MARLBOROUGH, Mass.--(BUSINESS WIRE)--Sepracor Inc. (Nasdaq: SEPR) today announced its consolidated financial results for the second quarter and first half of 2009. For the three months ended June 30, 2009, total revenues increased 11% to approximately $326.2 million compared to $294.1 million for the same period in 2008. The 2009 period includes $16.9 million of previously deferred license revenue accelerated as a result of the termination of the LUNIVIA® (eszopiclone) agreement with GlaxoSmithKline (GSK). GAAP net income for the three months ended June 30, 2009 was approximately $44.9 million, or $0.39 per diluted share, compared to $380.9 million, or $3.28 per diluted share, for the same quarter in 2008. Non-GAAP net income for the second quarter of 2009 was $82.3 million, or $0.72 per diluted share, which excludes a milestone charge and the accelerated GSK license revenue and includes a favorable adjustment to income taxes to reflect Sepracor’s estimated annual effective cash-basis tax rate. These results compare with non-GAAP net income for the second quarter of 2008 of $7.5 million, or $0.06 per diluted share, which excludes an income tax benefit as a result of the release of a valuation allowance on our deferred tax assets and an in-process research and development charge. Non-GAAP net income for these periods excludes certain other items detailed in the attached reconciliation of GAAP to non-GAAP measures.
