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ViroPharma Incorporated Reports Third Quarter 2009 Financial Results
Date:10/28/2009

EXTON, Pa., Oct. 28, /PRNewswire-FirstCall/ -- ViroPharma Incorporated (Nasdaq: VPHM) reported today its financial results for the third quarter ended September 30, 2009.

  • Delivered $81 million in net product sales including $29 million in net sales of Cinryze(TM);
  • Achieved adjusted net income of $32 million; GAAP net income reached $20 million;
  • Improved working capital to $358 million as of the end of the third quarter of 2009, including cash and cash equivalents of $289 million; and
  • Delivered positive cash flows from operations of $42 million for the nine months ended September 30, 2009.

Net sales were $80.6 million and $222.6 million for the three and nine months ended September 30, 2009, respectively, as compared to $65.9 million and $182.3 million for Vancocin only in the comparative three and nine month periods of 2008, respectively. This represents 22 percent growth in the three and nine month periods in net product sales.

The Company is reporting both GAAP net income (loss) and adjusted results for the three and nine months ended September 30, 2009 and 2008. Adjusted net income is GAAP net income excluding (1) non-cash interest expense, (2) amortization related to the acquisition of Lev Pharmaceuticals and Vancocin, and step up in inventory related to purchase accounting arising from the acquisition of Lev Pharmaceuticals, (3) stock compensation expenses, and (4) certain non-recurring events such as the goodwill write off and gain on extinguishment of repurchased bonds. A reconciliation between GAAP and adjusted net income is provided in the Selected Financial Information - Reconciliation of GAAP Net Income to Adjusted Net Income table included with this release.

The Company believes it is important to share these non-GAAP financial measures with s
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SOURCE ViroPharma Incorporated
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