Noven first-quarter net revenues decrease 13% to $10.2 million

By Lisa Kerner

Erie, Pa., May 1 - Noven Pharmaceuticals, Inc. reported net income for the first quarter ended March 31 of $0.5 million, or $0.02 per diluted share, compared with net income of $0.2 million, or $0.01 per diluted share, in the quarter ended March 31, 2005.

Novogyne Pharmaceuticals, the women's health products company jointly owned by Noven and Novartis Pharmaceuticals Corp., reported net income for the current quarter of $15.1 million, an 88% increase from the same quarter last year.

Noven's net revenues decreased 13% to $10.2 million for the first-quarter from $11.7 million in the year-ago period. The company attributed the decrease to the timing of Vivelle-Dot shipments to Novogyne.

Novogyne's current quarter net revenues increased 39% to $31.6 million, due to a $9.4 million increase in net sales of Vivelle-Dot. The increase in Vivelle-Dot sales is attributed to trade customers reducing inventories, as well as increased prescription demand and price increases.

At March 31, Noven had a total of $82.3 million in cash and cash equivalents and short-term investments, compared with $84.9 million at Dec. 31, 2005.

"Novogyne had an outstanding first quarter, satisfying our joint venture partner's preferred return, while still contributing over $4 million to our results," Noven president, chief executive officer and chairman Robert C. Strauss said in a news release.

"As we move into the second half of the year, we are confident in our prospects in light of Novogyne's strong performance, the expected commencement of license and manufacturing revenues from Daytrana, and the overall improvements in facility utilization and gross margin that should accompany ongoing production of the Daytrana product."

Noven, based in Miami, develops advanced transdermal drug delivery technologies and prescription transdermal products.

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