Paladin Reports First Quarter 2012 Results Achieves Record Revenues
(firmenpresse) - MONTREAL, CANADA -- (Marketwire) -- 05/03/12 -- Paladin Labs Inc. (TSX: PLB), a leading specialty pharmaceutical company, today reported its financial results for the quarter ended March 31, 2012.
2012 First Quarter Highlights
Financial
Product Development
Corporate Development
"The first quarter of 2012 was marked by important business development and regulatory activities. We are pleased that our partnership agreement with Litha remains on track to close in early July and, on closing, will further expand Paladin's geographic footprint and our international growth prospects. We expect the transaction will be immediately accretive and result in a step change in Paladin's financial profile. During the quarter, we received regulatory approval for Oralair™, a novel sublingual grass pollen immunotherapy tablet. We also submitted our insomnia treatment, Silenor®, for regulatory approval. With our robust product pipeline and strong balance sheet we are confident in our ability to continue to execute our growth strategy" said Mark Beaudet, interim President and CEO of Paladin Labs.
Financial Results
Revenues increased $6.8 million or 21% to $38.6 million for the first quarter of 2012 from $31.8 million for the same period in 2011. The increase in revenues for the first quarter is primarily due to incremental revenues from products acquired and/or launched after the comparative quarter, March 31, 2011, which contributed $3.4 million to the quarter ended March 31, 2012. The increase in revenues is also attributable to the sales growth of certain significant promoted products, including Tridural®, Trelstar®, Testim®, Metadol®, Plan B® and Abstral®, which combined increased by 9% compared to 2011.
First quarter 2012, EBITDA(1) increased 4% to $18.0 million, compared to EBITDA(1) of $17.3 million in the first quarter of 2011.
Net income for the quarter was $11.3 million or $0.54 per fully diluted share, compared to net income of $8.1 million or $0.40 per fully diluted share in the first quarter a year ago.
As at March 31 2012, Paladin's cash, cash equivalents and investments in marketable securities totaled a record $252.7 million. From this strong cash position, Paladin continues to pursue acquisition opportunities.
Product Developments
During the quarter Paladin filed a NDS with Health Canada for Silenor® and received regulatory approval from Health Canada for Oralair™.
In February 2012, Paladin announced that it filed a NDS for Silenor® with Health Canada and that Health Canada had accepted the submission for review. Silenor® is a low-dose oral tablet formulation of doxepin indicated for the treatment and symptomatic relief of insomnia. If approved, Silenor® is expected to be the first and only non-controlled prescription sleep medication in Canada indicated for the treatment and symptomatic relief of insomnia characterized by difficulty in falling asleep, frequent nocturnal awakening and/or early morning awakenings.
In March 2012, Paladin received regulatory approval for Oralair™. Oralair™ is a sublingual grass pollen immunotherapy tablet for the treatment of the symptoms of moderate to severe seasonal grass pollen allergic rhinitis with or without conjunctivitis. Paladin anticipates launching Oralair™ in time for the 2013 allergy season and is confident that, when launched, Oralair™ will provide Canadian allergy sufferers with a safe, effective and convenient alternative for the treatment of seasonal grass allergies.
Corporate Developments
In February, 2012, Paladin entered into a strategic partnership whereby it will accelerate the buy-out of the remaining 55.01% of Pharmaplan and merge the Pharmaplan business with the pharma division of Litha (the "Combined Transactions"). Under the terms of the Combined Transactions, Paladin will acquire the 55.01% of Pharmaplan which it does not currently own. Litha will then acquire 100% of the share capital of Pharmaplan from Paladin in exchange for cash and the issuance of 169,090,909 shares in Litha at ZAR2.75 per share. Paladin has also agreed to acquire an additional 72,989,078 shares of Litha from the Blackstar Group at ZAR2.75 per share. Paladin will deploy an anticipated $48 million in cash and issue 88,948 shares at $44.97 per share to complete the Combined Transactions. As a result Paladin will own approximately 45% of Litha, making it Litha's single largest shareholder upon closing. The Combined Transactions are subject to certain regulatory approvals including South African competition review and approval by shareholders of Litha and is expected to close on July 2, 2012.
Had the Combined Transactions taken place on January 1, 2011, Paladin would have recorded $255 million of consolidated revenue and $96 million of consolidated EBITDA, an increase of $113 million and $28 million, respectively, over its reported revenue of $141.5 million and EBITDA of $67.6 million for the year ended December 31, 2011. These amounts do not give effect to the interest in Litha not owned by Paladin.
During 2011, Paladin received regulatory approval from the Toronto Stock Exchange to carry out a normal course issuer bid and to date has purchased 75,420 shares under this normal course issuer bid.
Jonathan Goodman Update
On August 18, 2011, the Company announced that its President and CEO, Mr. Jonathan Ross Goodman, was involved in an accident and was hospitalized with serious injuries. As Mr. Goodman was unable to perform his duties as President and CEO, the Board of Directors of Paladin asked Mr. Mark Beaudet, Co-Founder, Director and Vice President Marketing and Sales of Paladin, to assume such duties on an interim basis. Mr. Goodman continues his recovery and rehabilitation program. As a result, Mr. Goodman will remain absent from the Company for an indeterminate period of time. The Company will provide further updates on Mr. Goodman's condition only when a change in circumstance warrants same.
(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 expense (income), 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 first quarter results today at 10:00 a.m. EST. The dial-in number for the conference call is 1-800-768-2481 or 416-981-9000. The call will be audio-cast live and archived for 30 days at .
About Paladin Labs Inc.
Paladin Labs Inc., headquartered in Montreal, Canada, is a specialty pharmaceutical company focused on acquiring or in-licensing innovative pharmaceutical products for the Canadian and select international markets. With this strategy, a focused Canadian 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, 2011. 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
Chief Financial Officer
Paladin Labs Inc.
Tel: 514-669-5367
514-344-4675 (FAX)
Email:
Website:
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Datum: 03.05.2012 - 05:00 Uhr
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