Pharmacyclics Reports Results for Six and Three Months Ended Decembe... (mber 31 2012 was $46.2 million or $0.66 ...)

Pharmacyclics Reports Results for Six and Three Months Ended December 31, 2012

Date:2/14/2013

mber 31, 2012 was $46.2 million, or $0.66 and $0.62 income per basic and diluted earnings per share, respectively, compared to non-GAAP net income of $58.6 million, or $0.85 and $0.82 income per basic and diluted earnings per share, respectively for the quarter ended December 31, 2011.

Revenue for the six months ended December 31, 2012 was $160.7 million compared to $77.9 million for the six months ended December 31, 2011. Revenue for the quarter ended December 31, 2012 was $58.0 million compared to $77.9 million for the quarter ended December 31, 2011. Revenue for the quarter ended December 31, 2012 consisted primarily of $50.0 million of milestone revenue due to the Company's achievement of one clinical milestone in connection with the Company's collaboration and license agreement (the "Agreement") with Janssen Biotech, Inc. and its affiliates ("Janssen") and $5.0 million of license revenue related to the Company's license agreement with Novo Nordisk A/S under which Novo Nordisk A/S acquired the exclusive worldwide rights for the Company's small molecule Factor VIIa inhibitor, PCI-27483, in a restricted disease indication outside of oncology.

To date, the Company has received three milestone payments from Janssen of $50 million each, totaling $150 million, under the Agreement. The Company may receive up to an additional $675 million in development and regulatory milestone payments, however, clinical development entails risks and the Company has no assurance as to whether or when the milestone targets might be achieved.

The Agreement with Janssen includes a cost sharing arrangement for certain development activities. In general Janssen is responsible for approximately 60% of development costs and the Company is responsible for 40% of development costs. The Agreement with Janssen also provides for a $50 million annual cap of the Company's share of development costs and pre-tax commercialization losses for each calendar year. Under the Agreeme
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