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

million for the nine months ended September 30, 2013, compared to $63.4 million for the nine months ended September 30, 2012. During the nine months ended September 30, 2013, the Company recognized $65.9 million of Excess Amounts as a reduction to operating expenses. There were no Excess Amounts recognized for the nine months ended September 30, 2012. Of the Excess Amounts recognized for the nine months ended September 30, 2013, $51.5 million was recorded as a reduction to research and development expenses and $14.4 million was recorded as a reduction to general and administrative expenses.

Under the Agreement, Janssen will fund maximum Excess Amounts of $200 million and $25 million of interest thereon. To date, the Company has recorded Excess Amounts amounting to $84.0 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 September 30, 2013, the Company had cash, cash equivalents and marketable securities of $560.1 million, compared with $317.1 million as of December 31, 2012.

As of September 30, 2013, cash, cash equivalents, marketable securities and accounts receivable from Janssen totaled approximately $612.3 million. The Company now expects to end calendar year 2013 in excess of $600 million in cash, cash equivalents, marketable securities and receivables due from Janssen.

With the progress and achievements to date, the Company expects to be profitable on a GAAP basis for the quarter and year ending December 31, 2013.

"Team Pharmacyclics has consistently improved enrollment and data submission timelines for our CLL and MCL studies over the past years. Often the
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SOURCE Pharmacyclics, Inc.
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