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Salix quarterly product revenues of $51.2 million driven by Xifaxan, Colazal
By Lisa Kerner
Charlotte, N.C., Nov. 7 - Salix Pharmaceuticals, Ltd. said its total product revenues were up 28% at $51.2 million for the third quarter of 2006 from $40.1 million for the third quarter of 2005.
Xifaxan revenue for the period was $15.9 million, up 71% from the prior-year period. Colazal generated revenue of $27.0 million for the third quarter, slightly below the $28.8 million reported for the third-quarter 2005.
Research and development expenses rose to $10.3 million for the third-quarter 2006 from $7.2 million for the prior-year period.
Salix had net income of $7.0 million, or $0.15 per share fully diluted, for the third quarter, compared with a net loss of $66.0 million, or $1.78 per share fully diluted, for the third-quarter 2005.
Total product revenue for the first nine months of 2006 rose 40% to $145.9 million. Xifaxan revenue for the nine months was up 79% at $32.9 million, while Colazal revenues fell in the nine-month period to $73.1 million from $79.4 million for the first nine months of 2005.
For the nine months ended Sept. 30, Salix reported research and development expenses of $32.1 million, up considerably from $17.2 million for the same period in 2005.
Net income for the nine months was $17.6 million, or $0.37 per share fully diluted.
Cash, cash equivalents and investments were $62.7 million on Sept. 30.
"Based upon current run rates, we believe Xifaxan and Colazal wholesaler inventories as of Sept. 30 were between 8 to 10 weeks," chief financial officer Adam Derbyshire said in a company news release.
"For 2006, we continue to expect total company product revenue will be approximately $205 million, including Moviprep, and we continue to expect that we will be able to deliver earnings per share of approximately $0.65, on a fully diluted basis, assuming a 5% tax rate, for 2006."
Salix is a Raleigh, N.C.-based pharmaceutical company.
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