SAN DIEGO, March 1, 2011 /PRNewswire/ — Prometheus Laboratories
Inc., a specialty pharmaceutical and diagnostic company, today
highlighted its financial results and product development progress
for the year ended December 31, 2010.
“Prometheus had another record year in 2010, our 14th
consecutive year of sales growth,” said Joseph M. Limber, President
and Chief Executive Officer of Prometheus. “In addition, we made
significant progress advancing a number of internal development
programs, including our proprietary CEER™ oncology platform
and we continue to pursue additional opportunities through product
licensing or with acquisitions of products.”
2010 Financial Highlights
Prometheus reported a 26% increase in net sales to $519.0 million
for 2010, compared to $341.5 million in 2009. For the five-year
period 2005 through 2010, the Company’s net sales have grown by a
compounded annual growth rate (CAGR) of 30%. The Company reported
2010 earnings before interest, taxes, depreciation and amortization
(EBITDA) of $138.9 million and net income of $48.2 million. As of
December 31, 2010, the Company had cash and cash equivalents of
$87.8 million.
Commercial Product Highlights
In February, Prometheus began selling Proleukin® (aldesleukin)
in the United States under an exclusive distribution, promotion and
selling agreement with Novartis signed in December 2009. Proleukin
is a recombinant human interleukin-2 for treatment in adults with
metastatic melanoma and metastatic kidney cancer. Net sales for
Proleukin were approximately $64 million in the U.S. for the eleven
month period that it was distributed by Prometheus in 2010. In
July, Prometheus announced its commercial launch of its proprietary
PROMETHEUS® Crohn’s Prognostic test representing a significant
advance in the Prometheus Inflammatory Bowel Disease (IBD)
franchise of diagnostic and prognostic tests, and complements
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