XNAS:AUXL Quarterly Report 10-Q Filing - 6/30/2012

Effective Date 6/30/2012

Table of Contents

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 


 

FORM 10-Q

 

x  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2012

 

OR

 

o  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from                  to                 .

 

Commission File Number: 000-50855

 


 

Auxilium Pharmaceuticals, Inc.

(Exact name of registrant as specified in its charter)

 

Delaware

 

23-3016883

(State or other jurisdiction of

 

(I.R.S. Employer Identification No.)

incorporation or organization)

 

 

 

40 Valley Stream Parkway, Malvern, PA  19355

(Address of principal executive offices) (Zip Code)

 

(484) 321-5900

(Registrant’s telephone number, including area code)

 


 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes x No o

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data file required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes x No o

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company.  See definitions of “accelerated filer” “large accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.  (Check one):

 

Large accelerated filer x

 

Accelerated filer  o

 

 

 

Non-accelerated filer  o

 

Smaller reporting company  o

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes o No x

 

As of July 24, 2012, the number of shares outstanding of the issuer’s common stock, $0.01 par value, was 49,219,241.

 

 

 




Table of Contents

 

PART I.  FINANCIAL INFORMATION

 

Item 1.  Financial Statements.

 

AUXILIUM PHARMACEUTICALS, INC. AND SUBSIDIARIES

 

Consolidated Balance Sheets

 

(In thousands, except share and per share amounts)

 

(Unaudited)

 

 

 

June 30,
2012

 

December 31,
2011

 

Assets

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

 

$

33,200

 

$

37,535

 

Short-term investments

 

148,129

 

116,722

 

Accounts receivable, trade, net

 

42,026

 

42,742

 

Accounts receivable, other

 

1,415

 

2,398

 

Inventories, current

 

17,688

 

23,864

 

Prepaid expenses and other current assets

 

1,480

 

2,643

 

Total current assets

 

243,938

 

225,904

 

Inventories, non-current

 

41,257

 

29,239

 

Property and equipment, net

 

27,902

 

29,623

 

Long-term investments

 

2,324

 

2,371

 

Other assets

 

13,959

 

13,834

 

Total assets

 

$

329,380

 

$

300,971

 

 

 

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Accounts payable

 

$

3,832

 

$

4,479

 

Accrued expenses

 

77,860

 

77,620

 

Deferred revenue, current portion

 

8,376

 

7,820

 

Deferred rent, current portion

 

1,198

 

1,153

 

Total current liabilities

 

91,266

 

91,072

 

Deferred revenue, long-term portion

 

125,466

 

120,117

 

Deferred rent, long-term portion

 

4,773

 

5,384

 

Commitments and contingencies

 

 

 

Stockholders’ equity:

 

 

 

 

 

Preferred stock, $0.01 par value per share, 5,000,000 shares authorized, no shares issued or outstanding

 

0

 

0

 

Common stock, $0.01 par value per share; authorized 120,000,000 shares; issued 49,188,354 and 48,236,137 shares at June 30, 2012 and December 31, 2011, respectively

 

492

 

482

 

Additional paid-in capital

 

513,502

 

495,949

 

Accumulated deficit

 

(402,083

)

(408,059

)

Treasury stock at cost: 135,428 and 131,591 at June 30, 2012 and December 31, 2011, respectively

 

(3,316

)

(3,239

)

Accumulated other comprehensive loss

 

(720

)

(735

)

Total stockholders’ equity

 

107,875

 

84,398

 

Total liabilities and stockholders’ equity

 

$

329,380

 

$

300,971

 

 

See accompanying notes to consolidated financial statements.

 

3



Table of Contents

 

AUXILIUM PHARMACEUTICALS, INC. AND SUBSIDIARIES

 

Consolidated Statements of Operations

 

(In thousands, except share and per share amounts)

 

(Unaudited)

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

 

2012

 

2011

 

2012

 

2011

 

Net revenues

 

$

78,171

 

$

65,937

 

$

151,778

 

$

124,306

 

Operating expenses*:

 

 

 

 

 

 

 

 

 

Cost of goods sold

 

17,804

 

14,379

 

34,408

 

25,631

 

Research and development

 

10,186

 

13,315

 

22,180

 

29,069

 

Selling, general and administrative

 

42,585

 

43,368

 

89,532

 

86,527

 

Total operating expenses

 

70,575

 

71,062

 

146,120

 

141,227

 

Income (loss) from operations

 

7,596

 

(5,125

)

5,658

 

(16,921

)

Interest income

 

128

 

64

 

318

 

105

 

Interest expense

 

0

 

(88

)

0

 

(179

)

Net income (loss)

 

$

7,724

 

$

(5,149

)

$

5,976

 

$

(16,995

)

Net income (loss) per common share:

 

 

 

 

 

 

 

 

 

Basic

 

$

0.16

 

$

(0.11

)

$

0.12

 

$

(0.36

)

Diluted

 

$

0.16

 

$

(0.11

)

$

0.12

 

$

(0.36

)

Shares used to compute net income (loss) per common share:

 

 

 

 

 

 

 

 

 

Basic

 

48,575,418

 

47,830,131

 

48,624,626

 

47,797,758

 

Diluted

 

49,172,212

 

47,830,131

 

49,295,336

 

47,797,758

 

 


*includes the following amounts of stock-based compensation expense:

 

 

 

 

 

 

 

 

 

Cost of goods sold

 

$

17

 

$

14

 

$

37

 

$

27

 

Research and development

 

637

 

767

 

1,244

 

1,570

 

Selling, general and administrative

 

3,240

 

3,174

 

6,291

 

6,702

 

 

See accompanying notes to consolidated financial statements.

 

4



Table of Contents

 

AUXILIUM PHARMACEUTICALS, INC. AND SUBSIDIARIES

 

Consolidated Statements of Comprehensive Income (Loss)

 

(In thousands)

 

(Unaudited)

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

 

2012

 

2011

 

2012

 

2011

 

Net income (loss)

 

$

7,724

 

$

(5,149

)

$

5,976

 

$

(16,995

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

Unrealized gains on investments

 

104

 

47

 

26

 

62

 

Foreign currency translation adjustment

 

(11

)

0

 

(11

)

3

 

Total

 

93

 

47

 

15

 

65

 

Comprehensive income (loss)

 

$

7,817

 

$

(5,102

)

$

5,991

 

$

(16,930

)

 

See accompanying notes to consolidated financial statements.

 

5



Table of Contents

 

AUXILIUM PHARMACEUTICALS, INC. AND SUBSIDIARIES

 

Consolidated Statements of Cash Flows

 

(In thousands)

 

(Unaudited)

 

 

 

Six Months Ended June 30,

 

 

 

2012

 

2011

 

Cash flows from operating activities:

 

 

 

 

 

Net income (loss)

 

$

5,976

 

$

(16,995

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

Stock-based compensation

 

7,572

 

8,299

 

Depreciation and amortization

 

4,419

 

3,707

 

Changes in operating assets and liabilities:

 

 

 

 

 

Decrease (increase) in accounts receivable, trade and other

 

1,699

 

(1,473

)

Increase in inventories

 

(5,131

)

(9,730

)

Decrease (increase) in prepaid expenses and other assets

 

722

 

(3,868

)

Increase (decrease) in accounts payable and accrued expenses

 

(429

)

6,619

 

Increase in deferred revenue

 

5,905

 

39,568

 

Decrease in deferred rent

 

(566

)

(322

)

Net cash provided by operating activities

 

20,167

 

25,805

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

Purchases of short-term investments

 

(117,223

)

(62,131

)

Redemptions of short-term investments

 

85,789

 

0

 

Purchases of property and equipment

 

(2,382

)

(4,264

)

Redemptions of long-term investments

 

100

 

0

 

Net cash used in investing activities

 

(33,716

)

(66,395

)

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

Proceeds from exercise of common stock options

 

7,492

 

1,247

 

Employee Stock Purchase Plan purchases

 

1,720

 

922

 

Treasury stock acquisition

 

(77

)

(158

)

Payments in common stock

 

68

 

70

 

Net cash provided by financing activities

 

9,203

 

2,081

 

Effect of exchange rate changes on cash

 

11

 

9

 

Decrease in cash and cash equivalents

 

(4,335

)

(38,500

)

Cash and cash equivalents, beginning of period

 

37,535

 

128,207

 

Cash and cash equivalents, end of period

 

$

33,200

 

$

89,707

 

 

See accompanying notes to consolidated financial statements.

 

6



Table of Contents

 

AUXILIUM PHARMACEUTICALS, INC. AND SUBSIDIARIES

 

Consolidated Statement of Stockholders’ Equity

 

Six Months Ended June 30, 2012

 

(In thousands, except share amounts)

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

 

other

 

 

 

 

 

Common stock

 

paid-in

 

Accumulated

 

Treasury Stock

 

comprehensive

 

 

 

 

 

Shares

 

Amount

 

capital

 

deficit

 

Shares

 

Cost

 

loss

 

Total

 

Balance, January 1, 2012

 

48,236,137

 

$

482

 

$

495,949

 

$

(408,059

)

131,591

 

$

(3,239

)

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