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Depomed Inc (DEPO) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

Depomed Inc

CIK: 1005201 Ticker: DEPO

Exhibit 99.1

 

 

Depomed Announces Fourth Quarter and Full Year 2017 Financial Results

 

- Annual Net Revenues of $381 Million -

 

- Collegium, Slán Transactions and Expanded Neurology Field Force Position Company for Improved Profitability in 2018 and Beyond —

 

- New Corporate Headquarters Expected to be Operational in the Third Quarter -

 

- Conference Call Scheduled for Today at 4:30 PM EST; Dial In Information Below -

 

NEWARK, California, February 27, 2018 - Depomed, Inc. (Nasdaq: DEPO) today reported financial results for the quarter and twelve months ended December 31, 2017 and provided an update to the business.

 

“2017 was a challenging year for Depomed, and in response we have taken decisive steps to strengthen and diversify our business,” said Arthur Higgins, President and CEO of Depomed. “During the fourth quarter, we not only introduced but also began to implement our new three pillar strategy of Maintain, Grow and Build positioning the company for improved profitability in 2018 and beyond.”

 

Business and Financial Highlights

 

·                  Full year net revenues were $381 million

·                  Full year GAAP net loss of ($102) million or ($1.63) per share

·                  Full year non-GAAP adjusted EBITDA of $117 million

·                  Fourth quarter 2017 net revenues were $94 million

·                  Fourth quarter 2017 GAAP net loss of ($33) million or ($0.52) per share

·                  Fourth quarter 2017 non-GAAP adjusted EBITDA of $33 million

·                  Fourth quarter 2017 ending cash and marketable securities were $128 million

·                  NUCYNTA® Commercialization Agreement with Collegium Pharmaceutical provides minimum royalties on net sales of NUCYNTA® and NUCYNTA ER®

·                  Acquisition of rights to cosyntropin (Synthetic ACTH Depot) creates new specialty/orphan franchise

·                  Lazanda® sale to Slán Medicinal Holdings

·                  Company restructuring and corporate headquarters relocation aligns with new business model

 

Collegium Pharmaceutical Commercialization Agreement Maintains a Strong NUCYNTA® Franchise

 

In January 2018, Depomed closed a Commercialization Agreement with Collegium Pharmaceutical, Inc. (“Collegium”) under which Collegium will commercialize both NUCYNTA Extended Release and NUCYNTA Immediate Release and, in exchange, for the first four years of the agreement, Depomed expects to receive a minimum royalty of $135 million per year.

 

Slán Medicinal Holdings Strategic Asset Transaction Diversifies Portfolio and Creates New Specialty/Orphan Franchise

 

In November 2017, Depomed entered into a Strategic Asset Transaction with Slán Medicinal Holdings Limited (“Slán”) under which Depomed acquired from Slán the rights to market the specialty drug candidate, cosyntropin (Synthetic ACTH Depot) in the United States and divested its Lazanda (fentanyl) nasal spray CII to Slán. This transaction formed the foundation of Depomed’s new Specialty/ Orphan

 


The following information was filed by Depomed Inc (DEPO) on Tuesday, February 27, 2018 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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Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Loss
Consolidated Statements Of Operations
Consolidated Statements Of Shareholders' Equity
Accrued Liabilities
Accrued Liabilities (details)
Accrued Liabilities (tables)
Acquisitions And Dispositions
Acquisitions And Dispositions (details)
Acquisitions And Dispositions (tables)
Cash, Cash Equivalents And Short-term Investments
Cash, Cash Equivalents And Short-term Investments (tables)
Cash, Cash Equivalents And Short-term Investments - Fair Value (details)
Cash, Cash Equivalents And Short-term Investments - Level 3 (details)
Cash, Cash Equivalents And Short-term Investments - Summary (details)
Cash, Cash Equivalents And Short-term Investments - Unrealized Loss Position (details)
Commitments And Contingencies
Commitments And Contingencies (tables)
Commitments And Contingencies - Leases (details)
Commitments And Contingencies - Legal Matters (details)
Debt
Debt (details)
Debt (tables)
Income Taxes
Income Taxes (tables)
Income Taxes - Deferred Tax Assets (details)
Income Taxes - Nol Carryforward (details)
Income Taxes - Provision (benefit) And Reconciliation (details)
Income Taxes - Tax Credit Carryforward (details)
Intangible Assets
Intangible Assets (details)
Intangible Assets (tables)
Inventories
Inventories (details)
Inventories (tables)
License And Collaborative Arrangements
License And Collaborative Arrangements (details)
Net Income (loss) Per Share
Net Income (loss) Per Share (details)
Net Income (loss) Per Share (tables)
Organization And Summary Of Significant Accounting Policies
Organization And Summary Of Significant Accounting Policies (policies)
Organization And Summary Of Significant Accounting Policies (tables)
Organization And Summary Of Significant Accounting Policies - Property And Equipment (details)
Organization And Summary Of Significant Accounting Policies - Revenues (details)
Organization And Summary Of Significant Accounting Policies - Segment Information (details)
Property And Equipment
Property And Equipment (details)
Property And Equipment (tables)
Restructuring
Restructuring (details)
Restructuring (tables)
Restructuring - Rollforward (details)
Schedule Ii: Valuation And Qualifying Accounts
Schedule Ii: Valuation And Qualifying Accounts (details)
Selected Quarterly Financial Data (unaudited)
Selected Quarterly Financial Data (unaudited) (details)
Selected Quarterly Financial Data (unaudited) (tables)
Shareholders' Equity
Shareholders' Equity (details)
Stock-based Compensation
Stock-based Compensation (tables)
Stock-based Compensation - Activity (details)
Stock-based Compensation - Equity Match Program (details)
Stock-based Compensation - Expense Allocation (details)
Stock-based Compensation - Fair Value Assumptions (details)
Stock-based Compensation - Restricted Units (details)
Subsequent Events
Subsequent Events (details)
Ticker: DEPO
CIK: 1005201
Form Type: 10-K Annual Report
Accession Number: 0001558370-18-001325
Submitted to the SEC: Wed Feb 28 2018 7:51:46 PM EST
Accepted by the SEC: Thu Mar 01 2018
Period: Sunday, December 31, 2017
Industry: Pharmaceutical Preparations

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