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8-K - FORM 8-K - MEDICIS PHARMACEUTICAL CORP | p18996e8vk.htm |
Exhibit 99.1
CONTACT: | 7720 N. Dobson Road | |
Kara Stancell (media) | Scottsdale, AZ 85256 | |
(480) 291-5454 | (602) 808-8800 | |
Sean Andrews (investors) | www.Medicis.com | |
(480) 291-5854 |
MEDICIS REPORTS SECOND QUARTER 2011 RESULTS
COMPANY ANNOUNCES STOCK REPURCHASE PLAN UP TO $200 MILLION
SCOTTSDALE, Ariz.August 8, 2011Medicis (NYSE:MRX) today announced revenues of approximately
$190.8 million for the three months ended June 30, 2011, compared to revenues of approximately
$173.6 million for the three months ended June 30, 2010, which represents an increase of
approximately $17.2 million, or approximately 9.9%.
Non-generally accepted accounting principles (non-GAAP, defined below) diluted earnings per share
(EPS, defined below) for the three months ended June 30, 2011, was $0.64, compared to non-GAAP
diluted EPS of $0.62 for the three months ended June 30, 2010, which represents an increase of
$0.02 per diluted share, or approximately 1.8% (see Unaudited Reconciliation of Non-GAAP
Adjustments in the financial tables of this press release). GAAP diluted EPS for the three months
ended June 30, 2011, was $0.43, compared to GAAP diluted EPS of $0.56 for the three months ended
June 30, 2010, which represents a decrease of $0.13 per diluted share, or approximately 23.8%.
The Companys achievement of approximately $190.8 million in revenues and non-GAAP diluted EPS of
$0.64 is consistent with the Companys published guidance of $185-$197 million in revenues and
$0.61-$0.66 in non-GAAP diluted EPS for the three months ended June 30, 2011.
We are pleased to announce another solid quarter, said Jonah Shacknai, Chairman and Chief
Executive Officer of Medicis. We continue to be encouraged by the exceptional performances of
DYSPORT® and the RESTYLANE® family. Additionally, our therapeutic franchise
remains strong, with SOLODYN®, VANOS® and ZIANA® all experiencing
significant growth. As we enter the second half of 2011, we are focused on successfully growing
the most recent additions to the SOLODYN franchise, which have been embraced by physicians, and
look forward to unveiling innovative and unique marketing campaigns to drive continued growth of
our primary brands.
Non-GAAP net income for the three months ended June 30, 2011, was approximately $43.4 million,
compared to non-GAAP net income of approximately $40.9 million for the three months ended June 30,
2010, which represents an increase of approximately $2.5 million, or approximately 6.1%. Non-GAAP
net income for the three months ended June 30, 2011, excludes charges totaling approximately $20.9
million (pre-tax) related to items specifically excluded from the Companys guidance, consisting of
research and development (R&D) milestone payments to Medicis partners of $7.5 million, a loss from
discontinued operations of approximately $8.9 million associated with the LipoSonix business and
approximately $4.5 million related to additional expenses from fluctuations in the Companys stock
price
and the resulting effect on the Companys Stock Appreciation Rights (SARs). Non-GAAP net income
for the three months ended June 30, 2010, excluded a loss from discontinued operations of
approximately $6.9 million (pre-tax) associated with the LipoSonix business. GAAP net income for
the three months ended June 30, 2011, was approximately $28.8 million, compared to GAAP net income
of approximately $36.5 million for the three months ended June 30, 2010, which represents a
decrease of approximately $7.7 million, or approximately 21.1%.
Acne Products
Medicis recorded revenues of approximately $123.1 million from sales of its acne products for the
three months ended June 30, 2011, compared to revenues of approximately $124.8 million for the
three months ended June 30, 2010, which represents a decrease of approximately $1.7 million, or
approximately 1.3%. This decrease is due primarily to the impact from the early 2011
discontinuation of TRIAZ® and the Companys decision to no longer promote
PLEXION®. Sales of continuing acne products increased approximately $9.0 million, or
approximately 8.0%, year-over-year. The Medicis Acne Products category includes primarily SOLODYN
and ZIANA.
Non-Acne Products
Medicis recorded revenues of approximately $57.7 million associated with its non-acne products for
the three months ended June 30, 2011, compared to revenues of approximately $41.0 million for the
three months ended June 30, 2010, which represents an increase of approximately $16.7 million, or
approximately 40.7%. This increase is due primarily to increased sales of DYSPORT, VANOS and
LOPROX®, and the continued strength of the RESTYLANE franchise. The Medicis Non-Acne
Products category includes primarily DYSPORT, PERLANE®, RESTYLANE and VANOS.
Other Non-Dermatological Products
Medicis recorded revenues of approximately $10.0 million associated with its other
non-dermatological products for the three months ended June 30, 2011, compared to revenues of
approximately $7.8 million for the three months ended June 30, 2010, which represents an increase
of approximately $2.2 million, or approximately 27.7%. The Medicis Other Non-Dermatological
Products category includes primarily AMMONUL®, BUPHENYL® and contract
revenue.
Other Income Statement Items
Gross profit margin for the three months ended June 30, 2011, was approximately 90.4%.
Selling, general and administrative (SG&A) expense for the three months ended June 30, 2011, was
approximately $90.4 million, or approximately 47.4% of revenues, compared to approximately $77.1
million, or approximately 44.4% of revenues, for the three months ended June 30, 2010. SG&A
expense for the three months ended June 30, 2011, includes a $4.1 million charge related to
additional expenses from fluctuations in the Companys stock price and the resulting effect on the
Companys SARs. The Company recorded no special SG&A charges for the three months ended June 30,
2010.
R&D expense for the three months ended June 30, 2011, was approximately $15.2 million, compared to
approximately $7.4 million for the three months ended June 30, 2010. R&D expense for the three
months ended June 30, 2011, includes purchased R&D charges of $7.5 million associated with
milestone payments to Medicis partners and a $0.4 million charge related to additional expenses
from fluctuations in the Companys stock price and the resulting effect on the Companys SARs. The
Company recorded no special R&D charges for the three months ended June 30, 2010.
Cash Flow
Cash flow from continuing operations for the six months ended June 30, 2011, was approximately
$97.1 million, which excludes $14.5 million associated with milestone payments to Medicis partners.
The Company anticipates approximately $200 million in cash flow from continuing operations for the
full year.
Stock Repurchase Plan
The Medicis Board of Directors has approved
a Stock Repurchase Plan to purchase up to $200
million in aggregate value of shares of Medicis Class A common stock. Any repurchases will be made
in compliance with the Securities Exchange Commissions (SEC) Rule 10b-18.
The number of shares to be repurchased
and the timing of repurchases (if any) will depend on a
variety of factors, including, but not limited to, stock price, economic and market conditions and
corporate and regulatory requirements. The plan does not obligate the Company to repurchase any
common stock. The plan is scheduled to terminate on the earlier of the first anniversary of the
plan or the time at which the purchase limit is reached, but may be suspended or terminated at any
time at the Companys discretion without prior notice. As of August 3, 2011, there were 61,312,386
shares of Medicis Class A common stock outstanding.1
2011 Guidance
Based upon information available currently to the Companys management, the Companys financial
guidance for the remainder of 2011 is anticipated as follows:
Calendar 2011
(in millions, except per share amounts)
(in millions, except per share amounts)
First | Second | Third | Fourth | Calendar | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Year-End | ||||||||||||||||
(3/31/11) | (6/30/11) | (9/30/11) | (12/31/11) | 2011 | ||||||||||||||||
Actual | Actual | Estimated | Estimated | Estimated | ||||||||||||||||
Revenue |
$ | 165 | $ | 191 | $ | 175-$195 | $ | 187-$207 | $ | 718-$758 | ||||||||||
Non-GAAP diluted
EPS objectives |
$ | 0.50 | $ | 0.64 | $ | 0.48-$0.67 | $ | 0.63-$0.75 | $ | 2.25-$2.56 |
Additional 2011 Guidance Considerations
| Revenue and non-GAAP diluted EPS objectives include certain assumptions associated with: |
| the Companys decision, effective July 1, 2011, to stop shipment of SOLODYN in 45 mg, 90 mg and 135 mg strengths (Legacy Strengths) to wholesalers. The Companys previously issued guidance included anticipated sales of these Legacy Strengths. The Companys guidance issued today in the table above has been adjusted to reflect the decrease in sales and profitability associated with the Legacy Strengths. The average selling price for the Legacy Strengths is approximately $200 higher than that of the current strengths. |
| continued acceptance of newer strengths of SOLODYN by physicians; | ||
| the Companys early 2011 discontinuation of TRIAZ and decision to no longer promote PLEXION; | ||
| the exclusion of all revenue and expenses associated with LipoSonix, as the Company began classifying the LipoSonix business as a discontinued operation in the first quarter of 2011; | ||
| competition in the dermal filler and botulinum toxin markets; | ||
| gross profit margins of approximately 90-92% of revenues; | ||
| SG&A expenses of approximately 46-48% of revenues; | ||
| R&D expenses of approximately 6-7% of revenues; | ||
| depreciation and amortization of approximately $30-$32 million for the year; | ||
| effective tax rate of approximately 39-40%; and | ||
| fully diluted weighted average shares outstanding of approximately 66-67 million shares. |
The above guidance does not take into account the following:
| proceeds from disposition of the LipoSonix business; | ||
| special charges associated with R&D milestones or contract payments; | ||
| the financial impact of fluctuations in the Companys stock price and the resulting effect on the Companys SARs; | ||
| the financial impact of potential share repurchases, if any, made under the Stock Repurchase Plan; | ||
| additional recognized losses on our auction rate securities investments; | ||
| recognized losses resulting from impairments on our intangible assets; | ||
| the impact of accounting for new collaborative arrangements with Medicis partners; | ||
| the financial impact of changes in accounting or governmental pronouncements; | ||
| charges related to the accounting for our investment in Revance or Hyperion; | ||
| material changes to the demand for ZIANA associated with the launch of a competitive product; | ||
| material changes to our assumptions regarding sales of SOLODYN to wholesalers and the demand for SOLODYN associated with the anticipated November 2011 launch of generic versions of SOLODYN in 45 mg, 90 mg and 135 mg strengths; | ||
| material changes to our assumptions regarding prescription trends toward the newer strengths of SOLODYN; | ||
| the timing of additional SOLODYN patent allowances, if any; |
| uncertainty relating to the reduction of the average selling price, including reserves, for covered products as a result of the rise in costs associated with consumer rebate programs, including MediSAVE and other point-of-sale offers; | ||
| changes in reimbursement policies of health plans and other health insurers; | ||
| the impact of the U.S. economy on the Companys aesthetic and therapeutic franchises; and | ||
| significant changes in assumptions and estimates used for calculating various sales reserves. |
At the time of this disclosure, Medicis believes these objectives are attainable based upon
information currently available to the Companys management.
Diluted Earnings Per Share
Diluted earnings per share amounts are calculated using the if-converted method of accounting
regardless of whether the Companys outstanding convertible bonds meet the criteria for conversion
and regardless of whether the bondholders actually convert their bonds into shares.
Use of Non-GAAP Financial Information
The Company has disclosed non-GAAP financial information in this press release to provide
meaningful supplemental information regarding its operational performance and to enhance its
investors overall understanding of its core financial performance. Management measures the
Companys performance using non-GAAP financial measures, such as those that are disclosed in this
press release. This information facilitates managements internal comparisons to the Companys
historical core operating results and competitors core operating results, and is a basis for
financial decision making. Management believes that Medicis investors benefit from seeing the
Companys results on the same basis as management, in addition to the GAAP presentation. In our
view, the non-GAAP financial measures are informative to investors, allowing them to focus on the
ongoing operations and core results of Medicis business. Historically, Medicis has reported
similar non-GAAP information to its investors and believes that the inclusion of comparative
numbers provides consistency in the Companys financial disclosures. This information is not in
accordance with, or an alternative for, information prepared using GAAP. Non-GAAP net income
excludes certain items, such as R&D charges which result from payments made to Medicis partners,
transaction costs, the impairment of long-lived assets, gains resulting from the sale of
subsidiaries, charges related to the accounting for our investment in Revance or Hyperion and
litigation reserves. These items may have a material effect on the Companys net income and
diluted earnings per common share calculated in accordance with GAAP. The Company excludes such
charges and the related tax benefits when analyzing its financial results as the items are
distinguishable events. Management believes that, by viewing the Companys results of operations
excluding these charges, investors are given an indication of the ongoing results of the Companys
operations.
About Medicis
Medicis is the leading independent specialty pharmaceutical company in the United States focusing
primarily on the treatment of dermatological and aesthetic conditions. The Company is dedicated to
helping patients attain a healthy and youthful appearance and self-image. Medicis has leading
branded prescription products in a number of therapeutic and aesthetic categories. The Companys
products have earned wide acceptance by both physicians and patients due to their clinical
effectiveness, high quality and cosmetic elegance.
The Companys products include the brands DYSPORT® (abobotulinumtoxinA) 300 Units for
Injection, PERLANE® Injectable Gel, PERLANE-L® Injectable Gel with 0.3%
Lidocaine, RESTYLANE® Injectable Gel, RESTYLANE-L® Injectable Gel with 0.3%
Lidocaine, LOPROX® (ciclopirox) Gel 0.77% and Shampoo 1%, SOLODYN®
(minocycline HCl, USP) Extended Release Tablets, VANOS® (fluocinonide) Cream, 0.1%,
ZIANA® (clindamycin phosphate 1.2% and tretinoin 0.025%) Gel, AMMONUL®
(sodium phenylacetate and sodium benzoate) Injection 10%/10%, BUPHENYL® (sodium
phenylbutyrate) Tablets and Powder and the over-the-counter brand ESOTERICA®.
For more information about Medicis, please visit the Companys website at www.Medicis.com. Printed
copies of the Companys complete audited financial statements are available free of charge upon
request.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private
Securities Litigation Reform Act. All statements included in this press release that address
activities, events or developments that Medicis expects, believes or anticipates will or may occur
in the future are forward-looking statements, including:
| the Companys future prospects; | ||
| revenues, gross profit margin, expense, tax rate, cash flows and earnings guidance; | ||
| information regarding business development activities and future regulatory approval of the Companys products; | ||
| timing of FDA approval of the LipoSonix system2, if at all; | ||
| the Companys ability to consummate repurchases under the Stock Repurchase Plan due to changes in the Companys stock price, economic or other market conditions or corporate or regulatory requirements; | ||
| the commercial success of the Companys products; | ||
| the patentability of certain intellectual property; | ||
| the potential for generic competition to SOLODYN and other Medicis products; | ||
| the future expansion of the aesthetics market; | ||
| the occurrence, timing and financial terms or effect of the Companys proposed disposition of LipoSonix and other potential business development transactions; and | ||
| expectations relating to the Companys product development pipeline. |
These statements are based on certain assumptions made by the Company based on its experience and
perception of historical trends, current conditions, expected future developments and other factors
it believes are appropriate in the circumstances. No assurances can be given, however, that these
activities, events or developments will occur or that such results will be achieved. Such
statements are subject to a number of assumptions, risks and uncertainties, many of which are
beyond the control of the Company. The Companys business is subject to all risk factors outlined
in the Companys most recent annual report on Form 10-K for the year ended December 31, 2010, and
other documents we file with the SEC. At the time of this press release, the Company cannot, among
other things, assess the likelihood, timing or forthcoming results of R&D projects, the risks
associated with the FDA approval process and risks associated with significant competition within
the Companys industry, nor can the
Company validate its assumptions of the full impact on its business of the approval of competitive
generic versions of the Companys primary brands, and any future competitive product approvals that
may affect the Companys brands.
Additionally, Medicis may acquire and/or license products or technologies from third parties to
enter into new strategic markets. The Company periodically makes up-front, non-refundable payments
to third parties for R&D work that has been completed and periodically makes additional
non-refundable payments for the achievement of various milestones. There can be no certainty about
the periods in which these potential payments could be made, nor if any payments such as these will
be made at all. Any estimated future guidance does not include, among other things, the potential
payments associated with any such transactions.
There are a number of additional important factors that could cause actual results to differ
materially from those projected, including:
| the anticipated size of the markets and demand for the Companys products; | ||
| the availability of product supply or changes in the costs of raw materials; | ||
| the receipt of required regulatory approvals; | ||
| competitive developments affecting our products; | ||
| product liability claims; | ||
| the introduction of federal and/or state regulations relating to the Companys business; | ||
| dependence on sales of key products; | ||
| changes in the treatment practices of physicians that currently prescribe the Companys products, including prescription levels; | ||
| the uncertainty of future financial results and fluctuations in operating results, and the factors that may attribute to such fluctuations as set forth in our SEC filings; | ||
| dependence on the Companys strategy (including the uncertainty of license payments and/or other payments due from third parties); | ||
| changes in reimbursement policies of health plans and other health insurers; | ||
| decreases in revenues associated with the FDAs requirement, effective March 2011, that prescription benzoyl peroxide products that are not approved through a New Drug Application, such as TRIAZ, not be sold as prescription products; | ||
| the timing and success of new product development by the Company or third parties; | ||
| the inability to secure patent protection from filed patent applications, inadequate protection of the Companys intellectual property or challenges to the validity or enforceability of the Medicis proprietary rights; | ||
| the risks of pending and future litigation or government investigations; and | ||
| other risks described from time to time in the Companys filings with the SEC. |
Forward-looking statements represent the judgment of the Companys management as of the date of
this release and the Company disclaims any intent or obligation to update any forward-looking
statements contained herein, which speak as of the date hereof.
NOTE: Full prescribing information for any of the Companys prescription products is available by
contacting the Company. All trademarks are the property of their respective owners.
1 | Excludes 2,046,565 of unvested restricted stock and 13,289,905 treasury shares held by the Company. | |
2 | The LipoSonix system is not approved or cleared for sale in the U.S. |
Medicis Pharmaceutical Corporation
Summary Statements of Operations (Unaudited)
(in thousands, except per share data)
Summary Statements of Operations (Unaudited)
(in thousands, except per share data)
Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Product revenues |
$ | 189,819 | $ | 171,734 | $ | 353,715 | $ | 335,326 | ||||||||
Contract revenues |
1,008 | 1,862 | 2,025 | 3,812 | ||||||||||||
Total revenues |
190,827 | 173,596 | 355,740 | 339,138 | ||||||||||||
Cost of revenues |
18,237 | 16,330 | 32,568 | 31,437 | ||||||||||||
Gross profit |
172,590 | 157,266 | 323,172 | 307,701 | ||||||||||||
Operating expenses: |
||||||||||||||||
Selling, general and administrative |
90,393 | 77,091 | 175,023 | 149,375 | ||||||||||||
Research and development |
15,195 | 7,420 | 29,468 | 13,979 | ||||||||||||
Depreciation and amortization |
7,110 | 6,916 | 14,434 | 13,649 | ||||||||||||
Total operating expenses |
112,698 | 91,427 | 218,925 | 177,003 | ||||||||||||
Operating income |
59,892 | 65,839 | 104,247 | 130,698 | ||||||||||||
Interest (income) expense, net |
(97 | ) | 281 | (313 | ) | 179 | ||||||||||
Other (income) expense, net |
| (2 | ) | | 257 | |||||||||||
Income from continuing operations before income tax expense |
59,989 | 65,560 | 104,560 | 130,262 | ||||||||||||
Income tax expense |
25,477 | 24,632 | 43,363 | 49,316 | ||||||||||||
Net income from continuing operations |
34,512 | 40,928 | 61,197 | 80,946 | ||||||||||||
Loss from discontinued operations, net of income tax benefit |
5,729 | 4,428 | 13,054 | 9,078 | ||||||||||||
Net income |
$ | 28,783 | $ | 36,500 | $ | 48,143 | $ | 71,868 | ||||||||
Basic net income per common share |
$ | 0.46 | $ | 0.61 | $ | 0.78 | $ | 1.19 | ||||||||
Diluted net income per common share |
$ | 0.43 | $ | 0.56 | $ | 0.72 | $ | 1.10 | ||||||||
Shares used in basic net income per common share |
60,308 | 58,271 | 59,719 | 58,161 | ||||||||||||
Shares used in diluted net income per common share |
67,140 | 64,395 | 66,347 | 64,294 | ||||||||||||
Cash flow (used in) provided by continuing operations |
$ | (14,102 | ) | $ | 23,120 | $ | 82,588 | $ | 65,267 |
Medicis Pharmaceutical Corporation
Unaudited Reconciliation of Non-GAAP Adjustments
(in thousands, except per share data)
Unaudited Reconciliation of Non-GAAP Adjustments
(in thousands, except per share data)
Three months ended | Three months ended | |||||||||||||||
June 30, 2011 | June 30, 2010 | |||||||||||||||
Dollar Value | EPS Impact | Dollar Value | EPS Impact | |||||||||||||
GAAP net income |
$ | 28,783 | $ | 36,500 | ||||||||||||
Less: income allocated to participating securities |
(916 | ) | (1,206 | ) | ||||||||||||
GAAP net income attributable to common shareholders |
27,867 | $ | 0.46 | 35,294 | $ | 0.61 | ||||||||||
Less: net undistributed earnings allocated to unvested shareholders |
(13 | ) | (6 | ) | ||||||||||||
Interest expense and associated bond offering costs (tax-effected) |
711 | (a) | 666 | (a) | ||||||||||||
GAAP if-converted net income and diluted EPS |
28,565 | $ | 0.43 | 35,954 | $ | 0.56 | ||||||||||
Non-GAAP adjustments: |
||||||||||||||||
Research and development expenses
related to our collaborations |
7,500 | $ | 0.11 | | | |||||||||||
Loss from discontinued operations |
8,914 | $ | 0.13 | 6,944 | $ | 0.10 | ||||||||||
Impact of stock price fluctuation on SARs |
4,481 | $ | 0.07 | | | |||||||||||
Income tax effects related to the above
transactions |
(6,273 | ) | $ | (0.09 | ) | (2,516 | ) | $ | (0.04 | ) | ||||||
Less: income allocated to participating
securities and net undistributed
earnings allocated to unvested
shareholders related to the above
transactions |
(501 | ) | $ | (0.01 | ) | (150 | ) | | ||||||||
Non-GAAP if-converted net income and diluted EPS |
$ | 42,686 | $ | 0.64 | $ | 40,232 | $ | 0.62 | ||||||||
Shares used in basic net income per
common share |
60,308 | 58,271 | ||||||||||||||
Shares used in diluted net income per
common share |
67,140 | 64,395 |
(a) | In order to determine if-converted net income, the tax-effected net interest on the 2.5% and 1.5% contingent convertible notes of $0.7 million are added back to GAAP net income for the three months ended June 30, 2011 and June 30, 2010. |
Medicis Pharmaceutical Corporation
Unaudited Reconciliation of Non-GAAP Adjustments
(in thousands, except per share data)
Unaudited Reconciliation of Non-GAAP Adjustments
(in thousands, except per share data)
Six months ended | Six months ended | |||||||||||||||
June 30, 2011 | June 30, 2010 | |||||||||||||||
Dollar Value | EPS Impact | Dollar Value | EPS Impact | |||||||||||||
GAAP net income |
$ | 48,143 | $ | 71,868 | ||||||||||||
Less: income allocated to participating securities |
(1,469 | ) | (2,368 | ) | ||||||||||||
GAAP net income attributable to common shareholders |
46,674 | $ | 0.78 | 69,500 | $ | 1.19 | ||||||||||
Less: net undistributed earnings allocated to unvested shareholders |
(16 | ) | (11 | ) | ||||||||||||
Interest expense and associated bond offering costs (tax-effected) |
1,377 | (a) | 1,333 | (a) | ||||||||||||
GAAP if-converted net income and diluted EPS |
48,035 | $ | 0.72 | 70,822 | $ | 1.10 | ||||||||||
Non-GAAP adjustments: |
||||||||||||||||
Research and development expenses
related to our collaborations |
14,500 | $ | 0.22 | | | |||||||||||
Loss from discontinued operations |
20,342 | $ | 0.30 | 14,235 | $ | 0.22 | ||||||||||
Impact of stock price fluctuation on SARs |
6,559 | $ | 0.10 | | | |||||||||||
Income tax effects related to the above
transactions |
(13,259 | ) | $ | (0.20 | ) | (5,157 | ) | $ | (0.08 | ) | ||||||
Less: income allocated to participating
securities and net undistributed
earnings allocated to unvested
shareholders related to the above
transactions |
(937 | ) | $ | (0.01 | ) | (305 | ) | | ||||||||
Non-GAAP if-converted net income and diluted EPS |
$ | 75,240 | $ | 1.13 | $ | 79,595 | $ | 1.24 | ||||||||
Shares used in basic net income per
common share |
59,719 | 58,161 | ||||||||||||||
Shares used in diluted net income per
common share |
66,347 | 64,294 |
(a) | In order to determine if-converted net income, the tax-effected net interest on the 2.5% and 1.5% contingent convertible notes of $1.4 million and $1.3 million are added back to GAAP net income for the six months ended June 30, 2011 and June 30, 2010, respectively. |
Medicis Pharmaceutical Corporation
Balance Sheets
(in thousands)
Balance Sheets
(in thousands)
June 30, | December 31, | |||||||
2011 | 2010 | |||||||
Assets | (unaudited) | |||||||
Cash, cash equivalents & short-term investments |
$ | 805,756 | $ | 703,554 | ||||
Accounts receivable, net |
166,399 | 130,622 | ||||||
Inventory, net |
30,829 | 35,282 | ||||||
Deferred tax assets |
24,602 | 70,461 | ||||||
Other current assets |
19,264 | 15,268 | ||||||
Assets held for sale from discontinued operations |
10,248 | 13,127 | ||||||
Total current assets |
1,057,098 | 968,314 | ||||||
Property & equipment, net |
23,683 | 24,435 | ||||||
Intangible assets, net |
289,681 | 287,706 | ||||||
Deferred tax assets |
95,516 | 36,898 | ||||||
Long-term investments |
22,379 | 21,480 | ||||||
Other assets |
2,991 | 2,991 | ||||||
Total assets |
$ | 1,491,348 | $ | 1,341,824 | ||||
Liabilities and stockholders equity |
||||||||
Contingent convertible senior notes 2.5%, due 2032 |
$ | 169,145 | $ | | ||||
Other current liabilities of continuing operations |
373,538 | 332,616 | ||||||
Liabilities held for sale from discontinued operations |
7,172 | 7,276 | ||||||
Total current liabilities |
549,855 | 339,892 | ||||||
Contingent convertible senior notes 2.5%, due 2032 |
| 169,145 | ||||||
Contingent convertible senior notes 1.5%, due 2033 |
181 | 181 | ||||||
Other liabilities |
38,982 | 5,084 | ||||||
Stockholders equity |
902,330 | 827,522 | ||||||
Total liabilities and stockholders equity |
$ | 1,491,348 | $ | 1,341,824 | ||||
Working capital |
$ | 507,243 | $ | 628,422 | ||||
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