WALTHAM, Mass., June 12 /PRNewswire-FirstCall/ -- Repligen Corporation (Nasdaq: RGEN) today reported results for the fourth quarter and fiscal year 2008, ended March 31, 2008. Total revenue for fiscal year 2008 was $19,296,000 compared to total revenue of $14,074,000 for fiscal year 2007 ended March 31, 2007, an increase of $5,222,000 or 37%. Total revenue for the year consisted primarily of Protein A and SecreFlo(R) product revenue.
Operating expenses for fiscal year 2008, excluding the $40,170,000 net gain from litigation previously reported in our second quarter as a result of our settlement with ImClone Systems, Inc., were $23,574,000 compared to $15,900,000 in fiscal year 2007. The increase in operating expenses of $7,674,000 was primarily the result of legal expenses incurred in conjunction with both the ImClone Systems, Inc. and Bristol-Myers Squibb litigations, direct material expenses associated with the increase in revenue, and increased research and development spending.
Net income for the year was $37,107,000 or $1.18 per diluted share, compared to a net loss for fiscal 2007 of $889,000 or $0.03 per diluted share. Net income includes a net gain of $40,170,000 from the litigation settlement with ImClone during the second quarter of fiscal year 2008. Cash and marketable securities as of March 31, 2008 were $60,589,000 compared to $22,627,000 as of March 31, 2007.
"During the past year, we have successfully advanced our product
pipeline, achieved strong revenue growth and settled our outstanding
litigations with ImClone Systems, Inc. and Bristol-Myers Squibb, resulting
in substantial new resources for the company," stated Walter C. Herlihy,
President and Chief Executive Officer of Repligen Corporation. "Our
|SOURCE Repligen Corporation|
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