We have a full position and I have also been trading the swings 26 to 31
stockcharts.com[l,a]daclyymy[db][pc30!c50!d20,2!f][vc60][iUf!Lh14,3,3!Ll14]
I have also taken a small position in DRMD in the last week
The p/e i s a little high and have a tight stop. I wanted to wait for a pull back and watch the stock for a bit to see how it handled a pull back but I am afraid I fell for the old the stock is going to get away from me syndrome.:-(
biz.yahoo.com
Wednesday May 2, 6:02 am Eastern Time
Press Release
SOURCE: Duramed Pharmaceuticals, Inc.
Duramed Pharmaceuticals, Inc. Reports First Quarter 2001 Results
- Company's Net Sales Up 64 Percent, Gross Profit Up 129 Percent Over First Quarter 2000; Earnings Growth Continues -
CINCINNATI, May 2 /PRNewswire/ -- Duramed Pharmaceuticals, Inc. (Nasdaq: DRMD - news) announced today its results for the first quarter ended March 31, 2001. For the quarter, net sales were $27.3 million, as compared to $16.6 million in the first quarter 2000, a 64 percent increase. Net income for the period was $1.6 million, or 6 cents per diluted share, as compared to a net loss of $2.7 million, or 10 cents per diluted share for the same period last year. Weighted average common shares outstanding on a diluted basis at March 31, 2001 were 26,904,002.
E. Thomas Arington, Duramed chairman and chief executive officer said, ``We are very pleased to report Duramed's continued strong financial performance. Sales of hormone products -- led by Cenestin and Apri -- continued to fuel our growth, with net sales up 95 percent compared to the first quarter of 2000. Sales of non-hormone products also showed strong performance in the first quarter of 2001, increasing by 40 percent.''
Prescriptions for Apri® (desogestrel and ethinyl estradiol) Tablets totaled 674,000 for the first quarter 2001, up approximately 100 percent from first quarter 2000, the first full quarter of oral contraceptive sales, and up 9 percent from the fourth quarter 2000.
Prescriptions for Cenestin® (synthetic conjugated estrogens, A) Tablets grew even faster than those for Apri. For the quarter, total prescriptions were 268,317 representing growth of 282 percent over first quarter 2000 and growth of 37 percent from the end of the fourth quarter 2000.
``We are encouraged with the performance of both Apri and Cenestin and delighted with the approval of our new oral contraceptive Aviane(TM), which we expect to launch in early May. Based on the track record of our other oral contraceptive, Apri, we look forward to the revenue contribution that Aviane will make,'' said Arington. ``We now have six products in our hormone family, and the results of our long term commitment to women's health are becoming increasingly evident to our company, its stakeholders, medical practitioners, and patients.''
Aviane (levonorgestrel 100 mcg and ethinyl estradiol 20 mcg) Tablets is the first and only generic product deemed bioequivalent to and therapeutically interchangeable with Alesse(1) for all new and refill prescriptions.
First Quarter Results
Of the $27.3 million revenue generated in the quarter, $14.6 million, or 53 percent, came from hormone product sales. Hormone product sales for the first quarter of 2000 were $7.5 million, or 45 percent of revenue. First quarter 2001 Cenestin (synthetic conjugated estrogens, A) Tablets revenues were $6.6 million, as compared to $2.9 million in the first quarter 2000. Oral contraceptive revenues were $7.2 million as compared to $4.0 million in the first quarter 2000.
Sales of non-hormone products were $12.7 million in the first quarter 2001, as compared to $9.1 million in first quarter 2000, an increase of 40 percent, due primarily to increased sales of selected seasonal products.
For the quarter, gross profits totaled $12.8 million, representing 47 percent of net sales, as compared to $5.6 million in first quarter 2000, up 129 percent, with the improvement mainly due to greater sales of higher margin products and improved operating efficiency due to volume increases.
Product development expenses for first quarter 2001 were $1.1 million, compared to $1.3 million in the first quarter 2000. This decrease primarily resulted from the consolidation of product development activities into Duramed's Cincinnati facility.
Duramed's brand marketing expenses in first quarter 2001 (which represent Solvay Pharmaceuticals' share of the Cenestin profits) were $4.5 million as compared to first quarter 2000 of $2.0 million. This increase was a direct result of the increase in Cenestin sales.
General and administrative expenses were $3.2 million, and selling expenses were $1.0 million. For the same period last year, general and administrative expenses were $2.6 million and selling expenses were $1.0 million. The increase in general and administrative expenses was due to additional hires and personnel-related expenses.
Interest expense for the first quarter 2001 was $1.1 million, as compared to $1.4 million for the same period of 2000. The reduction in interest was due to reduced interest rates and the reduced balance outstanding of interest-bearing obligations.
Pipeline
For the remainder of 2001, the company expects to file five Abbreviated New Drug Applications (ANDAs) for hormones, including a progestin, an estrogen, and three oral contraceptives. Duramed also anticipates filing three non-hormone ANDAs. The 2000 combined brand sales of these eight items exceeded $550 million.
The progestin product is a micronized natural progesterone on which the necessary development work has been completed. Duramed anticipates filing this ANDA in late 2001. The combination therapy of this product plus Cenestin will be in the clinic soon.
``Many medical experts believe that Cenestin plus a natural progesterone is the ideal HRT combination product because of the cardiovascular benefits this therapy offers women, and we are enthusiastic about the possibilities this New Drug Application (NDA) presents,'' said Arington. ``We have already completed dissolution profile and stability work, and we eagerly look forward to getting this product into the clinic.''
Cenestin Phase IV Studies
Duramed continues its Phase IV Studies program to examine the multiple benefits of Cenestin in areas such as the central nervous system, cardiovascular system, skeletal system, and Fibromyalgia. In the first quarter, studies commenced involving 0.3 mg, 0.625 mg, and 1.25 mg Cenestin dosage strengths.
In the central nervous system (CNS), two studies are underway to measure Cenestin's effects on cerebral blood flow. Another CNS study evaluates Cenestin's capacity to improve sleep quality. In the area of Fibromyalgia, Duramed also commenced a study regarding Cenestin's potential ability to positively impact pain and range of motion disorders.
2001 Outlook
For the year 2001, Duramed expects net sales to be in the range of $110 million to $130 million. The company also anticipates net income before taxes to range between $7 million and $9 million. Hormone sales are expected to account for approximately 65 percent of the company's revenue stream.
``We feel that the execution of our business plan for the first three months of 2001 was very successful,'' stated Arington, ``and we look forward to achieving our 2001 goals.''
About Duramed Pharmaceuticals, Inc.
Duramed Pharmaceuticals develops, manufactures and markets prescription drug products. The company's business strategy emphasizes products with attractive market opportunities and potentially limited competition due to technological barriers to entry, focusing on women's health and the hormone replacement therapy market. The company's mission is to be the premier supplier of solid oral dose hormone products.
biz.yahoo.com
Another stock that has really got me going is DSWT. I haven't taken a position yet but have but on my watch list.
news.moneycentral.msn.com
I am a little tired of riding thte same horses to death and think that we will have larger gains in some "undiscovered stock"
Let us all keep abreast of stocks we are looking at maybe we can find a grand slam here. Penni just got back from Vegas and noticed that the casinos have in a short time have gone to the Shuffle Master so we are going to give that a closer look.
Good Luck Today
Don |
