-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, J/151WfjKAxWSCks9BzaNofMfWQfFOyD1JiN43OaGjCfQSEFF9cVCD/4FmmB9DCp qowWoyn00FBoK3SBLoNoLA== 0000950153-05-002821.txt : 20051108 0000950153-05-002821.hdr.sgml : 20051108 20051108173015 ACCESSION NUMBER: 0000950153-05-002821 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20051108 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20051108 DATE AS OF CHANGE: 20051108 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MEDICIS PHARMACEUTICAL CORP CENTRAL INDEX KEY: 0000859368 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 521574808 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14471 FILM NUMBER: 051187237 BUSINESS ADDRESS: STREET 1: 8125 NORTH HAYDEN ROAD CITY: SCOTTSDALE STATE: AZ ZIP: 85258 BUSINESS PHONE: 2125992000 MAIL ADDRESS: STREET 1: 8125 NORTH HAYDEN ROAD CITY: SCOTTSDALE STATE: AZ ZIP: 85258 8-K 1 p71450e8vk.htm 8-K e8vk
 

 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 8, 2005
Medicis Pharmaceutical Corporation
(Exact name of registrant as specified in its charter)
         
Delaware   0-18443   52-1574808
         
(State of Incorporation)   (Commission File Number)   (IRS Employer
Identification Number)
8125 North Hayden Road
Scottsdale, Arizona 85258-2463

(Address of principal executive offices) (Zip Code)
(602) 808-8800
(Registrant’s telephone number, including area code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 

 


 

Item 2.02 Results of Operations and Financial Condition.
     On November 8, 2005, Medicis Pharmaceutical Corporation issued a press release announcing its financial results for the quarter ended September 30, 2005. A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated by reference herein.
     The information in this Current Report, including the accompanying exhibit, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, regardless of any general incorporation language in such filing.
Item 9.01 Exhibits.
     (c) Exhibits
     99.1 Press Release dated November 8, 2005

 


 

SIGNATURE
     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: November 8, 2005
         
  MEDICIS PHARMACEUTICAL CORPORATION
 
 
  By:   /s/ Mark A. Prygocki, Sr.    
    Mark A. Prygocki, Sr.   
    Executive Vice President, Chief Financial
Officer, Corporate Secretary and Treasurer 
 

 


 

         
Exhibit Index
     
Exhibit Number   Description
 
   
99.1
  Press Release dated November 8, 2005

 

EX-99.1 2 p71450exv99w1.htm EXHIBIT 99.1 exv99w1
 

Exhibit 99.1
(MEDICS LOGO)
CONTACT:

Kara Stancell, Investor Relations & Corporate Communications, (602) 808-3854
MEDICIS REPORTS FIRST QUARTER FISCAL 2006 FINANCIAL RESULTS
SCOTTSDALE, ArizonaNovember 8, 2005—Medicis (NYSE:MRX) today announced first quarter fiscal 2006 revenue of $83.3 million and “if-converted” net income of $19.6 million, or $0.28 per diluted share, absent $5.1 million in tax-effected FAS 123R share-based compensation expenses and absent $0.4 million in tax-effected integration planning costs. Including the $5.5 million in tax-effected FAS 123R share-based compensation expenses and integration planning costs, the Company reported Generally Accepted Accounting Principles (“GAAP”) net income of $12.5 million, or $0.20 per diluted share, for the first quarter of fiscal 2006. In the first quarter of fiscal 2005, the Company reported revenue of $88.8 million and “if-converted” net income of $22.2 million, or $0.30 per diluted share, absent a $19.4 million tax-effected special charge associated with the SubQ™ transaction and $0.1 million of share-based compensation expense. Including these special charges, the Company reported GAAP net income of $1.0 million, or $0.02 per diluted share for the first quarter fiscal 2005.
“We are pleased to announce a solid first quarter driven by the performance of several core brands, including RESTYLANE®, PLEXION® and VANOS™,” said Jonah Shacknai, Chairman and Chief Executive Officer of Medicis. “As we look beyond the quarter, we are encouraged by progress in our increasingly sophisticated research and development pipeline, and the expected benefits it can reap for our shareholders, and the physicians and patients we serve.”
First quarter fiscal 2006 revenue was attainable primarily through the continued strength of RESTYLANE® and PLEXION® Cleansing Cloths, and the successful launch of VANOS™. The reduction in first quarter fiscal 2006 revenue was primarily attributable to the reduction in contract revenue associated with the outlicensing of ORAPRED®. At the end of first quarter fiscal 2006, the Company’s core brands included DYNACIN®, LOPROX®, OMNICEF®, PLEXION®, RESTYLANE®, TRIAZ® and VANOS™. Total product revenue for first quarter fiscal 2006 increased approximately 10% over first quarter fiscal 2005. Core brand revenue for first quarter fiscal 2006 represented approximately 86% of total revenue, compared to core brand revenue of approximately 75% of total revenue, for first quarter fiscal 2005. The Company’s gross profit margin of 86% for first quarter fiscal 2006, up from 84% for the first quarter fiscal 2005, was primarily attributable to product mix.
Selling, general and administrative expenses, absent integration planning and share-based compensation expenses, for the first quarter of fiscal 2006 increased as a percentage of revenue 4.3 percentage points to $33.6 million, or 40.4% of total revenue, from $32.0 million, or 36.1% of total revenue, in first quarter fiscal 2005, absent professional fees related to the SubQ™ transaction, primarily as a result of the decline in
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contract revenue. As a percentage of product revenue, selling, general and administrative expenses were down 2.1 percentage points. The $8.6 million increase in selling, general and administrative expenses primarily was due to share-based compensation expenses and integration planning costs. Research and development expenses, absent share-based compensation expenses, for first quarter fiscal 2006 were $4.5 million, or 5.5% of total revenue, compared to $5.8 million, or 6.5% of total revenue, absent special charges, in first quarter fiscal 2005.
The following table represents a reconciliation of GAAP financial information to non-GAAP financial information. All numbers are shown in thousands and are not tax-effected.
                 
    Three Months Ended  
    September 30,  
    2005     2004  
GAAP selling, general and administrative
  $ 41,487     $ 32,926  
Special charge for R&D, including related professional fees
          (750 )
Special charge for integration planning costs
    (691 )      
FAS 123R share-based compensation expense
    (7,184 )     (129 )
 
           
Selling, general and administrative, absent special charges and FAS 123R expenses
  $ 33,612     $ 32,047  
 
           
 
               
GAAP research and development
  $ 5,053     $ 35,763  
FAS 123R share-based compensation expense — R&D
    (505 )      
Special charge for R&D, including related professional fees
          (30,000 )
 
           
Research and development, absent special charges and FAS 123R expenses
  $ 4,548     $ 5,763  
 
           
About Medicis
Medicis is the leading independent specialty pharmaceutical company in the United States focusing primarily on the treatment of dermatological and podiatric conditions and aesthetics medicine. The Company is dedicated to helping patients attain a healthy and youthful appearance and self-image. Medicis has leading branded prescription products in a number of therapeutic categories, including acne, eczema, fungal infections, psoriasis, rosacea, seborrheic dermatitis and skin and skin-structure infections. The Company’s products have earned wide acceptance by both physicians and patients due to their clinical effectiveness, high quality and cosmetic elegance.
The Company’s products include the prescription brands RESTYLANE®, DYNACIN® (minocycline HCl), LOPROX® (ciclopirox), OMNICEF® (cefdinir), PLEXION® (sodium sulfacetamide/sulfur), TRIAZ® (benzoyl peroxide), LIDEX® (fluocinonide) Cream, 0.05%, VANOS™ (fluocinonide) Cream, 0.1%, and SYNALAR® (fluocinolone acetonide), BUPHENYL® (sodium phenylbutyrate) and AMMONUL® (sodium phenylacetate/sodium benzoate), prescription products indicated in the treatment of Urea Cycle Disorder, and the over-the-counter brand ESOTERICA®. For more information about Medicis, please visit the Company’s website at www.medicis.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Securities Litigation Reform Act. All statements included in this press release that address activities, events or developments that
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Medicis expects, believes or anticipates will or may occur in the future are forward-looking statements, including earnings estimates, future financial performance, the expected outcome of the merger of Medicis and Inamed Corporation, the financial performance of the combined company, the year in which the transaction is expected to be accretive, the anticipated timing of the merger of Medicis and Inamed, and other matters discussed herein. These statements are based on certain assumptions made by Medicis based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. No assurances can be given, however, that these activities, events or developments will occur or that such results will be achieved. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Medicis.
The Company’s business is subject to all risk factors outlined in the Company’s most recent annual report on Form 10-K and other documents we file with the Securities and Exchange Commission. At the time of this press release, the Company cannot, among other things, assess the likelihood, timing or forthcoming results of the Company’s pending merger with Inamed, research and development projects and the risks associated with the FDA approval process, risks associated with significant competition within the Company’s industry, nor can the Company validate its assumptions of the full impact on its business of the approval of competitive generic versions of the Company’s core brands, in particular, the recent approval of a generic LOPROX® Cream and LOPROX® TS, or a substitutable DYNACIN® Tablet form, and any future competitive product approvals that may affect the Company’s brands. Additionally, Medicis may acquire and/or license products or technologies from third parties to enter into new strategic markets. The Company periodically makes up-front, non-refundable payments to third parties for research and development work which has been completed and periodically makes additional non-refundable payments for the achievement of various milestones. There can be no certainty in which periods these potential payments could be made, nor if any payments such as these will be made at all. Any estimated future guidance does not include the potential payments associated with any such transactions. Also, there are a number of additional important factors that could cause actual results to differ materially from those projected, including the anticipated size of the markets for Medicis’ products, the availability of product supply, the receipt of required regulatory approvals (including the approval of antitrust authorities necessary to complete the merger with Inamed), the ability to realize anticipated synergies and benefits of the merger with Inamed, the ability to timely and cost-effectively integrate Inamed and Medicis’ operations, access to available and feasible financing (including financing for the merger) on a timely basis or at all; the risks and uncertainties normally incident to the pharmaceutical and medical device industries including product liability claims, the introduction of federal and/or state regulations relating to the Company’s business, dependence on sales of key products, the uncertainty of future financial results and fluctuations in operating results, dependence on Medicis’ strategy including the uncertainty of license payments and/or other payments due from third parties, the timing and success of new product development by Medicis or third parties, competitive product introductions, the risks of pending and future litigation or government investigations and other risks described from time to time in Medicis’ SEC filings including its Annual Report on Form 10-K for the year ended June 30, 2005, and other documents we file with the Securities and Exchange Commission. Additionally, there can be no assurance as to when or if any of the holders of the Notes will have the right to convert or if the Notes will be converted. Forward-looking statements represent the judgment of Medicis’ management as of the date of this release, and Medicis disclaims any intent or obligation to update any forward-looking statements contained herein, which speak as of the date hereof.
NOTE: Full prescribing information for any Medicis prescription product is available by contacting the Company. OMNICEF® is a registered trademark of Abbott Laboratories, Inc. under a license from Fujisawa Pharmaceutical Co., Ltd. RESTYLANE® is a registered trademark of HA North American Sales AB, a subsidiary of Medicis Pharmaceutical Corporation. All other marks (or brands) and names are the property of Medicis or its Affiliates.
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Medicis
Summary Statements of Operations
(in thousands, except per share data)
(unaudited)
                 
    Three Months Ended  
    September 30,  
    2005     2004  
Revenue
  $ 83,264     $ 88,818  
Cost of sales
    12,024       13,833  
 
           
Gross profit
    71,240       74,985  
Operating expenses:
               
Selling, general and administrative
    41,487 (a)(b)     32,926 (c)(f)
Research and development
    5,053 (a)     35,763 (d)
Depreciation and amortization
    6,308       5,032  
 
           
Total operating expenses
    52,848       73,721  
Operating income
    18,392       1,264  
Interest (income) expense, net
    (1,450 )     146  
Income tax expense
    7,382       95  
 
           
Net income
  $ 12,460     $ 1,023  
 
           
Basic net income per common share
  $ 0.23     $ 0.02  
 
           
Diluted net income per common share
  $ 0.20     $ 0.02  
 
           
Shares used in basic net income per common share
    54,310       57,228  
Shares used in diluted net income per common share
    69,850       60,268  
 
               
Cash flow from operations
  $ 28,066     $ 13,906  
Medicis Reconciliation of Non-GAAP Financial Measures:
This press release includes historical non-GAAP financial measures, as defined in Regulation G promulgated by the Securities and Exchange Commission, with respect to the three months ended September 30, 2005 and September 30, 2004. The Company has provided non-GAAP financial information in order to provide investors with meaningful supplemental information regarding its operational performance and to enhance investors’ overall understanding of its core financial performance. Management measures the Company’s performance using non-GAAP financial measures such as those that are disclosed in this press release. This information facilitates management’s internal comparisons to the Company’s historical core operating results and comparisons to competitors’ core operating results, and is a basis for financial decision making. Management believes that Medicis’ investors benefit from seeing the Company’s results on the same basis as management, in addition to the GAAP presentation. In our view, the non-GAAP adjustments are informative to investors, allowing them to focus on the ongoing operations and the core results of Medicis’ business. Historically, Medicis has reported similar non-GAAP information to its investors and believes that the inclusion of comparative numbers provides consistency in the Company’s financial disclosures. This information is not in accordance with, or an alternative for, information prepared using GAAP in the United States. It excludes items, such as integration planning costs and FAS 123R share-based compensation expenses, that may have a material effect on the Company’s net income and diluted net income per common share calculated in accordance with GAAP. The Company excludes such charges and the related tax benefits when analyzing its financial results as the items are distinguishable events and have no impact to the Company’s ongoing results of operations. Management believes that by viewing the Company’s results of operations excluding these charges, investors are given an indication of the ongoing results of the Company’s operations.
                 
GAAP Net income (above)
  $ 12,460     $ 1,023  
Special charge for R&D, including related professional fees (tax-effected)
          19,372 (e)
Special charge for integration planning costs (tax- effected)
    439 (b)      
FAS 123R share-based compensation expense (tax-effected)
    5,068 (a)     82 (f)
 
           
Net income absent special charges
  $ 17,967     $ 20,477  
Interest expense and associated bond offering costs (tax-effected)
    1,679 (g)     1,677 (g)
 
           
“If-converted” net income absent special charge and share-based compensation expense
  $ 19,646     $ 22,154  
 
           
Shares used in diluted net income per common share
    69,850       73,416  
Diluted net income per common share
  $ 0.28     $ 0.30  
 
           
(a) Reported selling, general and administrative expenses include $7.2 million ($4.8 million tax-effected) of share-based compensation expense, and reported research and development expenses include $0.5 million ($0.3 million tax-effected) of share-based compensation expense.
(b) Reported selling, general and administrative expenses include a special charge of approximately $0.7 million ($0.4 million tax-effected) related to costs associated with integration planning.
(c) Reported selling, general and administrative expenses include a special charge of $0.7 million ($0.4 million tax-effected) of professional fees relating to a research and development collaboration.
(d) Reported research and development expenses include a special charge of $30.0 million ($19.0 million tax-effected) relating to a research and development collaboration.
(e) Includes a special charge of $30.0 million ($19.0 million tax-effected) related to a research and development collaboration (included in reported research and development expense) and $0.7 million ($0.4 million tax-effected) of professional fees relating to a research and development collaboration (included in reported selling, general and administrative expenses).
(f) Reported selling, general and administrative expenses include $0.1 million ($0.1 million tax-effected) of share-based compensation expense related to restricted stock awards.
(g) To calculate diluted earnings per share, tax-effected net interest on the 2.5% and 1.5% contingent convertible notes and associated bond offering costs of $1.7 million are added back to GAAP net income for the three months ended September 30, 2005 and 2004, and divided by shares used in diluted net income per common share.
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Medicis
Balance Sheets
(in thousands)
                 
    At September 30, 2005     At June 30, 2005  
    (unaudited)          
Assets
               
Cash, cash equivalents & short-term investments
  $ 628,404     $ 603,568  
Accounts receivable, net
    43,326       47,220  
Inventory, net
    19,700       20,701  
Other current assets
    21,584       27,436  
 
           
Total current assets
    713,014       698,925  
Property and equipment, net
    5,812       6,143  
Intangible assets, net
    318,889       324,210  
Other assets
    16,223       13,973  
 
           
Total assets
  $ 1,053,938     $ 1,043,251  
 
           
Liabilities and stockholders’ equity
               
Current liabilities
  $ 87,601     $ 98,854  
Contingent convertible senior notes 2.5% due 2032
    169,155       169,155  
Contingent convertible senior notes 1.5% due 2033
    283,910       283,910  
Deferred tax liabilities
    7,635       4,986  
Stockholders’ equity
    505,637       486,346  
 
           
Total liabilities and stockholders’ equity
  $ 1,053,938     $ 1,043,251  
 
           
 
               
Working capital
  $ 625,413     $ 600,071  
 
           
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