Net Income Attributable to
Net loss attributable to
Immunomedics, Inc.common stockholders for fiscal year 2013 is $12.2 million, or $0.16per share, as compared to net income of $0.8 million, or $0.01per share, in fiscal year 2012.
Fiscal Year 2012 compared to Fiscal Year 2011
Revenues for the fiscal year ended
June 30, 2012were $32.7 millionas compared to $14.7 millionfor the fiscal year ended June 30, 2011, representing an increase of $18.0 million, or 122%. The increase was primarily due to an increase in license fee revenue. In fiscal 2012, $28.4 millionof license fee revenue was earned by us under the terms of the Amendment Agreement with UCB whereby UCB received the right to sublicense to a third party (subject to our consent of the sublicensee and sublicensing agreement), a license to develop, manufacture, market and sell our drug epratuzumab, for the United Statesand certain other territories. During the 2011 fiscal year, we recognized as revenue the receipt of $10.0 millionfor milestone payments under the terms of the Nycomed Agreement. Product sales of LeukoScan in Europewere comparable for each of the years ended June 30, 2012and 2011 at $3.5 millionand $3.6 million, respectively. Research and development revenues for the year ended June 30, 2012were $0.8 millionas compared to $1.0 millionfor the same period in 2011, a decrease of $0.2 million, or 20%, due to a decline in government funded research grants. Costs and Expenses Total costs and expenses for the fiscal year ended June 30, 2012were $31.9 millionas compared to $33.7 millionin the fiscal year ended June 30, 2011, representing a decrease of $1.8 million, or 5%. Research and development expenses for the fiscal year ended June 30, 2012decreased by $0.6 million, or 2%, to $24.8 millionfrom $25.4 millionin fiscal year ended June 30, 2011. This decrease resulted primarily from $1.3 millionof lower spending for clinical trials, partially offset by higher outside services. Reimbursement of research and development expenses for the 2012 fiscal year increased to $2.2 millioncompared to $2.0 millionin fiscal 2011, but is expected to decline significantly subsequent to June 30, 2012. Cost of goods sold was $0.4 millionin each of the fiscal years ended June 30, 2012and 2011. Gross profit margins were 88% for both the 2012 and 2011 fiscal years. Sales and marketing expenses remained unchanged at $0.8 millionfor both the 2012 and 2011 fiscal years. General and administrative expenses for fiscal year 2012 decreased by $1.3 million, or 18%, from $7.1 millionin fiscal year 2011 to $5.8 millionin fiscal year 2012. This decrease is primarily attributable to $1.9 millionof decreased legal expenses principally related to lower expenses pertaining to the FINRA arbitration hearing and other legal matters for the year ended 2011. This decrease in general and administrative expenses was partially offset by recognition of additional incentive compensation to our Chairman in accordance with his employment agreement resulting from the Company's profitability for the 2012 fiscal year.