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Consolidated Statements Of Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2012
Sep. 30, 2012
Jun. 30, 2012
Mar. 31, 2012
Dec. 31, 2011
Sep. 30, 2011
Jun. 30, 2011
Mar. 31, 2011
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Net revenues:                      
Product sales $ 24,587 $ 32,137 [1] $ 33,284 [2] $ 33,163 [3] $ 31,772 [4],[5] $ 32,310 [6] $ 26,207 [7],[8] $ 21,662 $ 123,171 $ 111,951 [9] $ 85,112
Promotion services 8,552 8,556 [1] 8,085 [2] 7,905 [3] 7,903 [4] 6,992 [6] 5,719 [7],[8]   33,098 20,614  
Total net revenues                 156,269 132,565 85,112
Operating expenses:                      
Cost of product sales 5,326 5,474 [1] 5,664 [2] 5,532 [3] 5,839 [4],[5] 6,262 [6] 4,205 [7],[8] 3,103 21,996 19,409 [9] 12,691
Sales and marketing                 70,327 48,853 [10] 22,006
Amortization of acquired intangible assets, related to sales and marketing                 2,645 2,465  
Research and development                 6,143 12,346 12,415
General and administrative                 21,442 24,032 15,606
Intangible asset impairment (Note 7)                 42,728    
Contingent consideration (Note 4 & 9)                 (15,422) (3,495)  
Total operating expenses                 149,859 103,610 62,718
Income from operations                 6,410 28,955 22,394
Non-operating income (expense):                      
Interest and investment income                 89 71 105
Interest and investment expense                 (185) (213) (195)
Other (expense) income, net                 (42) (21) 953
Income before provision for income tax                 6,272 28,792 23,257
(Benefit) provision for income tax                 (3,348) 670 2,176
Net income $ 1,888 $ (13,161) [1],[11] $ 11,228 [2] $ 9,665 [3] $ 11,550 [4],[5] $ 10,832 [6] $ 1,891 [7],[8] $ 3,849 $ 9,620 $ 28,122 $ 21,081
Basic net income per share $ 0.03 $ (0.23) [1] $ 0.20 [2] $ 0.17 [3] $ 0.20 [4],[5] $ 0.19 [6] $ 0.03 [7],[8] $ 0.08 $ 0.17 $ 0.51 $ 0.44
Diluted net income per share $ 0.03 $ (0.23) [1] $ 0.19 [2] $ 0.16 [3] $ 0.19 [4],[5] $ 0.18 [6] $ 0.03 [7],[8] $ 0.08 $ 0.16 $ 0.49 $ 0.43
[1] For the three months ended September 30, 2012, the restatement revisions had an impact of increasing revenues, decreasing cost of product sales, and increasing net income by $7,000, $1,000 and $0.4 million, respectively, and increasing basic and diluted earnings per share by $0.01.
[2] For the three months ended June 30, 2012, the restatement revisions had an impact of increasing revenues, cost of product sales, and net income by $1.1 million, $0.4 million and $0.6 million, respectively, and increasing basic and diluted earnings per share by $0.01.
[3] For the three months ended March, 2012, the restatement revisions had an impact of increasing revenues, cost of product sales, and net income by $1.9 million, $0.6 million and $1.0 million, respectively, and increasing basic and diluted earnings per share by $0.02 and $0.01, respectively.
[4] For the three months ended December 31, 2011, the restatement revisions had an impact of decreasing revenues, cost of product sales, and net income by $1.8 million, $0.9 million, and $0.9 million, respectively, and decreasing basic and diluted earnings per share by $0.01 and $0.02, respectively.
[5] Changes to the selected quarterly financial data for the three months ended December 31, 2011 mainly related to the Company changing from the “sell-in” method to the “sell-through” method of revenue recognition for certain Pfizer products sold by the Company.
[6] For the three months ended September 30, 2011, the restatement revisions had an impact of increasing revenues, cost of product sales, and net income by $1.9 million, $1.2 million and $0.6 million, respectively, and increasing basic and diluted earnings per share by $0.01.
[7] For the three months ended June 30, 2011, the restatement revisions had an impact of decreasing revenues, cost of product sales, and net income by $1.2 million, $1.0 million and $0.1 million, respectively, and decreasing diluted earnings per share by $0.01.
[8] On April 18, 2011, SciClone acquired NovaMed. Commencing April 18, 2011, the Company’s financial statements include the assets, liabilities, operating results and cash flows of NovaMed.
[9] Revenue decreased $1.1 million and cost of product sales decreased $0.6 million mainly related to the Company changing from the “sell-in” method to the “sell-through” method of revenue recognition for certain Pfizer products sold by the Company’s NovaMed subsidiary.
[10] Sales and marketing expense decreased $0.3 million related to the payment of the liability for expired Aggrastat product, offset by a liability for sales commissions.
[11] During the three months ended September 30, 2012, the Company identified an impairment indicator with respect to its intangible assets related to its promotion and distribution contract rights and recorded losses of approximately $42.7 million to recognize the full impairment and recorded a benefit for income tax of approximately $6.8 million due to the impairment of intangible assets, which resulted in a reversal of deferred tax liabilities. This was partially offset by the impact of recognizing a full valuation allowance on any remaining NovaMed deferred tax assets. In addition, for the same period, the Company recorded a non-cash gain of $12.8 million, primarily related to the decrease in estimated probability of achieving targets relating to NovaMed’s product distributor agreements, including the renewal of the agreement with Sanofi for a five-year term.