Sepracor, Inc. Reports Strong First Quarter 2009 Operating Results and Reiterates Financial Guidance for 2009

MARLBOROUGH, Mass.--(BUSINESS WIRE)--Sepracor Inc. (Nasdaq: SEPR) today announced its consolidated financial results for the first quarter ended March 31, 2009. For the three months ended March 31, 2009, total revenues increased approximately 3% to $330.2 million compared to revenues of $320.8 million during the same quarter in 2008. GAAP net income for the three months ended March 31, 2009 was $35.2 million, or $0.31 per diluted share, compared to $7.1 million, or $0.06 per diluted share, for the same quarter in 2008. Non-GAAP net income for the three months ended March 31, 2009 was $96.8 million, or $0.85 per diluted share, which excludes a restructuring charge and includes a favorable adjustment to income taxes to reflect Sepracor’s estimated annual effective cash-basis tax rate of approximately 2.5%, compared to non-GAAP net income for the first quarter of 2008 of $62.5 million, or $0.54 per diluted share, which excludes an in-process research and development charge related to a distribution agreement with Nycomed GmbH and the associated amortization of related intangible assets, as well as a milestone payment made to BIAL-Portela & Ca, S.A. Non-GAAP net income for these periods excludes certain other items detailed in the attached reconciliation of GAAP to non-GAAP measures. In addition, prior periods have been adjusted to reflect the impact of the adoption on January 1, 2009 of FASB Staff Position No. APB 14-1, Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement) (FSP 14-1) and certain other immaterial adjustments as described below under the heading "Use of non-GAAP Financial Measures and Prior Period Adjustments".

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