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Allos Therapeutics Reports Fourth Quarter and Full Year 2011 Financial Results
- Conference Call Scheduled for Today at 4:30 p.m. ET -
WESTMINSTER, Colo., March 6, 2012 Allos Therapeutics, Inc. (NASDAQ: ALTH) today reported financial results for the fourth quarter and full year ended December 31, 2011.
· $15.4 million in fourth quarter 2011 net product sales, a 17% sequential increase over the third quarter of 2011.
· $50.5 million in full year 2011 net product sales, a 43% increase over 2010.
· $97.8 million in total cash, cash equivalents and investments and no debt as of December 31, 2011.
We are pleased with the sales growth we achieved in 2011 and the continued increase in market penetration, disease-state awareness and brand awareness of FOLOTYN for patients with relapsed or refractory peripheral T-cell lymphoma, commented Paul L. Berns, president and chief executive officer of Allos Therapeutics. We enter 2012 with a strong cash position and remain focused on growing U.S. sales of FOLOTYN while prudently managing our operating expenses to drive toward future profitability. Also, in collaboration with Mundipharma, we continue to pursue regulatory approval for FOLOTYN in the EU and other ex-U.S. geographies as well as future label expansion opportunities in T-cell lymphoma.
The Companys net product sales for full year 2011 were $50.5 million, compared to $35.2 million for 2010. For the fourth quarter of 2011, net product sales were $15.4 million, compared to $13.2 million for the third quarter of 2011. When excluding certain infrequently occurring items, net product sales for the fourth quarter of 2011 were $11.0 million, an 8% increase compared to $10.2 million for the third quarter of 2011. These infrequently occurring items include: (i) $3.0 million in the third quarter of 2011 relating to the sale of FOLOTYN for use in a clinical trial to be conducted by a third party, (ii) $3.2 million in the fourth quarter of 2011 relating to an increase in our distributors year-end 2011 inventory levels as compared to average inventory levels for 2011, and (iii) $1.2 million in the fourth quarter of 2011 relating to the release of gross-to-net sales allowances due to refined estimates.
In May 2011, Allos entered into a strategic collaboration agreement with Mundipharma International Corporation Limited (Mundipharma) and received an upfront payment of $50 million. License and other revenue related to the Mundipharma agreement for the fourth quarter and full year 2011 were $1.5 million and $30.6 million, respectively. As of December 31, 2011, $20.3 million was recorded as deferred revenue related to the Mundipharma agreement.
Cost of sales for the fourth quarter and full year 2011 were $1.3 million and $4.5 million, respectively, compared to $1.3 million and $3.6 million for the same periods in 2010.
The following information was filed by Allos Therapeutics Inc (ALTH) on Tuesday, March 6, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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