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CUBIST REPORTS FIRST $100 MILLION REVENUE QUARTER.

Cubist Pharmaceuticals, Inc. (NASDAQ: CBST), Lexington, Mass., has reported its first $100 million revenue quarter. For the second quarter ended June 30, 2008, Cubist's net revenues from CUBICIN (daptomycin for injection) increased 46% from the prior year, from $69.5 million in the second quarter of 2007 to $101.4 million in the second quarter of 2008. Total revenues for the second quarter of 2008 increased 46% over the second quarter of 2007 from $69.8 million in the second quarter of 2007 to $101.8 million in the second quarter of 2008. Net income for the second quarter ended June 30, 2008 on a GAAP basis, reflecting one-time expenses, was $1.6 million, or $0.03 per basic and diluted share, as compared to $14.5 million, or $0.26 and $0.24 per basic and diluted share, respectively, for the second quarter of 2007.

Second quarter 2008 GAAP net income includes $17.5 million of upfront and milestone expenses, or $0.30 and $0.25 per basic and diluted share net of tax, respectively, related to the in-licensing from Dyax Corporation of ecallantide for surgical indications. Second quarter 2008 GAAP net income also includes $3.0 million, or $0.05 and $0.04 per basic and diluted share net of tax, respectively, in stock-based compensation expenses. Non-GAAP net income for the second quarter ended June 30, 2008, excluding the Dyax-related expenses and stock-based compensation expenses described above, was $21.5 million, or $0.38 and $0.35 per basic and diluted share, respectively. As of June 30, 2008,

Cubist had $358.3 million in cash, cash equivalents and investments. The total number of common shares outstanding at June 30, 2008 was 56,446,823. Use of Non-GAAP Financial Measures Cubist uses non-GAAP net income (loss) and non-GAAP net income (loss) per share data to improve its analysis of operational results and trends. Cubist's management also uses these non-GAAP figures to make financial and operational decisions as these numbers exclude non-operational activities and because management believes these measures are useful to investors because they provide greater transparency regarding Cubist's operating performance. These measures should not be considered an alternative to measurements required by GAAP, such as net income (loss) and net income (loss) per share, and should not be considered measures of our liquidity. In addition, these non-GAAP measures are unlikely to be comparable with non-GAAP information provided by other companies. A reconciliation between non-GAAP financial measures and GAAP financial measures are included in the tables accompanying this press release after the unaudited condensed consolidated financial statements.

About Cubist Cubist

Pharmaceuticals, Inc. is a biopharmaceutical company focused on the research, development, and commercialization of pharmaceutical products that address unmet medical needs in the acute care environment. Cubist developed and commercialized CUBICIN (daptomycin for injection), a Gram-positive first-in-class lipopeptide antibiotic. In the U.S., Cubist also promotes MERREM I.V. (meropenem for injection), Astra Zeneca's established broad spectrum (carbapenem class) I.V. antibiotic. The Cubist product pipeline includes ecallantide, a recombinant human protein in Phase 2 clinical trials for the prevention of blood loss during cardiothoracic surgery, and pre-clinical programs that address unmet medical needs in Gram-positive infections, Gram-negative infections, CDAD (Clostridium difficile-associated diarrhea), and HCV (Hepatitis C infections). Cubist is headquartered in Lexington, MA.

For more information, visit http://www.cubist.com or call 781/860-8533.
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Publication:Biotech Financial Reports
Article Type:Financial report
Date:Aug 1, 2008
Words:557
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