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Avanir Pharmaceuticals Reports Fiscal 2013 Fourth Quarter Financial and Year-End Business Results
Date:12/10/2013

ALISO VIEJO, Calif., Dec. 10, 2013 /PRNewswire/ -- Avanir Pharmaceuticals, Inc. (NASDAQ: AVNR) today reported financial results for the three and twelve-months ended September 30, 2013.

(Logo: http://photos.prnewswire.com/prnh/20130207/LA55901LOGO)

Quarterly Financial Highlights

  • Total company net revenues of $21.7 million
  • Gross and net NUEDEXTA® sales increased to $27.7 million and $20.2 million respectively
  • Cash, cash equivalents, and restricted investments of $57.5 million as of September 30, 2013
  • "2013 has been a break-out year for Avanir," said Keith A. Katkin, president and CEO of Avanir. "We have achieved a number of important and transformational milestones. In addition to robust growth of NUEDEXTA for PBA, we formed a co-promote partnership with Merck which will leverage our commercial leadership in the institutional setting. We also in-licensed a new investigational migraine treatment, gained European approval for NUEDEXTA and initiated a new phase II study of AVP-923 exploring its potential application in levadopa-induced dyskinesias in Parkinson's disease."

    Fiscal 2013 Fourth Quarter Results

  • Total net revenues for the quarter ended September 30, 2013 were $21.7 million, compared with $13.5 million for the comparable quarter in fiscal 2012, representing approximately 61% year-over-year growth. Total net revenues consist of NUEDEXTA net revenue and royalty revenue from Abreva®.
  • Total operating expenses were $36.2 million in the fourth quarter of fiscal 2013, excluding a one-time payment of $20.0 million related to AVP-825, compared with $24.2 million in the comparable period in fiscal 2012.
  • Cash used in operations was $10.1 million, excluding a one-time payment of $20.0 million related to AVP-825.
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  • SOURCE Avanir Pharmaceuticals, Inc.
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