On April 28, 2016 Onxeo S.A. (Paris:ONXEO) (NASDAQ OMX:ONXEO), an innovative company specializing in the development of orphan oncology drugs, reported an update on financial results and major milestones achieved during the first quarter of 2016, ending March 31, 2016 (Press release, Onxeo, APR 28, 2016, View Source [SID:1234511575]).

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Continued advancement of R&D programs:
Livatag (doxorubicin nanoformulation in Phase III trial for treatment of hepatocellular carcinoma):
Eighth positive DSMB recommendation for the ReLive Phase III clinical trial confirms safety profile
New data on Livatag’s unique mechanism of action presented at the AACR (Free AACR Whitepaper) Annual Meeting in New Orleans, LA, USA
Beleodaq:
Preclinical studies assessing the efficacy of Beleodaq Livatag in combination with other oncology agents; initial data expected mid-2016.
Validive:
Strategic decision to pursue further development only through partnership, following confirmation by the U.S. Food and Drug Administration of the clinical development plan
Expansion of Onxeo’s orphan oncology pipeline through acquisition of DNA Therapeutics and lead compound based on signal-interfering technology:
AsiDNA, first-in-class signal-interfering DNA (siDNA) molecule which accelerates cancer cell death by breaking the cycle of tumor DNA repair:
Technology at the forefront of scientific research for cancers with significant unmet medical needs
Potential to generate substantial shareholder value through new orphan oncology opportunities
€1.7 million cash-free acquisition closed March 25, 2016, concurrent with €1 million investment in Onxeo by former DNA Therapeutics shareholders via private placement. Additional milestone payments are expected once the product reaches the market.
Establishment of New York City-based U.S. subsidiary:
Direct U.S. presence will enable expansion of the Company’s development programs and establishment of closer ties with the scientific and financial communities in this key market
Philippe Maitre, pharmaceutical and biotech industry veteran, appointed Executive VP & Chief of U.S. Operations
Enhancement of the Company’s Board of Directors with the election as Chairman of Joseph Zakrezwski, a top personality in the biotech and pharmaceutical industry, and the appointments of international oncology R&D experts Prof. Jean-Pierre Kinet, M.D. and Jean-Pierre Bizzari, M.D.

Judith Greciet, CEO of Onxeo, commented, "In the first quarter of 2016, we built upon our momentum and reinforced our position as an emerging leader in the development of orphan oncology therapeutics. We advanced the development of our lead asset, Livatag. We are approaching near-term completion of Phase III recruitment, leading to reporting preliminary results mid-2017. The quarter was also highlighted by our acquisition of DNA Therapeutics and its siDNA technology platform, which we believe has the potential to change the paradigm of cancer care while greatly enhancing our ability to develop innovative therapies for patients in need. The DNA Therapeutics acquisition comes less than two years after the merger between BioAlliance Pharma and Topotarget that created Onxeo, and demonstrates our commitment to maximizing the opportunities to grow in the orphan oncology space. We are building a robust portfolio of commercialized products and highly promising product candidates. Collectively, these assets form a strong foundation upon which to grow the Company".

Q1 financial information

Revenues for the first quarter of 2016 totaled €782K, compared with €918K in the first quarter of 2015, impacted by a decrease in non-recurring revenues, from €157K in the first quarter of 2015 to €27K in the first quarter of 2016. This is primarily due to the accounting impact of IFRS relating to recognition of upfront payments on certain licensing agreements.

First quarter 2016 recurring revenues, which relate to product sales to commercial partners and royalties on product sales by Onxeo’s partners, were roughly flat compared to Q1 2015 (€755K compared with €761K in the first quarter of 2015). After the period of integration of Innocutis’ products and teams by Cipher mid-2015, revenues originating from Sitavig are back with a positive trend, resulting notably from an increase in price. Spectrum Pharmaceuticals maintained active marketing efforts to drive the growth of Beleodaq in the highly competitive second-line PTCL market.

As of March 31, 2016, consolidated cash position amounted to €24.4 million, in line with expectations. This figure does not include the €1 million capital increase linked with the acquisition of DNA Therapeutics, which was received subsequent to the end of the first quarter.

"Taking into account the planned reimbursement of the 2015 R&D tax credit of €3.8 million, our current cash position is sufficient to fund development into the second half of 2017, as per our plans, allowing us to deliver on important milestones over that time", concluded Nicolas Fellmann, CFO of Onxeo.

On April 28, 2016 Acorda Therapeutics, Inc. (Nasdaq:ACOR) today provided a financial and pipeline update for the first quarter ended March 31, 2016 (Filing, Q1, Acorda Therapeutics, 2016, APR 28, 2016, View Source [SID:1234511570]).

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AMPYRA (dalfampridine) 1Q 2016 net revenue was $109.6 Million, a 19% increase over 1Q 2015 net revenue of $92.4 Million. In January 2016, the Company announced an agreement to acquire Biotie, and has received more than 90% of Biotie’s outstanding shares in the tender offer. The Company expects to complete the purchase of 100% of Biotie’s shares in the second half of this year.

"We are well into our transition from a single-product company to a well-diversified biopharmaceutical enterprise, focused on developing therapies to benefit patients with neurological conditions across multiple disease states, including multiple sclerosis, Parkinson’s disease, stroke, migraine and epilepsy," said Ron Cohen, M.D., Acorda’s President and CEO. "Through our business development activities and advancement of our clinical pipeline, we now have four promising Phase 3 assets and, pending successful trial results, have the potential to file for approval of three of these by the end of 2018."

Financial Results

The Company reported a GAAP net loss of $0.5 million for the quarter ended March 31, 2016, or $0.01 per diluted share. The GAAP net loss in the same quarter of 2015 was $3.1 million, or $0.07 per diluted share.

Non-GAAP net income for the quarter ended March 31, 2016 was $3.1 million, or $0.07 per diluted share. Non-GAAP net income in the same quarter of 2015 was $6.5 million, or $0.15 per diluted share. Non-GAAP net income excludes share based compensation charges, non-cash interest charges on our convertible debt, changes in the fair value of acquired contingent consideration, acquisition related expenses, unrealized foreign currency transaction gains, and non-cash tax benefits. A reconciliation of the GAAP financial results to non-GAAP financial results is included with the attached financial statements.

AMPYRA (dalfampridine) Extended Release Tablets, 10 mg – For the quarter ended March 31, 2016, the Company reported AMPYRA net revenue of $109.6 million, up 19% compared to $92.4 million for the same quarter in 2015.

ZANAFLEX CAPSULES (tizanidine hydrochloride), ZANAFLEX (tizanidine hydrochloride) tablets and authorized generic capsules – For the quarter ended March 31, 2016, the Company reported combined net revenue and royalties from ZANAFLEX and tizanidine of $1.2 million compared to $2.6 million for the same quarter in 2015.

FAMPYRA (prolonged-release fampridine tablets) – For the quarter ended March 31, 2016, the Company reported FAMPYRA royalties from sales outside of the U.S. of $2.5 million, compared to $2.3 million for the same quarter in 2015.

Research and development (R&D) expenses for the quarter ended March 31, 2016 were $44.6 million, including $2.1 million of share-based compensation, compared to $30.6 million, including $1.8 million of share-based compensation, for the same quarter in 2015.

Selling, general and administrative (SG&A) expenses for the quarter ended March 31, 2016 were $51.8 million, including $6.0 million of share-based compensation, compared to $48.8 million including $5.3 million of share-based compensation for the same quarter in 2015.

Acquisition related expenses for the Biotie transaction incurred in the quarter ended March 31, 2016 were $7.2 million.

Benefit from income taxes for the quarter ended March 31, 2016 was $9.7 million, including $0.2 million of cash taxes, compared to $2.0 million, including $0.7 million of cash taxes for the same quarter in 2015.

At March 31, 2016, prior to the closing of the Biotie acquisition, the Company had cash, cash equivalents and investments of $431.4 million, up from $353.3 million at December 31, 2015. In January 2016, the Company completed a $75.0 million private placement of its common stock.

First Quarter 2016 Highlights

AMPYRA (dalfampridine)

–

AMPYRA revenues for the first quarter of 2016 were $109.6 million, up 19% from the first quarter in 2015. This represents the 12th consecutive quarter of double digit, year-over-year growth for AMPYRA, which was launched in 2010.
–
In March, a Markman hearing was held in the U.S. District Court for the District of Delaware related to the consolidated lawsuits that the Company filed against companies that submitted Abbreviated New Drug Applications to the FDA seeking marketing approval for AMPYRA. Also in March, the United States Patent and Trademark Office (USPTO) Patent Trials and Appeal Board (PTAB) instituted the inter partes review (IPR) of four AMPYRA patents. Rulings on the IPR petitions are expected within one year. The Company will continue to defend its intellectual property vigorously.
Dalfampridine in Post-Stroke Walking Difficulty

–
In March, the Company completed Phase 1 single-dose pharmacokinetic (PK) studies for three separate once-daily (QD) formulations of dalfampridine. Results for at least one of these formulations met the Company’s criteria. The multi-dose phase of PK testing will begin in the second quarter of 2016.
–
Given the progress in its development of a QD formulation of dalfampridine, the Company has made the decision to stop enrollment and conduct an unblinded analysis of the Phase 3 twice-daily (BID) clinical trial data, having reached 50% of its target enrollment in the study, or 270 subjects. As previously stated, unblinding the study ahead of the originally contemplated interim futility analysis was an option. Data are expected by the fourth quarter of 2016 and will be used to inform the design of planned Phase 3 trials in post-stroke.
CVT-301 in Parkinson’s Disease

–
In April, data from the CVT-301 Phase 2b clinical trial were one of six platform presentations highlighted during the Movement Disorders Invited Science Session at the 68th Annual Meeting of the American Academy of Neurology.
CVT-427 in Migraine

–
In March, the Company announced it had successfully completed a Phase 1 safety/tolerability and pharmacokinetic study for CVT-427. Based on the positive results, the Company is designing protocols for the next phase of development.
Corporate

–

In January, the Company announced it had entered into an agreement to acquire Biotie Therapies Corp. The acquisition includes global rights to two clinical-stage compounds in development for treatment of Parkinson’s disease, as well as other assets.
–
In April, more than 90% of the outstanding shares of Biotie were tendered to the Company in a tender offer conducted pursuant to the acquisition agreement, meeting the minimum condition to closing the tender offer. The Company expects to complete the acquisition of 100% of Biotie in the second half of 2016.
–
In January, the Company completed a $75 million private placement of its common stock and signed a Commitment Letter with JP Morgan for an asset-based credit facility of up to $60 million, which is expected to close in the second quarter of 2016.
The Company will host a conference call today at 8:30 a.m. ET to review its first quarter 2016 results.

To participate in the conference call, please dial (855) 542-4209 (domestic) or (412) 455-6054 (international) and reference the access code 81540360. The presentation will be available via a live webcast on the Investors section of www.acorda.com. Please log in approximately 5 minutes before the scheduled time of the presentation to ensure a timely connection.

A replay of the call will be available from 11:30 a.m. ET on April 28, 2016 until 11:59 p.m. ET on May 5, 2016. To access the replay, please dial (855) 859-2056 (domestic) or (404) 537-3406 (international) and reference the access code 81540360. The archived webcast will be available in the Investor Relations section of the Acorda website at www.acorda.com.

On April 28, 2016 Insys Therapeutics, Inc. (NASDAQ:INSY) ("Insys" or "the Company") reported financial results for the three-month period ended March 31, 2016 (Press release, Insys Therapeutics, APR 28, 2016, View Source;p=RssLanding&cat=news&id=2162576 [SID:1234511568]).

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Highlights of and subsequent to the first quarter of 2016 include:

Total net revenue decreased to $62.0 million, compared to $70.8 million for the first quarter of 2015;
Revenue from Subsys (fentanyl sublingual spray) was $62.0, down 12% compared with first quarter 2015 revenue of $70.5 million;
Net income was $2.4 million, or $0.03 per basic and $0.03 per diluted share, compared to net income of $8.0 million, or $0.11 per basic and $0.11 per diluted share, for the first quarter of 2015;
Cash, cash equivalents and investments were $200 million as of March 31, 2016;
Insys enrolled the first patient in its Phase II study for the treatment of infantile spasms using pharmaceutical CBD;
U.S. Food and Drug Administration extended the Prescription Drug User Fee Act (PDUFA) action date for SyndrosTM (dronabinol oral solution) from April 1, 2016 until July 1, 2016; and
Patent Trial and Appeal Board (PTAB) of the United States Patent and Trademark Office (USPTO) declined to institute an inter partes review of U.S. Patent Nos. 8,486,972, 8,835,459 and 8,835,460, which cover the fentanyl formulation of Subsys.
"While our Subsys sales were lower than expected during the first quarter, we look forward to realizing the many exciting opportunities for continued growth and long-term value for Insys shareholders through the commercialization of our pipeline," said Dr. John N. Kapoor, Chairman, President and Chief Executive Officer, of Insys Therapeutics. "We fully expect Syndros to be the next product in our commercial portfolio and are preparing for its launch, assuming FDA approval. We expect to remain profitable and intend to advance our promising pipeline of sublingual spray products and CBD product candidates," he concluded.

First Quarter 2016 Financial Results

Net revenue for the first quarter of 2016 was $62.0 million compared to $70.8 million for the first quarter of 2015, a decrease of 12%. The results reflect a decline in Subsys demand, as Subsys prescription volumes were down, as well as a reduction in Subsys wholesale channel inventory levels.

Gross margin was 92.5% for the first quarter of 2016 compared with 91.0% for the first quarter of 2015.

Sales and marketing expense was $19.8 million during the first quarter of 2016, or 32% of net revenue, compared to $20.9 million, or 30% of net revenue, for the first quarter of 2015.

Research and development expense increased to $20.5 million for the first quarter of 2016, compared to $10.6 million for the first quarter of 2015, largely due to incremental investment in pipeline products.

General and administrative expense increased to $14.7 million for the first quarter of 2016, compared to $13.2 million for the first quarter of 2015.

Income tax expense was $131,000 for the first quarter of 2016, compared to $3.7 million during the first quarter of 2015.

Net income for the first quarter of 2016 was $2.4 million, or $0.03 per basic and $0.03 per diluted share, compared to net income of $8.0 million, or $0.11 per basic and $0.11 per diluted share, for the first quarter of 2015. Non-GAAP adjusted net income for the first quarter of 2016 was $8.2 million, or $0.11 per diluted share, compared to non-GAAP adjusted net income of $23.5 million, or $0.31 per diluted share, in the prior year quarter. The reconciliation of net income to non-GAAP adjusted net income is included at the end of this press release.

Liquidity

The Company had $200 million in cash, restricted cash, cash equivalents, and short-term and long-term investments, no debt, and $250 million in stockholders’ equity as of March 31, 2016.

As previously disclosed, on November 5, 2015, the Insys’ Board of Directors approved the repurchase of up to $50 million of the Company’s common stock. As of March 31, 2016, the Company had expended approximately $30 million to repurchase approximately 1.2 million shares of common stock outstanding. Insys intends to finance the remainder of any share repurchases in this program through available cash on hand.

Conference Call

Insys management will host its first quarter 2016 conference call as follows:

Date: April 28, 2016
Time: 10:00 a.m. EDT
Toll free (U.S): (877) 349-4844
International: (262) 558-6141
Live webcast: www.insysrx.com under the "Investor Relations" section

A telephone replay will be available shortly after the completion of the call for one week by dialing (855) 859-2056 (U.S.) or (404) 537-3406 (International) and entering conference call ID number 92585062.

A live audio webcast and archive of the call will also be available at www.insysrx.com.

On April 28, 2016 Cytokinetics, Inc. (Nasdaq:CYTK) reported total research and development revenues for the first quarter of 2016 were $8.4 million, compared to $4.4 million, during the same period in 2015 (Press release, Cytokinetics, APR 28, 2016, View Source;p=RssLanding&cat=news&id=2162959 [SID:1234511566]). The net loss for the first quarter was $12.5 million, or $0.31 per basic and diluted share. This is compared to the net loss for the same period in 2015 of $8.9 million, or $0.23 per basic and diluted share. As of March 31, 2016, cash, cash equivalents and investments totaled $108.6 million.

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"We made meaningful progress this quarter advancing our portfolio of muscle-biology directed programs," said Robert I. Blum, Cytokinetics’ President and Chief Executive Officer. "Notably, in partnership with Amgen we participated in several productive meetings with regulatory authorities which inform the potential Phase 3 development program for omecamtiv mecarbil. We also made strides in our ongoing skeletal muscle activator clinical development programs for tirasemtiv and CK-2127107 and decided with Astellas to move a next-generation skeletal muscle activator into IND enabling studies, further expanding our development pipeline."

Recent Highlights and Upcoming Milestones

Cardiac Muscle Program

omecamtiv mecarbil

Announced the start of a Phase 2 clinical trial of omecamtiv mecarbil in Japanese subjects with heart failure due to reduced ejection fraction. The primary objectives of the trial are to assess the pharmacokinetics, safety and tolerability of omecamtiv mecarbil. The secondary objective of the trial is to measure changes from baseline in systolic ejection time.

The manuscript, "Acute Treatment with Omecamtiv Mecarbil to Increase Contractility in Acute Heart Failure, The ATOMIC-AHF Study," published in the Journal of the American College of Cardiology. Results from this trial were first presented at the European Society of Cardiology Meeting in 2013.

Participated with Amgen in regulatory meetings with the FDA, EMA and Health Canada intended to inform the design of a potential Phase 3 development program for omecamtiv mecarbil.

Conducted various clinical, non-clinical and planning activities in collaboration with Amgen to support the potential advancement of omecamtiv mecarbil into a Phase 3 development program.

Expect to make a decision regarding the advancement of omecamtiv mecarbil to Phase 3 in the coming months.
Skeletal Muscle Program

tirasemtiv

Enrolled more than 50% of targeted patients in VITALITY-ALS (Ventilatory Investigation of Tirasemtiv and Assessment of Longitudinal Indices after Treatment for a Year in ALS), an ongoing, international Phase 3 clinical trial designed to assess the effects of tirasemtiv versus placebo on slow vital capacity (SVC) and other measures of skeletal muscle strength in patients with ALS.

Convened the first Data Monitoring Committee Meeting for VITALITY-ALS to review unblinded safety and efficacy data; Committee recommended continuing the trial without modifications or changes to the protocol.

Presented "Decline in Slow Vital Capacity Predicts Respiratory Insufficiency in Patients with ALS," at the Muscular Dystrophy Association’s 2016 National Clinical Conference.

The manuscript, "A Randomized, Placebo-controlled, Double-blind Phase IIb Trial Evaluating the Safety and Efficacy of Tirasemtiv in Patients with Amyotrophic Lateral Sclerosis," published in Amyotrophic Lateral Sclerosis and Frontotemporal Degeneration. Results from this trial were first presented at the Annual Meeting of the American Academy of Neurology in 2014.

Participated in the ALS Guidance Development Project and the Clinical Trial Guidelines Workshop Meeting in collaboration with ALS community stakeholders.

Announced a collaboration with Origent Data Sciences to refine and prospectively validate an Origent computer model to predict ALS disease progression leveraging data from our clinical trials of tirasemtiv.

Expect to complete target enrollment of 600 patients in VITALITY-ALS in the first half of 2016.
CK-2127107

Continued enrollment of Phase 2 clinical trial of CK-2127107 in patients with spinal muscular atrophy (SMA), in collaboration with Astellas.

Expect to complete enrollment of our Phase 2 clinical trial of CK-2127107 in patients with SMA in the second half of 2016.

Expect Astellas will initiate a Phase 2 clinical trial of CK-2127107 in patients with COPD in the first half of 2016.
Pre-Clinical Research

Continued research activities under our joint research program with Amgen directed to the discovery of next-generation cardiac muscle activators and under our joint research program with Astellas directed to the discovery of next-generation skeletal muscle activators. In addition, company scientists continued independent research activities directed to our other muscle biology programs.

Anticipate potential advancement of one next-generation compound from each joint research program into pre-clinical development in 2016.
Corporate

Announced Cytokinetics’ Vision 2020: Empowering Our Future, a strategic initiative designed to deepen and expand our pipeline over the next five years as well as advance a portfolio of muscle-biology directed drug candidates toward late-stage development and commercialization to address unmet needs of people living with conditions characterized by impaired muscle function.

Drew down the second, $15.0 million tranche from our growth capital loan with Oxford Finance LLC and Silicon Valley Bank.

Announced support of the European Organisation for Rare Diseases (EURORDIS) and the National Organization for Rare Disorders (NORD) to raise awareness of Rare Disease Day, an international campaign dedicated to elevating the public understanding of rare diseases.

In observance of ALS Awareness Month, Cytokinetics will ring the Nasdaq closing bell on Monday, May 2, 2016.
Financials

Revenues for the first quarter of 2016 were $8.4 million, compared to $4.4 million during the same period in 2015. Revenues for the first quarter of 2016 included $4.0 million of license revenues and $3.7 million of research and development revenues from our collaboration with Astellas, $0.6 million in research and development revenues from our collaboration with Amgen and $0.2 million in research and development revenues from our collaboration with ALSA. Revenues for the same period in 2015 were comprised of $1.6 million of license revenues and $2.1 million of research and development revenues from our collaboration with Astellas, and $0.7 million of research and development revenues from our collaboration with Amgen.

Total research and development (R&D) expenses for the first quarter of 2016 were $13.5 million, compared to $9.0 million for the same period in 2015. The $4.5 million increase in R&D expenses for the first quarter of 2016, compared with the same period in 2015, was primarily due to an increase of $4.2 million in outsourced clinical costs mainly associated with the ongoing VITALITY-ALS trial, and an increase of $1.0 million in personnel related expenses due to increased headcount, partially offset by a decrease of $0.6 million in outsourced preclinical costs associated with research activities conducted in 2015.

Total general and administrative (G&A) expenses for the first quarter of 2016 were $6.8 million compared to $4.4 million for the same period in 2015. The $2.4 million increase in G&A expenses for the first quarter of 2016, compared to the same period in 2015, was primarily due to an increase of $1.1 million in personnel related expenses due to increased non-cash stock compensation expense and increased headcount, an increase of $0.6 million in outsourced costs related to medical affairs and commercial development, and an increase of $0.6 million in corporate and patent legal fees.

Conference Call and Webcast Information

Members of Cytokinetics’ senior management team will review the company’s first quarter results via a webcast and conference call today at 4:30 PM Eastern Time. The webcast can be accessed through the Investors & Media section of the Cytokinetics website at www.cytokinetics.com. The live audio of the conference call can also be accessed by telephone by dialing either (866) 999-CYTK (2985) (United States and Canada) or (706) 679-3078 (international) and typing in the passcode 29638364.

An archived replay of the webcast will be available via Cytokinetics’ website until May 5, 2016. The replay will also be available via telephone by dialing (855) 859-2056 (United States and Canada) or (404) 537-3406 (international) and typing in the passcode 29638364 from April 28, 2016 at 5:30 PM Eastern Time until May 5, 2016.

On April 28, 2016 Cardinal Health today reported third-quarter results for fiscal year 2016, including a 21 percent increase in revenue to $30.7 billion and a 20 percent increase in non-GAAP operating earnings to $788 million (Filing, 8-K, Cardinal Health, APR 28, 2016, View Source [SID:1234511565]). Non-GAAP diluted earnings per share (EPS) increased 20 percent to $1.43. On a GAAP basis, operating earnings increased 11 percent to $656 million, and diluted EPS increased 7 percent to $1.17.

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"We had a strong financial and operational performance in our fiscal third quarter. At the same time, we continued to enhance and grow enterprise-wide service and product lines, which are important to our customers and address some of health care’s most difficult challenges," said George Barrett, chairman and chief executive officer of Cardinal Health. "We delivered double-digit growth in revenue and profit in both our Pharmaceutical and Medical reporting segments and had very solid performance across our lines of business."

The company tightened the range for its fiscal 2016 non-GAAP diluted earnings per share guidance to $5.17 to $5.27 from the prior range of $5.15 to $5.35.
Q3 FY16 SUMMARY

Q3 FY16

Q3 FY15

Y/Y
Revenue
$
30.7
billion

$
25.4
billion

21%
Operating earnings
$
656
million

$
591
million

11%
Non-GAAP operating earnings
$
788
million

$
657
million

20%
Net earnings attributable to Cardinal Health, Inc.
$
386
million

$
365
million

6%
Non-GAAP net earnings attributable to Cardinal Health, Inc.
$
472
million

$
396
million

19%
Diluted EPS attributable to Cardinal Health, Inc.
$
1.17

$
1.09

7%
Non-GAAP diluted EPS attributable to Cardinal Health, Inc.
$
1.43

$
1.19

20%
SEGMENT RESULTS
Pharmaceutical Segment
Third-quarter revenue for the Pharmaceutical segment increased 22 percent to $27.5 billion due to growth from new and existing customers as well as acquisitions.
Strong performance from both acquisitions and new and existing customers significantly contributed to segment profit growth of 16 percent to $660 million.

Q3 FY16

Q3 FY15

Y/Y
Revenue
$
27.5
billion

$
22.6
billion

22%
Segment profit
$
660
million

$
567
million

16%
Medical Segment
Third-quarter revenue for the Medical segment increased 13 percent to $3.1 billion due to the net contribution from acquisitions as well as solid growth from existing businesses.
Segment profit increased 26 percent to $128 million due to the contribution from acquisitions, net of divestitures, and from Cardinal Health-branded products. Segment profit includes the $21 million negative impact of the Cordis-related inventory fair value step-up.

Q3 FY16

Q3 FY15

Y/Y
Revenue
$
3.1
billion

$
2.8
billion

13%
Segment profit
$
128
million

$
102
million

26%

ADDITIONAL THIRD-QUARTER AND RECENT HIGHLIGHTS
• Announced agreement to acquire Curaspan Health Group Inc., a leader in discharge planning and care transitions technology for hospitals, health systems and post-acute providers

• Recognized as one of the Top Companies for Female Executives by the National Association for Female Executives

• Launched Cardinal Health MedSync Advantage, a custom-built medication synchronization program to help community pharmacists improve medication adherence and patient outcomes and increase pharmacy efficiency

• Announced winners of the sixth annual Generation Rx awards, recognizing student pharmacists from across the country and a clinical professor of pharmacy for their ongoing efforts to help prevent prescription medication misuse