Auxilium Pharmaceuticals Inc. (AUXL, Financial) filed Quarterly Report for the period ended 2011-03-31.
Auxilium Pharmaceuticals Inc. has a market cap of $1.08 billion; its shares were traded at around $22.53 with and P/S ratio of 5.1.
As discussed in Note 1 (c) to the Companys consolidated financial statements contained herein, in the first quarter of 2011 the Company began recognizing revenue for XIAFLEX sales at the time of shipment to its specialty distributor, specialty pharmacy and wholesale customers. In 2010, the Company deferred the recognition of revenues, and related product costs, on XIAFLEX product shipments until the time the product was shipped to physicians for administration to patients. As a result of this change in revenue recognition, net revenues for the three months ended March 31, 2011 include a benefit of $1.8 million (representing revenue previously deferred, net of allowances of $0.1 million) and the net loss for the three months ended March 31, 2011 includes a benefit of $1.7 million, or $0.04 per share (representing the one-time net revenue benefit partially offset by the related cost of goods sold).
Including the change in revenue recognition discussed above, total revenues for XIAFLEX in the first quarter of 2011 were $12.3 million compared to $1.3 million in the first quarter of 2010. Net revenues for the three months ended March 31, 2011 include $8.7 million of net product sales of XIAFLEX compared to the $0.2 million recorded in the first quarter of 2010 following the initial U.S. product sales of XIAFLEX for Dupuytrens, which was launched late in the first quarter of 2010. The increase in XIAFLEX international contract revenue for the first quarter of 2011 over the comparable period in 2010 is principally due to a cumulative catch-up adjustment relating to prior year contract milestones.
Cash provided by operations was $4.2 million for the three months ended March 31, 2011 compared to cash used in operations of $5.3 million for the comparable 2010 period. Cash provided by operations in 2011 resulted primarily from the $15.0 million up-front payment received from Asahi substantially offset by operating losses, net of stock compensation expenses and other non-cash charges. Cash used in operations for 2010 resulted primarily from operating losses, net of stock compensation expenses and other non-cash charges, offset in part by approximately $13.7 million of net milestone receipts in the first quarter of 2010.
Cash used in investing activities was $2.1 million for the three months ended March 31, 2011 compared to cash used of $1.9 million for the three months ended March 31, 2010. The cash impact of investing activities relates primarily to our investments in property and equipment and, in 2010, to the net of the redemptions of long-term investments. Our investments in property and equipment relate primarily to improvements made to our Horsham biological manufacturing facility and our information technology infrastructure for the production of XIAFLEX.
Cash provided by financing activities was $0.5 million and $1.0 million for the three months ended March 31, 2011 and 2010, respectively. Cash provided by financing activities in both periods results primarily from cash receipts from stock option exercises, net of treasury shares acquired in satisfaction of tax withholding requirements on stock awards to certain officers and employees.
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Auxilium Pharmaceuticals Inc. has a market cap of $1.08 billion; its shares were traded at around $22.53 with and P/S ratio of 5.1.
Highlight of Business Operations:
On April 11, 2011 we announced that we will receive a $30 million regulatory milestone payment (net of contractual deductions) from our EU partner, Pfizer, following the first sale of XIAPEX in the United Kingdom, the first major EU market. We subsequently received a $26.1 million payment from Pfizer, representing the $30.0 million milestone, net of certain development and regulatory costs that Pfizer was contractually allowed to recoup upon achievement of the milestone. We are eligible to receive up to $30.0 million in additional regulatory milestone payments for this indication, which will be payable in $7.5 million increments, following Pfizers first sale of XIAPEX in each of the remaining major markets of the EU. In addition, we owe BioSpecifics $2.2 million as its share of the $26.1 million milestone payment.As discussed in Note 1 (c) to the Companys consolidated financial statements contained herein, in the first quarter of 2011 the Company began recognizing revenue for XIAFLEX sales at the time of shipment to its specialty distributor, specialty pharmacy and wholesale customers. In 2010, the Company deferred the recognition of revenues, and related product costs, on XIAFLEX product shipments until the time the product was shipped to physicians for administration to patients. As a result of this change in revenue recognition, net revenues for the three months ended March 31, 2011 include a benefit of $1.8 million (representing revenue previously deferred, net of allowances of $0.1 million) and the net loss for the three months ended March 31, 2011 includes a benefit of $1.7 million, or $0.04 per share (representing the one-time net revenue benefit partially offset by the related cost of goods sold).
Including the change in revenue recognition discussed above, total revenues for XIAFLEX in the first quarter of 2011 were $12.3 million compared to $1.3 million in the first quarter of 2010. Net revenues for the three months ended March 31, 2011 include $8.7 million of net product sales of XIAFLEX compared to the $0.2 million recorded in the first quarter of 2010 following the initial U.S. product sales of XIAFLEX for Dupuytrens, which was launched late in the first quarter of 2010. The increase in XIAFLEX international contract revenue for the first quarter of 2011 over the comparable period in 2010 is principally due to a cumulative catch-up adjustment relating to prior year contract milestones.
Cash provided by operations was $4.2 million for the three months ended March 31, 2011 compared to cash used in operations of $5.3 million for the comparable 2010 period. Cash provided by operations in 2011 resulted primarily from the $15.0 million up-front payment received from Asahi substantially offset by operating losses, net of stock compensation expenses and other non-cash charges. Cash used in operations for 2010 resulted primarily from operating losses, net of stock compensation expenses and other non-cash charges, offset in part by approximately $13.7 million of net milestone receipts in the first quarter of 2010.
Cash used in investing activities was $2.1 million for the three months ended March 31, 2011 compared to cash used of $1.9 million for the three months ended March 31, 2010. The cash impact of investing activities relates primarily to our investments in property and equipment and, in 2010, to the net of the redemptions of long-term investments. Our investments in property and equipment relate primarily to improvements made to our Horsham biological manufacturing facility and our information technology infrastructure for the production of XIAFLEX.
Cash provided by financing activities was $0.5 million and $1.0 million for the three months ended March 31, 2011 and 2010, respectively. Cash provided by financing activities in both periods results primarily from cash receipts from stock option exercises, net of treasury shares acquired in satisfaction of tax withholding requirements on stock awards to certain officers and employees.
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