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Prometheus Highlights Record Performance in 2010

Tue, 03/01/2011 - 4:36am
Bio-Medicine.Org

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 th

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