| NOVEN ANNOUNCES RECORD FINANCIAL RESULTS (NOVN) |
Noven Pharmaceuticals, Inc.
(NASDAQ:NOVN) today announced record financial results for the quarter and the
six-month period ended June 30, 1999.
For the 1999 second quarter,
Noven reported net income of $959,000, or $.05 per share, versus a net loss
of $1,557,000, or $.08 per share, for the second quarter of 1998. Second quarter
net income was the highest quarterly net income ever reported by Noven. Revenues
for the second quarter of 1999 were $7,493,000 versus $6,394,000 for the same
quarter in 1998, an increase of 17%.
For the six months ended
June 30, 1999, net income was $1,674,000, or $.08 per share, versus a net loss
of $4,834,000, or $.24 per share, for the comparable period in 1998. Net income
for the first half was the highest net income ever reported by Noven for a six-month
period. Revenues for the first six months of 1999 were $14,970,000 versus $8,942,000
for the comparable six months in 1998, an increase of 67%.
Noven's cash and short term
equivalents at June 30, 1999 were $7,293,000, up $1,782,000 from the $5,511,000
balance reported at March 31, 1999.
"Quarter by quarter,
Noven is steadily enhancing its reputation for dependable financial growth and
corporate progress, and the 1999 second quarter is no exception," said
Robert C. Strauss, Noven's President and Chief Executive Officer. "This
quarter reflects record net income, and marks our sixth consecutive quarter
of improving results and fourth consecutive quarter of profits. Over the last
year and a half, we have consistently received product approvals when we said
we would receive them, launched new products when we said we would launch them,
and delivered financial results that met or exceeded expectations. We expect
to continue to build this growing track record of progress and credibility as
we proceed through the second half of the year."
A telephone conference among
management and equity analysts relating to Noven's financial results will be
broadcast live via the Internet at www.noven.com
beginning at 10:00 a.m. Eastern time. Thereafter, a rebroadcast of the call
will be accessible at the same site. In addition, a taped replay of the conference
call will be available by telephone from August 5 at 12:00 noon Eastern time
to August 7 at 11:59 p.m. by calling 800/475-6701 (from within the U.S.) or
320/365-3844 (from outside the U.S.) and entering the access code 463481.
Noven Pharmaceuticals, Inc.,
headquartered in Miami, Florida, is a leader in the development of transdermal
and transmucosal drug delivery technologies. Together with Novartis Pharmaceuticals,
Noven also owns a women's health company called Novogyne Pharmaceuticals. Noven's
existing products include advanced estrogen transdermal delivery systems (Vivelle(R)
and Vivelle-Dot(TM), licensed to Novogyne, and Menorest, licensed to Rhone-Poulenc
Rorer); combination estrogen/progestin transdermal delivery systems (CombiPatch(TM)
and Estalis(R), licensed to Rhone-Poulenc Rorer); and the first transmucosal
patch delivery system approved by the FDA (DentiPatch(R)). With a range of additional
products in development, including a transdermal methylphenidate patch for Attention
Deficit Hyperactivity Disorder, Noven is committed to becoming the world's premier
developer, manufacturer and marketer of transdermal and transmucosal drug delivery
systems. For additional information on Noven, visit the company's Web site at
www.noven.com.
Forward looking statements contained in this release are qualified by and subject
to the risks and uncertainties specified by Noven in its most recent filings
with the Securities and Exchange Commission, including the risk that CombiPatch(TM),
Vivelle(R) and/or Vivelle-Dot(TM) orders may be less than expected and negatively
impact future results.
Back
NOVEN PHARMACEUTICALS INC.
Statement of Operations Data:
(amounts in thousands except
per share amounts)
Three Months Ended Six Months Ended
June 30, June 30,
1999 1998 1999 1998
Revenues:
Product sales $ 7,437 $ 6,338 $ 14,857 $ 8,827
License revenue 56 56 113 115
Total revenues 7,493 6,394 14,970 8,942
Expenses:
Cost of products sold 3,361 3,195 6,605 4,227
Research and development 1,485 1,981 3,142 3,982
Marketing, general &
administrative 1,743 2,861 3,647 5,843
-------- -------- -------- --------
Total expenses 6,589 8,037 13,394 14,052
Interest income 64 86 116 276
-------- -------- -------- --------
Income (loss) before taxes 968 (1,557) 1,692 (4,834)
Provision for income taxes 9 -- 18 --
-------- -------- -------- --------
Net income (loss) $ 959 $ (1,557) $ 1,674 $ (4,834)
======== ======== ======== ========
Net income (loss) per
share $ 0.05 $ (0.08) $ 0.08 $ (0.24)
======== ======== ======== ========
Weighted average of common
shares outstanding:
Basic: 21,460 20,605 21,496 $ 20,541
======== ======== ======== ========
Diluted: 21,638 20,605 21,673 $ 20,541
======== ======== ======== ========
Balance Sheet Data: June 30, 1999
-----------------
Cash and short-term equivalents $ 7,293
Working capital $ 12,297
Net property and equipment $ 15,343
Investment in Vivelle Ventures $ 6,878
Total assets $ 42,520
Deferred license revenue $ 5,531
Stockholders' equity $ 30,409
--30--gaa/mi*
CONTACT: Noven Pharmaceuticals Inc., Miami
James B. Messiry, Chief Financial Officer
305/253-1916
KEYWORD: cdbud FLORIDA
INDUSTRY KEYWORD: PHARMACEUTICAL MEDICINE EARNINGS
Copyright © 1999 Noven Pharmaceuticals, Inc. All rights reserved.