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ViroPharma Incorporated Reports Fourth Quarter and Full Year 2012 Financial Results
Date:2/27/2013

million during the three months and year ended December 31, 2011, respectively. The decrease is due to the introduction of generic vancomycin.

Cost of sales increased for the three months and year ended December 31, 2012 primarily due to the effect of continuing growth of Cinryze and the royalty due to Genzyme for Vancocin sales which was not payable in 2011.

Research and development costs incurred during 2012 were relatively flat compared to 2011 as the increased spending during 2012 in our various programs was offset by upfront and license payments of $15.5 million to Halozyme and a $3.0 million license payment to Intellect Neurosciences in 2011. The increase in selling, general and administrative expenses in the year ended December 31, 2012 compared to the year ended December 31, 2011 was driven by the growth of our global organization and our commercialization efforts.

We incurred other operating expenses of $8.7 million in the year ended December 31, 2012 compared to $8.5 million in the year ended December 31, 2011.  During 2012, we recognized $4.5 million of expense due to the re-measurement of the fair value of the contingent consideration and $3.7 million of start-up cost paid to suppliers. Results for 2011 included $4.7 million of expense due to the re-measurement of the fair value of the contingent consideration, $3.4 million of costs to expand Cinryze manufacturing capacity at Sanquin and an $8.5 million impairment charge related to certain assets acquired from Auralis. 

Our tax expense for the quarter was $2.5 million and $13.4 million for the year versus $10.2 million and $67.3 million for the respective prior year periods.  Our effective tax rate for 2012 was 71 percent up from 32 percent for the previous year.  The effective tax rate for 2012 was impacted by approximately 170 basis points due to the recording of a valuation allowance related to certain state net operating losses. 

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SOURCE ViroPharma Incorporated
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