Salix Pharmaceuticals Reports 4Q2014 and FY2014 Results
Mon March 2, 2015 4:01 PM|Business Wire | About: SLXP
RALEIGH, N.C.--(BUSINESS WIRE)-- Salix Pharmaceuticals, Ltd. (SLXP) (Salix or the Company) today announced financial and operating results for the fourth quarter and full year ended December 31, 2014.
Total net product revenues for the fourth quarter of 2014 were $13 million, compared to $238 million for the fourth quarter of 2013. GAAP net loss for the fourth quarter of 2014 was $288 million, or a loss of $4.51 per diluted share, compared to net income of $40 million, or $0.58 per diluted share, for the fourth quarter of 2013. Non-GAAP net loss for the fourth quarter of 2014 was $167 million, or a loss of $2.61 per diluted share, compared to net income of $48 million, or $0.70 per diluted share, for the fourth quarter of 2013.
For the full year 2014, total net product revenues were $1,134 million, compared to $914 million for 2013. GAAP net loss for 2014 was $415 million, or a loss of $6.53 per diluted share, compared to net income of $131 million, or $1.99 per diluted share, for 2013. Non-GAAP net income for 2014 was $142 million, or $1.85 per diluted share, compared to $198 million, or $3.01 per diluted share, for 2013.
Although prescriptions for Salixs key products remained strong in the fourth quarter of 2014, compared to the fourth quarter of 2013, as a result of the Companys previously-announced plan to accelerate the reduction of wholesaler inventory levels, the Company determined to substantially cease all sales efforts to wholesalers in the fourth quarter of 2014 and sell only minimal amounts of its products during the quarter.
Results for the fourth quarter and full year 2013 do not reflect the acquisition of Santarus, Inc. (SNTS), which was completed on January 2, 2014.