Medicis Pharmaceutical Corp. (MRX, Financial) filed Quarterly Report for the period ended 2010-06-30.
Medicis Pharmaceutical Corp. has a market cap of $1.67 billion; its shares were traded at around $27.69 with a P/E ratio of 13.12 and P/S ratio of 2.92. The dividend yield of Medicis Pharmaceutical Corp. stocks is 0.87%.MRX is in the portfolios of Jim Simons of Renaissance Technologies LLC, Bruce Kovner of Caxton Associates, Jean-Marie Eveillard of First Eagle Investment Management, LLC, Steven Cohen of SAC Capital Advisors, Chuck Royce of Royce& Associates.
Net revenues associated with our non-acne dermatological products increased by $3.9 million, or 10.5% during the second quarter of 2010 as compared to the second quarter of 2009, primarily due to increased sales of DYSPORT®, which was launched in June 2009, and increased sales of RESTYLANE®, partially offset by a decrease in sales of LOPROX®, which was negatively impacted by generic competition. RESTYLANE-LTM and PERLANE-LTM were launched during February 2010 following FDA approval on January 29, 2010. Net revenues associated with our non-acne dermatological products decreased as a percentage of net revenues during the second quarter of 2010 as compared to the second quarter of 2009, primarily due to the $30.5 million increase in our acne and acne-related dermatological products.
Gross profit represents our net revenues less our cost of product revenue. Our cost of product revenue includes our acquisition cost for the products we purchase from our third party manufacturers and royalty payments made to third parties. Amortization of intangible assets related to products sold is not included in gross profit. Amortization expense related to these intangibles for the second quarter of 2010 and 2009 was approximately $5.4 million and $6.2 million, respectively. Product mix plays a significant role in our quarterly and annual gross profit as a percentage of net revenues. Different products generate different gross profit margins, and the relative sales mix of higher gross profit products and lower gross profit products can affect our total gross profit.
Selling, general and administrative expenses increased $9.2 million, or 12.8%, during the second quarter of 2010 as compared to the second quarter of 2009, but decreased as a percentage of net revenues from 50.7% during the second quarter of 2009 to 46.5% during the second quarter of 2010. Included in this increase was a $5.2 million increase in personnel expenses, primarily due to $2.9 million of severance expense related to the departure of an executive employee, and an increase of $4.0 million of other selling, general and administrative costs. The decrease of selling, general and administrative expenses as a percentage of net revenues during the second quarter of 2010 as compared to the second quarter of 2009 was primarily due to the $32.8 million increase in net revenues.
Depreciation and amortization expenses during the second quarter of 2010 were $7.2 million, as compared to $7.9 million during the second quarter of 2009. The decrease was primarily due amortization expense related to intangible assets related to Medicis Pediatrics, Inc., which was sold to BioMarin Pharmaceutical Inc. during the second quarter of 2009, not being incurred during the second quarter of 2010.
Interest and investment income during the second quarter of 2010 decreased $1.4 million, or 63.9%, to $0.8 million from $2.2 million during the second quarter of 2009, due to a decrease in the interest rates achieved by our invested funds during the second quarter of 2010.
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Medicis Pharmaceutical Corp. has a market cap of $1.67 billion; its shares were traded at around $27.69 with a P/E ratio of 13.12 and P/S ratio of 2.92. The dividend yield of Medicis Pharmaceutical Corp. stocks is 0.87%.MRX is in the portfolios of Jim Simons of Renaissance Technologies LLC, Bruce Kovner of Caxton Associates, Jean-Marie Eveillard of First Eagle Investment Management, LLC, Steven Cohen of SAC Capital Advisors, Chuck Royce of Royce& Associates.
Highlight of Business Operations:
On March 10, 2010, we announced that our Board of Directors had declared a cash dividend of $0.06 per issued and outstanding share of our Class A common stock, payable on April 30, 2010, to stockholders of record at the close of business on April 1, 2010. This represented a 50% increase compared to our previous $0.04 dividend. On June 9, 2010, we announced that our Board of Directors had declared a cash dividend of $0.06 per issued andNet revenues associated with our non-acne dermatological products increased by $3.9 million, or 10.5% during the second quarter of 2010 as compared to the second quarter of 2009, primarily due to increased sales of DYSPORT®, which was launched in June 2009, and increased sales of RESTYLANE®, partially offset by a decrease in sales of LOPROX®, which was negatively impacted by generic competition. RESTYLANE-LTM and PERLANE-LTM were launched during February 2010 following FDA approval on January 29, 2010. Net revenues associated with our non-acne dermatological products decreased as a percentage of net revenues during the second quarter of 2010 as compared to the second quarter of 2009, primarily due to the $30.5 million increase in our acne and acne-related dermatological products.
Gross profit represents our net revenues less our cost of product revenue. Our cost of product revenue includes our acquisition cost for the products we purchase from our third party manufacturers and royalty payments made to third parties. Amortization of intangible assets related to products sold is not included in gross profit. Amortization expense related to these intangibles for the second quarter of 2010 and 2009 was approximately $5.4 million and $6.2 million, respectively. Product mix plays a significant role in our quarterly and annual gross profit as a percentage of net revenues. Different products generate different gross profit margins, and the relative sales mix of higher gross profit products and lower gross profit products can affect our total gross profit.
Selling, general and administrative expenses increased $9.2 million, or 12.8%, during the second quarter of 2010 as compared to the second quarter of 2009, but decreased as a percentage of net revenues from 50.7% during the second quarter of 2009 to 46.5% during the second quarter of 2010. Included in this increase was a $5.2 million increase in personnel expenses, primarily due to $2.9 million of severance expense related to the departure of an executive employee, and an increase of $4.0 million of other selling, general and administrative costs. The decrease of selling, general and administrative expenses as a percentage of net revenues during the second quarter of 2010 as compared to the second quarter of 2009 was primarily due to the $32.8 million increase in net revenues.
Depreciation and amortization expenses during the second quarter of 2010 were $7.2 million, as compared to $7.9 million during the second quarter of 2009. The decrease was primarily due amortization expense related to intangible assets related to Medicis Pediatrics, Inc., which was sold to BioMarin Pharmaceutical Inc. during the second quarter of 2009, not being incurred during the second quarter of 2010.
Interest and investment income during the second quarter of 2010 decreased $1.4 million, or 63.9%, to $0.8 million from $2.2 million during the second quarter of 2009, due to a decrease in the interest rates achieved by our invested funds during the second quarter of 2010.
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