Gentium S.p.A., an Italy-based biopharmaceutical company, yesterday reported financial results for the first half of 2011 and the quarter ended June 30, 2011. The company’s financial statements are prepared using the Euro as its functional currency as of June 30, 2011: EUR 1.00 = $1.44.
For the second quarter ended June 30, 2011, the company reported total revenues of EUR 6.72 million compared with EUR 7.55 million for the same period in 2010.
Operating costs and expenses for the second quarter 2011 were EUR 5.52 million compared with EUR 5.37 million reported for the second quarter of the year prior.
Gentium reported operating income of EUR 1.20 million for the second quarter of 2011 compared with EUR 2.17 million for the comparable quarter of last year.
Net income for the second quarter was EUR 0.97 million, or basic and diluted net income per share of EUR 0.07 and EUR 0.06, respectively, compared with EUR 2.35 million in the second quarter of 2010.
As of June 30, 2011, Gentium had cash and cash equivalents of EUR 9.83 million compared to EUR 8.74 million at December 31, 2010.
For the first half of 2011, Gentium reported total revenues of EUR 12.77 million compared to EUR 12.53 million in the first half of 2010.
Operating costs and expenses for the first six months of 2011 were EUR 9.69 million compared to EUR 10.47 million reported for the comparable period of 2010. The company noted that operating costs and expenses for the prior-year period include a one-time restructuring charge of EUR 0.95 million.
Operating income for the first half of 2011 was EUR 3.08 million compared to EUR 2.06 million reported in the first half of 2010.
Gentium reported net income for the period at EUR 2.67 million, or basic and diluted net income per share of EUR 0.17 and EUR 0.18 per share, respectively, compared to EUR 2.32 million, or EUR 0.15.
“We are pleased to report that Defibrotide product sales increased 25% compared with the prior-year period,” Salvatore Calabrese, senior vice president and CFO of Gentium stated in the press release. “Additionally, we have continued to be cash flow positive and profitable during the first half of 2011, and have decreased our long-term debt while investing in the establishment of our European sales infrastructure. We confirm our previously reported projection that Defibrotide product sales for 2011 are expected to increase 25%-30% over 2010, but due in large part to lower API revenues, we are revising our 2011 product sales forecast to be in the range of EUR 21-23 million instead of EUR 23–25 million as originally projected.”
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