Paladin Reports Second Quarter 2011 Financial Results: Achieves Record Quarterly Revenues and EBITDA
(firmenpresse) - MONTREAL, CANADA -- (Marketwire) -- 08/11/11 -- Paladin Labs Inc. ("Paladin") (TSX: PLB), a leading Canadian specialty pharmaceutical company, today reported its second quarter 2011 financial results.
2011 Second Quarter Highlights
Subsequent to the second quarter
"In the second quarter we achieved record revenues and record EBITDA(1). In addition, we helped lay the foundation for future near term organic growth with the launch of Seasonique® and Abstral®. Longer-term growth will be fueled by the launch of Oralair™, which was submitted for regulatory approval, and newly in-licensed Silenor® and Elan's hydrocodone product. Moreover, the repayment of the ProStrakan secured debt facility of $88.4 million contributes to the strength of our balance sheet and positions us well for the continued execution of our business strategy" said Jonathan Ross Goodman, President and CEO of Paladin Labs.
Financial Results
Revenues increased $3 million or 9% to a record $36 million for the second quarter of 2011 from $33 million for the same period in 2010. This increase is mostly attributable to the sales growth of Paladin's portfolio of products including certain significant promoted products, specifically, Tridural®, Trelstar®, Testim®, Metadol®, Plan B® and Abstral® which combined increased by 16% compared to 2010.
Second quarter 2011 EBITDA1 increased 34% to a record $18.3 million, compared to EBITDA1 of $13.6 million in the second quarter of 2010.
Net income for the quarter was $16.8 million or $0.80 per fully diluted share, compared to net income of $4.9 million or $0.25 per fully diluted share in the second quarter a year ago.
At June 30, 2011, Paladin's cash, cash equivalents and investments in marketable securities totalled $204 million.
Product Developments
During the quarter ended June 30, 2011, Paladin launched two new products in the Canadian market. In April 2011, Paladin launched Seasonique®, a new approach in oral contraceptives designed to reduce the number of periods a women experiences from 13 to 4 per year. Paladin also launched Abstral® (fentanyl citrate sublingual tablet) in June, 2011. Abstral® is a novel, rapidly-disintegrating, sublingual (under the tongue) formulation of fentanyl, a well-established opioid indicated for the management of breakthrough pain in opioid-tolerant patients with cancer. The launch of these two new products complements Paladin's existing Women's Health and Pain portfolios.
During the quarter, Paladin submitted Oralair™ for regulatory approval. Oralair™ is a sublingual grass pollen immunotherapy tablet for the treatment of grass pollen rhinitis with or without conjunctivitis for patients uncontrolled with current symptomatic medications. Paladin expects to obtain regulatory approval in the second half of 2012. Also during the quarter, Paladin and Elan Drug Technologies, a business unit of Elan Corporation plc, entered into a licensing and distribution agreement under which Paladin obtained the exclusive Canadian rights to market and sell Elan's controlled release hydrocodone product for the treatment of moderate to severe pain. Lastly, Paladin entered into an exclusive collaboration with Somaxon Pharmaceuticals, Inc. to commercialize Silenor® (doxepin) for the treatment of insomnia characterized by difficulty with sleep maintenance in Canada, South America and Africa. Paladin intends to submit Silenor® for regulatory approval in 2011.
In early May, Paladin and Takeda entered into a licensing and distribution agreement under which Paladin granted Takeda an exclusive right to develop and commercialize fomepizole (marketed and distributed by Paladin under the trademark Antizol® in Canada and the United States) for the treatment of ethylene glycol and methanol poisonings in Japan.
Corporate Developments
On May 17, 2011, Paladin received repayment of its secured debt facility including the receipt of a payment equivalent to the balance of interest payable for the first year together with a break free of GBP 2 million ($3 million) in connection with the acquisition of ProStrakan Group plc by Kyowa Hakko Kirin Co., Ltd. A total of $88.4 million representing $77.2 million to reimburse the original debt facility, $2.8 million in earned interest and $8.4 million related to the early termination of the agreement was received.
On July 15, 2011, Paladin acquired 5,374,500 common shares of Afexa through market purchases on the Toronto Stock Exchange giving Paladin beneficial ownership of a total of 15,421,300 common shares of Afexa or approximately 14.94% of Afexa's total issued and outstanding common shares.
On August 10, 2011, Paladin made an offer to acquire any and all of the issued and outstanding shares of Afexa for $0.55 per share (the "Offer"). Under the Offer, Afexa shareholders will be entitled to elect to tender their shares for either $0.55 per share in cash or 0.013 of a Paladin share for each Afexa share. Paladin's Offer represents a 57% premium to the Afexa share closing price on July 14, 2011, the last trading day prior to Paladin's market purchases of Afexa shares announced on July 15, 2011, and a 45% premium to the volume weighted average trading price of Afexa shares over the 20 days up to and including July 14, 2011. Afexa's core product is COLD-FX®, Canada's leading over-the-counter cold and flu remedy. COLD-FX® is indicated in Canada to help reduce the frequency, severity and duration of cold and flu symptoms by boosting the immune system.
Paladin received regulatory approval from the Toronto Stock Exchange to carry out a normal course issuer bid to purchase up to 935,367 of its common shares effective May 30, 2011. To date Paladin has not purchased any shares under this normal course issuer bid.
(1)EBITDA - Non-IFRS Financial Measures
The term EBITDA (earnings before interest, taxes, depreciation and amortization) does not have any standardized meaning under International Financial Reporting Standards ("IFRS") and therefore may not be comparable to similar measures presented by other companies. The Company defines EBITDA as earnings before interest expense, other finance (income) expense, taxes, amortization, foreign exchange gains (losses), share of net income in an associate and unusual items; such as write-downs and gains (losses) on intellectual property and investments. EBITDA is calculated and presented consistently from period to period and agrees, on a consolidated basis, with the amount disclosed as "Earnings before under-noted items" on the consolidated statements of income. The Company believes EBITDA to be an important measurement that allows it to assess the operating performance of its ongoing business on a consistent basis without the impact of amortization expenses. The Company excludes amortization expenses because their level depends substantially on non-operating factors such as the historical cost of intangible assets. The Company's method for calculating EBITDA may differ from that used by other issuers and, accordingly, this measure may not be comparable to EBITDA used by other issuers.
Conference Call Notice
Paladin will host a conference call to discuss its second quarter results on Thursday, August 11, 2011, at 10:00 a.m. ET. The dial-in number for the conference call is 800-695-1004 or 416-359-3131. The call will be audio-cast live and archived for 30 days at .
About Paladin Labs
Paladin Labs Inc., headquartered in Montreal, Canada, is a specialty pharmaceutical company focused on acquiring or in-licensing innovative pharmaceutical products. With this strategy, a focused national sales team and proven marketing expertise, Paladin has evolved into one of Canada's leading specialty pharmaceutical companies. For more information, please visit the Company's web site at
This press release may contain forward-looking statements and predictions. These forward-looking statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. The Company considers the assumptions on which these forward-looking statements are based to be reasonable at the time they were prepared, but cautions that these assumptions regarding the future events, many of which are beyond the control of the Company and its subsidiaries, may ultimately prove to be incorrect. Factors and risks, which could cause actual results to differ materially from current expectations, are discussed in the annual report as well as in the Company's Annual Information Form for the year ended December 31, 2010. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information or future events and except as required by law. For additional information on risks and uncertainties relating to these forward-looking statements, investors should consult the Company's ongoing quarterly filings, annual report and Annual Information Form and other fillings found on SEDAR at .
Contacts:
Samira Sakhia, CA, MBA
Chief Financial Officer
Paladin Labs Inc.
Tel: 514-669-5367
514-344-4675 (FAX)
Email:
Website:
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Datum: 11.08.2011 - 05:30 Uhr
Sprache: Deutsch
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