Spectrum Pharma (SPPI) Guides FY13 Below Views; Cites Change in FUSILEV Ordering Patterns
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Price: $1.03 --0%
Financial Fact:
Product sales, net: 30.27M
Today's EPS Names:
GNLN, AFIB, USDP, More
Financial Fact:
Product sales, net: 30.27M
Today's EPS Names:
GNLN, AFIB, USDP, More
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Spectrum Pharmaceuticals (Nasdaq: SPPI) commented on anticipated first quarter performance and updated its 2013 outlook for the Company.
Based upon recent communications with customers, Spectrum Pharmaceuticals anticipates a change in ordering patterns of FUSILEV® following the recent stabilization of the folate analog market. The Company now expects that FUSILEV sales will be approximately $10 to $15 million for the first quarter of the year, and approximately $80 to $90 million for the 2013 fiscal year. The Company noted that, while hospital sales are shifting to generics, the end-user demand for FUSILEV remains stable in the clinics, and the Company continues to anticipate solid demand in this segment in 2013. The Company believes the majority of the impact from the change in ordering patterns will be reflected in the first half of 2013 and expects to return to a run-rate that more closely aligns with end-user demand by the end of the year. The Company also expects its hematology franchise, which includes FOLOTYN® and ZEVALIN®, to grow in 2013. Spectrum Pharmaceuticals anticipates total company revenues in the range of $160 to $180 million for the full-year 2013. The Company continues to manage operating expenses and expects to be profitable in 2013 on a non-GAAP basis.
The Street sees FY13 revs of $297.3 million.
Spectrum Pharmaceuticals is a growth-oriented leader in the acquisition, development and commercialization of oncology/hematology drug products. In addition to the Company’s portfolio of commercialized drugs, Spectrum Pharmaceuticals has opportunities to drive growth through the advancement of its late-stage pipeline, as well as potential acquisitions of new products. The Company expects to file its NDA for belinostat around the middle of 2013 and anticipates potential commercialization in 2014, subject to FDA approval. Spectrum Pharmaceuticals also anticipates that it will file an NDA for apaziquone in 2014.
With $143 million in cash, cash equivalents and investments as of December 31, 2012, Spectrum Pharmaceuticals ended last year with a strong balance sheet. The Company’s healthy balance sheet facilitates its capital allocation strategy, which balances prudent investment in the Company’s ongoing sales and marketing activities, its new drug development pipeline, M&A opportunities and the return of capital to shareholders. The Company returned approximately $18 million to shareholders in 2012 through cash dividends and its share repurchase program, under which approximately $88 million remains.
Based upon recent communications with customers, Spectrum Pharmaceuticals anticipates a change in ordering patterns of FUSILEV® following the recent stabilization of the folate analog market. The Company now expects that FUSILEV sales will be approximately $10 to $15 million for the first quarter of the year, and approximately $80 to $90 million for the 2013 fiscal year. The Company noted that, while hospital sales are shifting to generics, the end-user demand for FUSILEV remains stable in the clinics, and the Company continues to anticipate solid demand in this segment in 2013. The Company believes the majority of the impact from the change in ordering patterns will be reflected in the first half of 2013 and expects to return to a run-rate that more closely aligns with end-user demand by the end of the year. The Company also expects its hematology franchise, which includes FOLOTYN® and ZEVALIN®, to grow in 2013. Spectrum Pharmaceuticals anticipates total company revenues in the range of $160 to $180 million for the full-year 2013. The Company continues to manage operating expenses and expects to be profitable in 2013 on a non-GAAP basis.
The Street sees FY13 revs of $297.3 million.
Spectrum Pharmaceuticals is a growth-oriented leader in the acquisition, development and commercialization of oncology/hematology drug products. In addition to the Company’s portfolio of commercialized drugs, Spectrum Pharmaceuticals has opportunities to drive growth through the advancement of its late-stage pipeline, as well as potential acquisitions of new products. The Company expects to file its NDA for belinostat around the middle of 2013 and anticipates potential commercialization in 2014, subject to FDA approval. Spectrum Pharmaceuticals also anticipates that it will file an NDA for apaziquone in 2014.
With $143 million in cash, cash equivalents and investments as of December 31, 2012, Spectrum Pharmaceuticals ended last year with a strong balance sheet. The Company’s healthy balance sheet facilitates its capital allocation strategy, which balances prudent investment in the Company’s ongoing sales and marketing activities, its new drug development pipeline, M&A opportunities and the return of capital to shareholders. The Company returned approximately $18 million to shareholders in 2012 through cash dividends and its share repurchase program, under which approximately $88 million remains.
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