PCOP reports:
>>PRINCETON, N.J., Aug. 1 /PRNewswire/ -- Pharmacopeia, Inc. (Nasdaq: PCOP - news) today announced results for the second quarter and six months ended June 30, 2001.
Software revenue for the 2001 second quarter rose 45% compared to the 2000 second quarter to $20.3 million, including the effects of acquisitions, while Drug Discovery revenue declined 43% to $6.9 million. Total revenue for the 2001 second quarter was $29.2 million compared to $27.9 million reported for the second quarter of 2000. Total revenue for the six months ended June 30, 2001 was $56.3 million compared to $51.7 million for the six months ended June 30, 2000. At June 30, 2001, Pharmacopeia had cash, cash equivalents and marketable securities of approximately $164 million.
Excluding charges (amortization of identifiable intangibles, amortization of goodwill and write-offs of in-process research and development) related to acquisitions, the pro forma net loss for the 2001 second quarter was $1.9 million, or $0.08 per share. This compares to pro forma net income of $4.3 million, or $0.18 per diluted share, reported for the second quarter of 2000. The pro forma net loss for the six-month period ended June 30, 2001 was $4.2 million, or $0.18 per share, compared to net income of $5.5 million, or $0.23 per diluted share, reported for the comparable period in 2000. The net loss for the 2001 second quarter and six months ended June 30, 2001, including acquisition related charges, was $5.4 million, or $0.23 per share, and $11.2 million, or $0.47 per share, respectively.
``We are pleased with the results of our Accelrys software business,'' said Joseph A. Mollica, Ph.D., Chairman, President, and CEO. ``Our expanded capabilities in bioinformatics, cheminformatics and middleware, and our established position in modeling, simulation and analysis software, combined to generate organic revenue growth of 14% in the quarter. This represents the highest organic growth that we have generated in a second quarter since we entered the software market in 1998. Further, our historical results and current pipeline support our expectation that our organic growth rate will continue to accelerate for the remaining quarters of this year. As a result, we continue to expect organic revenue growth of 17-18% for the full year 2001, and we're targeting a rate in excess of 20% for next year.''
Dr. Mollica continued, ``The revenue level of our drug discovery business resulted in our previously disclosed decision to pursue strategic alternatives to augment this business. By allying ourselves with a larger and more consistent source of high-quality drug targets, we think we can best optimize our unique drug discovery science, technologies and resources. We remain steadfastly dedicated to our drug discovery business and to the identification and successful execution of a plan that will enable the true value of this important business to be realized.''
The Company also provided the following financial guidance. Software revenues, including the effects of acquisitions made to date, are expected to grow by approximately 35% for the full year 2001. The organic portion of this 2001 software revenue growth is expected to be 17-18%, and this organic growth rate is expected to exceed 20% in 2002. Additional acquisitions could add to this growth. Software pro forma operating profits are expected to exceed $10 million in 2001 (compared to $8.2 million in 2000), and 2002 software pro forma operating income is expected to grow by 40-50% compared to 2001. Drug discovery revenues are expected to be in the range of $27 to $29 million for 2001, and the operating loss is expected to range from $8.5 to $9.5 million. Including interest and other income, 2001 pro forma net income is expected to range from $0.40 to $0.50 per share.
Further details regarding Pharmacopeia's second quarter performance and strategic planning will be publicized in a conference call today. Joseph Mollica, CEO and Bruce Myers, CFO, will host the call. Forward looking and material information may be discussed on this conference call.
Date: August 1, 2001
Time: 8:30 a.m. EDT
Domestic callers: (800) 360-9865
International callers: (973) 694-6836
Webcast: www.pharmacopeia.com
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Cheers, Tuck |
