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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Osi Pharmaceuticals Inc. (MM) | NASDAQ:OSIP | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 57.49 | 0 | 01:00:00 |
From Jul 2019 to Jul 2024
OSI Pharmaceuticals, Inc. (NASDAQ: OSIP) announced today its financial results for the Company’s third quarter ended September 30, 2009. The Company reported total revenues from continuing operations of $111 million for the third quarter of 2009 compared to revenues of $95 million for the third quarter of 2008, an 18% increase over the prior year period. Total worldwide net sales of Tarceva for the three and nine months ended September 30, 2009, as reported to the Company by its collaborator Roche, were approximately $301 million and $870 million, respectively.
The Company reported net income from continuing operations of $17.9 million (or $0.30 per share) for the three months ended September 30, 2009, compared to $31.4 million (or $0.53 per share) for the three months ended September 30, 2008. 2009 is the first year of financial reporting in which OSI has shown a full tax provision on its earnings. Adjusting for non-cash tax expense (to reflect OSI’s actual cash tax rate of approximately 3%), restructuring and other charges related to our consolidation of U.S. operations, expense related to equity-based compensation, non-cash interest expense on our convertible notes, and certain other items detailed in the attached reconciliation of GAAP to non-GAAP financial measures, the Company reported that non-GAAP net income from continuing operations increased 27% to $51 million from $40 million and non-GAAP earnings per share increased 26.5% to $0.81 from $0.64, for the three months ended September 30, 2009 and 2008, respectively.
Total revenues from continuing operations for the third quarter of 2009 are comprised of the following key items:
Operating Expenses
Operating expenses from continuing operations for the third quarter of 2009 were $71 million compared to $58 million for the same period last year. Research and development expenses for the third quarter of 2009 were $39 million compared to $33 million for the same period last year. The increase was primarily driven by higher clinical trial expense. The Company also recognized a $5 million in-process research and development charge related to its recently announced expansion of its drug discovery and translational research collaboration with AVEO Pharmaceuticals Inc. Selling, general and administrative expenses for the third quarter of 2009 were $25 million compared to $22 million for the same period last year. The Company also recognized restructuring costs of $1.1 million related to its previously announced plans to consolidate its U.S. operations onto a single campus at its recently acquired site in Ardsley, New York.
Taxes and Interest Expense
Beginning in 2009, the Company is required to report its tax provision at its full effective tax rate, which is estimated at approximately 39%. However, the Company expects to continue paying taxes at the lower alternative minimum tax rates as it continues to utilize its net operating loss carryforwards (NOLs). In addition to the 39% tax rate, the income tax provision for the three and nine months ended September 30, 2009 includes a $3.3 million charge related to a valuation reserve adjustment as a result of consolidating operations into a single site. The results also reflect the retrospective application of Accounting Standards Codification Subtopic 470-20 which includes guidance for convertible debt instruments that may be settled in cash upon conversion, resulting in higher interest expense reported in both 2009 and 2008.
Net Income Including Discontinued Operations
The Company's net income including results from discontinued operations was $17.6 million (or $0.30 per share) for the third quarter of 2009 compared with a net income of $51.6 million (or $0.87 per share) for the same period last year.
Use of Non- GAAP Financial Measures
The accompanying tables contain both GAAP and non-GAAP financial measures for the periods presented. The non-GAAP measures include adjusted net income from continuing operations and adjusted earnings per share from continuing operations, each of which has directly comparable GAAP equivalents. OSI has provided these non-GAAP financial measures to adjust for the impact of (i) equity-based compensation expense, (ii) imputed interest expense related to the application of Accounting Standards Codification Subtopic 470-20, which provides guidance for bifurcation of the conversion feature from the debt component of convertible debt instruments that may be settled in cash upon conversion, (iii) amortization of acquired intangible assets, (iv) non-cash tax expense to adjust OSI’s effective tax rate of approximately 39% to reflect its actual cash tax rate of approximately 3%, (v) acquired in-process research and development and (vi) restructuring and other costs related to consolidation of the Company’s operations onto a single campus. These items have been adjusted because they are either non-cash, non-recurring or not otherwise considered to be core to OSI’s business. Management uses these non-GAAP financial measures internally to evaluate the performance of the business, including the allocation of resources as well as the planning and forecasting of future periods, and believes that these results are useful to others in analyzing the core operating performance and trends of OSI for the periods presented. Non-GAAP financial measures are not prepared in accordance with GAAP and therefore are not necessarily comparable to the financial results of other companies. These non-GAAP measures should be considered as a supplement to, not a substitute for, or superior to, the corresponding financial measures calculated in accordance with GAAP.
Conference Call
OSI will host a conference call reviewing the Company's financial results, product portfolio and business developments on October 21, 2009 at 5:00PM (Eastern Time). To access the live webcast or the archive via the Internet, log on to www.osip.com. Please connect to the Company's website at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be needed to access the webcast. Alternatively, please call 1-888-401-4689 (U.S.) or 1-719-457-2698 (international) to listen to the call. The conference ID number for the live call is 9702946. Telephone replay is available approximately two hours after the call. To access the replay, please call 1-888-203-1112 (U.S.) or 1-719-457-0820 (international). The conference ID number is 9702946.
About OSI Pharmaceuticals
OSI Pharmaceuticals is committed to "shaping medicine and changing lives" by discovering, developing and commercializing high-quality, novel and differentiated targeted medicines designed to extend life and improve the quality of life for patients with cancer and diabetes/obesity. For additional information about OSI, please visit http://www.osip.com.
This news release contains forward-looking statements. These statements are subject to known and unknown risks and uncertainties that may cause actual future experience and results to differ materially from the statements made. Factors that might cause such a difference include, among others, OSI's and its collaborators' abilities to effectively market and sell Tarceva and to expand the approved indications for Tarceva, OSI’s ability to protect its intellectual property rights, safety concerns regarding Tarceva, competition to Tarceva and OSI’s drug candidates from other biotechnology and pharmaceutical companies, the completion of clinical trials, the effects of FDA and other governmental regulation, including pricing controls, OSI's ability to successfully develop and commercialize drug candidates, and other factors described in OSI Pharmaceuticals' filings with the Securities and Exchange Commission.
OSI Pharmaceuticals, Inc. and Subsidiaries Selected Financial Information Consolidated Statements of Operations Three Months Ended September 30, Nine Months Ended September 30, (In thousands, except per share data) 2009 2008* 2009 2008*Unaudited
Unaudited
Unaudited
Unaudited
Revenues: Tarceva-related revenues $ 88,735 $ 80,708 $ 257,914 $ 251,006 Other revenues 22,712 13,864 46,276 29,955 Total revenues 111,447 94,572 304,190 280,961 Operating expenses: Cost of goods sold 1,607 2,517 6,460 6,748 Research and development 38,546 33,054 111,129 94,009 Acquired in-process research and development 5,000 - 5,000 - Selling, general and administrative 24,677 22,262 74,065 69,985 Restructuring costs 1,148 - 1,148 - Amortization of intangibles 229 646 693 1,884 Total operating expenses 71,207 58,479 198,495 172,626 Income from continuing operations 40,240 36,093 105,695 108,335 Other income (expense): Investment income - net 1,624 2,976 5,795 9,670 Interest expense (6,534 ) (6,202 ) (19,319 ) (18,696 ) Other income (expense) - net (184 ) (518 ) (2,906 ) (2,424 ) Income from continuing operations before income taxes 35,146 32,349 89,265 96,885 Income tax provision 17,282 987 38,389 2,761 Net income from continuing operations 17,864 31,362 50,876 94,124 Income (loss) from discontinued operations (298 ) 20,281 (379 ) 5,936 Net income $ 17,566 $ 51,643 $ 50,497 $ 100,060 Basic and diluted income (loss) per common share: Basic income (loss) Continuing operations $ 0.31 $ 0.55 $ 0.88 $ 1.65 Discontinued operations (0.01 ) 0.35 (0.01 ) 0.10 Net income $ 0.30 $ 0.90 $ 0.87 $ 1.75 Diluted income (loss) Continuing operations $ 0.30 $ 0.53 $ 0.87 $ 1.62 Discontinued operations (0.00 ) 0.33 (0.01 ) 0.10 Net income $ 0.30 $ 0.87 $ 0.86 $ 1.71 Weighted average shares of common stock outstanding: Basic shares 57,973 57,437 57,900 57,218 Diluted shares 60,510 60,663 60,492 60,447 Computation of diluted income per share from continuing operations: Net income from continuing operations $ 17,864 $ 31,362 $ 50,876 $ 94,124 Add: Interest and issuance costs related to dilutive convertible debt 495 910 1,486 3,557 Net income from continuing operations - diluted $ 18,359 $ 32,272 $ 52,362 $ 97,681 Basic shares 57,973 57,437 57,900 57,218 Dilutive effect of options and restricted stock 539 1,227 594 821 Dilutive effect of the 2023 Notes 1,998 1,999 1,998 2,408 Dilutive effect of the 2025 Notes - - - - Dilutive effect of the 2038 Notes - - - - Diluted shares 60,510 60,663 60,492 60,447 September 30, December 31,2009
2008
Unaudited
Cash and investments securities (including restricted investments) $ 542,068 $ 515,511 * The three and nine months ended September 30, 2008 reflect the retrospective application of ASC subtopic 470-20 which includes the accounting guidance formerly known as FSP APB 14-1. OSI Pharmaceuticals, Inc. and Subsidiaries Reconciliation From Reported Net Income from Continuing Operations to Non-GAAP Net Income from Continuing Operations and Reported Dilutive Income Per Share to Non-GAAP Diluted Income Per Share Unaudited (In thousands, except per share data)Three Months Ended September 30,
Nine Months Ended September 30,
2009 2008 2009 2008 Reported diluted income per common share from continuing operations $ 0.30 $ 0.53 $ 0.87 $ 1.62 Adjustments per common share 0.51 0.11 1.11 0.32 Non-GAAP diluted income per common share from continuing operations $ 0.81 $ 0.64 $ 1.98 $ 1.94 Net income from continuing operations $ 17,864 $ 31,362 $ 50,876 $ 94,124 Non-GAAP Adjustments: Site consolidation related cost: Restructuring costs 1,148 - 1,148 - Net operating loss valuation allowance adjustment* 3,308 - 3,308 - Accelerated depreciation on leasehold improvements** 1,205 - 1,205 - Total site consolidation related costs 5,661 - 5,661 - Equity-based compensation expense 6,018 5,084 18,497 14,929 Imputed interest related to the application of ASC 470*** 3,594 3,184 10,490 9,302 Amortization of acquired intangibles 229 646 693 1,884 Non cash tax expense 13,060 - 32,760 - Acquired in-process research and development 5,000 - 5,000 - Income tax effect on adjustments (447 ) (247 ) (963 ) (723 ) Non-GAAP net income from continuing operations $ 50,979 $ 40,029 $ 123,014 $ 119,516 Computation of Non-GAAP diluted income per common share from continuing operations: Non-GAAP net income from continuing operations $ 50,979 $ 40,029 $ 123,014 $ 119,516 Add: Interest and issuance costs related to dilutive convertible debt 3,223 3,342 9,669 10,661 Non-GAAP net income from continuing operations - diluted $ 54,202 $ 43,371 $ 132,683 $ 130,177 Computation of Non-GAAP diluted shares: Basic shares 57,973 57,437 57,900 57,218 Adjustment to dilutive shares: Dilutive effect of options and restricted stock 539 1,227 594 821 Dilutive effect of the 2023 Notes 1,998 1,999 1,998 2,408 Dilutive effect of the 2025 Notes 3,908 3,908 3,908 3,908 Dilutive effect of the 2038 Notes 2,709 2,709 2,709 2,628 Non-GAAP dilutive shares 67,127 67,280 67,109 66,983 * Represents a valuation allowance adjustment included in the tax provision for state and local net operating losses not expected to be realized as a result of consolidating operations. ** Represents the impact of shortening the estimated useful life of leasehold improvements as a result of our intention to exit certain facilities. *** The Accounting Standards Codification subtopic 470-20 or ASC subtopic 470-20 includes the accounting guidance for literature formerly know as FSP APB 14-1.
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