News: Santarus Reports First Quarter 2008 Financial Results. …
Santarus, Inc. (NASDAQ: SNTS), a specialty pharmaceutical company,
today reported financial and operating results for the quarter ended
March 31, 2008. Key financial results for the 2008 first quarter
include:
— Total revenues of $24.5 million increased 29% compared with
$19.0 million in the prior year period
— Net product sales of $19.4 million increased 14% compared with
$17.0 million in the prior year period
— Net loss of $7.6 million, or $0.15 per share, a decrease of
54% compared with a net loss of $16.4 million, or $0.32 per
share, in the prior year period
“During the first quarter of 2008, we achieved substantial revenue
growth compared with the prior year period. In addition, our focus on
managing our business resulted in an $8.8 million reduction in our net
loss compared with the first quarter of 2007, a significant
improvement of our bottom line,” said Gerald T. Proehl, president and
chief executive officer of Santarus.
Additional Business Highlights
Key first quarter and recent highlights include the following:
— Grew ZEGERID(R) brand total prescriptions to approximately
252,000 in the first quarter of 2008, an increase of 46%
versus total prescriptions in the first quarter of 2007.
— Announced that the company’s licensor, the University of
Missouri, received a Notice of Allowance from the U.S. Patent
and Trademark Office (USPTO) for U.S. patent application
number 10/641,732, which, when issued will provide additional
patent coverage for the company’s ZEGERID products. Subject to
final issuance by the USPTO, the newly allowed claims will
have a July 2016 expiration date.
— Announced the submission of a New Drug Application in the U.S.
by Schering-Plough HealthCare Products, Inc. for a ZEGERID
branded over-the-counter (OTC) product in March 2008. Under
the terms of its license agreement with Schering-Plough,
Santarus is entitled to receive up to $22.5 million in
regulatory milestones and up to an additional $37.5 million in
sales milestones, in addition to low double-digit royalties on
any OTC products sold by Schering-Plough under the license
agreement.
— Announced the commercial launch of ZEGERID prescription
products by GlaxoSmithKline in Puerto Rico and the U.S. Virgin
Islands in February 2008. According to market research firm
IMS Health Incorporated, retail sales of prescription proton
pump inhibitor (PPI) products in Puerto Rico and the U.S.
Virgin Islands were approximately $129 million in 2007.
— Provided notice to Otsuka America Pharmaceutical, Inc. of the
company’s intent to terminate the co-promotion agreement for
ZEGERID products effective August 13, 2008, or earlier as the
parties may mutually agree. Santarus will continue to promote
its ZEGERID prescription products in the U.S. with its
commercial organization currently comprised of approximately
375 field-based personnel.
— Provided training for the commercial sales organization on
positive clinical results from a study with immediate-release
ZEGERID (omeprazole/sodium bicarbonate) Capsules 40 mg/1100 mg
and two other marketed PPIs, Prevacid(R) (lansoprazole)
delayed release capsules 30 mg and Protonix(R) (pantoprazole
sodium) delayed-release tablets 40 mg. The study evaluated the
effect of morning PPI dosing on 24-hour gastric acid control
in patients with symptoms of gastroesophageal reflux disease
(GERD) and showed that the control of gastric acid
