ICOS Corporation (Nasdaq:ICOS) today released its financial results
for the three and nine months ended September 30, 2006, and
summarized recent events. For the three months ended September 30,
2006, ICOS reported net income of $9.7 million ($0.15 per share),
compared to a proforma net loss of $19.3 million ($0.30 per share)
for the three months ended September 30, 2005.1 Lilly ICOS�2 2006
third quarter net income grew to $79.6 million, compared to $19.8
million in the 2005 third quarter. Worldwide sales of Cialis3 in
the third quarter of 2006 totaled $245.6 million, an increase of
26% compared to $195.1 million in the third quarter of 2005. During
the third quarter of 2006, Lilly ICOS initiated a double-blind,
placebo-controlled Phase 2b clinical study to evaluate tadalafil
(the active ingredient in Cialis) as a potential treatment for the
symptoms of benign prostatic hyperplasia (BPH). Patients in the
study are to be administered one of four doses of tadalafil or
placebo, once-a-day for 12 weeks. The study is designed to enroll
more than 1,000 patients and may serve as a pivotal study to
support regulatory filings seeking approval of tadalafil for the
treatment of BPH. Patient enrollment is progressing on schedule in
a 400 patient, multi-national Phase 3 study evaluating the efficacy
and safety of tadalafil in treating patients with pulmonary
arterial hypertension. Later this year, Lilly ICOS expects to file,
with the FDA, for an expanded indication for Cialis, as a
once-a-day treatment for men with erectile dysfunction. Regulatory
filings for Cialis, as a once-a-day treatment for erectile
dysfunction, occurred in Europe and Canada in mid-2006. A Lilly
ICOS proof-of-concept Phase 2 study, in hypertension, was recently
completed, in which 180 patients were dosed once-a-day with 5 mg
tadalafil, 20 mg tadalafil, or placebo, for eight weeks. The
results were consistent with results previously reported from
clinical pharmacology studies conducted for the ED indication.
Patients in the 5 mg tadalafil group had a mean blood pressure
decline of 5.5/7.5 mm Hg. Patients in the 20 mg tadalafil group had
a mean blood pressure decline of 5.5/8.3 mm Hg. Results at both
doses were statistically significantly better than the mean 2.1/3.0
mm Hg decrease noted among patients in the placebo group. Treatment
was well tolerated by the men and women in the study. Dyspepsia and
headache were the most frequent adverse events. The magnitude of
reduction in blood pressure induced by tadalafil in this clinical
trial would likely be insufficient for tadalafil to compete
successfully in the broad hypertension marketplace for first line
therapy. Lilly ICOS is considering next steps for this program. Our
50% share of Lilly ICOS earnings was $40.0 million in the third
quarter of 2006, compared to $10.0 million in the third quarter of
2005. The $30.0 million improvement primarily reflects growth in
the sales of Cialis around the world and planned reductions in
marketing and selling expenses. ICOS Corporation�s total revenue
was $20.6 million in the third quarter of 2006, compared to $20.8
million in the third quarter of 2005. Collaboration revenue from
Lilly ICOS totaled $16.4 million in the 2006 third quarter,
compared to $13.6 million in the third quarter of 2005. The
increase primarily reflects reimbursable costs of 40 contract
(non-employee) sales representatives retained to promote Cialis in
the U.S. beginning in January 2006. Co-promotion services revenue
was $1.8 million in the 2005 third quarter, representing fees
earned under a co-promotion arrangement which ended in December
2005. Total operating expenses were $51.3 million for the three
months ended September 30, 2006, compared to proforma $49.9 million
for the three months ended September 30, 2005. Operating expenses
for the three months ended September 30, 2006 include $5.4 million
in stock option expense, due to a change in accounting for employee
stock options effective January 1, 2006. On a proforma basis,
operating expenses for the three months ended September 30, 2005
include $7.9 million in stock option expense. For the nine months
ended September 30, 2006, ICOS reported net income of $15.1 million
($0.23 per share), compared to a proforma net loss of $104.0
million ($1.63 per share) for the nine months ended September 30,
2005.4 At September 30, 2006, we had cash, cash equivalents,
investment securities and associated interest receivable of $187.8
million. On October 17, 2006, ICOS announced that it had entered
into an Agreement and Plan of Merger with Eli Lilly and Company,
whereby Lilly will acquire all of the outstanding stock of ICOS for
a purchase price of $32 per share in cash. Closing of the
transaction is expected around 2006 year-end, subject to approval
by the shareholders of ICOS and other customary closing conditions.
ICOS Corporation, a biotechnology company headquartered in Bothell,
Washington, is dedicated to bringing innovative therapeutics to
patients. Through Lilly ICOS LLC, ICOS is marketing its first
product, Cialis (tadalafil), for the treatment of erectile
dysfunction. ICOS is working to develop treatments for serious
unmet medical needs such as benign prostatic hyperplasia,
hypertension, pulmonary arterial hypertension, cancer and
inflammatory diseases. Except for historical information contained
herein, this press release contains forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. These forward-looking statements involve risks and
uncertainties that may cause our results and the timing and outcome
of events to differ materially from those expressed in or implied
by the forward-looking statements, including risks associated with
product commercialization, research and clinical development,
regulatory approvals, manufacturing, collaboration arrangements,
liquidity, competition, intellectual property claims, litigation
and other risks detailed in our latest Quarterly Report on Form
10-Q and our other public filings with the Securities and Exchange
Commission. The forward-looking statements contained in this press
release represent our judgment as of the date of this release. We
undertake no obligation to publicly update any forward-looking
statements. The biotechnology and pharmaceutical businesses are
risky and there can be no assurance that any of our products or
product candidates will achieve commercial success or that
competing therapies will not pre-empt market opportunities that
might exist for any of our products or product candidates. Where to
Find Additional Information About the Proposed Acquisition by Eli
Lilly and Company A special shareholder meeting will be announced
soon to obtain shareholder approval of the proposed transaction.
ICOS intends to file with the Securities and Exchange Commission
(SEC) a proxy statement and other relevant documents in connection
with the proposed transaction. Investors of ICOS are urged to read
the definitive proxy statement and other relevant materials when
they become available because they will contain important
information about ICOS, Lilly and the proposed transaction.
Investors may obtain a free copy of these materials (when they are
available) and other documents filed by ICOS with the SEC at the
SEC's website at www.sec.gov, at ICOS Corporation's website at
www.ICOS.com or by sending a written request to ICOS Corporation at
22021 20th Avenue SE, Bothell, Washington 98021, Attention:
Corporate Secretary. ICOS and its directors, executive officers and
certain other members of management and employees may be deemed to
be participants in soliciting proxies from its shareholders in
favor of the proposed merger. Information regarding the persons who
may, under the rules of the SEC, be considered to be participants
in the solicitation of ICOS' shareholders in connection with the
proposed transaction will be set forth in ICOS' proxy statement for
its special meeting. Additional information regarding these
individuals and any interest they have in the proposed transaction
will be set forth in the definitive proxy statement when it is
filed with the SEC. 1 Proforma net loss of $19.3 million ($0.30 per
share) reflects previously reported net loss of $11.4 million
($0.18 per share), plus $7.9 million of proforma stock option
expense as if we had adopted FAS 123R at the beginning of 2005. 2
Lilly ICOS LLC (Lilly ICOS) is a 50/50 joint venture between ICOS
Corporation and Eli Lilly and Company that is marketing Cialis in
North America and Europe. 3 Cialis� is a registered trademark of
Lilly ICOS LLC. 4 Proforma net loss of $104.0 million ($1.63 per
share) reflects previously reported net loss of $80.4 million
($1.26 per share), plus $23.6 million of proforma stock option
expense as if we had adopted FAS 123R at the beginning of 2005.
ICOS Corporation and Subsidiaries Schedule 1 - SELECTED
CONSOLIDATED FINANCIAL DATA (in thousands, except per share data)
(unaudited) � � Three Months Ended September 30, Nine Months Ended
September 30, � 2005� � 2005� � 2006� Proforma (a) As Reported �
2006� Proforma (a) As Reported Condensed Consolidated Statements of
Operations: � Revenue: Lilly ICOS collaboration $ 16,375� $ 13,628�
$ 13,628� $ 47,247� $ 36,681� $ 36,681� Contract manufacturing
4,265� 5,347� 5,347� 10,668� 11,323� 11,323� Co-promotion services
� -� 1,791� � 1,791� � -� 4,634� � 4,634� Total revenue � 20,640�
20,766� � 20,766� � 57,915� 52,638� � 52,638� � Equity in earnings
(losses) of Lilly ICOS � 39,974� 10,038� � 10,038� � 110,650�
(11,330) � (11,330) � Operating expenses: Research and development
25,343� 24,516� 21,435� 76,911� 74,581� 64,943� Marketing and
selling 13,168� 11,938� 10,871� 39,798� 35,178� 31,854� Cost of
contract manufacturing 4,641� 4,726� 4,350� 11,430� 10,464� 9,432�
General and administrative � 8,121� 8,676� � 5,324� � 25,056�
24,880� � 15,296� Total operating expenses � 51,273� 49,856� �
41,980� � 153,195� 145,103� � 121,525� Operating income (loss)
9,341� (19,052) (11,176) 15,370� (103,795) (80,217) � Other income
(expense): Interest expense (1,704) (1,704) (1,704) (5,113) (5,113)
(5,113) Interest and other income � 2,302� 1,426� � 1,426� � 5,479�
4,867� � 4,867� � Income (loss) before income taxes 9,939� (19,330)
(11,454) 15,736� (104,041) (80,463) Provision for income taxes �
220� -� � -� � 595� -� � -� Net income (loss) $ 9,719� $ (19,330) $
(11,454) $ 15,141� $ (104,041) $ (80,463) � Net income (loss) per
common share - basic and diluted $ 0.15� $ (0.30) $ (0.18) $ 0.23�
$ (1.63) $ (1.26) � Weighted average common shares outstanding -
basic � 64,552� 64,075� � 64,075� � 64,450� 63,940� � 63,940�
Weighted average common shares outstanding - diluted � 65,223�
64,075� � 64,075� � 65,165� 63,940� � 63,940� � Condensed
Consolidated Balance Sheets: September 30, December 31, 2006� 2005�
Cash, cash equivalents,investment securities and interest
receivable $ 187,805� $ 162,782� Receivable from Lilly ICOS 22,138�
14,300� Investment in Lilly ICOS 46,502� 35,497� Property and
equipment, net 18,269� 17,995� Deferred financing costs and other �
9,921� � 11,193� Total assets $ 284,635� $ 241,767� � Current
liabilities $ 23,600� $ 22,387� Convertible subordinated debt
278,650� 278,650� Stockholders' deficit � (17,615) � (59,270) Total
liabilities and stockholders' deficit $ 284,635� $ 241,767� � � (a)
Effective January 1, 2006, we adopted Statement of Financial
Accounting Standards No. 123 (revised 2004), "Share-Based Payment"
(FAS 123R) and began recognizing expense for all stock options.
2005 proforma amounts reflect our results of operations as if we
had applied the provisions of FAS 123R beginning January 1, 2005.
ICOS Corporation and Subsidiaries Schedule 2 - SUMMARIZED OPERATING
RESULTS OF LILLY ICOS LLC (in thousands) (unaudited) � 2006� � � �
� � 2005� � � � � Q1 Q2 Q3 Total Q1 Q2 Q3 Q4 TOTAL � Revenue:
Product sales, net United States $ 82,537� $ 93,779� $ 94,946� $
271,262� $ 42,744� $ 71,118� $ 77,438� $ 81,615� $ 272,915� Europe
67,586� 71,374� 75,427� 214,387� 56,264� 60,925� 61,992� 65,311�
244,492� Canada and Mexico 17,151� 17,508� 20,205� 54,864� 12,186�
13,839� 14,727� 18,575� 59,327� 167,274� 182,661� 190,578� 540,513�
111,194� 145,882� 154,157� 165,501� 576,734� Royalties 11,088�
11,642� 11,008� 33,738� 7,790� 9,010� 8,172� 8,997� 33,969� Total
revenue 178,362� 194,303� 201,586� 574,251� 118,984� 154,892�
162,329� 174,498� 610,703� Expenses: Cost of sales (a) 13,382�
14,370� 15,031� 42,783� 9,752� 11,934� 12,378� 13,200� 47,264�
Selling, general and administrative 86,517� 90,342� 91,830�
268,689� 137,027� 126,232� 112,152� 84,416� 459,827� Research and
development 13,502� 13,820� 15,087� 42,409� 13,874� 18,413� 18,035�
15,494� 65,816� Total expenses 113,401� 118,532� 121,948� 353,881�
160,653� 156,579� 142,565� 113,110� 572,907� Net income (loss) $
64,961� $ 75,771� $ 79,638� $ 220,370� $ (41,669) $ (1,687) $
19,764� $ 61,388� $ 37,796� � � ICOS Corporation's share of net
income (loss) $ 32,636� $ 38,040� $ 39,974� $ 110,650� $ (20,679) $
(689) $ 10,038� $ 30,849� $ 19,519� (a) Cost of sales includes $103
per month of license fee amortization applicable only to Eli Lilly
and Company's interest in Lilly ICOS. ICOS Corporation
(Nasdaq:ICOS) today released its financial results for the three
and nine months ended September 30, 2006, and summarized recent
events. For the three months ended September 30, 2006, ICOS
reported net income of $9.7 million ($0.15 per share), compared to
a proforma net loss of $19.3 million ($0.30 per share) for the
three months ended September 30, 2005.(1) Lilly ICOS'(2) 2006 third
quarter net income grew to $79.6 million, compared to $19.8 million
in the 2005 third quarter. Worldwide sales of Cialis(3) in the
third quarter of 2006 totaled $245.6 million, an increase of 26%
compared to $195.1 million in the third quarter of 2005. During the
third quarter of 2006, Lilly ICOS initiated a double-blind,
placebo-controlled Phase 2b clinical study to evaluate tadalafil
(the active ingredient in Cialis) as a potential treatment for the
symptoms of benign prostatic hyperplasia (BPH). Patients in the
study are to be administered one of four doses of tadalafil or
placebo, once-a-day for 12 weeks. The study is designed to enroll
more than 1,000 patients and may serve as a pivotal study to
support regulatory filings seeking approval of tadalafil for the
treatment of BPH. Patient enrollment is progressing on schedule in
a 400 patient, multi-national Phase 3 study evaluating the efficacy
and safety of tadalafil in treating patients with pulmonary
arterial hypertension. Later this year, Lilly ICOS expects to file,
with the FDA, for an expanded indication for Cialis, as a
once-a-day treatment for men with erectile dysfunction. Regulatory
filings for Cialis, as a once-a-day treatment for erectile
dysfunction, occurred in Europe and Canada in mid-2006. A Lilly
ICOS proof-of-concept Phase 2 study, in hypertension, was recently
completed, in which 180 patients were dosed once-a-day with 5 mg
tadalafil, 20 mg tadalafil, or placebo, for eight weeks. The
results were consistent with results previously reported from
clinical pharmacology studies conducted for the ED indication.
Patients in the 5 mg tadalafil group had a mean blood pressure
decline of 5.5/7.5 mm Hg. Patients in the 20 mg tadalafil group had
a mean blood pressure decline of 5.5/8.3 mm Hg. Results at both
doses were statistically significantly better than the mean 2.1/3.0
mm Hg decrease noted among patients in the placebo group. Treatment
was well tolerated by the men and women in the study. Dyspepsia and
headache were the most frequent adverse events. The magnitude of
reduction in blood pressure induced by tadalafil in this clinical
trial would likely be insufficient for tadalafil to compete
successfully in the broad hypertension marketplace for first line
therapy. Lilly ICOS is considering next steps for this program. Our
50% share of Lilly ICOS earnings was $40.0 million in the third
quarter of 2006, compared to $10.0 million in the third quarter of
2005. The $30.0 million improvement primarily reflects growth in
the sales of Cialis around the world and planned reductions in
marketing and selling expenses. ICOS Corporation's total revenue
was $20.6 million in the third quarter of 2006, compared to $20.8
million in the third quarter of 2005. Collaboration revenue from
Lilly ICOS totaled $16.4 million in the 2006 third quarter,
compared to $13.6 million in the third quarter of 2005. The
increase primarily reflects reimbursable costs of 40 contract
(non-employee) sales representatives retained to promote Cialis in
the U.S. beginning in January 2006. Co-promotion services revenue
was $1.8 million in the 2005 third quarter, representing fees
earned under a co-promotion arrangement which ended in December
2005. Total operating expenses were $51.3 million for the three
months ended September 30, 2006, compared to proforma $49.9 million
for the three months ended September 30, 2005. Operating expenses
for the three months ended September 30, 2006 include $5.4 million
in stock option expense, due to a change in accounting for employee
stock options effective January 1, 2006. On a proforma basis,
operating expenses for the three months ended September 30, 2005
include $7.9 million in stock option expense. For the nine months
ended September 30, 2006, ICOS reported net income of $15.1 million
($0.23 per share), compared to a proforma net loss of $104.0
million ($1.63 per share) for the nine months ended September 30,
2005.(4) At September 30, 2006, we had cash, cash equivalents,
investment securities and associated interest receivable of $187.8
million. On October 17, 2006, ICOS announced that it had entered
into an Agreement and Plan of Merger with Eli Lilly and Company,
whereby Lilly will acquire all of the outstanding stock of ICOS for
a purchase price of $32 per share in cash. Closing of the
transaction is expected around 2006 year-end, subject to approval
by the shareholders of ICOS and other customary closing conditions.
ICOS Corporation, a biotechnology company headquartered in Bothell,
Washington, is dedicated to bringing innovative therapeutics to
patients. Through Lilly ICOS LLC, ICOS is marketing its first
product, Cialis (tadalafil), for the treatment of erectile
dysfunction. ICOS is working to develop treatments for serious
unmet medical needs such as benign prostatic hyperplasia,
hypertension, pulmonary arterial hypertension, cancer and
inflammatory diseases. Except for historical information contained
herein, this press release contains forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. These forward-looking statements involve risks and
uncertainties that may cause our results and the timing and outcome
of events to differ materially from those expressed in or implied
by the forward-looking statements, including risks associated with
product commercialization, research and clinical development,
regulatory approvals, manufacturing, collaboration arrangements,
liquidity, competition, intellectual property claims, litigation
and other risks detailed in our latest Quarterly Report on Form
10-Q and our other public filings with the Securities and Exchange
Commission. The forward-looking statements contained in this press
release represent our judgment as of the date of this release. We
undertake no obligation to publicly update any forward-looking
statements. The biotechnology and pharmaceutical businesses are
risky and there can be no assurance that any of our products or
product candidates will achieve commercial success or that
competing therapies will not pre-empt market opportunities that
might exist for any of our products or product candidates. Where to
Find Additional Information About the Proposed Acquisition by Eli
Lilly and Company A special shareholder meeting will be announced
soon to obtain shareholder approval of the proposed transaction.
ICOS intends to file with the Securities and Exchange Commission
(SEC) a proxy statement and other relevant documents in connection
with the proposed transaction. Investors of ICOS are urged to read
the definitive proxy statement and other relevant materials when
they become available because they will contain important
information about ICOS, Lilly and the proposed transaction.
Investors may obtain a free copy of these materials (when they are
available) and other documents filed by ICOS with the SEC at the
SEC's website at www.sec.gov, at ICOS Corporation's website at
www.ICOS.com or by sending a written request to ICOS Corporation at
22021 20th Avenue SE, Bothell, Washington 98021, Attention:
Corporate Secretary. ICOS and its directors, executive officers and
certain other members of management and employees may be deemed to
be participants in soliciting proxies from its shareholders in
favor of the proposed merger. Information regarding the persons who
may, under the rules of the SEC, be considered to be participants
in the solicitation of ICOS' shareholders in connection with the
proposed transaction will be set forth in ICOS' proxy statement for
its special meeting. Additional information regarding these
individuals and any interest they have in the proposed transaction
will be set forth in the definitive proxy statement when it is
filed with the SEC. (1) Proforma net loss of $19.3 million ($0.30
per share) reflects previously reported net loss of $11.4 million
($0.18 per share), plus $7.9 million of proforma stock option
expense as if we had adopted FAS 123R at the beginning of 2005. (2)
Lilly ICOS LLC (Lilly ICOS) is a 50/50 joint venture between ICOS
Corporation and Eli Lilly and Company that is marketing Cialis in
North America and Europe. (3) Cialis(R) is a registered trademark
of Lilly ICOS LLC. (4) Proforma net loss of $104.0 million ($1.63
per share) reflects previously reported net loss of $80.4 million
($1.26 per share), plus $23.6 million of proforma stock option
expense as if we had adopted FAS 123R at the beginning of 2005. -0-
*T ICOS Corporation and Subsidiaries Schedule 1 - SELECTED
CONSOLIDATED FINANCIAL DATA (in thousands, except per share data)
(unaudited) Three Months Ended September 30,
-------------------------------- 2005 -------------------- Proforma
As 2006 (a) Reported -------------------------------- Condensed
Consolidated Statements of Operations: Revenue: Lilly ICOS
collaboration $ 16,375 $ 13,628 $ 13,628 Contract manufacturing
4,265 5,347 5,347 Co-promotion services - 1,791 1,791 -----------
--------- --------- Total revenue 20,640 20,766 20,766 -----------
--------- --------- Equity in earnings (losses) of Lilly ICOS
39,974 10,038 10,038 ----------- --------- --------- Operating
expenses: Research and development 25,343 24,516 21,435 Marketing
and selling 13,168 11,938 10,871 Cost of contract manufacturing
4,641 4,726 4,350 General and administrative 8,121 8,676 5,324
----------- --------- --------- Total operating expenses 51,273
49,856 41,980 ----------- --------- --------- Operating income
(loss) 9,341 (19,052) (11,176) Other income (expense): Interest
expense (1,704) (1,704) (1,704) Interest and other income 2,302
1,426 1,426 ----------- --------- --------- Income (loss) before
income taxes 9,939 (19,330) (11,454) Provision for income taxes 220
- - ----------- --------- --------- Net income (loss) $ 9,719 $
(19,330) $(11,454) =========== ========= ========= Net income
(loss) per common share - basic and diluted $ 0.15 $ (0.30) $
(0.18) =========== ========= ========= Weighted average common
shares outstanding - basic 64,552 64,075 64,075 ===========
========= ========= Weighted average common shares outstanding -
diluted 65,223 64,075 64,075 =========== ========= ========= Nine
Months Ended September 30, -------------------------------- 2005
-------------------- Proforma As 2006 (a) Reported
-------------------------------- Condensed Consolidated Statements
of Operations: Revenue: Lilly ICOS collaboration $ 47,247 $ 36,681
$ 36,681 Contract manufacturing 10,668 11,323 11,323 Co-promotion
services - 4,634 4,634 ------------ --------- --------- Total
revenue 57,915 52,638 52,638 ------------ --------- ---------
Equity in earnings (losses) of Lilly ICOS 110,650 (11,330) (11,330)
------------ --------- --------- Operating expenses: Research and
development 76,911 74,581 64,943 Marketing and selling 39,798
35,178 31,854 Cost of contract manufacturing 11,430 10,464 9,432
General and administrative 25,056 24,880 15,296 ------------
--------- --------- Total operating expenses 153,195 145,103
121,525 ------------ --------- --------- Operating income (loss)
15,370 (103,795) (80,217) Other income (expense): Interest expense
(5,113) (5,113) (5,113) Interest and other income 5,479 4,867 4,867
------------ --------- --------- Income (loss) before income taxes
15,736 (104,041) (80,463) Provision for income taxes 595 - -
------------ --------- --------- Net income (loss) $ 15,141
$(104,041) $(80,463) ============ ========= ========= Net income
(loss) per common share - basic and diluted $ 0.23 $ (1.63) $
(1.26) ============ ========= ========= Weighted average common
shares outstanding - basic 64,450 63,940 63,940 ============
========= ========= Weighted average common shares outstanding -
diluted 65,165 63,940 63,940 ============ ========= ========= *T
-0- *T Condensed Consolidated Balance Sheets: September 30,
December 31, 2006 2005 -------------- ------------- Cash, cash
equivalents, investment securities and interest receivable $
187,805 $ 162,782 Receivable from Lilly ICOS 22,138 14,300
Investment in Lilly ICOS 46,502 35,497 Property and equipment, net
18,269 17,995 Deferred financing costs and other 9,921 11,193
-------------- ------------- Total assets $ 284,635 $ 241,767
============== ============= Current liabilities $ 23,600 $ 22,387
Convertible subordinated debt 278,650 278,650 Stockholders' deficit
(17,615) (59,270) -------------- ------------- Total liabilities
and stockholders' deficit $ 284,635 $ 241,767 ==============
============= (a)Effective January 1, 2006, we adopted Statement of
Financial Accounting Standards No. 123 (revised 2004), "Share-Based
Payment" (FAS 123R) and began recognizing expense for all stock
options. 2005 proforma amounts reflect our results of operations as
if we had applied the provisions of FAS 123R beginning January 1,
2005. *T -0- *T ICOS Corporation and Subsidiaries Schedule 2 -
SUMMARIZED OPERATING RESULTS OF LILLY ICOS LLC (in thousands)
(unaudited) 2006 ------------------------------------ Q1 Q2 Q3
Total -------- -------- -------- --------- Revenue: Product sales,
net United States $82,537 $93,779 $94,946 $271,262 Europe 67,586
71,374 75,427 214,387 Canada and Mexico 17,151 17,508 20,205 54,864
-------- -------- -------- --------- 167,274 182,661 190,578
540,513 Royalties 11,088 11,642 11,008 33,738 -------- --------
-------- --------- Total revenue 178,362 194,303 201,586 574,251
-------- -------- -------- --------- Expenses: Cost of sales (a)
13,382 14,370 15,031 42,783 Selling, general and administrative
86,517 90,342 91,830 268,689 Research and development 13,502 13,820
15,087 42,409 -------- -------- -------- --------- Total expenses
113,401 118,532 121,948 353,881 -------- -------- --------
--------- Net income (loss) $64,961 $75,771 $79,638 $220,370
======== ======== ======== ========= ICOS Corporation's share of
net income (loss) $32,636 $38,040 $39,974 $110,650 ========
======== ======== ========= 2005
---------------------------------------------- Q1 Q2 Q3 Q4 TOTAL
--------- -------- -------- -------- --------- Revenue: Product
sales, net United States $42,744 $71,118 $77,438 $81,615 $272,915
Europe 56,264 60,925 61,992 65,311 244,492 Canada and Mexico 12,186
13,839 14,727 18,575 59,327 --------- -------- -------- --------
--------- 111,194 145,882 154,157 165,501 576,734 Royalties 7,790
9,010 8,172 8,997 33,969 --------- -------- -------- --------
--------- Total revenue 118,984 154,892 162,329 174,498 610,703
--------- -------- -------- -------- --------- Expenses: Cost of
sales (a) 9,752 11,934 12,378 13,200 47,264 Selling, general and
administrative 137,027 126,232 112,152 84,416 459,827 Research and
development 13,874 18,413 18,035 15,494 65,816 --------- --------
-------- -------- --------- Total expenses 160,653 156,579 142,565
113,110 572,907 --------- -------- -------- -------- --------- Net
income (loss) $(41,669) $(1,687) $19,764 $61,388 $37,796 =========
======== ======== ======== ========= ICOS Corporation's share of
net income (loss) $(20,679) $(689) $10,038 $30,849 $19,519
========= ======== ======== ======== ========= *T -0- *T (a) Cost
of sales includes $103 per month of license fee amortization
applicable only to Eli Lilly and Company's interest in Lilly ICOS.
*T
Icos (NASDAQ:ICOS)
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