Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI), a biotechnology company with fully integrated commercial and drug development operations with a primary focus in Hematology and Oncology announced today financial results for the three-month period ended September 30, 2016. As previously disclosed, the Company was re-examining the accounting treatment of the 2013 acquisition of the rights to CE Melphalan from Ligand Pharmaceuticals. This re-examination has now concluded and the Company has determined that no change was required.
Three-Month Period Ended September 30, 2016 (All numbers are approximate)
GAAP Results
Total product sales were $30.3 million in the third quarter of 2016. Product sales in the third quarter included: FUSILEV® (levoleucovorin) net sales of $4.9 million, FOLOTYN® (pralatrexate injection) net sales of $11.3 million, ZEVALIN® (ibritumomab tiuxetan) net sales of $2.6 million, MARQIBO® (vinCRIStine sulfate LIPOSOME injection) net sales of $1.9 million, BELEODAQ® (belinostat for injection) net sales of $3.6 million, and EVOMELA® (melphalan) for injection net sales of$5.9 million.
Spectrum recorded net loss of $17.5 million, or $(0.22) per basic and diluted share in the three-month period ended September 30, 2016, compared to net loss of $18.7 million, or $(0.28) per basic and diluted share in the comparable period in 2015. Total research and development expenses were $13.3 million in the quarter, as compared to $9.9 million in the same period in 2015. Selling, general and administrative expenses were $19.5 million in the quarter, compared to $19.4 million in the same period in 2015.
The Company ended the quarter with Cash and Cash Equivalents of $171.9 million.
Non-GAAP Results
Spectrum recorded non-GAAP net loss of $5.3 million, or $(0.07) per basic and diluted share in the three-month period ended September 30, 2016, compared to non-GAAP net loss of $7.9 million, or $(0.12) per basic and diluted share in the comparable period in 2015. Non-GAAP research and development expenses were $12.8 million, as compared to $9.4 million in the same period of 2015. Non-GAAP selling, general and administrative expenses were $15.6 million, as compared to $17.2 millionin the same period in 2015.
About Spectrum Pharmaceuticals, Inc.
Spectrum Pharmaceuticals is a leading biotechnology company focused on acquiring, developing, and commercializing drug products, with a primary focus in Hematology and Oncology. Spectrum currently markets six hematology/oncology drugs, and has an advanced stage pipeline that has the potential to transform the Company. Spectrum’s strong track record for in-licensing and acquiring differentiated drugs, and expertise in clinical development have generated a robust, diversified, and growing pipeline of product candidates in advanced-stage Phase 2 and Phase 3 studies. More information on Spectrum is available at www.sppirx.com.