ICOS Provides Preliminary Financial Estimates for Fourth Quarter and Full Year 2006 and Financial Outlook for 2007
14 Dezembro 2006 - 11:44AM
Business Wire
ICOS Corporation (Nasdaq:ICOS) today announced that, in advance of
the special meeting of its shareholders on December 19, 2006, it is
providing preliminary financial estimates for the fourth quarter
and full year 2006, a preliminary financial outlook for 2007 and a
development update. The purpose of the special meeting will be to
consider and vote upon a proposal to approve the Agreement and Plan
of Merger, which was unanimously approved by the company's board of
directors on October 16, 2006, with Eli Lilly and Company
(NYSE:LLY), whereby Lilly will acquire all of the outstanding stock
of ICOS for a purchase price of $32 per share in cash. In light of
the pending merger with Lilly, ICOS believes it is important to
update its shareholders on the expected financial performance of
Lilly ICOS LLC and the company for the fourth quarter and full year
2006 and its preliminary outlook for Lilly ICOS LLC and the company
for 2007. For the quarter and year ending December 31, 2006, ICOS
currently estimates the following ranges of worldwide Cialis�
(tadalafil)(a) net product sales, net income for Lilly ICOS LLC and
net income and diluted earnings per share for ICOS: 4Q 2006 2006� �
Worldwide Cialis Net Sales (millions) $255-$265� $955-$965� Lilly
ICOS LLC Net Income (millions) $90-$100� $310-$320� ICOS Net Income
(millions) (1) $11-$15� $21-$25� ICOS Diluted Earnings Per Share
(1) $0.17-$0.22� $0.33-$0.38� � (1) Presented on a fully-taxed
basis, assuming a 35% effective income tax rate. Primarily because
of net operating loss carryforwards, ICOS does not expect to
recognize or pay significant income taxes in 2006. Based on
expected tax rates, ICOS estimates a range of fourth quarter 2006
net income of $17 million-$22 million and a range of fourth quarter
2006 diluted earnings per share of $0.26-$0.34. Based on expected
tax rates, ICOS estimates a range of full year 2006 net income of
$32 million-$37 million and a range of full year 2006 diluted
earnings per share of $0.49-$0.57. Results for the fourth quarter
of 2006 will not necessarily be indicative of results in future
periods. Historically, due to the timing of sales, expenses and
other factors, the company�s fourth quarter results have reflected
certain seasonal effects. For 2007, ICOS� current outlook for
worldwide Cialis net product sales, net income for Lilly ICOS LLC
and net income and diluted earnings per share for ICOS are set
forth in the table below. ICOS cautions that these projections are
subject to significant risks and uncertainties as they involve
numerous assumptions, including the absence of any significant
adverse events. Actual results in 2007 could differ materially from
the outlook below. 2007� � Worldwide Cialis Net Sales (millions)
$1,100-$1,150� Lilly ICOS LLC Net Income (millions) $410-$445� ICOS
Net Income (millions) (2) $52-$63� ICOS Diluted Earnings Per Share
(2) $0.78-$0.94� � (2) Presented on a fully-taxed basis, assuming a
35% effective income tax rate. Primarily because of net operating
loss carryforwards, ICOS does not expect to recognize or pay
significant income taxes in 2007. Based on expected tax rates, ICOS
estimates a range of 2007 net income and diluted earnings per share
of $78 million-$94 million and $1.17 per share-$1.41 per share,
respectively. The estimates for ICOS and Lilly ICOS LLC for 2006
and 2007 are based on 2006 average foreign currency exchange rates
and do not include any costs related to the pending merger with
Lilly. These estimates reflect solely the views of ICOS management
and do not necessarily reflect the views of Lilly. Cialis
Once-A-Day Update As anticipated, Lilly ICOS LLC has submitted a
supplemental New Drug Application (sNDA) to the Food and Drug
Administration (FDA) for 5 mg and 2.5 mg once-a-day dosing for
Cialis (tadalafil) for the treatment of erectile dysfunction (ED).
Cialis is currently approved for the treatment of ED on an
as-needed basis. Research and Development Update ICOS continues to
evaluate possible new product candidates in its discovery and
preclinical research programs. Previously, the company stated that
its two most advanced discovery and preclinical research compounds
were expected to enter initial clinical safety studies in late 2006
or early 2007. As expected, the company has begun dosing patients
with an oral leukocyte function-associated antigen one (LFA-1)
antagonist, that is potentially useful in the treatment of
psoriasis, in a Phase 1 clinical study. ICOS continues to expect
that it will begin dosing patients with a cell cycle checkpoint/DNA
repair inhibitor, that has the potential to improve the
effectiveness of radiation and chemotherapy treatments, in a Phase
1 study in late 2006 or early 2007. The company currently estimates
that, even assuming success in preclinical testing, it will take at
least 12 months before its next preclinical program could begin
clinical testing. About ED ED is defined as the consistent
inability to attain and maintain an erection sufficient for sexual
intercourse. ED affects an estimated 189 million men worldwide(3).
Experts believe that 80-90 percent of ED cases are related to a
physical or medical condition, like diabetes, cardiovascular
diseases, and prostate cancer treatment, while 10-20 percent are
due to psychological causes(4)(5). In many cases, however, both
psychological and physical factors contribute to the condition(6).
About Cialis Cialis� (tadalafil) is approved for the treatment of
erectile dysfunction, and is the only oral ED tablet clinically
proven to work up to 36 hours. Cialis is available by prescription
only and is not for everyone. Men taking nitrates, often used for
chest pain, should not take Cialis. Such a combination could cause
a sudden, unsafe drop in blood pressure. The most common side
effects with Cialis were headache, upset stomach, delayed backache
or muscle ache. As with any ED tablet, in the rare event of
priapism (an erection lasting more than four hours), men should
seek immediate medical attention to avoid long-term injury. Men
should not drink alcohol in excess with Cialis. Cialis does not
protect a man or his partner from sexually transmitted diseases,
including HIV. In rare instances, men taking prescription ED
tablets (including Cialis) reported a sudden decrease or loss of
vision. It's not possible to determine if these events are related
directly to the ED tablets or to other factors. If a man has a
sudden decrease or loss of vision, he should stop taking any ED
tablet and seek immediate medical attention. Men should discuss
their medical conditions and all medications with their doctors to
ensure Cialis is right for them and that they are healthy enough
for sexual activity. Individual results may vary. Cialis has not
been studied for multiple attempts per dose. For full patient
information and/or full prescribing information, visit
http://www.cialis.com. About ICOS Corporation ICOS Corporation, a
biotechnology company headquartered in Bothell, Washington, is
dedicated to bringing innovative therapeutics to patients. ICOS is
working to develop treatments for serious unmet medical conditions
such as benign prostatic hyperplasia, pulmonary arterial
hypertension, cancer and psoriasis. Additional information about
ICOS is available at www.icos.com. 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, including statements
concerning expected future results of operations. In some cases,
you can identify forward-looking statements by terminology such as
"anticipate," "believe," "continue," "could," "estimate," "expect,"
"intend," "may," "might," "plan," "possible," "potential,"
"predict," "should" or "will" or the negative of such terms or
other comparable terminology. Forward-looking statements are only
predictions that provide our current expectations or forecasts of
future events. 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. Any or all of our forward-looking statements in this
press release and in any other public statements that we make may
turn out to be wrong. Inaccurate assumptions we might make and
known and unknown risks, uncertainties and other factors may cause
our actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Although
we believe that the expectations reflected in the forward-looking
statements are reasonable, based on the information available to us
at the time the statements are made, we cannot guarantee future
results, performance or achievements. You should not place undue
reliance on these forward-looking statements. The forward-looking
statements contained in this press release represent our judgment
as of the date of this release. Except as required under federal
securities laws and regulations, we undertake no obligation to
publicly update any forward-looking statements, whether as a result
of new information, future events or otherwise. 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 held on December 19, 2006 to obtain shareholder
approval of the proposed transaction. ICOS has filed with the
Securities and Exchange Commission and distributed to its
shareholders a definitive proxy statement and other relevant
documents in connection with the special shareholder meeting for
the proposed transaction. ICOS shareholders are urged to read the
definitive proxy statement and other relevant materials because
they contain important information about ICOS, Lilly and the
proposed transaction. Investors may obtain a free copy of these
materials and other documents filed by ICOS with the Securities and
Exchange Commission at the SEC�s website at www.sec.gov, at ICOS�
website at www.ICOS.com or by sending a written request to ICOS at
22021 20th Avenue SE, Bothell, Washington 98021, attention: General
Counsel. 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 is set forth in ICOS� definitive proxy statement for
its special meeting. Additional information regarding these
individuals and any interest they have in the proposed transaction
is set forth in the definitive proxy statement on file with the
SEC. (3)Data were extrapolated from Feldman HA, Goldstein I,
Hatzichristou DG, Krane RJ. Impotence and its Medical and
Psychosocial Correlates: Results of the Massachusetts Male Aging
Study, Journal of Urology. Vol. 151, 54-61, January 1994 and World
Population Projection Program Of United Nations (2002 Revision)
with indirect standardization. (4)Shabsigh, R. (2002). Back To
Great Sex: Overcome ED and Reclaim Lost Intimacy. New York:
Kensington. (5)Diseases and Conditions: Impotence,
http://www.impotence.org/FAQ/index.asp. Data accessed 11.20.03
(6)Lue, Tom F. Erectile Dysfunction. N Engl J Med 2000; 342:
1802-1813. (a) Cialis� is a registered trademark of Lilly ICOS LLC.
Icos (NASDAQ:ICOS)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
Icos (NASDAQ:ICOS)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024