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Medicis Reports Fourth Quarter and Year-End Fiscal 2003 Financial Results.

Article Excerpt
Business Editors/Health/Medical Writers

SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Aug. 26, 2003

Medicis (NYSE:MRX) today announced fiscal 2003 net revenue growth of 16% to $247.5 million with net income of $63.5 million, or $2.25 per diluted share, representing 15% growth in earnings per share, or EPS, as compared to the prior year. The net income and EPS results are absent a $12.2 million tax-effected special charge reported during fiscal 2003 associated with research and development collaborations. Net income and EPS including the special charges associated with the research and development collaborations were $51.3 million and $1.82 per diluted share, respectively.

In fiscal 2002, Medicis reported net revenues of $212.8 million with net income of $61.4 million, or $1.96 per diluted share, absent a $5.2 million tax-effected special charge associated with a research and development collaboration and a $6.2 million charge for purchased in-process research and development associated with the Company's merger with Ascent Pediatrics. Fiscal 2002 net income and EPS including the special charges were $50.0 million and $1.59 per diluted share, respectively.

Medicis also reported fourth quarter fiscal 2003 net revenue growth of 16% to $66.7 million with net income of $17.1 million, or $0.60 per diluted share, representing 10% growth in EPS as compared to the same period in the prior year. The net income and EPS results are absent a tax-effected special charge of $3.3 million accrued and paid in the fourth quarter associated with a research and development collaboration. Including the special charge for the research and development collaboration in the fourth quarter of fiscal 2003, net income was $13.9 million, or $0.49 per diluted share. Fiscal 2002 fourth quarter net revenues were $57.6 million with net income of $16.9 million, or $0.55 per diluted share, absent a tax-effected special charge of $5.2 million in the fourth quarter associated with a research and development collaboration.

"We are pleased to announce the completion of another strong...