581Income tax payable231,448Total current liabilities130,03787,631Deferred revenue - non-current portion41,71652,025Other long-term liabilities1,6641,472Total liabilities173,417141,128Stockholders' equity652,671627,623Total liabilities and stockholders' equity$ 826,088$ 768,751
Pharmacyclics, Inc.Condensed Consolidated Statements of Operations (unaudited; in thousands, except per share data)Three Months EndedSix Months EndedJun. 30, Jun. 30, Jun. 30, Jun. 30, 2014201320142013Revenue:Product revenue, net
-License and milestone revenue
-50,00060,00050,000Collaboration and services revenue
113,02054,684232,39757,530Costs and expenses*: Cost of goods sold
9,305-15,415- Research and Development
45,66845,30080,96081,084Less: Excess amounts related to Research and development
-(17,377)-(17,377)Research and development, net
45,66827,92380,96063,707 Selling, general and administrative
45,00217,73679,71737,762 Less: Excess amounts related to Selling, general and administrative
-(3,006)-(3,006)Selling, general and administrative, net
45,00214,73079,71734,756 Costs of collaboration
50,095-75,130- Amortization of intangible asset
154-154-Total costs and expenses
150,22442,653251,37698,463Income (loss) from operations
(37,204)12,031(18,979)(40,933)Interest and other income (expense), net
(34)(23)456Income (loss) before income taxes
(37,238)12,008(18,975)(40,877)Income tax benefit
1813431931,317Net income (loss)
$ (37,057)$ 12,351$ (18,782)$ (39,560)Net income (loss) per share:Basic
(0.55)Weighted average shares used to computenet income (loss) per share:Basic
75,13977,19474,94771,948* Includes stock-based compensation as follows:Cost of goods sold
-Research and development
8,2153,76013,75014,940Selling, general and administrative
8,8023,10115,83615,499$ 17,191$ 6,861$ 30,177$ 30,439 Reconciliation of Selected GAAP Measures to Non-GAAP Measures (1)(unaudited; in thousands, except per share data)Three Months EndedSix Months EndedJun. 30,Jun. 30,Jun. 30,Jun. 30,2014201320142013Cost of goods sold reconciliationGAAP Cost of goods sold
-Less: Stock-based compensation
(174)-(591)-Non-GAAP Cost of goods sold
-Research and development reconciliationGAAP Research and development
3,707Less: Stock-based compensation
(8,215)(3,760)(13,750)(14,940)Non-GAAP Research and development
48,767Selling, general and administrative reconciliationGAAP Selling, general and administrative
34,756Less: Stock-based compensation
(8,802)(3,101)(15,836)(15,499)Non-GAAP Selling, general and administrative
9,257GAAP costs and expenses
98,463Adjustments:Cost of goods sold stock-based compensation(2)
(174)-(591)-Research and development stock-based compensation (2)
(8,215)(3,760)(13,750)(14,940)Selling, general and administrative stock-based compensation (2)
(8,802)(3,101)(15,836)(15,499)Amortization of intangible asset (2)
(154)-(154)-(17,345)(6,861)(30,331)(30,439)Non-GAAP costs and expenses
8,024GAAP net income (loss)
2,351$ (18,782)$ (39,560)Adjustments:Cost of goods sold stock-based compensation(2)
174-591-Research and development stock-based compensation (2)
8,2153,76013,75014,940Selling, general and administrative stock-based compensation (2)
8,8023,10115,83615,499Amortization of intangible asset (2)
154-154-17,3456,86130,33130,439Non-GAAP net income (loss)
(9,121)GAAP net income (loss) per share - basic
(0.55)Stock-based compensation expense
0.230.090.400.42Amortization of intangible asset
----Non-GAAP net income (loss) per share - basic
(0.13)GAAP net income (loss) per share - diluted
(0.55)Stock-based compensation expense
0.230.090.400.42Amortization of intangible asset
----Non-GAAP net income (loss) per share - diluted
(0.13)Shares used in calculating:Non-GAAP net income per share - basic
75,13972,95374,94771,948Non-GAAP net income per share - diluted
This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our financial statements prepared in accordance with GAAP.(2)
All stock-based compensation and amortization of intangible assets were excluded for the non-GAAP analysis.
|SOURCE Pharmacyclics, Inc.|
Copyright©2014 PR Newswire.
All rights reserved