Cubist Pharmaceuticals Reports First Quarter 2005 Results; Reiterates 2005 Annual CUBICIN Revenue Guidance of $110-120 Million.LEXINGTON Lexington. 1 City (1990 pop. 225,366), seat of Fayette co., N central Ky., in the heart of the bluegrass region; inc. 1832, made coextensive with Fayette co. 1974. , Mass. -- Earnings Conference Call & Webcast Today (With Slides) at 5:00 pm ET Cubist Pharmaceuticals, Inc. (Nasdaq: CBST CBST Center for Biophotonics Science and Technology CBST Congregation Beth Simcha Torah (NYC) CBST Complete Binary Search Tree ) today reported results for the first quarter ended March 31, 2005. Net product revenues for the first quarter of 2005 totaled $20.9 million, compared to $6.3 million for the first quarter of 2004. Cubist also reiterated its top-line product revenue guidance of $110-120 million in CUBICIN sales for 2005. Net loss for the first quarter of 2005 was $12.9 million, or $.25 per share, compared to $23.2 million or $.58 per share for the first quarter of 2004. Total net revenue for the first quarter of 2005 was $23.7 million, compared to $8.5 million for the first quarter of 2004. This increase was attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk primarily to the significant growth in net product sales of CUBICIN and the recognition of $1.2 million of development revenue related to Cubist's license agreement with Chiron Chiron (kī`rŏn), in Greek mythology, centaur, son of Kronos. He was a renowned sage, physician, and prophet. Among his pupils were Hercules, Achilles, Jason, and Asclepius. . Research and development expense for the first quarter of 2005 was $13.7 million, compared to $13.5 million for the first quarter of 2004, and was driven primarily by clinical trial expenses, employee related expenses, the preparation of a second fill-finish site for CUBICIN, and expenses associated with the research and development of HepeX-B(TM), which was in-licensed in June June: see month. 2004. Sales and marketing expense was $9.5 million for the first quarter of 2005, compared to $8.5 million for the first quarter of 2004. This increase is attributable primarily to the expansion of Cubist's CUBICIN sales force in the first quarter of 2005 resulting in higher payroll and other employee related expenses. Other expense, net for the first quarter of 2005 was $1.6 million, compared to $2.7 million for the first quarter of 2004. This decrease in other expense reflects lower interest expense charges due to the repayment of $29.0 million of debt at the end of 2004 as well as an increase in interest income due to a higher average cash balance and higher interest rates in the first quarter of 2005, compared to the first quarter of 2004. As of March 31, 2005, Cubist had $117.2 million in cash, cash equivalents and investments. The total number of common shares outstanding at March 31, 2005 was 53,209,368.
CONFERENCE CALL & WEBCAST INFORMATION
WHEN: Wednesday, April 20, 2005 at 5:00 pm ET
LIVE DOMESTIC & CANADA CALL-IN: (800) 473-6123
LIVE INTERNATIONAL CALL-IN: (973) 582-2706
24-HOUR REPLAY DOMESTIC & CANADA: (877) 519-4471
REPLAY Digital Pin # 5837112
CALL WILL ALSO BE BROADCAST LIVE, LISTEN ONLY, VIA THE WEB AT:
www.cubist.com
Replay will be available for 30 days via the Internet;
a transcript of the call will be filed with the SEC and will also
be available upon request
About Cubist Cubist Pharmaceuticals, Inc. is a biopharmaceutical company focused on the research, development and commercialization of antiinfective antiinfective /an·ti·in·fec·tive/ (-in-fek´tiv) counteracting infection, or an agent that does this. products that meet unmet un·met adj. Not satisfied or fulfilled: unmet demands. medical needs. In the U.S., Cubist markets Cubicin(R) (daptomycin Daptomycin is a novel lipopeptide antibiotic used in the treatment of certain infections caused by Gram-positive organisms. It is a naturally-occurring compound found in the soil saprotroph Streptomyces roseosporus. for injection), the first antibiotic antibiotic, any of a variety of substances, usually obtained from microorganisms, that inhibit the growth of or destroy certain other microorganisms. Types of Antibiotics in a new class of antiinfectives called lipopeptides. CUBICIN is currently the only once-daily bactericidal bactericidal /bac·te·ri·ci·dal/ (bak-ter?i-si´d'l) destructive to bacteria. Bactericidal An agent that destroys bacteria (e.g. antibiotic approved in the U.S. with activity against both methicillin-susceptible and methicillin-resistant Staphylococcus aureus methicillin-resistant Staphylococcus aureus Methicillin-aminoglycoside resistant Staphylococcus aureus, MRSA An organism with multiple antibiotic resistances–eg, aminoglycosides, chloramphenicol, clindamycin, erythromycin, rifampin, tetracycline, (MSSA MSSA Methicillin-Sensitive Staphylococcus Aureus MSSA Microscopy Society of Southern Africa MSSA Maryland Saltwater Sportfishermen's Association MSSA Military Selective Service Act MSSA Mid-South Sociological Association MSSA Minnesota Social Service Association and MRSA MRSA Methicillin-resistant Staphylococcus aureus. See MARSA. ) in complicated skin and skin structure infections. Cubist's pipeline includes HepeX-B(TM), a monoclonal antibody monoclonal antibody, an antibody that is mass produced in the laboratory from a single clone and that recognizes only one antigen. Monoclonal antibodies are typically made by fusing a normally short-lived, antibody-producing B cell (see immunity) to a fast-growing biologic currently in the second of two Phase 2 trials to determine its potential for the prevention of infection by the Hepatitis B Hepatitis B Definition Hepatitis B is a potentially serious form of liver inflammation due to infection by the hepatitis B virus (HBV). It occurs in both rapidly developing (acute) and long-lasting (chronic) forms, and is one of the most common chronic virus (HBV HBV hepatitis B virus. HBV abbr. hepatitis B virus ) in liver transplant liver transplant Hepatic transplant Transplant surgery A procedure that replaces a cancer conquered, metabolically defeated, or substance subjugated liver with one no longer required by its owner, many of whom donate same after an MVA Diseases requiring transplant patients, and research efforts focused on novel members of the lipopeptide class of molecules and on natural products discovery. Cubist is headquartered in Lexington, MA. Cubist Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement Statements contained herein that are not historical fact may be forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and such statements are subject to a variety of risks and uncertainties. There are a number of important factors that could cause actual results to differ materially from those projected or suggested in any forward-looking statements made by Cubist. These factors include, but are not limited to: (i) the level of acceptance of CUBICIN by physicians, patients, third-party payors, and the medical community generally; (ii) Cubist's ability to continue to develop, secure additional regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. approvals for, and successfully market, CUBICIN; (iii) Cubist's expectations regarding our ability to continue to manufacture sufficient quantities of CUBICIN in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with current Good Manufacturing Practices Good Manufacturing Practice or GMP (also referred to as 'cGMP' or 'current Good Manufacturing Practice') is a term that is recognized worldwide for the control and management of manufacturing and quality control testing of foods and pharmaceutical products. ; (iv) commercialization of products that are competitive with CUBICIN; (v) Cubist's ability to discover or in-license drug candidates; (vi) Cubist's ability to successfully develop drug candidates in its pipeline, including HepeX-B; (vii) Cubist's ability to successfully commercialize any product or technology developed by Cubist; (viii) Cubist's ability to establish and maintain successful manufacturing, sales and marketing, distribution, and development collaborations; (ix) legislative or regulatory changes adversely affecting Cubist or the biopharmaceutical industry; (x) Cubist's expectations regarding the future market demand and medical need for CUBICIN; (xi) Cubist's ability to protect its intellectual property and proprietary technologies; and (xii) Cubist's ability to finance its operations; (xiii) . Additional factors that could cause actual results to differ materially from those projected or suggested in any forward-looking statements are contained in Cubist's recent filings with the Securities and Exchange Commission, including those factors discussed under the caption "Risk Factors" in such filings. Cubist and Cubicin are registered trademarks of Cubist Pharmaceuticals, Inc.; HepeX-B is a trademark of XTL XTL Crystal XTL Xpress Train Limited XTL Anything-To-Liquids (synthetic fuels) XTL XML Template Language XTL Xml Transformation Language XTL Extensible Transformation Language XTL Executable Temporal Language Biopharmaceuticals Ltd. Additional information can be found at Cubist's web site at www.cubist.com
CUBIST PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
UNAUDITED
(in thousands)
March 31, December 31,
2005 2004
------------ ------------
ASSETS
Cash, cash equivalents and investments $117,169 $128,417
Property and equipment, net 47,404 47,948
Other assets 61,870 39,543
------------ ------------
Total assets $226,443 $215,908
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $8,452 $5,504
Accrued expenses 18,445 19,413
Deferred revenue 4,501 4,950
Debt and capital lease obligations 165,166 165,195
------------ ------------
Total liabilities 196,564 195,062
------------ ------------
Total stockholders' equity 29,879 20,846
------------ ------------
Total liabilities and stockholders' equity $226,443 $215,908
============ ============
CUBIST PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
UNAUDITED
(in thousands, except share and per share data)
Three months ended
March 31,
-----------------------
2005 2004
----------- -----------
Revenues:
Product revenues, net $20,889 $6,281
License fee revenues 1,492 1,417
Collaborative agreement and other revenues 1,301 773
----------- -----------
Total revenues $23,682 $8,471
Costs and expenses:
Cost of product revenue 6,925 2,425
Research and development 13,743 13,461
Sales and marketing 9,545 8,549
General and administrative 4,762 4,577
----------- -----------
Total costs and expenses 34,975 29,012
Operating loss (11,293) (20,541)
Other expense, net:
Interest income 760 423
Interest expense (2,459) (3,175)
Other income 110 50
----------- -----------
Total other expense, net (1,589) (2,702)
Net loss $(12,882) $(23,243)
=========== ===========
Basic and diluted net loss per common share $(0.25) $(0.58)
Basic and diluted weighted average number of
common shares 51,506,878 40,142,207
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion