Cubist Pharmaceuticals Reports GAAP Diluted Net Income of $1.82 Per Share in Fourth Quarter 2008 and GAAP Diluted Net Income of $2.56 Per Share for Full Year 2008.Reversal of Cubist's Valuation Allowance for Deferred Tax Assets Benefits Tax Expense by Approximately $127.8 Million 2008 Non-GAAP Diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. Net Income of $1.86 Per Share Earnings Conference Call & Webcast Today (With Slides) at 5:00 p.m. ET LEXINGTON, Mass. -- Cubist Pharmaceuticals, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CBST CBST Center for Biophotonics Science and Technology CBST Congregation Beth Simcha Torah (NYC) CBST Complete Binary Search Tree ) today reported results for the fourth quarter and year ended December 31, 2008. Total net revenues for the fourth quarter of 2008 increased 53% to $131.2 million from $85.6 million in the fourth quarter of 2007. This increase was attributable primarily to Cubist's net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight of CUBICIN([R]) (daptomycin for injection) in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , which increased 43% to $120.1 million in the fourth quarter of 2008 from $83.9 million in the fourth quarter of 2007. For the year ended December 31, 2008, total net revenues increased 47% to $433.6 million from $294.6 million for the year ended December 31, 2007. This increase in revenues was primarily attributable to Cubist's net sales of CUBICIN in the United States, which increased 45% to $414.7 million for the year ended December 31, 2008, from $285.1 million for the year ended December 31, 2007. Full year 2008 international net product revenues were $7.4 million, which represents an increase of $2.1 million from full year 2007 international product revenues. Additionally, the full year 2008 total net revenues includes $9.4 million of service revenue relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc Cubist's exclusive agreement with AstraZeneca to sell and provide other support in the United States for MERREM([R]) I.V. (meropenem for injection). Net income for the fourth quarter ended December 31, 2008, on a GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). basis, was $123.0 million, or $2.15 and $1.82 per basic and diluted share, respectively, as compared to $8.0 million, or $0.14 per basic and diluted share, for the fourth quarter ended December 31, 2007. Included in fourth quarter 2008 results is a tax benefit related to a reversal of Cubist's valuation allowance for deferred tax assets, which resulted in a benefit to tax expense of approximately $127.8 million. Also included in the results for the fourth quarter of 2008 is an other-than-temporary impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. charge of $49.2 million related to our investment in auction rate securities. Cubist's non-GAAP net income for the fourth quarter ended December 31, 2008, excluding the tax benefit and the other-than-temporary impairment charge as well as $3.0 million of stock-compensation expense, was $47.4 million, or $0.83 and $0.71 per basic and diluted share, respectively. Net income for the year ended December 31, 2008, on a GAAP basis, was $169.8 million, or $3.00 and $2.56 per basic and diluted share, respectively, as compared to net income of $48.1 million, or $0.87 and $0.83 per basic and diluted share, respectively, for the year ended December 31, 2007. GAAP net income for full year 2008 includes $11.8 million of stock-based compensation expense, $2.3 million of assets disposed of in the first quarter of 2008 to build new laboratory space at 65 Hayden Avenue, and $17.5 million of expense related to upfront and milestone payments for the 2008 in-licensing from Dyax Corporation of ecallantide for surgical indications. In addition, included in full year 2008 results is both an other-than-temporary impairment charge of $49.2 million related to our investment in auction rate securities and a tax benefit of $127.8 million related to the reversal of Cubist's valuation allowance for deferred tax assets. Non-GAAP net income for the year ended December 31, 2008, excluding the tax benefit and charges mentioned above, was $122.9 million, or $2.17 and $1.86 per basic and diluted share, respectively. As of December 31, 2008, Cubist had $417.9 million in cash, cash equivalents and long-term investments. The total number of Cubist's common shares outstanding as of December 31, 2008, was 57,430,200. Use of Non-GAAP Financial Measures Cubist uses non-GAAP net income and non-GAAP net income 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 and net income 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 v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge . ******************CONFERENCE CALL & WEBCAST INFORMATION****************** Cubist will host a conference call and live audio webcast to discuss its fourth quarter and full year 2008 financial results, business activities and financial outlook. WHEN: Thursday, January 22, 2009 at 5:00 p.m. ET LIVE DOMESTIC & CANADA CALL-IN: 877-407-0778 LIVE INTERNATIONAL CALL-IN: 201-689-8565 24-HOUR REPLAY DOMESTIC & CANADA: 877-660-6853 24-HOUR REPLAY INTERNATIONAL: 201-612-7415 REPLAY PASSCODES (BOTH REQUIRED FOR PLAYBACK): ACCOUNT #: 286 , CONFERENCE ID #: 302882 CALL WILL ALSO BE BROADCAST LIVE, LISTEN ONLY, VIA THE WEB AT: www.cubist.com Replay will be available for 30 days at www.cubist.com ********************************************************************************* 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. In the U.S., Cubist markets CUBICIN([R]) (daptomycin for injection), the first antibiotic in a new class of anti-infectives called lipopeptides. Cubist has entered into an agreement with AstraZeneca to promote their established broad spectrum antibiotic, MERREM I.V.([R]) (meropenem for injection) in U.S. hospitals. The Cubist product pipeline includes ecallantide, a recombinant recombinant /re·com·bi·nant/ (re-kom´bi-nant) 1. the new entity (e.g., gene, protein, cell, individual) that results from genetic recombination. 2. pertaining or relating to such an entity. See also under DNA. 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 Cardiothoracic surgery is the field of medicine involved in the surgical treatment of diseases affecting organs inside the thorax (the chest). Generally treatment of conditions of the heart (heart disease) and lungs (lung disease). ; two programs with recently submitted INDs that address unmet medical needs to treat Gram-negative infections and 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 a program to develop a therapy to treat respiratory syncitial virus (RSV RSV respiratory syncytial virus; Rous sarcoma virus. RSV abbr. respiratory syncytial virus RSV 1 Respiratory syncytial virus, see there 2 Rous sarcoma virus, see there ) infection in collaboration with Alnylam Pharmaceuticals Alnylam Pharmaceuticals Inc. (NYSE: ALNY), a biopharmaceutical company, engages in the development and commercialization of therapeutic products based on RNA interference (RNAi) in the United States. , Inc. Cubist is headquartered in Lexington, MA. Additional information can be found at Cubist's web site at www.cubist.com Cubist and CUBICIN are registered trademarks of Cubist Pharmaceuticals, Inc. AstraZeneca and MERREM are registered trademarks of the AstraZeneca group of companies. Tables to follow [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] |
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