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Pharmacyclics Inc Comments On Q2, FY 2013 Earnings Guidance

Wednesday, 1 May 2013 04:05pm EDT 

Pharmacyclics Inc announced that the Company earned a $50 million milestone payment obligation under its collaboration and license agreement with Janssen Biotech, Inc. and its affiliates as a result of the enrollment of a fifth patient in a study using ibrutinib (PCI-32765) as a monotherapy versus chlorambucil in elderly patients with newly diagnosed chronic lymphocytic lymphoma/small lymphocytic lymphoma. The $28.3 million non-GAAP net loss for the first quarter of 2013 did not include the $50 million milestone earned on April 11, 2013. The Company will record the above milestone as revenue for the second quarter of 2013. As such, the Company expects non-GAAP net income/loss to be near break-even for the second quarter of 2013 and also for the fiscal 2013. This includes the assumption of costs by Janssen in excess of the $50 million annual cap per calendar year (Excess Amounts) under the Agreement with Janssen. According to I/B/E/S Estimates, analysts are expecting the Company to report net income of $1.06 million for the second quarter of 2013; net income of $3.72 million for fiscal 2013. 

Company Quote

3.68 +3.51%
28 Jul 2014