Attached files
| file | filename |
|---|---|
| 8-K - OSI PHARMACEUTICALS INC | v170891_8k.htm |
| EX-99.3 - PRESS RELEASE DATED DECEMBER 29, 2009. - OSI PHARMACEUTICALS INC | v170891_ex99-3.htm |
| EX-99.1 - PRESS RELEASE DATED DECEMBER 16, 2009. - OSI PHARMACEUTICALS INC | v170891_ex99-1.htm |
Exhibit
99.2
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NEWS
RELEASE
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Contacts:
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OSI Pharmaceuticals,
Inc.
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Burns
McClellan, Inc. (representing OSI)
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Kathy
Galante (investors/media)
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Justin
Jackson/Kathy Nugent (media)
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Senior
Director
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(212)
213-0006
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631-962-2043
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Kim
Wittig (media)
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Director
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631-962-2135
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OSI
Pharmaceuticals Updates Preliminary Revenue & Re-affirms Adjusted Earnings
Growth Rate Guidance for 2010
-
Mid-teen revenue growth for 2010 -
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Adjusted earnings per share growth of 10% or more for 2010 -
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OSI repurchased $79.5 million of 2023 & 2038 convertible bonds during
December 2009 -
MELVILLE, NEW YORK – December 22,
2009 – OSI Pharmaceuticals, Inc. (NASDAQ: OSIP) today provided an update
to the preliminary revenue and adjusted earnings per share growth rate guidance
provided to investors at the Company’s recent analyst R&D day meeting on
December 3, 2009. The Company now believes that the 2010 overall
revenue percentage growth rate will be in the mid-teens and re-affirms that
adjusted earnings per share will grow at 10% or more.
“We
believe it is important for us to provide investors with some preliminary
quantification of the relatively limited potential financial impact of last
week’s surprising ODAC meeting,” stated Colin Goddard, Chief Executive Officer
of OSI Pharmaceuticals. “Even assuming a scenario where we are unable to secure
any label expansion from the ongoing sNDA application for Tarceva based on the
SATURN study, we believe the business will continue to exhibit solid growth in
2010 with an overall revenue growth rate in the mid-teens (percentage wise) –
broadly in-line with the ranges communicated to investors at our recent research
analyst meeting in early December.”
The
Company also provided investors with an update on the re-purchase of a portion
of its outstanding convertible debt bonds. As of December 22, 2009,
the Company had purchased $39.5 million face value of the 2023 convertible bonds
for $37.6 million and $40.0 million face value of the 2038 convertible bonds for
$37.4 million. The aggregate amount of the Company’s outstanding 2038
Notes, 2023 Notes and 2025 Notes at face value is now equal to $335.5
million. The Company may, from time-to-time, continue to selectively
re-purchase convertible debt bonds and common stock throughout
2010.
About OSI
Pharmaceuticals
OSI
Pharmaceuticals is committed to "shaping medicine and changing lives" by
discovering, developing and commercializing high-quality, novel and
differentiated targeted medicines designed to extend life and improve the
quality of life for patients with cancer and diabetes/obesity.
This
news release contains forward-looking statements. These statements are subject
to known and unknown risks and uncertainties that may cause actual future
experience and results to differ materially from the statements
made. Factors that might cause such a difference include, among
others, OSI's and its collaborators' abilities to effectively market and sell
Tarceva and to expand the approved indications for Tarceva, OSI’s ability to
protect its intellectual property rights, safety concerns regarding
Tarceva, competition to Tarceva and OSI’s drug
candidates from other biotechnology and pharmaceutical
companies, the completion of clinical trials, the effects of FDA and other
governmental regulation, including pricing controls, OSI's ability to
successfully develop and commercialize drug candidates, and other factors
described in OSI Pharmaceuticals' filings with the Securities and Exchange
Commission.
This
news release also contains adjusted earnings per share, which is a non-GAAP
financial measure. OSI provides non-GAAP financial measures to adjust
for, among other things, the impact of (i) equity based compensation expense,
(ii) imputed interest expense related to the application of Accounting Standards
Codification Subtopic 470-20, which provides guidance for bifurcation of the
conversion feature from the debt component of convertible debt instruments that
may be settled in cash upon conversion, (iii) amortization of acquired
intangible assets, (iv) non-cash tax expense to adjust OSI’s effective tax rate
of approximately 39% to reflect its actual cash tax rate of approximately 3%,
(v) acquired in-process research and development and (vi) restructuring and
other costs related to consolidation of the Company’s operations on to a single
campus. Items for which adjustment is made are either non-cash,
non-recurring or not otherwise considered to be core to OSI’s
business. Management uses non-GAAP financial measures internally to
evaluate the performance of the business, including the allocation of resources
as well as the planning and forecasting of future periods and believes that
these results are useful to others in analyzing the core operating performance
and trends of OSI for the periods presented. Non-GAAP financial
measures are not prepared in accordance with GAAP and therefore are not
necessarily comparable to the financial results of other
companies. Non-GAAP measures should be considered as a supplement to,
not a substitute for, or superior to, corresponding financial measures
calculated in accordance with GAAP.
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