25 % upside EPS surprise, & very positive trend with the revenues to SG&A+R&D costs. IMSCO Scott Celgene Corporation Announces Fourth Quarter and Full Year Results for
2000
WARREN, N.J., Feb. 1 /PRNewswire/ -- Celgene Corporation (Nasdaq: CELG - news) announced today results for the fourth quarter ended December 31,
2000. Total revenue was $27.3 million compared with $12.3 million in the comparable quarter in 1999, an increase of 121%. Total revenue consisted of $16.8
million from sales of Thalomid® (thalidomide) and $10.5 million of revenue from research collaborations and contracts and milestone payments. The $16.8 million in
THALOMID sales represents an increase of 87% over the fourth quarter of 1999. The Company posted net income for the quarter of $3.7 million, or $0.05 per
diluted share compared with a net loss for the fourth quarter of 1999 of $4.8 million, or $0.09 per share.
Total revenue for the year ended December 31, 2000 was $84.2 million compared with $38.0 million for 1999, an increase of 122%. The revenue consisted of
$62.0 million of THALOMID sales and $22.2 million of revenue from research collaborations and contracts and milestone payments. The $62.0 million in
THALOMID sales represents an increase of 158% over the prior year THALOMID sales. The net loss for the year ended December 31, 2000, excluding one time
merger-related costs of $6.7 million, was $9.2 million, or $0.14 per share compared with a net loss of $29.6 million, or $0.58 per share, for the year ended
December 31, 1999.
On August 31, 2000, the merger of Signal Pharmaceuticals, Inc. and Celgene Corporation was completed and was accounted for as a pooling-of-interests. As such
both the fourth quarter and full year results include the operating results of Signal as well as $6.7 million of one time merger-related costs. The historical financial data
has been restated to reflect the merger.
``We have achieved a major milestone this quarter with the critical shift to profitability,'' said John W. Jackson, Chairman and Chief Executive Officer of Celgene
Corporation. ``The year 2000 was highlighted by progress in the clinical development of our deep and diverse pipeline, the significant strengthening of our financial
position, the transforming acquisition of Signal Pharmaceuticals and our groundbreaking alliance with Novartis to develop and market d-methylphenidate, our chirally
pure version of Ritalin®.''
On January 18, 2001, Celgene announced the signing of an agreement with Novartis Pharma AG for joint research of selective estrogen receptor modulator
compounds (SERMs) for the treatment and prevention of osteoporosis. The signing of the agreement in December 2000 triggered a $10 million upfront payment to
Celgene which will be amortized over the estimated two year research period. Under the terms of this agreement, Celgene will also receive milestone payments for
specific preclinical, clinical and regulatory endpoints, as well as royalties.
On January 22, 2001, the Nasdaq Stock Market announced that the components of the Nasdaq Biotechnology Index® (Nasdaq: IXBT - news) would change to
include Celgene effective with the market open on Tuesday, January 23, 2001. The Nasdaq Biotechnology Index represents the largest and most actively traded
Nasdaq® biotechnology stocks and is comprised of companies primarily engaged in using biomedical research for the discovery or development of novel treatments
and cures for human disease. Barclays Global Investors plans to launch an exchange traded fund called the iShares Nasdaq Biotechnology Fund on February 2,
2001 which includes the companies in the Nasdaq Biotechnology Index.
Celgene Corporation, headquartered in Warren, New Jersey, is an independent biopharmaceutical company engaged in the discovery, development and
commercialization of small molecule drugs for cancer and immunological diseases. Please feel free to visit the Company's website at celgene.com.
This release contains certain forward-looking statements which involve known and unknown risks, delays, uncertainties and other factors not under the Company's
control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or other expectations
implied by these forward-looking statements. These factors include actions by the FDA and other regulatory authorities, and those factors detailed in the Company's
filings with the Securities and Exchange Commission such as 10K, 10Q, and 8K reports.
Ritalin® is a registered trademark of Novartis Pharma AG.
Nasdaq® is a registered trademark of The Nasdaq Stock Market, Inc.
Nasdaq Biotechnology Index® is a registered trademark of The Nasdaq
Stock Market, Inc.
Celgene Corporation
Condensed Consolidated Financial Results
(Unaudited)
(In thousands, except per share data)
Statements of Operations
Three Month Period Year
Ended December 31, Ended December 31,
2000 1999 2000 1999
Product sales $16,816 $8,988 $62,017 $24,052
Research contracts 9,182 1,684 15,882 9,381
Related-party collaborative
agreement revenue 1,325 1,675 6,350 4,525
Total revenue 27,323 12,347 84,249 37,958
Cost of goods sold 2,924 906 9,328 2,982
Research and development 13,388 9,434 52,712 36,394
Selling, general and administrative 14,950 9,198 49,131 29,247
Merger-related costs (500) -- 6,668 --
Total costs and expenses 30,762 19,538 117,839 68,623
Operating loss (3,439) (7,191) (33,590) (30,665)
Interest income/(expense) - net 5,323 (635) 15,946 (1,990)
Income(loss) before tax benefit 1,884 (7,826) (17,644) (32,655)
Tax benefit 1,810 3,018 1,810 3,018
Net income(loss) 3,694 (4,808) (15,834) (29,637)
Imputed preferred stock dividend -- 818 450 818
Net income(loss) applicable to
common stockholders $3,694 $(5,626) $(16,284) $(30,455)
Per share basic and diluted:
Net income (loss) applicable to
common stockholders - basic $0.05 $(0.11) $(0.24) $(0.59)
Net income (loss) applicable to
common stockholders - diluted $0.05 $(0.11) $(0.24) $(0.59)
Weighted average shares outstanding
- basic 73,314 52,404 66,598 51,449
Weighted average shares outstanding
- diluted 81,661 52,404 66,598 51,449
Balance Sheet Data
December 31, December 31,
2000 1999
Cash, cash equivalents & marketable
securities $306,162 $28,947
Total assets 346,726 46,873
Convertible notes 11,714 38,495
Stockholders' equity (deficit) 295,533 (9,727)
Celgene Corporation
Results From Operations
Excluding One-Time Merger-Related Costs
(Unaudited)
(In thousands, except per share data)
Year
Ended December 31,
2000 1999
Product sales $62,017 $24,052
Research contract revenue 22,232 13,906
Total revenue 84,249 37,958
Total costs and expenses 111,171 68,623
Interest income/(expense) - net 15,946 (1,990)
Tax benefit 1,810 3,018
Net income (loss) $(9,166) $(29,637)
Per share basic and diluted:
Net income (loss) - basic $(0.14) $(0.58)
Net income (loss) - diluted $(0.14) $(0.58)
Weighted average shares outstanding
- basic 66,598 51,449
Weighted average shares outstanding
- diluted 66,598 51,449 |
