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Avanir Pharmaceuticals (AVNR) filed Annual Report for the period ended 2011-09-30.
Avanir Pharmaceuticals Inc has a market cap of $291.8 million; its shares were traded at around $2.28 with and P/S ratio of 78.9.
This is the annual revenues and earnings per share of AVNR over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of AVNR.
Highlight of Business Operations:
Total net revenues were $10.5 million for the fiscal year ended September 30, 2011 compared to $2.9 million for the fiscal year ended September 30, 2010. The increase in net revenues of approximately $7.6 million was primarily attributed to NUEDEXTA product sales of $6.1 million, for which we began commercial promotion in February 2011. In addition, annual royalty revenue from our license agreement with GSK increased approximately $599,000 and in fiscal 2010, we recorded a non-recurring non-cash adjustment that reduced GSK royalty revenue by $797,000.Selling and marketing expenses increased by approximately $32.4 million for the fiscal year ended September 30, 2011, compared to the fiscal year ended September 30, 2010. The increase is primarily attributed to costs associated with preparation and execution of the commercial launch of NUEDEXTA, including increased personnel costs of approximately $18.9 million resulting from the hiring of a sales force and other key corporate and commercial headcount resulting in an increase of over 100 employees; increased marketing and market research costs of approximately $12.5 million; and increased other costs of approximately $1.0 million. Selling and marketing expenses are expected to increase as we continue the ongoing marketing of NUEDEXTA.
Revenues were $2.9 million for the fiscal year ended September 30, 2010 compared to $4.2 million for the fiscal year ended September 30, 2009. The decrease in revenues of approximately $1.3 million was primarily attributed to a decrease in the recognition of deferred royalty revenue, as well as a decrease in licensing revenue related to the license agreement with Kobayashi Pharmaceutical Co. Ltd. which was terminated in fiscal 2009.
Investing activities. Net cash used in investing activities was approximately $3.5 million in fiscal 2011, compared to approximately $346,000 in fiscal 2010. The increase is primarily related to the increase in purchases of property and equipment in support of our commercial launch of NUEDEXTA and investments in securities. In fiscal 2010, cash used in investing activities was primarily due to the purchase of property and equipment in support of our commercial readiness activities and investments in securities. Net cash provided by investing activities in fiscal 2009 was approximately $357,000. In fiscal 2009, cash provided by investing activities arose primarily from sales and maturities of investments.
Financing activities. Net cash provided by financing activities was approximately $100.8 million in fiscal 2011 compared to approximately $31.4 million in fiscal 2010. In fiscal 2011, we raised approximately $96.7 million in gross proceeds (approximately $91.4 million net of offering costs and commissions) from the sale of common stock and approximately $9.3 million from the exercise of warrants and stock options. In fiscal 2010, we raised approximately $32.7 million in gross proceeds (approximately $31.6 million net of offering costs and commissions) from sales of common stock. Net cash provided by financing activities was approximately $10.0 million in fiscal year 2009. In fiscal 2009, we raised approximately $10.8 million in gross proceeds (approximately $10.2 million net of offering costs and commissions) from sale of common stock.
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