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FOR IMMEDIATE RELEASE
Chris Cline, CFA
Director, Investor Relations
Retrophin Reports Fourth Quarter and Full Year 2015 Financial Results
Full year 2016 revenues projected to be $130.0 to $140.0 million
Top-line data from sparsentan Phase 2 DUET study expected 3Q16
Clinical trial evaluating efficacy of RE-024 in PKAN to initiate in 2016
SAN DIEGO (February 25, 2016) Retrophin, Inc. (NASDAQ: RTRX) today reported its fourth quarter and full year 2015 financial results.
|||Net product sales for the fourth quarter 2015 were $30.4 million, compared to net product sales of $14.1 million for the same period in 2014|
|||Net product sales for the full year 2015 were $99.9 million, compared to net product sales of $28.2 million for the same period in 2014|
|||Non-GAAP operating income for the fourth quarter 2015 was $3.3 million, compared to a non-GAAP operating loss of $4.9 million for the same period in 2014|
|||Non-GAAP operating income for the full year 2015 was $11.4 million, compared to a non-GAAP operating loss of $41.5 million for the same period in 2014|
|||Cash, cash equivalents, marketable securities, and notes receivable as of December 31, 2015 totaled $322.0 million, compared to $27.8 million on December 31, 2014|
The fourth quarter capped a year of meaningful achievements for Retrophin, said Stephen Aselage, chief executive officer of Retrophin. In 2015, we were able to strengthen our balance sheet, advance our pipeline, and significantly improve our commercial outlook with continued uptake of Thiola and the addition of Cholbam.
Mr. Aselage continued, Our execution in 2015 sets Retrophin up for what could be a transformational year in 2016, as we reach key clinical milestones with the readout of top-line data from the DUET trial, and the initiation of a trial evaluating RE-024s efficacy in PKAN. Coupled with continued commercial growth, we expect these developments to create substantial value for our shareholders.
Quarter Ended December 31, 2015
Net product sales for the fourth quarter of 2015 were $30.4 million, compared to $14.1 million for the same period in 2014. The increase is primarily due to new patient additions to Thiola® and Chenodal®, and the acquisition and subsequent commercial launch of Cholbam®.
The following information was filed by Retrophin, Inc. (RTRX) on Thursday, February 25, 2016 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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