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Auxilium Pharmaceuticals Inc. (AUXL) filed Quarterly Report for the period ended 2011-09-30.
Auxilium Pharmaceuticals Inc. has a market cap of $749 million; its shares were traded at around $15.62 with and P/S ratio of 3.5.
This is the annual revenues and earnings per share of AUXL over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of AUXL.
Highlight of Business Operations:
As discussed in Note 1 (d) to the Company’s 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 nine months ended September 30, 2011 include a benefit of $1.8 million (representing revenue previously deferred, net of allowances of $0.1 million) and the net loss for nine months ended September 30, 2011 includes a benefit of $1.7 million, or $0.04 per share (representing the net revenue benefit partially offset by the related cost of goods sold).Total revenues for XIAFLEX in the third quarter of 2011 were $13.1 million compared to $5.7 million in the third quarter of 2010. Net revenues for the three months ended September 30, 2011 include $10.3 million of net U.S. product sales of XIAFLEX compared to the $4.6 million recorded in the third quarter of 2010 following the initial U.S. product sales of XIAFLEX for Dupuytren’s, which was launched late in the first quarter of 2010. XIAFLEX international contract revenues relate to our out-licensing agreements for XIAFLEX and represent cumulative catch-up adjustments for milestone payments received during the period, the ongoing amortization of deferred up-front and milestone payment amounts and royalties received. The increase in XIAFLEX international contract revenue for the third quarter of 2011 over the comparable period in 2010 is principally due to a cumulative catch-up revenue adjustments of $1.0 million related to the $7.5 million regulatory milestone earned in the 2011 period and incremental revenue amortization relating to milestone payments we received from Pfizer during 2011.
Cost of goods sold. Cost of goods sold was $13.5 million and $11.6 million for the three months ended September 30, 2011 and 2010, respectively. Cost of goods sold reflects the cost of product sold, royalty obligations due to the Company’s licensors, and the amortization of the deferred costs associated with the Pfizer Agreement. The increase in cost of goods sold for the three months ended September 30, 2011 over the comparable period in 2010 was principally attributable to the increase in Testim units sold. Gross margin on our net revenues was 79.7% in the third quarter of 2011 compared to 78.4% in the comparable 2010 period. The increase in the gross margin rate is principally due to the contribution of high margin XIAFLEX contract revenues. In addition, gross margin on XIAFLEX U.S. product sales for the three months ended September 30, 2011 reflects the benefit of past claims from our licensor of approximately $0.9 million compared to $0.5 million of such claims in the comparable 2010 period.
Including the change in revenue recognition discussed above, total revenues for XIAFLEX for the nine months ended September 30, 2011 were $40.7 million compared to $10.0 million for the comparable period of 2010. Net revenues for the nine months ended September 30, 2011 include $28.8 million of net U.S. product sales of XIAFLEX compared to the $6.7 million recorded for the first nine months of 2010 following the initial U.S. product sales of XIAFLEX for Dupuytren’s, which was launched late in the first quarter of 2010. XIAFLEX international contract revenues relate to our out-licensing agreements for XIAFLEX and represent cumulative catch-up adjustments for milestone payments received during the period, the ongoing amortization of deferred up-front and milestone payment amounts and royalties received. The increase in XIAFLEX international contract revenue for the first nine months of 2011 over the comparable period of 2010 is principally due to cumulative catch-up revenue adjustments aggregating $4.8 million related to the $45.0 million of regulatory milestones earned during 2011 and incremental revenue amortization relating to milestone payments we received from Pfizer during 2011.
2011 over the comparable period in 2010 was principally attributable to the increase in Testim units sold. Gross margin on our net revenues was 79.5% in the first nine months of 2011 compared to 78.2% in the comparable 2010 period. The increase in the gross margin rate is principally due to the contribution of high margin XIAFLEX contract revenues and product sales, including the contribution from the impact of the change in revenue recognition, and year-over-year price increases of Testim in the U.S., partially offset by increased Testim managed care rebates. In addition, gross margin on XIAFLEX U.S. product sales reflect the benefit of past claims from our licensor of approximately $1.9 million in the first nine months of 2011 compared to $0.7 million of such claims in the comparable 2010 period.
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