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Forum List » Business News and Headlines SEC Filings, Earing Reports, Press Releases  
Targacept Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: November 3, 2011 02:26PM
Targacept Inc. (TRGT) filed Quarterly Report for the period ended 2011-09-30. Highlight of Business Operations:We generated net income for the nine months ended September 30, 2011 (and for the three months ended March 31, 2011) due primarily to recognition into revenue of a portion of the upfront payment received under our TC-5214 agreement with AstraZeneca and the remaining $18.4 million in payments received from GlaxoSmithKline that were unrecognized as of the time we received notice of termination of the agreement. We have alsoNet operating revenues for the three months ended September 30, 2011 decreased by $2.8 million as compared to the three months ended September 30, 2010. The lower net operating revenues for the 2011 period were primarily attributable to a decrease of $3.1 million in license fees and milestones from collaborations. The lower license fees and milestones from collaborations for the 2011 period primarily resulted from decreases of $2.4 million in recognition of payments related to the development of TC-5619 previously received from AstraZeneca under our cognitive disorders agreement with AstraZeneca, as the TC-5619-related payments became fully recognized in the second quarter of 2011, and $826,000 in recognition of payments previously received from GlaxoSmithKline, as all amounts that had yet to be recognized as of the time we received notice of termination of our agreement with GlaxoSmithKline were recognized for the first quarter of 2011. We did not recognize any milestone-based revenue for either of the three month periods ended September 30, 2011 or September 30, 2010. The amount of any milestone-based revenue that we generate may vary from period to period. Net operating revenues for the nine months ended September 30, 2011 increased by $16.5 million as compared to the nine months ended September 30, 2010. The higher net operating revenues for the 2011 period were primarily attributable to an increase of $16.7 million in license fees and milestones from collaborations. The higher license fees and milestones from collaborations for the 2011 period primarily resulted from increases of $15.9 million in recognition of payments previously received from GlaxoSmithKline, as all amounts that had yet to be recognized as of the time we received notice of termination of our agreement with GlaxoSmithKline were recognized for the first quarter of 2011, and $638,000 in recognition of payments related to development of TC-5619 previously received from AstraZeneca under our cognitive disorders agreement with AstraZeneca, as the TC-5619-related payments became fully recognized in the second quarter of 2011.
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