VIVUS Reports First Quarter 1999 Results
Company Reports $12.5 Million Increase in Cash Position
MOUNTAIN VIEW, Calif.--(BW HealthWire)--April 21, 1999--VIVUS, Inc. (Nasdaq: VVUS - news) today reported net income of $3.8 million, or $0.12 per diluted share, on $6.3 million in worldwide product revenue and $4.0 million in milestone revenue for the first quarter of 1999. These results compare to a net loss of $2.4 million, or a loss of $0.07 per share, on $26.5 million in worldwide product revenue and $1 million in milestone revenue for the period ended March 31, 1998.
Product revenue for the first quarter was $6.3 million, a decrease of $4.8 million from the fourth quarter of 1998, and a decrease of $20.2 million, for the period ended March 31, 1998. Net income compares favorably for the first quarter of 1999, compared with a net income of $1.0 million, for the fourth quarter of 1998, as well as a net loss of $2.4 million, and the period ended March 31, 1998. During the course of the quarter, VIVUS recorded $4 million in milestone revenues from ASTRA AB (now ASTRAZENECA) for the approval of marketing licenses for MUSE in France and Germany.
Cash, cash equivalents and available-for-sale securities at March 31, 1999 increased to $36 million, compared with $24 million at December 31, 1998.
VIVUS, Inc., is the developer and manufacturer of MUSE® (alprostadil) and ACTIS(TM), two innovations in the treatment of men with erectile dysfunction (''ED''), also known as impotence. The Company's objective is to become a global leader in the development and commercialization of innovative therapies for the treatment of sexual dysfunction and urologic disorders. The Company intends to market and sell its products through distribution, co-promotion or license agreements with corporate partners. Currently VIVUS markets MUSE and ACTIS in the United States and has retained its rights to market the products in Japan. Elsewhere around the globe, MUSE is partnered with ASTRAZENECA and Janssen Pharmaceutica through licensing and distribution agreements. VIVUS has ongoing research, development and clinical programs, and is currently conducting Phase III clinical trials for ALIBRA, its second-generation male ED treatment.
Note to editors and investors: Additional written materials, recent releases and Company information are available through a variety of sources, including the VIVUS home page (www.vivus.com) and the VIVUS Fax-On-Demand Service (1-888-329-5719).
VIVUS, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
Three Months Ended
March 31, December 31, March 31,
1999 1998 1998
(unaudited) (unaudited) (unaudited)
Revenue
US Product $ 4,538 $ 4,863 $ 24,551
International Product 1,716 6,267 1,971
Milestone 4,000 -- 1,000
-------- -------- --------
Total revenue 10,254 11,130 27,522
Operating Expenses
Cost of goods sold 3,603 6,133 10,482
Research and development 1,786 2,266 3,880
Selling, general and
administrative 1,352 1,961 17,058
-------- -------- --------
Total operating expenses 6,741 10,360 31,420
-------- -------- --------
Income (loss) from operations 3,513 770 (3,898)
Interest and other income 479 270 911
-------- -------- --------
Income (loss) before taxes 3,992 1,040 (2,987)
Income tax (provision) benefit (200) -- 597
-------- -------- --------
Net income (loss) $ 3,792 $ 1,040 $ (2,390)
======== ======== ========
Net income (loss) per share:
Basic $ 0.12 $ 0.03 $ (0.07)
Diluted $ 0.12 $ 0.03 $ (0.07)
Shares used in the computation of
net income (loss) per share:
Basic 31,934 31,869 32,125
Diluted 32,211 32,115 32,125
VIVUS, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
March 31, December 31,
1999 1998
(unaudited)
Current assets:
Cash $ 4,428 $ 2,989
Available-for-sale securities 31,950 20,903
Accounts receivable 3,514 5,197
Inventories 4,337 5,272
Prepaid expenses and other assets 673 534
--------- ---------
Total current assets 44,902 34,895
Property and equipment 18,424 19,213
Total $ 63,326 $ 54,108
========= =========
Current liabilities $ 31,208 $ 24,571
Accrued and other long-term liabilities 6,555 7,860
--------- ---------
Total liabilities 37,763 32,431
Stockholders' equity:
Common stock; $.001 par value; shares
authorized 200,000; shares outstanding -
March 31, 1999, 31,947;
December 31, 1998, 31,890; 32 32
Paid in capital 131,625 131,466
Accumulated other comprehensive income (96) (31)
Accumulated deficit (105,998) (109,790)
--------- ---------
Total stockholders' equity 25,563 21,677
--------- ---------
Total $ 63,326 $ 54,108
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Contact:
VIVUS
Nina W. Ferrari, 650/934-5200
IR@VIVUS.com
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