CUBIST REPORTS FIRST $100 MILLION REVENUE QUARTER.
Cubist Pharmaceuticals, Inc. (NASDAQ NASDAQ
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CBST Congregation Beth Simcha Torah (NYC)
CBST Complete Binary Search Tree ), 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 GAAP
See: Generally Accepted Accounting Principles
See generally accepted accounting principles (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 con·dense
v. con·densed, con·dens·ing, con·dens·es
1. To reduce the volume or compass of.
2. To make more concise; abridge or shorten.
a. consolidated financial statements Consolidated Financial Statements
The combined financial statements of a parent company and its subsidiaries.
Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge .
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 phase 2 clinical trial Phase 2 study. See Phase study. 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 CDAD Clostridium Difficile-Associated Diarrhea
CDAD Component Data Administrator (Clostridium clostridium
Any of the rod-shaped, usually gram-positive bacteria (see gram stain) that make up the genus Clostridium. They are found in soil, water, and the intestinal tracts of humans and other animals. Some species grow only in the complete absence of oxygen. difficile-associated diarrhea), and HCV HCV
hepatitis C virus
HCV 1 Hepatitis C virus, see there 2. Human coronavirus. See Coronavirus. (Hepatitis C Hepatitis C Definition
Hepatitis C is a form of liver inflammation that causes primarily a long-lasting (chronic) disease. Acute (newly developed) hepatitis C is rarely observed as the early disease is generally quite mild. infections). Cubist is headquartered in Lexington, MA.
For more information, visit http://www.cubist.com or call 781/860-8533.