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|VIROPHARMA INCORPORATED Contacts:|
Charles A. Rowland, Jr.
|Vice President, Chief Financial Officer|
Phone (610) 321-6223
|Robert A. Doody Jr.|
|Assistant Director, Investor Relations|
Phone (610) 321-6290
|Kristina M. Broadbelt (media)|
|Associate Director, PR & Advocacy|
|Phone (610) 321- 2358|
VIROPHARMA Incorporated Reports Fourth Quarter and Full Year
2011 Financial Results
Company Delivers Record Full Year Product Revenue of $544 Million and Record Full Year
Diluted Earnings Per Share of $1.68
EXTON, PA, February 28, 2012 VIROPHARMA INCORPORATED (Nasdaq: VPHM) reported today its financial results for the fourth quarter and year ended December 31, 2011.
In 2011, we:
Achieved a record $544 million in annual net product sales, including $251 million in net sales of Cinryze® (C1 esterase inhibitor [human]), and $289 million in net sales of Vancocin® (Vancomycin Hydrochloride Capsules, USP);
Attained non-GAAP adjusted net income of $182 million; GAAP net income reached $141 million;
Delivered positive cash flows from operations of $171 million;
Utilized $170 million of cash to repurchase 9.2 million shares of ViroPharma stock; and
Finished the year with working capital of $537 million as of December 31, 2011, including cash, cash equivalents and short-term investments of $460 million.
Net sales were $145.6 million and $544.4 million for the fourth quarter and year ended December 31, 2011, respectively, as compared to $121.6 million and $439.0 million in the comparative periods of 2010, respectively. This represents 20 percent growth in the fourth quarter and 24 percent growth for the year in net product sales. The fourth quarter Cinryze demand was satisfied through net sales of $66.7 million as reported and a reduction in the channel of about a week.
As evidenced by our financial and operational performance throughout the year, 2011 was clearly the most successful period in the history of our company, stated Vincent Milano, ViroPharmas chief executive officer. Among the highlights were the approvals and launches of Cinryze and Buccolam® (midazolam, oromucosal solution) in Europe, continued strong growth of Cinryze in the U.S., and the approval of our Vancocin sNDA leading to modernized labeling and, we believe, three years of exclusivity. We also significantly broadened our early stage and commercial pipeline through four separate strategic business development agreements. In 2012, our focus will remain on enhancing brand loyalty for patients who rely on our products, continuing the globalization of our product portfolio, and meeting the evolving needs of patients suffering from serious medical conditions.
Our GAAP net income was $53.2 million in the fourth quarter of 2011 compared to $37.5 million in the 2010 fourth quarter. GAAP diluted earnings per share was $0.65 for the fourth quarter of 2011 compared to $0.43 for the same period in 2010. For the full year in 2011, GAAP net income was $140.7 million compared to $125.6 million of GAAP net income during 2010. GAAP diluted earnings per share was $1.68 for the full year 2011 compared to $1.47 during 2010.
Non-GAAP adjusted net income for the three and twelve months ended December 31, 2011 was $50.6 million and $181.9 million, respectively, compared to $45.3 million and $156.3 million for the same periods in 2010. Non-GAAP adjusted
The following information was filed by Viropharma Inc (VPHM) on Tuesday, February 28, 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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