MedImmune Reports Financial Results for 2007 First Quarter
April 30 2007 - 6:30PM
PR Newswire (US)
GAITHERSBURG, Md., April 30 /PRNewswire-FirstCall/ -- MedImmune,
Inc. (NASDAQ:MEDI) announced today that a 15-percent increase in
total revenues and a substantial increase in net income margin
drove the company's net earnings for the 2007 first quarter up more
than three-fold over the year-ago quarter. In the 2007 quarter,
MedImmune's total revenues were $575 million compared to $498
million in the 2006 first quarter. Excluding share-based
compensation, the company's net earnings for the 2007 first quarter
were $166 million, or $0.69 of diluted earnings per share, compared
to $59 million, or $0.23 per diluted share, in the 2006 first
quarter. Including share-based compensation and in accordance with
Generally Accepted Accounting Principles (GAAP), MedImmune's net
earnings in the 2007 first quarter were $160 million, or $0.66 per
diluted share, compared to $47 million, or $0.18 per diluted share,
in the 2006 first quarter. Worldwide sales of Synagis(R)
(palivizumab) grew nine percent to $507 million in the 2007 first
quarter from $463 million last year. In the U.S., sales of Synagis
grew by nine percent to $475 million in the 2007 first quarter from
$434 million in the 2006 quarter. Sales to our international
distributor, Abbott International, were up 12 percent to $32
million in the 2007 first quarter from $29 million in the prior
year period. Contributing to total revenues in the 2007 quarter
were approximately $26 million in HPV- related revenues, about $14
million higher than anticipated in MedImmune's preliminary results
issued on April 9, 2007. The company also announced today that in
light of the proposed merger with AstraZeneca PLC announced last
week, the company has elected to cancel its conference call to
discuss first quarter 2007 financial results, which was originally
scheduled for May 3, 2007. The company will continue to make
available its financial information via filings with the U.S.
Securities and Exchange Commission. About MedImmune MedImmune
strives to provide better medicines to patients, new medical
options for physicians, rewarding careers to employees, and
increased value to shareholders. Dedicated to advancing science and
medicine to help people live better lives, the company is focused
on the areas of infectious diseases, cancer and inflammatory
diseases. With more than 2,500 employees worldwide, MedImmune is
headquartered in Maryland. For more information, visit the
company's website at http://www.medimmune.com/. This announcement
is neither an offer to purchase nor a solicitation of an offer to
sell shares of MedImmune. MedImmune stockholders are urged to read
the relevant tender offer documents from AstraZeneca PLC when such
become available because they will contain important information
that stockholders should consider before making any decision
regarding tendering their shares. At the time the offer is
commenced, AstraZeneca will file tender offer materials with the
U.S. Securities and Exchange Commission, and MedImmune will file a
Solicitation/Recommendation Statement on Schedule 14D-9 with
respect to the offer. The tender offer materials (including an
Offer to Purchase, a related Letter of Transmittal and certain
other offer documents) and the Solicitation/Recommendation
Statement will contain important information, which should be read
carefully before any decision is made with respect to the tender
offer. The Offer to Purchase, the related Letter of Transmittal and
certain other offer documents, as well as the
Solicitation/Recommendation Statement, will be made available for
free at the U.S. Securities and Exchange Commission's web site at
http://www.sec.gov/, at AstraZeneca's website at
http://www.astrazeneca.com/ or at MedImmune's website at
http://www.medimmune.com/. MedImmune, Inc. Consolidated Statements
of Operations (in millions, except per share data) (unaudited)
Three Months Ended March 31, 2007 2006 Revenues: Product sales $
531.4 $ 491.6 Other revenue 43.4 6.4 Total Revenue 574.8 498.0
Costs and expenses: Cost of sales 115.5 123.1 Research and
development 79.5 87.9 Selling, general and administrative 147.1
211.9 Other operating expenses 0.3 2.7 342.4 425.6 Operating income
232.4 72.4 Interest income, net 12.4 13.0 Gain (loss) on investment
activities 9.6 (0.8) Earnings before income taxes 254.4 84.6
Provision for income taxes 94.4 37.6 Net earnings $ 160.0 $ 47.0
Basic earnings per share $ 0.67 $ 0.19 Shares used in computing
basic earnings per share 237.9 247.9 Diluted earnings per share $
0.66 $ 0.18 Shares used in computing diluted earnings per share
241.4 260.0 MedImmune, Inc. Reconciliation of GAAP Results to
Adjusted Results (in millions, except per share data) (Unaudited)
Presented in the following table is a reconciliation of reported
net earnings under GAAP to net earnings excluding the impact of
employee share-based compensation expense. Three Months Ended March
31, 2007 2006 Item: Net earnings, as reported (1) $ 160.0 $ 47.0
Share-based compensation expense (2) Cost of sales (3) 0.8 0.4
Research and development 2.3 3.7 Selling, general and
administrative 4.3 5.6 7.4 9.7 Income taxes (1.2) 2.1 Net earnings,
as adjusted $ 166.2 $ 58.8 Basic earnings per share, as reported
0.67 0.19 Diluted earnings per share, as reported 0.66 0.18 Basic
earnings per share, as adjusted 0.70 0.24 Diluted earnings per
share, as adjusted 0.69 0.23 Shares used to compute earnings per
share: Basic, as reported 237.9 247.9 Diluted, as reported 241.4
260.0 Basic, as adjusted 237.9 247.9 Diluted, as adjusted 241.6
259.7 (1) Prepared in accordance with accounting principles
generally accepted in the United States. (2) Represents the addback
of the noncash employee share-based compensation expense.
Share-based compensation is comprised of incentive stock options,
nonqualified stock options and the discount on stock purchased by
employees. (3) Share-based compensation included in inventory was
$1.4 million at March 31, 2007 and $0.5 million at March 31, 2006.
DATASOURCE: MedImmune, Inc. CONTACT: Investors, Peter Vozzo,
+1-301-398-4358, or Media, Jamie Lacey, +1-301-398-4035, both of
MedImmune, Inc. Web site: http://www.medimmune.com/
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