SciClone Pharmaceuticals, Inc., a company that engages in the development and commercialization of novel therapeutics for the treatment of oncology, infectious diseases, cardiovascular, urological, respiratory, and central nervous system disorders, announced that its Board of Directors has given approval to a program that allows the company to repurchase up to $20 million of its common stock over the next 24 month period. Also, SciClone has reaffirmed its previously released 2011 financial guidance with the understanding that any cash utilized to repurchase may decrease the year-end cash balance and that a reduction in shares outstanding may increase full year and fourth quarter earnings per share.
“The share repurchase program demonstrates our confidence in the Company’s strategic plan and our commitment to delivering shareholder value,” commented Friedhelm Blobel, Ph.D., SciClone’s President and Chief Executive Officer. “We remain focused on executing our strategy of creating a market-leading specialty pharmaceutical company in China. With our expanded product portfolio and sales and marketing capabilities through our recent NovaMed acquisition, we believe we are well-positioned for long-term growth.”
Under this program, purchases can be made from time to time in the open market, in private transactions or otherwise, at times and in amounts that the Company sees appropriate. The number of shares that can be purchased and the timing of the purchases may be subject to numerous factors, which may include the price of the common stock, corporate and regulatory requirements, including restrictions in the Company’s debt covenants, general conditions of the market, and alternate investment opportunities. The share repurchase program can be modified or discontinued all together at any time.
SciClone expects its 2011 GAAP revenue to reside between $133 and $138 million (which does not include NovaMed’s revenue prior to the closing of the acquisition on April 8, 2011). Non-GAAP earnings per share for 2011 (which does not include write offs and charges in relation to the acquisition of NovaMed and employee stock-based compensation) is projected to reside between $0.52 and $0.57 per share. Cash, cash equivalents, and short and long-term investments are expected to be more that $55 million at the end of the year 2011. Again, any impact of the stock repurchase program (e.g. use of cash and decreased number of shares of common stock outstanding) is not included in the number provided above.
For more information on SciClone Pharmaceuticals, Inc., visit their company website at: www.sciclone.com
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