ThromboGenics reports first-half revenue increase

ThromboGenics reported a net profit of €56.2 million, with diluted earnings per share of €1.64, for the first half of 2012. The company had a net loss of €10.2 million, or a diluted loss of €0.32 per share, for the first 6 months of 2011, according to a press release.

ThromboGenics signed an agreement with Alcon in March to market ocriplasmin, with Alcon handling commercialization outside the U.S. and ThromboGenics retaining rights for commercialization within the U.S. ThromboGenics received an upfront payment of €75 million from Alcon and is entitled to a further €90 million in potential near-term milestone payments. The upfront and milestone total could reach €375 million after additional milestone payments.

As a result of the upfront payment from Alcon, ThromboGenics reported an operating profit of €55.3 million in the first half of this year compared to an operating loss of €10.7 million in the first half of 2011. Revenue for the first 6 months of 2012 was €75.1 million, compared with €2.4 million for the same period in 2011. Almost all revenue accrued in 2012 came from the upfront Alcon payment, according to the release.

ThromboGenics had €186.1 million in cash and cash investments as of June 30, compared to €96.4 million in the first half of 2011 and €80.4 million in the second half.