Pharmion second-quarter net sales up at $60.4 million

By Lisa Kerner

Charlotte, N.C., July 25 - Pharmion Corp. said for the second quarter ended June 30 its net sales totaled $60.4 million, an increase from the $56.3 million reported for the same period in 2005.

For the six months ended June 30, net sales totaled $117.0 million, up from the net sales of $108.0 million for the six months ended June 30, 2005.

Sales of Vidaza (azacitidine for injectable suspension) totaled $36.1 million in the second quarter, an increase from $31.5 million in the second quarter of 2005, and 10% above first-quarter 2006 sales.

Vidaza sales for the first six months of 2006 were $69.0 million, up from $59.0 million in the year-ago period.

Pharmion reported a GAAP net loss of $3.5 million, or $0.11 per share, for the second quarter of 2006 and a GAAP net loss of $23.3 million, or $0.73 per share, for the first half of 2006.

The company's adjusted net loss for the second quarter of 2006 would have been $2.7 million, or $0.09 per share, and for the first half of 2006 would have been an adjusted net loss of $1.2 million, or $0.04 per share.

GAAP net income for the second quarter of 2005 was $5.6 million, or $0.17 per share, and for the six months ended June 30, 2005 was $9.8 million, or $0.30 per share.

As of June 30, Pharmion had $188.5 million in cash, cash equivalents and short-term investments, and no outstanding debt, up from $185.1 million as of March 31.

Total net sales for 2006 are expected to be in line with 2005 total net sales of $221.2 million, the company said.

Pharmion expects its balance of cash, cash equivalents and short-term investments will be about $170 million to $175 million at the end of 2006, up from the company's prior estimate of $165 million.

"We achieved our highest quarter of Vidaza sales to date, completed enrollment in the Vidaza survival study and strengthened our thalidomide regulatory strategy with new and very encouraging overall survival data," president and chief executive officer Patrick J. Mahaffy said in a company news release.

Catalysts for the remainder of the year and early 2007 include results from the satraplatin pivotal Sparc trial, possible approval from the Food and Drug Administration for IV Vidaza and progress toward a planned European submission of thalidomide, officials said.

Pharmion is a Boulder, Colo.-based biotechnology company.

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