Mar 9, 2022

March 09, 2022 08:15 AM Eastern Standard Time WALTHAM, Mass.--( BUSINESS WIRE )-- La Jolla Pharmaceutical Company (Nasdaq: LJPC) , which is dedicated to the commercialization of innovative therapies that improve outcomes in patients suffering from life-threatening diseases, today announced financial results for the three and twelve months ended December 31, 2021 and highlighted corporate progress. Corporate Progress Record Fourth Quarter and Full Year Net Product Sales: La Jolla had record net product sales for the three and twelve months ended December 31, 2021. For the three and twelve months ended December 31, 2021, La Jolla’s net product sales were $12.1 million and $43.5 million, respectively, compared to $11.0 million and $33.4 million, respectively, for the same periods in 2020. La Jolla acquired Tetraphase, which commercialized XERAVA, on July 28, 2020. Net product sales for the twelve months ended December 31, 2020 exclude XERAVA for the period prior to July 28, 2020. GIAPREZA U.S. Net Product Sales: For the three months ended December 31, 2021, GIAPREZA U.S. net product sales were $9.2 million, up 3% from the three months ended September 30, 2021 and up 6% from the three months ended December 31, 2020. For the twelve months ended December 31, 2021, GIAPREZA U.S. net product sales were $33.4 million, up 14% from the same period in 2020. XERAVA U.S. Net Product Sales: For the three months ended December 31, 2021, XERAVA U.S. net product sales were $2.9 million, consistent with the three months ended September 30, 2021 and up 26% from the three months ended December 31, 2020. For the twelve months ended December 31, 2021, XERAVA U.S. net product sales were $10.1 million, up 23% from the same period in 2020, including the period prior to the acquisition of Tetraphase. Fourth Consecutive Quarter of Positive Net Cash Provided by Operating Activities: La Jolla had positive net cash provided by operating activities for the fourth consecutive quarter. La Jolla’s net cash provided by (used for) operating activities for the three and twelve months ended December 31, 2021 was $3.1 million and $28.2 million, respectively, compared to $(7.2) million and $(37.6) million, respectively, for the same periods in 2020. “We are pleased to report that La Jolla had record net product sales for the three and twelve months ended December 31, 2021 and positive operating cash flow for the fourth consecutive quarter. These are significant achievements for La Jolla,” said Larry Edwards, President and Chief Executive Officer of La Jolla. “As we enter 2022, our focus will be on continuing to grow net product sales and operating cash flow.” Financial Results For the three and twelve months ended December 31, 2021, La Jolla’s total revenue was $12.2 million and $75.7 million, respectively, compared to $11.0 million and $33.4 million, respectively, for the same periods in 2020. For the three and twelve months ended December 31, 2021, La Jolla’s net product sales were $12.1 million and $43.5 million, respectively, compared to $11.0 million and $33.4 million, respectively, for the same periods in 2020. GIAPREZA U.S. net product sales were $9.2 million and $33.4 million for the three and twelve months ended December 31, 2021, respectively, compared to $8.7 million and $29.3 million, respectively, for the same periods in 2020. XERAVA U.S. net product sales were $2.9 million and $10.1 million for the three and twelve months ended December 31, 2021, respectively, compared to $2.3 million and $4.2 million, respectively, for the same periods in 2020. For the three and twelve months ended December 31, 2021, La Jolla’s license and other revenue was $0.1 million and $32.2 million, respectively, compared to zero for the same periods in 2020. La Jolla’s net income (loss) for the three and twelve months ended December 31, 2021 was $3.8 million and $19.7 million, or $0.11 and $0.58 per diluted share, respectively, compared to $(3.5) million and $(39.4) million, or $(0.13) and $(1.44) per diluted share, respectively, for the same periods in 2020. As of December 31, 2021 and 2020, La Jolla had cash and cash equivalents of $46.7 million and $21.2 million, respectively. La Jolla’s net cash provided by (used for) operating activities for the three and twelve months ended December 31, 2021 was $3.1 million and $28.2 million, respectively, compared to $(7.2) million and $(37.6) million, respectively, for the same periods in 2020. La Jolla’s net cash provided by (used for) operating activities for the three and twelve months ended December 31, 2021, excluding upfront net receipts in connection with out-license agreements and commercial supply agreements, payments related to reductions in headcount, and transaction costs associated with the Tetraphase acquisition, was $3.1 million and $4.6 million, respectively, compared to $(5.6) million and $(27.2) million, respectively, for the same periods in 2020. The exclusions above are comprised of the following: Upfront net receipts in connection with out-license agreements were zero and $18.4 million for the three and twelve months ended December 31, 2021, respectively, and zero for the same periods in 2020. Upfront net receipts in connection with commercial supply agreements were zero and $6.8 million for the three and twelve months ended December 31, 2021, respectively, and zero for the same periods in 2020. Payments related to reductions in headcount were zero and $1.6 million for the three and twelve months ended December 31, 2021, respectively, and $1.6 million and $9.5 million, respectively, for the same periods in 2020. Payments related to transaction costs associated with the Tetraphase acquisition were zero for the three and twelve months ended December 31, 2021, and zero and $0.9 million, respectively, for the same periods in 2020. About GIAPREZA GIAPREZA® (angiotensin II) injection is approved by the U.S. Food and Drug Administration (FDA) as a vasoconstrictor indicated to increase blood pressure in adults with septic or other distributive shock. GIAPREZA is approved by the European Commission (EC) for the treatment of refractory hypotension in adults with septic or other distributive shock who remain hypotensive despite adequate volume restitution and application of catecholamines and other available vasopressor therapies. GIAPREZA mimics the body’s endogenous angiotensin II peptide, which is central to the renin-angiotensin-aldosterone system, which in turn regulates blood pressure. Prescribing information for GIAPREZA is available at www.giapreza.com . The European Summary of Product Characteristics is available at www.ema.europa.eu/en/medicines/human/EPAR/giapreza . GIAPREZA is marketed in the U.S. by La Jolla Pharmaceutical Company on behalf of La Jolla Pharma, LLC, its wholly owned subsidiary, and is marketed in Europe by PAION Deutschland GmbH on behalf of La Jolla Pharma, LLC. GIAPREZA Important Safety Information