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Biotech / Medical : VVUS: VIVUS INC. (NASDAQ) -- Ignore unavailable to you. Want to Upgrade?

To: Evan Dimmer who wrote (3359)	12/10/1997 11:53:00 PM
From: Zebra 365	Read Replies (1) \| Respond to of 23519

There are two milestone payments in the 4th Quarter: MENLO PARK, Calif.--(BW HealthWire)--Oct. 30, 1997--VIVUS, Inc. (NASDAQ:VVUS) today announced that the Company has signed an international marketing agreement with Janssen Pharmaceutica International, a subsidiary of Johnson & Johnson. This agreement for MUSE(R) (alprostadil), VIVUS' treatment for erectile dysfunction, amends the existing agreement with Janssen to include the Middle East, Russia, the Indian sub-continent, and Africa. VIVUS will receive a $2 million payment upon the execution of the agreement and additional payments will be made in the event that certain milestones are achieved. VIVUS will retain all proprietary rights to the product and will manufacture the product. Janssen will market, sell and distribute MUSE throughout the Middle East, Russia, the Indian sub-continent, and Africa, once the required regulatory approvals are obtained. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ MENLO PARK, Calif.--(BW HealthWire)--Dec. 1, 1997--VIVUS, Inc. (NASDAQ:VVUS - news) today announced that MUSE(R) (alprostadil), the Company's treatment for erectile dysfunction, has received authorization from the Medicines Control Agency to market MUSE in the United Kingdom. Astra Pharmaceuticals Ltd. based in Kings Langley, England, will market the product in the U.K. under a distribution agreement between Astra AB of Sweden and VIVUS International. MUSE (alprostadil), a treatment for erectile dysfunction, is a pre-filled, single-use plastic applicator containing the drug alprostadil, a medication that increases penile blood flow. MUSE, launched in the U.S. in January 1997, had U.S. product sales of over $100 million in the first nine months of 1997. ''Astra U.K. will soon launch MUSE in the U.K. as the lead market in the European Union (EU). We anticipate registration of the product in most of the EU countries during 1998,'' said an Astra spokesperson. The U.K. approval triggers a $2 million milestone payment to VIVUS from Astra under the terms of an agreement with Astra signed in May 1996. Astra will market and distribute MUSE in Europe, Australia and New Zealand as well as the South and Central American countries, once individual country approvals are obtained. My next post gives an estimate of fourth quarter P&L based on Q3 results and present news. Zebra

To: Evan Dimmer who wrote (3359)	12/11/1997 12:16:00 AM
From: Zebra 365	Read Replies (2) \| Respond to of 23519

My guess as to 4th quarter results: To keep it simple I only made a few assumptions, you may want to add or subtract your own. Don't flame me over my assumptions, I picked these but others may reasonably be made. Third quarter figures are from the 10Q. ASSUMPTIONS: - two milestone payments of $2mm each occurred in 4th quarter, - G&A expenses, interest income, and tax rates are the same, - cost of goods sold retains the same gross margin, - 25% decrease in sales, - all costs of moving to new facility are capitalized i.e. will show on the balance sheet, not as increased operating expenses ....................................THREE MONTHS ENDED ..........................SEPTEMBER 30, 1997.........DECEMBER 31,1997 (all numbers in thousands except per share income) Net Product Sales............$39,118....(- 25%)....$29,338 Milestone Revenue..................0..........................4,000 ....................................---------....................--------- Net Revenues..................39,118.......................33,338 Cost of Goods sold... .....11,270........................8,452 ....................................---------....................--------- Gross Margin..................27,848.......................24,886 Operating expenses: Research and development..3,947........................3,947 Selling, general and administrative................11,507.......................11,507 .......................................---------....................--------- Total operating expenses..15,454.......................15,454 Income (loss) from operations....12,394........................9,432 Interest and other income...........1,106........................1,106 ............................................---------....................--------- Income (loss) before taxes.........13,500.......................10,538 Income taxes..........................2,241........................1,749 ............................................---------....................--------- Net income (loss)...................11,259.......................$8,789 .............................................=======.......................====== Net income (loss) per common and equivalent share...............$ 0.31......................$ 0.24 Shares used in the computation of net income (loss) per share.35,772......................35,772 Zebra