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SciClone Pharmaceuticals, Inc. Reports Third Quarter 2015 Financial Results

Published: Nov 10, 2015

FOSTER CITY, Calif., Nov. 9, 2015 /PRNewswire/ -- SciClone Pharmaceuticals, Inc. (NASDAQ: SCLN) today reported financial results for the quarter ended September 30, 2015.

SciClone Pharmaceuticals, Inc. Logo.
  • Revenues: In the third quarter of 2015, SciClone reported revenues of $42.9 million, compared to $34.3 million for the same period in 2014. 
  • GAAP Diluted EPS: In the third quarter of 2015, SciClone reported a GAAP diluted earnings per share of $0.23, compared to $0.15 for the same period in 2014.
  • Non-GAAP Diluted EPS: In the third quarter of 2015, SciClone reported non-GAAP diluted earnings per share of $0.26, compared to $0.17 for the same period in 2014.
  • Non-GAAP EPS Guidance Raised: As a result of continued strong demand for ZADAXIN® and operating cost controls SciClone is revising upwards its non-GAAP EPS guidance to between $0.93 and $0.97, up from its original guidance of between $0.73 and $0.77.
  • DC Bead® Launch: In the third quarter of 2015, SciClone initiated sales for DC Bead, for the embolization of malignant hypervascularized tumors, such as hepatocellular carcinoma.

Revenues in the third quarter of 2015 were $42.9 million, a $8.6 million or 25% increase, compared to $34.3 million for the same period in 2014. ZADAXIN® revenues were $39.2 million in the third quarter of 2015, a $7.1 million or 22% increase, compared to $32.1 million for the same period in 2014. Promotion services revenues were $0.9 million for the third quarter of 2015, a $0.2 million or 34% increase, compared to $0.7 million in the same period in 2014. For the nine months ended September 30, 2015, revenues were $114.4 million, a 22% increase compared to $93.4 million for the same period last year.

On a GAAP basis, SciClone reported net income in the third quarter of 2015 of $12.0 million, or $0.24 and $0.23 per share on a basic and diluted basis, respectively, compared to net income of approximately $7.9 million, or $0.16 and $0.15 per share on a basic and diluted basis, respectively, for the same period in 2014. SciClone's net income for the nine months ended September 30, 2015 was $16.9 million, after deducting $10.8 million in estimated settlement expense for the ongoing US Securities and Exchange Commission (SEC) investigation recorded in the second quarter of 2015, compared with net income of $21.7 million for the same period in the prior year, or $0.34 and $0.32 per share on a basic and diluted basis, respectively, for the nine months ended September 30, 2015, compared with $0.42 and $0.41 on a basic and diluted basis, respectively, for the same period in 2014.  In July 2015, SciClone reached an agreement in principle with the staff of the SEC, and has now finalized and submitted an offer of settlement including without admitting or denying possible violations of the Foreign Corrupt Practices Act (FCPA). The terms of the offer of settlement include disgorgement, prejudgment interest, and penalties totaling $12.8 million.

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