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Pharmacyclics Reports Second Quarter 2014 Results
Date:7/31/2014

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 quart
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SOURCE Pharmacyclics, Inc.
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