ICOS Corporation Reports Net Income of $6.1 Million, Nine Cents Per Share, for 2006 Second Quarter; 2006 Expected to Be First Profitable Year in Company's History.BOTHELL, Wash. -- Guidance Raised for 2006 Worldwide Sales of Cialis Ci·al·is A trademark for the drug tadalafil. tadalafil Cialis Pharmacologic class: Phosphodiesterase type 5 (PDE5) inhibitor Therapeutic class: (R) (tadalafil ta·da·la·fil n. A phosphodiesterase inhibitor drug used to treat erectile dysfunction for up to several days by increasing the level of cyclic GMP, which increases blood flow to the erectile tissues. )(1) and ICOS and Lilly For lily, the flower, see . Lilly is a surname and a female given name, and may refer to: People
ICOS Corporation (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 :ICOS) today released its financial results for the three and six months ended June June: see month. 30, 2006 and summarized recent events. "ICOS achieved quarterly profitability earlier than anticipated due to the strong sales performance of Cialis and the increased profitability of Lilly ICOS(2)," said Paul Clark Paul Clark may also refer to:
During the second quarter of 2006, ICOS announced an exciting opportunity to expand the commercial potential for Cialis using low doses, once daily, to treat erectile dysfunction Erectile Dysfunction Definition Erectile dysfunction (ED), formerly known as impotence, is the inability to achieve or maintain an erection long enough to engage in sexual intercourse. (ED). Lilly ICOS has already submitted 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. filings in Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). and Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of , and plans to
seek approval 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. later this year."When Cialis was launched, our objective was to establish the brand as a new, best-in-class See best-of-class. alternative among the on-demand On-Demand refers to a service or feature which addresses the user's need for instant gratification and immediacy of use. In most cases the value proposition for an on-demand service is wrapped up in the fact that the user or consumer of the service avoids a significant up-front treatments for ED," commented Leonard Leon·ard , Ray Charles Known as "Sugar Ray." Born 1956. American boxer who won the 1976 Olympic light welterweight title. He held five world titles as both a welterweight and middleweight between 1979 and 1987. Noun 1. Blum Blum , Léon 1872-1950. French socialist politician who served as premier (1936-1937, 1938, and 1946-1947). He was imprisoned (1940-1945) by the Vichy government during World War II. , Senior Vice President, Sales and Marketing. "We are proud that Lilly ICOS has built worldwide awareness of Cialis and its unique benefits. Currently, we are developing a daily treatment for ED and other medical conditions See carpal tunnel syndrome, computer vision syndrome, dry eyes and deep vein thrombosis. . Cialis, with its extended duration of effectiveness, is well suited for once-a-day dosing." Tadalafil, the active pharmaceutical ingredient
An ingredient is something that forms part of a mixture (in a general sense). in Cialis, is being evaluated as a potential once-a-day treatment for benign prostatic hyperplasia benign prostatic hyperplasia n. Abbr. BPH A nonmalignant enlargement of the prostate gland commonly occurring in men after the age of 50, and sometimes leading to compression of the urethra and obstruction of the flow of urine. , hypertension hypertension or high blood pressure, elevated blood pressure resulting from an increase in the amount of blood pumped by the heart or from increased resistance to the flow of blood through the small arterial blood vessels (arterioles). and pulmonary pulmonary /pul·mo·nary/ (pool´mo-nar?e) 1. pertaining to the lungs. 2. pertaining to the pulmonary artery. pul·mo·nar·y adj. Of, relating to, or affecting the lungs. arterial arterial /ar·te·ri·al/ (-al) pertaining to an artery or to the arteries. ar·te·ri·al adj. 1. Of or relating to one or more arteries or to the entire system of arteries. 2. hypertension. Later this year, we expect to initiate INITIATE. A right which is incomplete. By the birth of a child, the husband becomes tenant by the curtesy initiate, but his estate is not consummate until the death of the wife. 2 Bouv. Inst. n. 1725. a Phase 2b clinical study to evaluate the efficacy efficacy /ef·fi·ca·cy/ (ef´i-kah-se) 1. the ability of an intervention to produce the desired beneficial effect in expert hands and under ideal circumstances. 2. and safety of tadalafil in patients with benign prostatic hyperplasia, also known as enlarged prostate Enlarged Prostate Definition A non-cancerous condition that affects many men past 50 years of age, enlarged prostate makes urinating more difficult by narrowing the urethra, a tube running from the bladder through the prostate gland. . A Phase 2 proof-of-concept study in hypertension is expected to conclude and provide top-line results later this year. And, patient enrollment is continuing in a Phase 3 study designed to enroll TO ENROLL. To register; to enter on the rolls of chancery, or other court's; to make a record. 400 patients with pulmonary arterial hypertension, a life threatening disease. Financial Results For the three months ended June 30, 2006, ICOS reported net income of $6.1 million ($0.09 per share), compared to a proforma Proforma A financial projection based on assumptions. net loss of $30.6 million ($0.48 per share) for the three months ended June 30, 2005.(3) Our 50% share of Lilly ICOS earnings was $38.0 million in the second quarter of 2006, compared to equity in losses of Lilly ICOS of $0.7 million in the second quarter of 2005. The $38.7 million improvement primarily reflects growth in the sales of Cialis around the world and planned reductions in marketing and selling expenses. For the three months ended June 30, 2006, Lilly ICOS reported net income of $75.8 million, a $77.5 million improvement compared to the net loss of $1.7 million reported for the 2005 second quarter. On a sequential One after the other in some consecutive order such as by name or number. basis, Lilly ICOS' second quarter net income was up $10.8 million, or 17%, compared to the 2006 first quarter. Worldwide sales of Cialis totaled $233.2 million during the 2006 second quarter, a 22% increase compared to the second quarter of 2005. Sales of Cialis in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and Europe totaled $182.7 million in the second quarter of 2006, an increase of 25% compared to the corresponding period of 2005, and up 9% compared to the 2006 first quarter. Cialis sales in the United States were $93.8 million in the 2006 second quarter, an increase of 32% compared to the 2005 second quarter, and up 14% compared to the first quarter of 2006. ICOS Corporation's total revenue was $18.5 million in the second quarter of 2006, compared to $18.1 million in the second quarter of 2005. Collaboration Working together on a project. See collaborative software. revenue from Lilly ICOS totaled $15.9 million in the 2006 second quarter, compared to $12.7 million in the second quarter of 2005. The increase primarily reflects incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. research and development activities performed by ICOS personnel on behalf of Lilly ICOS and reimbursable re·im·burse tr.v. re·im·bursed, re·im·burs·ing, re·im·burs·es 1. To repay (money spent); refund. 2. To pay back or compensate (another party) for money spent or losses incurred. costs of 40 contract (non-employee) sales representatives retained to promote Cialis in the U.S. beginning in January January: see month. 2006. Co-promotion Co-promotion is a marketing practice where a company in addition to its own, uses another company's sales force to promote the same brand or range of brands. The term is frequently confused with Co-marketing. See also Marketing co-operation services revenue was $1.9 million in the 2005 second quarter, representing fees earned under a co-promotion arrangement which ended in December December: see month. 2005. Total operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. were $50.2 million for the three months ended June 30, 2006, compared to proforma $48.1 million for the three months ended June 30, 2005. The increase was primarily due to the aforementioned a·fore·men·tioned adj. Mentioned previously. n. The one or ones mentioned previously. aforementioned Adjective mentioned before Adj. 1. research and development activities being performed on behalf of Lilly ICOS and costs for the 40 contract sales representatives. Operating expenses for the three months ended June 30, 2006 include $5.8 million in stock-based compensation, due to a change in accounting for employee stock options effective January 1, 2006. Accompanying ac·com·pa·ny v. ac·com·pa·nied, ac·com·pa·ny·ing, ac·com·pa·nies v.tr. 1. To be or go with as a companion. 2. Schedules 3 and 4 provide additional information regarding stock-based compensation expense. For the six months ended June 30, 2006, ICOS reported net income of $5.4 million ($0.08 per share), compared to a proforma net loss of $84.7 million ($1.33 per share) for the six months ended June 30, 2005.(4) At June 30, 2006, we had cash, cash equivalents, investment securities and associated interest receivable of $179.8 million. Financial Guidance We are increasing our expectation for Lilly ICOS' full-year 2006 net income, from approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $240 million, to between $265 million and $280 million. We are increasing our guidance for expected 2006 worldwide Cialis net product sales, from approximately $900 million, to between $920 million and $950 million. We expect that Lilly ICOS' operating expenses will increase in the 2006 third and fourth quarters, compared to the second quarter, reflecting planned research and development activities and the timing of certain marketing and selling programs. In view of the foregoing, we are increasing our guidance for ICOS Corporation's expected 2006 full-year results, from a net loss of approximately $5 million ($0.08 per 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. share), to net income in the range of $6 million to $15 million, approximately $0.09 to $0.23 per diluted share. ICOS Corporation, a biotechnology biotechnology, the use of biological processes, as through the exploitation and manipulation of living organisms or biological systems, in the development or manufacture of a product or in the technological solution to a problem. company headquartered in Bothell, Washington Bothell is a city located in the state of Washington. The population was 30,150 at the time of the 2000 census. Prior to annexation and the 2000 census, the northern portions of Bothell which lie in Snohomish County were considered a part of the Alderwood Manor-Bothell North , is dedicated to bringing innovative therapeutics therapeutics Treatment and care to combat disease or alleviate pain or injury. Its tools include drugs, surgery, radiation therapy, mechanical devices, diet, and psychiatry. to patients. Through Lilly ICOS LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , ICOS is marketing its first product, Cialis (tadalafil), for the treatment of erectile dysfunction. ICOS is working to develop treatments for serious unmet un·met adj. Not satisfied or fulfilled: unmet demands. medical needs such as benign prostatic hyperplasia, hypertension, pulmonary arterial hypertension, cancer and inflammatory diseases Noun 1. inflammatory disease - a disease characterized by inflammation disease - an impairment of health or a condition of abnormal functioning NEC, necrotizing enterocolitis - an acute inflammatory disease occurring in the intestines of premature infants; . Except for historical information contained herein, this press release contains 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 the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These forward-looking statements involve risks and uncertainties that may cause our results and the timing and outcome of events to differ materially from those expressed in or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. by the forward-looking statements, including risks associated with product commercialization, research and clinical development, regulatory approvals, manufacturing, collaboration arrangements, liquidity, competition, intellectual property claims, litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. and other risks detailed in our latest Quarterly Report on Form 10-Q Form 10-Q See 10-Q. and our other public filings with the Securities and Exchange Commission. The forward-looking statements contained in this press release represent our judgment as of the date of this release. We undertake no obligation to publicly update any forward-looking statements. The biotechnology and pharmaceutical businesses are risky and there can be no assurance that any of our products or product candidates will achieve commercial success or that competing therapies will not pre-empt pre·empt or pre-empt v. pre·empt·ed, pre·empt·ing, pre·empts v.tr. 1. To appropriate, seize, or take for oneself before others. See Synonyms at appropriate. 2. a. market opportunities that might exist for any of our products or product candidates. Conference Call As previously announced, today, beginning at 4:30 p.m. Eastern Time, ICOS will host a conference call to review 2006 second quarter financial results and related matters, including financial guidance and plans for the remainder of 2006. The conference call can be accessed as a webcast at www.icos.com, in the Investor/Events section, or by telephone, using the Passcode 834085, live at (612) 332-1025, or as a replay at (320) 365-3844. The webcast will be available until August 10, 2006 at 5:30 p.m. Eastern Time. The telephone replay will be available until August 4, 2006 at 8:00 p.m. Eastern Time. NOTES: (1) Cialis(R) is a registered trademark of Lilly ICOS LLC. (2) Lilly ICOS LLC (Lilly ICOS) is a 50/50 joint venture between ICOS Corporation and Eli Lilly and Company Eli Lilly and Company (NYSE: LLY) is a global pharmaceutical company and one of the world's largest corporations. Eli Lilly's global headquarters is located in Indianapolis, Indiana, in the United States. that is marketing Cialis(R) in North America and Europe for the treatment of erectile dysfunction (ED). (3) Proforma net loss of $30.6 million ($0.48 per share) reflects previously reported net loss of $22.6 million ($0.35 per share), plus $8.0 million of proforma stock-based compensation expense as if we had adopted the change in accounting at the beginning of 2005. (4) Proforma net loss of $84.7 million ($1.33 per share) reflects previously reported net loss of $69.0 million ($1.08 per share), plus $15.7 million of proforma stock-based compensation expense as if we had adopted the change in accounting at the beginning of 2005.
ICOS Corporation and Subsidiaries
Schedule 1 - SELECTED CONSOLIDATED FINANCIAL DATA
(in thousands, except per share data)
(unaudited)
Three Months Ended June 30,
---------------------------------
2005
-----------------------
Proforma As
2006 (a) Reported
--------- --------- -------------
Condensed Consolidated
Statements of Operations:
Revenue:
Lilly ICOS
collaboration $15,896 $12,693 $12,693
Contract
manufacturing 2,652 3,502 3,502
Co-promotion services - 1,893 1,893
--------- --------- ---------
Total revenue 18,548 18,088 18,088
--------- --------- ---------
Equity in earnings
(losses) of Lilly
ICOS 38,040 (689) (689)
--------- --------- ---------
Operating expenses:
Research and
development 25,749 24,514 21,295
Marketing and selling 13,074 11,652 10,549
Cost of contract
manufacturing 2,999 3,596 3,231
General and
administrative 8,368 8,292 4,967
--------- --------- ---------
Total operating
expenses 50,190 48,054 40,042
--------- --------- ---------
Operating
income
(loss) 6,398 (30,655) (22,643)
Other income
(expense):
Interest expense (1,705) (1,705) (1,705)
Interest and other
income 1,757 1,723 1,723
--------- --------- ---------
Income (loss) before
income taxes 6,450 (30,637) (22,625)
Provision for income
taxes 375 - -
--------- --------- ---------
Net income (loss) $6,075 $(30,637) $(22,625)
========= ========= =========
Net income (loss) per
common share - basic $0.09 $(0.48) $(0.35)
========= ========= =========
Net income (loss) per
common share -
diluted $0.09 $(0.48) $(0.35)
========= ========= =========
Weighted average
common shares
outstanding - basic 64,478 63,941 63,941
========= ========= =========
Weighted average
common shares
outstanding - diluted 65,034 63,941 63,941
========= ========= =========
Six Months Ended June 30,
-------------------------------
2005
---------------------
Proforma As
2006 (a) Reported
--------- --------- -----------
Condensed Consolidated
Statements of Operations:
Revenue:
Lilly ICOS
collaboration $30,872 $23,053 $23,053
Contract
manufacturing 6,403 5,976 5,976
Co-promotion services - 2,843 2,843
-------- --------- ---------
Total revenue 37,275 31,872 31,872
-------- --------- ---------
Equity in earnings
(losses) of Lilly
ICOS 70,676 (21,368) (21,368)
-------- --------- ---------
Operating expenses:
Research and
development 51,568 50,065 43,508
Marketing and selling 26,630 23,240 20,983
Cost of contract
manufacturing 6,789 5,738 5,082
General and
administrative 16,935 16,204 9,972
-------- --------- ---------
Total operating
expenses 101,922 95,247 79,545
-------- --------- ---------
Operating
income
(loss) 6,029 (84,743) (69,041)
Other income
(expense):
Interest expense (3,409) (3,409) (3,409)
Interest and other
income 3,177 3,441 3,441
-------- --------- ---------
Income (loss) before
income taxes 5,797 (84,711) (69,009)
Provision for income
taxes 375 - -
-------- --------- ---------
Net income (loss) $5,422 $(84,711) $(69,009)
======== ========= =========
Net income (loss) per
common share - basic $0.08 $(1.33) $(1.08)
======== ========= =========
Net income (loss) per
common share -
diluted $0.08 $(1.33) $(1.08)
======== ========= =========
Weighted average
common shares
outstanding - basic 64,399 63,870 63,870
======== ========= =========
Weighted average
common shares
outstanding - diluted 65,117 63,870 63,870
======== ========= =========
Condensed Consolidated Balance Sheets:
June 30, December 31,
2006 2005
--------- ---------
Cash, cash equivalents,
investment securities and
interest receivable $179,762 $162,782
Receivable from Lilly ICOS 16,346 14,300
Investment in Lilly ICOS 39,796 35,497
Property and equipment, net 18,593 17,995
Deferred financing costs
and other 11,638 11,193
--------- ---------
Total assets $266,135 $241,767
========= =========
Current liabilities $23,404 $22,387
Convertible subordinated debt 278,650 278,650
Stockholders' deficit (35,919) (59,270)
--------- ---------
Total liabilities
and stockholders'
deficit $266,135 $241,767
========= =========
(a) Effective January 1, 2006, we adopted Statement of Financial
Accounting Standards No. 123 (revised 2004), "Share-Based Payment"
(FAS 123R) and began recognizing expense for all stock options.
2005 proforma amounts reflect our results of operations as if we
had applied the provisions of FAS 123R beginning January 1, 2005.
See also accompanying Schedules 3 and 4.
ICOS Corporation and Subsidiaries
Schedule 2 - SUMMARIZED OPERATING RESULTS OF LILLY ICOS LLC
(in thousands)
(unaudited)
2006
---------------------------
Q1 Q2 Total
-------- -------- ---------
Revenue:
Product sales, net
United States $82,537 $93,779 $176,316
Europe 67,586 71,374 138,960
Canada and Mexico 17,151 17,508 34,659
-------- -------- ---------
167,274 182,661 349,935
Royalties 11,088 11,642 22,730
-------- -------- ---------
Total revenue 178,362 194,303 372,665
-------- -------- ---------
Expenses:
Cost of sales (a) 13,382 14,370 27,752
Selling, general and
administrative 86,517 90,342 176,859
Research and
development 13,502 13,820 27,322
-------- -------- ---------
Total expenses 113,401 118,532 231,933
-------- -------- ---------
Net income (loss) $64,961 $75,771 $140,732
======== ======== =========
ICOS Corporation's
share of net
income (loss) $32,636 $38,040 $70,676
======== ======== =========
(a) Cost of sales includes $103 per month of license fee
amortization applicable only to Eli Lilly and Company's interest
in Lilly ICOS.
2005
-------------------------------------------
Q1 Q2 Q3 Q4 Total
------- ------- ------- ------- -------
Revenue:
Product sales,
net
United States $42,744 $71,118 $77,438 $81,615 $272,915
Europe 56,264 60,925 61,992 65,311 244,492
Canada and
Mexico 12,186 13,839 14,727 18,575 59,327
--------- -------- -------- -------- ---------
111,194 145,882 154,157 165,501 576,734
Royalties 7,790 9,010 8,172 8,997 33,969
--------- -------- -------- -------- ---------
Total revenue 118,984 154,892 162,329 174,498 610,703
--------- -------- -------- -------- ---------
Expenses:
Cost of sales (a) 9,752 11,934 12,378 13,200 47,264
Selling, general
and
administrative 137,027 126,232 112,152 84,416 459,827
Research and
development 13,874 18,413 18,035 15,494 65,816
--------- -------- -------- -------- ---------
Total expenses 160,653 156,579 142,565 113,110 572,907
--------- -------- -------- -------- ---------
Net income
(loss) $(41,669) $(1,687) $19,764 $61,388 $37,796
========= ======== ======== ======== =========
ICOS Corporation's
share of net
income (loss) $(20,679) $(689) $10,038 $30,849 $19,519
========= ======== ======== ======== =========
(a) Cost of sales includes $103 per month of license fee
amortization applicable only to Eli Lilly and Company's interest
in Lilly ICOS.
ICOS Corporation and Subsidiaries
Schedule 3 - TOTAL STOCK-BASED COMPENSATION EXPENSE
(in thousands)
(unaudited)
The following table presents stock-based compensation expense for
2006 as reported, 2005 as reported and 2005 proforma as if ICOS had
applied FAS 123R during that year.
2006
------------------------
Q1 Q2 Total
------- ------- --------
As reported
Stock options $6,487 $5,766 $12,253
Restricted shares 1,121 1,285 2,406
Restricted stock units 203 265 468
------- ------- --------
7,811 7,316 15,127
------- ------- --------
Proforma adjustments
Stock options - - -
Restricted shares - - -
Restricted stock units - - -
------- ------- --------
- - -
------- ------- --------
Total (2006 as reported;
2005 proforma)
Stock options 6,487 5,766 12,253
Restricted shares 1,121 1,285 2,406
Restricted stock units 203 265 468
------- ------- --------
$7,811 $7,316 $15,127
======= ======= ========
2005
---------------------------------------
Q1 Q2 Q3 Q4 Total
------ ------ ------ ------ -------
As reported
Stock options $ - $ - $ - $ - $ -
Restricted shares - - 946 1,167 2,113
Restricted stock units - - - - -
------- ------- ------- ------- --------
- - 946 1,167 2,113
------- ------- ------- ------- --------
Proforma adjustments
Stock options 7,690 8,012 7,876 7,679 31,257
Restricted shares - - - - -
Restricted stock units - - - - -
------- ------- ------- ------- --------
7,690 8,012 7,876 7,679 31,257
------- ------- ------- ------- --------
Total (2006 as
reported; 2005 proforma)
Stock options 7,690 8,012 7,876 7,679 31,257
Restricted shares - - 946 1,167 2,113
Restricted stock units - - - - -
------- ------- ------- ------- --------
$7,690 $8,012 $8,822 $8,846 $33,370
======= ======= ======= ======= ========
ICOS Corporation and Subsidiaries
Schedule 4 - ALLOCATION OF TOTAL STOCK-BASED COMPENSATION EXPENSE
(in thousands)
(unaudited)
The following table presents the allocation of stock-based
compensation expense for 2006 as reported, 2005 as reported and 2005
proforma as if ICOS had applied FAS 123R during that year.
2006
------------------------
Q1 Q2 Total
------- ------- --------
As reported
Research and development $3,178 $2,963 $6,141
Marketing and selling 1,064 1,031 2,095
Cost of contract manufacturing 282 278 560
General and administrative 3,287 3,044 6,331
------- ------- --------
7,811 7,316 15,127
------- ------- --------
Proforma adjustments
Research and development - - -
Marketing and selling - - -
Cost of contract manufacturing - - -
General and administrative - - -
------- ------- --------
- - -
------- ------- --------
Total (2006 as reported; 2005
proforma)
Research and development 3,178 2,963 6,141
Marketing and selling 1,064 1,031 2,095
Cost of contract manufacturing 282 278 560
General and administrative 3,287 3,044 6,331
------- ------- --------
$7,811 $7,316 $15,127
======= ======= ========
2005
------------------------------------
Q1 Q2 Q3 Q4 Total
------ ------ ------ ------ ------
As reported
Research and
development $ - $ - $ 487 $ 602 $ 1,089
Marketing and selling - - 96 116 212
Cost of contract
manufacturing - - 45 70 115
General and administrative - - 318 379 697
------- ------ ------ ------ -------
- - 946 1,167 2,113
------- ------ ------ ------ -------
Proforma adjustments
Research and
development 3,338 3,219 3,081 2,930 12,568
Marketing and selling 1,154 1,103 1,067 1,054 4,378
Cost of contract
manufacturing 291 365 376 417 1,449
General and
administrative 2,907 3,325 3,352 3,278 12,862
------- ------ ------ ------ -------
7,690 8,012 7,876 7,679 31,257
------- ------ ------ ------ -------
Total (2006 as
reported; 2005
proforma)
Research and
development 3,338 3,219 3,568 3,532 13,657
Marketing and selling 1,154 1,103 1,163 1,170 4,590
Cost of contract
manufacturing 291 365 421 487 1,564
General and
administrative 2,907 3,325 3,670 3,657 13,559
------- ------ ------ ------ -------
$7,690 $8,012 $8,822 $8,846 $33,370
======= ====== ====== ====== =======
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