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Pharmacyclics Reports Third Quarter 2013 Results
Date:11/7/2013

sen of $50 million each, totaling $200 million. The Company may receive up to an additional $550 million ($50 million for development progress, $150 million for regulatory progress and $350 million for approval) in development, regulatory and approval 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 $25.7 million for the quarter ended September 30, 2013, compared to $42.7 million for the quarter ended June 30, 2013 and $23.9 million for the quarter ended September 30, 2012. During the three months ended June 30, 2013, the Company exceeded the $50 million annual cap on its share of development costs under the Agreement. As such, all of the Company's share of development and commercial costs  chargeable to the collaboration during the quarter ended September 30, 2013 represents amounts incurred in excess of the annual cap ("Excess Amounts"). The Company recognizes Excess Amounts as a reduction to operating expenses. For the quarter ended September 30, 2013, the Company recognized $45.5 million of Excess Amounts as a reduction to operating expenses. There were no Excess Amounts recognized for the quarter ended September 30, 2012. Of the Excess Amounts recognized for the quarter ended September 30, 2013, $34.1 million was recorded as a reduction to research and development expenses and $11.4 million was recorded as a reduction to general and administrative expenses.

GAAP operating expenses were $124.1
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SOURCE Pharmacyclics, Inc.
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