Sucampo Pharmaceuticals, Inc. Reports Fourth Quarter and Full Year 2012 Financial and Operating Results
Sucampo Pharmaceuticals, Inc. (“Sucampo”) (NASDAQ: SCMP), a global
pharmaceutical company, today reported its consolidated financial
results for the quarter and full year ending December 31, 2012.
For the fourth quarter of 2012, total revenue grew approximately 145%,
to $34.9 million from $14.2 million for the same period in 2011. Net
sales of AMITIZA® (lubiprostone), as reported to us by our
partner increased 31% to $74.6 million for the fourth quarter of 2012,
compared to $56.8 million in the same period of 2011. During the fourth
quarter of 2012, Sucampo reported product sales revenue and cost of
goods sold primarily representing sales of AMITIZA to Abbott Japan Co.,
Ltd. (Abbott) in Japan. Sucampo reported $5.0 million of product sales
revenue and $3.0 million of cost of goods sold compared to nil in 2011,
respectively. Sucampo also received a $15.0 million milestone payment
from Abbott associated with the initial sale of AMITIZA in Japan.
“This was a tremendous year of achievement for Sucampo,” said Ryuji
Ueno, M.D., Ph.D., Ph.D., Chairman, Chief Executive Officer, and Chief
Scientific Officer of Sucampo. “With the approval of the sNDA for RESCULA®,
we now have two FDA approved products marketed in the United States. As
the first-ever prescription medicine approved in Japan for chronic
constipation, we launched AMITIZA in Japan and received a $15 million
milestone payment related to the first commercial sale of AMITIZA. We
look forward to upcoming catalysts for 2013, including the continued
rollout of RESCULA in the U.S., the PDUFA date for opioid-induced
constipation for AMITIZA in the U.S., the launch of AMITIZA in the U.K.
and Switzerland, and the continued development of our pipeline.”
Sucampo reported a net income of $13.5 million, or $0.32 per diluted
share, for the fourth quarter of 2012 compared to a net income of $2.7
million, or $0.06 per diluted share, for the fourth quarter of 2011.
Sucampo reported a net income of $4.8 million, or $0.12 per diluted
share for the full year 2012, compared to a net loss of $17.3 million,
or $0.41 per diluted share, for the full year 2011. The primary driver
of the net profit was the $15.0 million milestone payment from Abbott
for Japan AMITIZA sales.
For the fourth quarter of 2012, income from operations was $13.0
million, an increase of $9.4 million, compared to $3.6 million in income
from operations for the fourth quarter of 2011. For the full year 2012,
income from operations was $8.3 million, compared to a loss from
operations of $17.7 million for the full year 2011.
Quarter Operational Highlights –
-
As previously reported, on December 11, 2012, Sucampo announced the
receipt of a $15.0 million milestone payment from Abbott, pursuant to
the existing license, commercialization, and supply agreement between
Sucampo and Abbott. The milestone payment was triggered by the
approval and first sale of AMITIZA at a dosage strength of 24
micrograms in Japanese adults. AMITIZA is available through Abbott in
Japan as a prescription medication for chronic constipation not caused
by organic diseases, and was available in Japan to primary care and
specialist physicians beginning in November 2012.
-
On December 12, 2012, Sucampo announced that it received approval of a
supplemental new drug application (sNDA) for RESCULA®
(unoprostone isopropyl ophthalmic solution) 0.15% for the lowering of
intraocular pressure (IOP) in patients with open-angle glaucoma or
ocular hypertension from the U.S. Food and Drug Administration (FDA).
-
On November 30, 2012, Sucampo announced the receipt of a supplement
approval from the U.S. FDA that removed pregnancy “warnings and
precautions” and clarified information regarding the use of AMITIZA by
pregnant and/or nursing women. In addition, the FDA expanded the
labeling text of the Mechanism of Action section in the prescribing
information for AMITIZA.
-
On November 30, 2012, Sucampo announced that the FDA extended the
Prescription Drug User Fee Act (PDUFA) goal date for the Agency’s
priority review of the sNDA for an additional indication for
lubiprostone for the treatment of opioid-induced constipation (OIC) in
patients with chronic, non-cancer pain. The revised goal date is late
April of this year.
Key Value Drivers –
2012 Value Drivers Achieved:
AMITIZA
U.S.
-
Sucampo filed an sNDA with the FDA for the treatment of OIC in
patients with chronic, non-cancer pain, and received priority review.
Japan
-
AMITIZA received regulatory approval in Japan for the treatment of CC
(excluding constipation caused by organic disease).
-
Sucampo received the pricing reimbursement from the Japanese
regulatory authorities and our partner, Abbott, conducted a
comprehensive launch of AMITIZA in Japan to primary care and
specialist physicians.
-
Following the November launch of the product, Sucampo received a $15.0
million milestone payment, referenced above, and recorded product
sales revenue of $5.0 million for sales of AMITIZA to Abbott.
Europe
-
In Switzerland, Sucampo concluded pricing negotiations with the
regulatory authorities for an appropriate reimbursement price for the
treatment of chronic idiopathic constipation (CIC) and made the
product available to specialists.
-
AMITIZA was approved by the U.K.’s Medicines and Healthcare products
Regulatory Agency (MHRA) for the treatment of CIC and Sucampo began
the process to obtain National Institute for Health and Clinical
Excellence (NICE) endorsement.
RESCULA
-
Sucampo received approval of an sNDA for RESCULA for the lowering of
IOP in patients with open-angle glaucoma or ocular hypertension and
prepared to launch in first quarter 2013.
Other
-
Sucampo received the binding decision from the International Court of
Arbitration, International Chamber of Commerce, which has concluded
our dispute with Takeda.
2013 Value Drivers:
Sucampo is pursuing the following value drivers in 2013:
AMITIZA
U.S.
-
Sucampo is pursuing approval of an OIC indication for AMITIZA, and the
PDUFA goal date is late April 2013. Upon the first sale of AMITIZA for
OIC, we will receive a $10.0 million milestone payment from Takeda.
-
Sucampo expects to have First Patient First Visit in our AMITIZA phase
3 trial for pediatric functional constipation by the third quarter of
2013.
Japan
-
Growth of AMITIZA sales is a priority.
Europe
-
In the U.K. and Switzerland in the first quarter of 2013, Sucampo
submitted for regulatory approval of AMITIZA for the treatment of OIC.
-
In the U.K., Sucampo plans to seek endorsement from NICE for both OIC
and CIC and will make AMITIZA available with reimbursement by some
local budget holders.
-
Sucampo will soon begin active marketing of AMITIZA for CIC in
Switzerland.
-
Sucampo will use the MHRA approval to seek expansion of AMITIZA’s CIC
indication to other European markets via the mutual recognition
procedure.
RESCULA
-
Following the RESCULA sNDA approval, Sucampo launched the drug in the
U.S. RESCULA is now available in all major pharmacies.
Other
Oral Mucositis
-
Sucampo expects to complete its oral mucositis phase 1a trial for
cobiprostone in the second quarter of 2013.
-
Sucampo plans to initiate a phase 1b/2a trial in the fourth quarter of
2013.
Spinal Stenosis
-
Sucampo plans to complete its phase 2a trial for SPI-017 in the fourth
quarter of 2013.
As previously announced, in February R-Tech Ueno, Sucampo's development
partner, signed an agreement for unoprostone isopropyl with the Japan
Science and Technology Agency in which the Japanese government shall
provide the majority of funding for phase 3 clinical development costs
for unoprostone isopropyl for retinitis pigmentosa (RP). Sucampo is
co-developing unoprostone isopropyl with R-Tech Ueno and may file for
FDA approval of the product for RP in the future assuming the successful
trials.
Financial Results for the Quarter and Full Year 2012
For the fourth quarter of 2012, Sucampo reported total revenue of $34.9
million compared to $14.2 million for the same period in 2011, a growth
of approximately 145%. The key components of revenue for the fourth
quarter included R&D revenue of $15.1 million, product royalty revenue
of $14.2 million and product sales revenue of $5.0 million which compare
to $2.7 million, $10.8 million and nil, respectively, in the same period
of 2011.
For the full year 2012, Sucampo reported total revenue of $81.5 million,
compared to $54.8 million for the full year 2011, a growth of
approximately 49%. The key components of total revenue for the full year
2012 were product royalty revenue of $50.7 million, R&D revenue of $21.5
million and product sales revenue of $5.0 million compared to $41.5
million, $9.2 million and nil, respectively, for the full year 2011. The
increase in R&D revenue was primarily due to the receipt of the $15.0
million milestone payment from Abbott upon the first commercial sale of
AMITIZA at a dosage strength of 24 micrograms in Japanese adults.
U.S. net sales of AMITIZA, as reported to us by our partner, Takeda,
increased 31% to $74.6 million for the fourth quarter of 2012, compared
to $56.8 million in the same period of 2011. U.S. net sales of AMITIZA,
as reported to us by our partner, Takeda, increased 20% to $271.9
million for the full year of 2012, compared to $226.4 million in the
same period of 2011. For both periods the increase in AMITIZA U.S. net
sales was primarily due to both volume and price increases, as reported
to us by our partner.
Operating Expenses
R&D expenses were $7.1 million for the fourth quarter of 2012, compared
to $7.7 million for the same period of 2011. For the full year 2012, R&D
expenses were $21.3 million, compared to $33.5 million for the full year
2011. For both periods, the decrease was primarily due to higher
expenses in 2011 associated with the completion of the phase 3 OIC trial
for AMITIZA.
G&A expenses were $7.6 million for the fourth quarter of 2012, compared
to $12.0 million for the fourth quarter of 2011. G&A expenses were $30.2
million for the full year 2012, compared to $41.3 million for the full
year 2011. For both periods, the decrease in G&A expense was primarily
due to lower legal, consulting, and other professional expenses as a
result of the conclusion of certain legal matters, partially offset by
increases in corporate marketing and branding and staff to support
business growth.
Selling and marketing expenses were $4.2 million for the fourth quarter
of 2012, compared to $2.1 million for the fourth quarter of 2011.
Selling and marketing expenses for the full year 2012 were $18.7
million, compared to $8.8 million for the full year 2011. The increase
in selling and marketing expenses relates primarily to some
non-recurring pre-commercialization planning activities for AMITIZA, and
commercialization and launch costs for RESCULA.
Settlement of Legal Dispute in 2011 – In 2011 Sucampo reported income of
$11.1 million from the settlement of a legal dispute related to a
dispute with Covance, a CRO that performed clinical trials for the OBD
or OIC indication. The amount represents receipt of $10.0 million in
cash and cancellation of outstanding payables of $1.1 million and was
reported as a reduction to operating expenses. There were no
corresponding amounts in 2012.
Income from Operations
For the fourth quarter of 2012, income from operations was a profit of
$13.0 million, an increase of $9.4 million, compared to a profit of $3.6
million for the same period in 2011. For the full year of 2012, income
from operations was a profit of $8.3 million, compared to a loss of
$17.7 million for the full year 2011.
Non-Operating Income (Expense)
Non-operating income was $0.4 million for the fourth quarter of 2012,
compared to expenses of $0.5 million for the fourth quarter of 2011. The
fourth quarter of 2012 included a foreign exchange gain of $0.9 million,
compared to a gain of $14,000 for the same period 2011. Non-operating
expenses for the full year 2012 were $0.6 million, compared to $4.2
million for the full year 2011. Non-operating expenses for the full year
2012 included a foreign exchange gain of $1.6 million, compared to
foreign exchange loss of $2.0 million for the same period 2011.
Net Income
Net income for the fourth quarter of 2012 was $13.5 million, compared to
net income of $2.7 million for the same period of 2011. For the full
year 2012, net income was $4.8 million, compared to a net loss of $17.3
million for the full year 2011.
Comprehensive Income (Loss)
Comprehensive income for the full year of 2012 was $3.1 million,
compared to comprehensive loss of $16.0 million for the same period in
2011. Comprehensive loss for the full year 2012 includes a $1.7 million
foreign currency translation loss compared to a foreign currency
translation gain of $1.3 million for the same period in 2011.
Cash, Cash Equivalents, Restricted Cash and Marketable Securities
At December 31, 2012, cash, cash equivalents, restricted cash and
investments were $91.4 million, compared to $93.4 million at December
31, 2011. At December 31, 2012, notes payable were $52.9 million,
compared to $59.6 million at December 31, 2011, including current notes
payable of $19.1 million at December 31, 2012, and $20.4 million at
December 31, 2011.
Stock Repurchase Plan
In September 2011, the Board of Directors authorized the repurchase of
our class A common stock under the previously approved repurchase plan,
up to an aggregate of $2.0 million. On November 2, 2012, the Board
authorized the increase of the program amount up to an aggregate of $5.0
million. During the fourth quarter of 2012, we repurchased 146,908
shares at a cost of $721,487.
Board Members
In February 2013, the Board of Directors appointed Barbara A. Munder and
Maureen E. O’Connell to the Board of Directors.
Company to Host Conference Call Today
In conjunction with this fourth quarter financial and operating results
press release, Sucampo will host a conference call today at 5:00 pm
Eastern. To participate on the live call, please dial 800-688-0836
(domestic) or 617-614-4072 (international), and provide the participant
passcode 62809438, five to ten minutes ahead of the start of the call. A
replay of the call will be available within a few hours after the call
ends. Investors may listen to the replay by dialing 888-286-8010
(domestic) or 617-801-6888 (international), with the passcode 95378400.
Investors interested in accessing the live audio webcast of the
teleconference may do so at http://investor.sucampo.com
and should log on before the teleconference begins in order to download
any software required. The archive of the teleconference will remain
available for 30 days.
About unoprostone isopropyl (RESCULA®)
In 2009, Sucampo acquired development and commercialization rights to
unoprostone isopropyl throughout the world except in Japan, Korea,
Taiwan and the People’s Republic of China. Unoprostone isopropyl (trade
named RESCULA) first received marketing authorization in 1994 in Japan
and was subsequently approved in over 40 countries, including approval
in 2000 by the FDA.
About lubiprostone (AMITIZA®)
AMITIZA (lubiprostone) is a prostone, a locally acting chloride channel
activator, indicated for the treatment of CIC (24 mcg twice daily) in
adults and for IBS-C (8 mcg twice daily) in women 18 years of age and
older in the United States. In Japan, lubiprostone (24 mcg twice daily)
is indicated for the treatment of chronic constipation (excluding
constipation caused by organic diseases). In Switzerland, lubiprostone
24 mcg twice daily is indicated for the treatment of chronic idiopathic
constipation. In the U.K., lubiprostone 24 mcg twice daily is indicated
for the treatment of chronic idiopathic constipation and associated
symptoms in adults.
About Sucampo Pharmaceuticals, Inc.
Sucampo Pharmaceuticals, Inc. is a global pharmaceutical company focused
on innovative research, discovery, development and commercialization of
proprietary drugs based on prostones. The therapeutic potential of
prostones was first discovered by Ryuji Ueno, M.D., Ph.D., Ph.D.,
Sucampo’s Chairman, Chief Executive Officer, Chief Scientific Officer,
and co-founder. Prostones, naturally occurring fatty acid metabolites
that have emerged as promising compounds with unique physiological
activities, can be targeted for the treatment of unmet or underserved
medical needs. For more information, please visit www.sucampo.com.
AMITIZA is a registered trademark of Sucampo Pharmaceuticals, Inc.
RESCULA is a registered trademark of R-Tech Ueno, Ltd, and has been
licensed to Sucampo AG.
Sucampo Forward-Looking Statement
This press release contains "forward-looking statements" as that term is
defined in the Private Securities Litigation Reform Act of 1995. These
statements are based on management's current expectations and involve
risks and uncertainties, which may cause results to differ materially
from those set forth in the statements. The forward-looking statements
may include statements regarding product development, product potential,
future financial and operating results, and other statements that are
not historical facts. The following factors, among others, could cause
actual results to differ from those set forth in the forward-looking
statements: the impact of pharmaceutical industry regulation and health
care legislation; Sucampo's ability to accurately predict future market
conditions; dependence on the effectiveness of Sucampo's patents and
other protections for innovative products; the risk of new and changing
regulation and health policies in the U.S. and internationally and the
exposure to litigation and/or regulatory actions.
No forward-looking statement can be guaranteed and actual results may
differ materially from those projected. Sucampo undertakes no obligation
to publicly update any forward-looking statement, whether as a result of
new information, future events, or otherwise. Forward-looking statements
in this presentation should be evaluated together with the many
uncertainties that affect Sucampo's business, particularly those
mentioned in the risk factors and cautionary statements in Sucampo's
most recent Form 8-K and 10-K, which Sucampo incorporates by reference.
|
|
|
|
|
|
|
|
|
Sucampo Pharmaceuticals, Inc.
|
Consolidated Statements of Operations and Comprehensive Income
(unaudited)
|
(in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
Year Ended December 31,
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
Research and development revenue
|
|
$
|
15,127
|
|
|
$
|
2,658
|
|
|
$
|
21,545
|
|
|
$
|
9,249
|
|
Product royalty revenue
|
|
|
14,175
|
|
|
|
10,793
|
|
|
|
50,696
|
|
|
|
41,517
|
|
Co-promotion revenue
|
|
|
323
|
|
|
|
610
|
|
|
|
3,576
|
|
|
|
3,378
|
|
Contract and collaboration revenue
|
|
|
200
|
|
|
|
154
|
|
|
|
633
|
|
|
|
617
|
|
Product sales revenue
|
|
|
5,037
|
|
|
|
-
|
|
|
|
5,037
|
|
|
|
-
|
|
Total revenues
|
|
|
34,862
|
|
|
|
14,215
|
|
|
|
81,487
|
|
|
|
54,761
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold
|
|
|
3,030
|
|
|
|
-
|
|
|
|
3,030
|
|
|
|
-
|
|
Gross profit
|
|
|
31,832
|
|
|
|
14,215
|
|
|
|
78,457
|
|
|
|
54,761
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
7,090
|
|
|
|
7,659
|
|
|
|
21,292
|
|
|
|
33,497
|
|
Settlement of legal dispute
|
|
|
-
|
|
|
|
(11,100
|
)
|
|
|
-
|
|
|
|
(11,100
|
)
|
General and administrative
|
|
|
7,559
|
|
|
|
11,953
|
|
|
|
30,157
|
|
|
|
41,270
|
|
Selling and marketing
|
|
|
4,217
|
|
|
|
2,094
|
|
|
|
18,691
|
|
|
|
8,783
|
|
Total operating expenses
|
|
|
18,866
|
|
|
|
10,606
|
|
|
|
70,140
|
|
|
|
72,450
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from operations
|
|
|
12,966
|
|
|
|
3,609
|
|
|
|
8,317
|
|
|
|
(17,689
|
)
|
Non-operating income (expense):
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
61
|
|
|
|
89
|
|
|
|
179
|
|
|
|
249
|
|
Interest expense
|
|
|
(566
|
)
|
|
|
(611
|
)
|
|
|
(2,346
|
)
|
|
|
(2,455
|
)
|
Other income (expense), net
|
|
|
875
|
|
|
|
14
|
|
|
|
1,602
|
|
|
|
(2,019
|
)
|
Total non-operating income (expense), net
|
|
|
370
|
|
|
|
(508
|
)
|
|
|
(565
|
)
|
|
|
(4,225
|
)
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes
|
|
|
13,336
|
|
|
|
3,101
|
|
|
|
7,752
|
|
|
|
(21,914
|
)
|
Income tax benefit (provision)
|
|
|
196
|
|
|
|
(402
|
)
|
|
|
(2,916
|
)
|
|
|
4,608
|
|
Net income (loss)
|
|
$
|
13,532
|
|
|
$
|
2,699
|
|
|
$
|
4,836
|
|
|
$
|
(17,306
|
)
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share:
|
|
|
|
|
|
|
|
|
Basic net income (loss) per share
|
|
$
|
0.33
|
|
|
$
|
0.06
|
|
|
$
|
0.12
|
|
|
$
|
(0.41
|
)
|
Diluted net income (loss) per share
|
|
$
|
0.32
|
|
|
$
|
0.06
|
|
|
$
|
0.12
|
|
|
$
|
(0.41
|
)
|
Weighted average common shares outstanding - basic
|
|
|
41,553
|
|
|
|
41,766
|
|
|
|
41,660
|
|
|
|
41,839
|
|
Weighted average common shares outstanding - diluted
|
|
|
41,991
|
|
|
|
41,832
|
|
|
|
41,785
|
|
|
|
41,839
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss):
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
13,532
|
|
|
$
|
2,699
|
|
|
$
|
4,836
|
|
|
$
|
(17,306
|
)
|
Other comprehensive income gain (loss):
|
|
|
|
|
|
|
|
|
Unrealized loss on investments, net of tax effect
|
|
|
13
|
|
|
|
(110
|
)
|
|
|
36
|
|
|
|
(2
|
)
|
Foreign currency translation
|
|
|
43
|
|
|
|
121
|
|
|
|
(1,724
|
)
|
|
|
1,282
|
|
Comprehensive income (loss)
|
|
$
|
13,588
|
|
|
$
|
2,710
|
|
|
$
|
3,148
|
|
|
$
|
(16,026
|
)
|
|
|
|
|
|
|
|
|
|
|
Sucampo Pharmaceuticals, Inc.
|
Consolidated Balance Sheets (unaudited)
|
(in thousands, except share data)
|
|
|
|
|
|
December 31,
|
|
|
|
2012
|
|
|
2011
|
ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
52,022
|
|
|
|
$
|
50,662
|
|
Investments, current
|
|
|
|
6,035
|
|
|
|
|
24,452
|
|
Product royalties receivable
|
|
|
|
14,175
|
|
|
|
|
10,795
|
|
Unbilled accounts receivable
|
|
|
|
732
|
|
|
|
|
2,036
|
|
Accounts receivable, net
|
|
|
|
1,360
|
|
|
|
|
4,616
|
|
Prepaid and income taxes receivable
|
|
|
|
-
|
|
|
|
|
2,845
|
|
Deferred tax assets, current
|
|
|
|
874
|
|
|
|
|
163
|
|
Deferred charge, current
|
|
|
|
673
|
|
|
|
|
3,057
|
|
Restricted cash, current
|
|
|
|
15,113
|
|
|
|
|
15,113
|
|
Prepaid expenses and other current assets
|
|
|
|
1,930
|
|
|
|
|
1,177
|
|
Total current assets
|
|
|
|
92,914
|
|
|
|
|
114,916
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments, non-current
|
|
|
|
14,408
|
|
|
|
|
998
|
|
Property and equipment, net
|
|
|
|
1,540
|
|
|
|
|
1,669
|
|
Intangibles assets, net
|
|
|
|
7,415
|
|
|
|
|
8,364
|
|
Deferred tax assets, non-current
|
|
|
|
1,654
|
|
|
|
|
2,089
|
|
Deferred charge, non-current
|
|
|
|
5,213
|
|
|
|
|
26,751
|
|
Restricted cash, non-current
|
|
|
|
3,832
|
|
|
|
|
2,129
|
|
Other assets
|
|
|
|
820
|
|
|
|
|
653
|
|
Total assets
|
|
|
$
|
127,796
|
|
|
|
$
|
157,569
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
$
|
5,496
|
|
|
|
$
|
6,978
|
|
Accrued expenses
|
|
|
|
10,595
|
|
|
|
|
13,648
|
|
Deferred revenue, current
|
|
|
|
3,700
|
|
|
|
|
3,888
|
|
Deferred tax liability, current
|
|
|
|
-
|
|
|
|
|
2,167
|
|
Income tax payable
|
|
|
|
148
|
|
|
|
|
-
|
|
Notes payable, current
|
|
|
|
19,129
|
|
|
|
|
20,400
|
|
Other current liabilities
|
|
|
|
1,003
|
|
|
|
|
-
|
|
Total current liabilities
|
|
|
|
40,071
|
|
|
|
|
47,081
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes payable, non-current
|
|
|
|
33,722
|
|
|
|
|
39,227
|
|
Deferred revenue, non-current
|
|
|
|
7,093
|
|
|
|
|
7,045
|
|
Deferred tax liability, non-current
|
|
|
|
2,627
|
|
|
|
|
23,019
|
|
Other liabilities
|
|
|
|
1,253
|
|
|
|
|
2,603
|
|
Total liabilities
|
|
|
|
84,766
|
|
|
|
|
118,975
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, $0.01 par value; 5,000,000 shares authorized at
December 31, 2012 and 2011; no shares issued and outstanding at
December 31, 2012 and 2011
|
|
|
|
-
|
|
|
|
|
-
|
|
Class A common stock, $0.01 par value; 270,000,000 shares
authorized at December 31, 2012 and 2011; 41,964,905 and
15,690,780 shares issued and outstanding at December 31, 2012 and
2011, respectively
|
|
|
|
420
|
|
|
|
|
157
|
|
Class B common stock, $0.01 par value; 0 and 75,000,000 shares
authorized at December 31, 2012 and 2011; 0 and 26,191,050 shares
issued and outstanding at December 31, 2012 and 2011, respectively
|
|
|
|
-
|
|
|
|
|
262
|
|
Additional paid-in capital
|
|
|
|
62,521
|
|
|
|
|
59,957
|
|
Accumulated other comprehensive income
|
|
|
|
16,166
|
|
|
|
|
17,854
|
|
Treasury stock, at cost; 457,030 and 186,987 shares
|
|
|
|
(1,977
|
)
|
|
|
|
(700
|
)
|
Accumulated deficit
|
|
|
|
(34,100
|
)
|
|
|
|
(38,936
|
)
|
Total stockholders' equity
|
|
|
|
43,030
|
|
|
|
|
38,594
|
|
Total liabilities and stockholders' equity
|
|
|
$
|
127,796
|
|
|
|
$
|
157,569
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sucampo Pharmaceuticals, Inc.
|
Key Segment Information (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
|
Americas
|
|
Europe
|
|
Asia
|
|
Consolidated
|
Three Months Ended December 31, 2012
|
|
|
|
|
|
|
|
|
Research and development revenue
|
|
$
|
311
|
|
|
$
|
(74
|
)
|
|
$
|
14,890
|
|
|
$
|
15,127
|
|
Product royalty revenue
|
|
|
14,175
|
|
|
|
-
|
|
|
|
-
|
|
|
|
14,175
|
|
Co-promotion revenue
|
|
|
323
|
|
|
|
-
|
|
|
|
-
|
|
|
|
323
|
|
Contract and collaboration revenue
|
|
|
141
|
|
|
|
46
|
|
|
|
13
|
|
|
|
200
|
|
Product sales revenue
|
|
|
-
|
|
|
|
14
|
|
|
|
5,023
|
|
|
|
5,037
|
|
Total revenues
|
|
|
14,950
|
|
|
|
(14
|
)
|
|
|
19,926
|
|
|
|
34,862
|
|
Cost of goods sold
|
|
|
98
|
|
|
|
9
|
|
|
|
2,923
|
|
|
|
3,030
|
|
Gross profit
|
|
|
14,852
|
|
|
|
(23
|
)
|
|
|
17,003
|
|
|
|
31,832
|
|
Research and development expenses
|
|
|
1,559
|
|
|
|
4,166
|
|
|
|
1,365
|
|
|
|
7,090
|
|
Depreciation and amortization
|
|
|
118
|
|
|
|
255
|
|
|
|
10
|
|
|
|
383
|
|
Other operating expenses
|
|
|
8,935
|
|
|
|
417
|
|
|
|
2,041
|
|
|
|
11,393
|
|
Income (loss) from operations
|
|
|
4,240
|
|
|
|
(4,861
|
)
|
|
|
13,587
|
|
|
|
12,966
|
|
Interest income
|
|
|
56
|
|
|
|
4
|
|
|
|
1
|
|
|
|
61
|
|
Interest expense
|
|
|
-
|
|
|
|
(527
|
)
|
|
|
(39
|
)
|
|
|
(566
|
)
|
Other non-operating expense, net
|
|
|
10
|
|
|
|
(269
|
)
|
|
|
1,134
|
|
|
|
875
|
|
Income (loss) before income taxes
|
|
$
|
4,306
|
|
|
$
|
(5,653
|
)
|
|
$
|
14,683
|
|
|
$
|
13,336
|
|
Capital expenditures
|
|
$
|
108
|
|
|
$
|
25
|
|
|
$
|
-
|
|
|
$
|
133
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, 2011
|
|
|
|
|
|
|
|
|
Research and development revenue
|
|
$
|
2,478
|
|
|
$
|
-
|
|
|
$
|
180
|
|
|
$
|
2,658
|
|
Product royalty revenue
|
|
|
10,793
|
|
|
|
-
|
|
|
|
-
|
|
|
|
10,793
|
|
Co-promotion revenue
|
|
|
610
|
|
|
|
-
|
|
|
|
-
|
|
|
|
610
|
|
Contract and collaboration revenue
|
|
|
141
|
|
|
|
-
|
|
|
|
13
|
|
|
|
154
|
|
Total revenues
|
|
|
14,022
|
|
|
|
-
|
|
|
|
193
|
|
|
|
14,215
|
|
Research and development expenses
|
|
|
4,593
|
|
|
|
2,002
|
|
|
|
1,064
|
|
|
|
7,659
|
|
Settlement for legal dispute
|
|
|
(11,100
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
(11,100
|
)
|
Depreciation and amortization
|
|
|
(133
|
)
|
|
|
405
|
|
|
|
10
|
|
|
|
282
|
|
Other operating expenses
|
|
|
13,094
|
|
|
|
285
|
|
|
|
386
|
|
|
|
13,765
|
|
Income (loss) from operations
|
|
|
7,568
|
|
|
|
(2,692
|
)
|
|
|
(1,267
|
)
|
|
|
3,609
|
|
Interest income
|
|
|
85
|
|
|
|
3
|
|
|
|
1
|
|
|
|
89
|
|
Interest expense
|
|
|
-
|
|
|
|
(569
|
)
|
|
|
(42
|
)
|
|
|
(611
|
)
|
Other non-operating expense, net
|
|
|
(21
|
)
|
|
|
(105
|
)
|
|
|
140
|
|
|
|
14
|
|
Income (loss) before income taxes
|
|
$
|
7,632
|
|
|
$
|
(3,363
|
)
|
|
$
|
(1,168
|
)
|
|
$
|
3,101
|
|
Capital expenditures
|
|
$
|
52
|
|
|
$
|
3
|
|
|
$
|
-
|
|
|
$
|
55
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2012
|
|
|
|
|
|
|
|
|
Research and development revenue
|
|
$
|
6,189
|
|
|
$
|
-
|
|
|
$
|
15,356
|
|
|
$
|
21,545
|
|
Product royalty revenue
|
|
|
50,696
|
|
|
|
-
|
|
|
|
-
|
|
|
|
50,696
|
|
Co-promotion revenue
|
|
|
3,576
|
|
|
|
-
|
|
|
|
-
|
|
|
|
3,576
|
|
Contract and collaboration revenue
|
|
|
565
|
|
|
|
16
|
|
|
|
52
|
|
|
|
633
|
|
Product sales revenue
|
|
|
-
|
|
|
|
14
|
|
|
|
5,023
|
|
|
|
5,037
|
|
Total revenues
|
|
|
61,026
|
|
|
|
30
|
|
|
|
20,431
|
|
|
|
81,487
|
|
Cost of goods sold
|
|
|
98
|
|
|
|
9
|
|
|
|
2,923
|
|
|
|
3,030
|
|
Gross profit
|
|
|
60,928
|
|
|
|
21
|
|
|
|
17,508
|
|
|
|
78,457
|
|
Research and development expenses
|
|
|
7,809
|
|
|
|
9,571
|
|
|
|
3,912
|
|
|
|
21,292
|
|
Depreciation and amortization
|
|
|
484
|
|
|
|
964
|
|
|
|
40
|
|
|
|
1,488
|
|
Other operating expenses
|
|
|
41,410
|
|
|
|
2,993
|
|
|
|
2,957
|
|
|
|
47,360
|
|
Income (loss) from operations
|
|
|
11,225
|
|
|
|
(13,507
|
)
|
|
|
10,599
|
|
|
|
8,317
|
|
Interest income
|
|
|
161
|
|
|
|
16
|
|
|
|
2
|
|
|
|
179
|
|
Interest expense
|
|
|
-
|
|
|
|
(2,183
|
)
|
|
|
(163
|
)
|
|
|
(2,346
|
)
|
Other non-operating expense, net
|
|
|
77
|
|
|
|
(187
|
)
|
|
|
1,712
|
|
|
|
1,602
|
|
Income (loss) before income taxes
|
|
$
|
11,463
|
|
|
$
|
(15,861
|
)
|
|
$
|
12,150
|
|
|
$
|
7,752
|
|
Capital expenditures
|
|
$
|
401
|
|
|
$
|
3,470
|
|
|
$
|
-
|
|
|
$
|
3,871
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2011
|
|
|
|
|
|
|
|
|
Research and development revenue
|
|
$
|
8,033
|
|
|
$
|
-
|
|
|
$
|
1,216
|
|
|
$
|
9,249
|
|
Product royalty revenue
|
|
|
41,517
|
|
|
|
-
|
|
|
|
-
|
|
|
|
41,517
|
|
Co-promotion revenue
|
|
|
3,378
|
|
|
|
-
|
|
|
|
-
|
|
|
|
3,378
|
|
Contract and collaboration revenue
|
|
|
565
|
|
|
|
-
|
|
|
|
52
|
|
|
|
617
|
|
Total revenues
|
|
|
53,493
|
|
|
|
-
|
|
|
|
1,268
|
|
|
|
54,761
|
|
Research and development expenses
|
|
|
24,058
|
|
|
|
4,354
|
|
|
|
5,085
|
|
|
|
33,497
|
|
Settlement for legal dispute
|
|
|
(11,100
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
(11,100
|
)
|
Depreciation and amortization
|
|
|
791
|
|
|
|
474
|
|
|
|
43
|
|
|
|
1,308
|
|
Other operating expenses
|
|
|
46,326
|
|
|
|
1,092
|
|
|
|
1,327
|
|
|
|
48,745
|
|
Income (loss) from operations
|
|
|
(6,582
|
)
|
|
|
(5,920
|
)
|
|
|
(5,187
|
)
|
|
|
(17,689
|
)
|
Interest income
|
|
|
240
|
|
|
|
6
|
|
|
|
3
|
|
|
|
249
|
|
Interest expense
|
|
|
-
|
|
|
|
(2,288
|
)
|
|
|
(167
|
)
|
|
|
(2,455
|
)
|
Other non-operating expense, net
|
|
|
(42
|
)
|
|
|
(1,884
|
)
|
|
|
(93
|
)
|
|
|
(2,019
|
)
|
Income (loss) before income taxes
|
|
$
|
(6,384
|
)
|
|
$
|
(10,086
|
)
|
|
$
|
(5,444
|
)
|
|
$
|
(21,914
|
)
|
Capital expenditures
|
|
$
|
145
|
|
|
$
|
6,006
|
|
|
$
|
133
|
|
|
$
|
6,284
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
![](http://cts.businesswire.com/ct/CT?id=bwnews&sty=20130313006446r1&sid=ntxv4&distro=nx)