Auxilium Pharmaceuticals Inc. (AUXL, Financial) filed Quarterly Report for the period ended 2010-03-31.
Auxilium Pharmaceuticals Inc. has a market cap of $1.54 billion; its shares were traded at around $32.51 with and P/S ratio of 9.3. AUXL is in the portfolios of Steven Cohen of SAC Capital Advisors, Jim Simons of Renaissance Technologies LLC.
Cost of goods sold. Cost of goods sold was $9.5 million and $7.9 million for the three months ended March 31, 2010 and 2009, respectively. Cost of goods sold reflects the cost of product sold and royalty obligations due to the Companys 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 March 31, 2010 over the comparable period in 2008 was principally attributable to the increase in Testim units sold. Gross margin on our net revenues was 79.2% in the first quarter of 2010 compared to 77.3% in the comparable 2009 period. The increase in the gross margin rate is the result of the impact of year-over-year price increases on U.S. Testim revenues and 2009 investments that were made in various Testim supply chain initiatives.
Since inception through March 31, 2010, we have financed our product development, operations and capital expenditures primarily from private and public sales of equity securities. Since inception through March 31, 2010, we received net proceeds of approximately $404.4 million from private and public sales of equity securities and the exercise of stock options and warrants. We had $175.8 million and $182.0 million in cash and cash equivalents as of March 31, 2010 and December 31, 2009, respectively.
Cash used in operations was $5.3 million and $21.1 million for the three months ended March 31, 2010 and 2009, respectively. Cash used in operations for the three months ended March 31, 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 under our XIAFLEX license agreements representing the $15 million European MAA milestone payment received from Pfizer and the associated payment of approximately $1.3 million to BioSpecifics Technologies Corp. for their share of this milestone. Cash used in operations for the three months ended March 31, 2009 resulted primarily from operating losses, net of stock compensation expenses and other non-cash charges, and the payment of $9.4 million of costs accrued in 2008 in connection with the Pfizer Agreement.
Cash used in investing activities was $1.9 million for the three months ended March 31, 2010 compared to cash used of $3.1 million for the three months ended March 31, 2009. 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 in preparation for the production of XIAFLEX.
Cash provided by financing activities was $1.0 million and $0.4 million for the three months ended March 31, 2010 and 2009, 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 $1.54 billion; its shares were traded at around $32.51 with and P/S ratio of 9.3. AUXL is in the portfolios of Steven Cohen of SAC Capital Advisors, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Beginning in 2011, the new law requires that drug manufacturers provide a 50% discount to Medicare beneficiaries whose prescription drug costs cause them to be subject to the Medicare Part D coverage gap, which is known as the donut hole. Also, beginning in 2011, we will be assessed our share of a new fee assessed on all branded prescription drug manufacturers and importers. This fee will be calculated based upon each organizations percentage share of total branded prescription drug sales to U.S. government programs (such as Medicare, Medicaid and Veterans Administration and PHS discount programs) made during the previous year. The aggregated industry wide fee is expected to total $28.0 billion through 2019, ranging from $2.5 billion to $4.1 billion annually.Cost of goods sold. Cost of goods sold was $9.5 million and $7.9 million for the three months ended March 31, 2010 and 2009, respectively. Cost of goods sold reflects the cost of product sold and royalty obligations due to the Companys 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 March 31, 2010 over the comparable period in 2008 was principally attributable to the increase in Testim units sold. Gross margin on our net revenues was 79.2% in the first quarter of 2010 compared to 77.3% in the comparable 2009 period. The increase in the gross margin rate is the result of the impact of year-over-year price increases on U.S. Testim revenues and 2009 investments that were made in various Testim supply chain initiatives.
Since inception through March 31, 2010, we have financed our product development, operations and capital expenditures primarily from private and public sales of equity securities. Since inception through March 31, 2010, we received net proceeds of approximately $404.4 million from private and public sales of equity securities and the exercise of stock options and warrants. We had $175.8 million and $182.0 million in cash and cash equivalents as of March 31, 2010 and December 31, 2009, respectively.
Cash used in operations was $5.3 million and $21.1 million for the three months ended March 31, 2010 and 2009, respectively. Cash used in operations for the three months ended March 31, 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 under our XIAFLEX license agreements representing the $15 million European MAA milestone payment received from Pfizer and the associated payment of approximately $1.3 million to BioSpecifics Technologies Corp. for their share of this milestone. Cash used in operations for the three months ended March 31, 2009 resulted primarily from operating losses, net of stock compensation expenses and other non-cash charges, and the payment of $9.4 million of costs accrued in 2008 in connection with the Pfizer Agreement.
Cash used in investing activities was $1.9 million for the three months ended March 31, 2010 compared to cash used of $3.1 million for the three months ended March 31, 2009. 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 in preparation for the production of XIAFLEX.
Cash provided by financing activities was $1.0 million and $0.4 million for the three months ended March 31, 2010 and 2009, 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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