Nov. 1 /PRNewswire/ -- Pharmacopeia, Inc. (Nasdaq: PCOP - news) today announced results for the third quarter and nine months ended September 30, 2000. Further details regarding Pharmacopeia's third quarter performance will be publicized in a conference call today at 5:00 p.m. ET and can be accessed via webcast by visiting www.pharmacopeia.com. Replay information of this call is also available at the Company's website. Forward looking and material information may be discussed on this conference call.
Total revenue for the third quarter of 2000 rose to $27.1 million compared to $24.3 million in the third quarter of 1999. This revenue growth resulted primarily from a 27% increase in software revenue. Total revenue for the 2000 nine-month period was $78.9 million compared to $70.8 million for the comparable period of 1999.
Excluding charges (amortization of identifiable intangibles, amortization of goodwill and write-offs of in-process research and development) related to acquisitions, pro forma net income for the 2000 third quarter rose substantially to $2.4 million, or $0.10 per diluted share. This compares to pro forma net income of $0.5 million, or $0.02 per share, reported for the third quarter of 1999. Pro forma net income for the 2000 nine-month period ended September 30th was $7.8 million, or $0.32 per share, compared to a pro forma net loss of ($1.6 million), or ($0.08) per share, for the first nine months of 1999. The net loss and net loss per share for the 2000 third quarter and nine-month period, including acquisition related charges, was ($1.9 million), or ($0.08) per share, and ($4.7) million, or ($0.21) per share, respectively.
At September 30, 2000, Pharmacopeia had cash, cash equivalents and marketable securities in excess of $166 million.
``Our positive third quarter performance and recent business trends are reasons for optimism,'' said Joseph A. Mollica, Ph.D., Chairman, President, and CEO. ``A strong performance by our software business was the result of strong sales growth in all geographic regions, including Asia. We also benefited from the sale of new cheminformatics and bioinformatics products as a result of our acquisitions of Synopsys, Oxford Molecular, and Genetics Computer Group.''
``Our Drug Discovery Services business enjoyed a significant increase in lead optimization revenues, although this gain was offset by the expected decline in our library outlicensing business. In addition, milestone revenue expected in the third quarter was not earned until October. We are encouraged by recent business development activities in Drug Discovery Services, and we look forward to the possibility for new and exciting collaborations in the fourth quarter.''
``We continue to execute on our long term strategy of assembling and integrating world class products and services that enable our customers to accelerate their research and development efforts. Year to date, we have successfully acquired and begun to integrate new bioinformatics, gene sequence analysis, and cheminformatics products into our existing family of MSI modeling and simulation applications. With these important software-based drug discovery tools, as well as our lead discovery and lead optimization science, technology and services, we believe we are well positioned to benefit from the imminent future demand being created by recent genomics industry efforts.'' |
