Medicis Pharmaceutical (MRX)

[DewDiligence]

Musings on the deal, FWIW: #msg-79188495.

[NotRichYet2]

That $44/share buyout should surprise a lot of lucky shareholders Tuesday that did not get the word because of the holiday. Guess they can do thier Christmas shopping early.

[Penny Roger$]

~ Monday! $MRX ~ Earnings posted, pending or coming soon! In Charts and Links Below!

~ $MRX ~ Earnings expected on Monday *
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One or more of many earnings sites has alerted this security has or will be posting earnings on or around the day of this message.








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*If the earnings date is in error please ignore error. I do my best.

[DewDiligence]

FDA approves Xeomin, a competitor to MRX’s Dysport:

#msg-65423443

From a technical standpoint, Xeomin is an excellent product, superior to both Botox and Dysport; hence, the limiting factor on Xeomin’s attaining market share is Merz’s low-key marketing (compared to AGN and MRX) and the brand-name loyalty of Botox and Dysport users.

[DewDiligence]

Shacknai is not Steve Jobs. I.e., the company will do ok even if Shacknai is forced to resign for reasons related to the bizarre events last week. Moreover, for all we know, he may be innocent of any wrongdoing.

[Matt_Chart]

I was just about to post this article. discusting!

[RichieRich49]

How could the stock be up today when a dead woman was found at the CEO's house.

Nude woman found dead

[christinat]

Deutsche Bank is out with its report today on Medicis Pharmaceutical (NYSE: MRX), raising its price target from $35 to $36.

In a note to clients, Deutsche Bank writes, "We are updating our model based on trends for currently marketed products and the discontinuation of LipoSonix and Plexion. We are modestly lowering our EPS ests from $2.53 to $2.51 in 2011, $2.85 to $2.80 in 2012, and $3.19 to $3.14 in 2013. Our new 12-month PT is $36, based on 13x our new 2012 EPS est. Potential risks to our PT being achieved principally relate to the aesthetic franchises and Rx trends for Solodyn and Ziana."


Read more: http://www.benzinga.com/analyst-ratings/analyst-color/11/02/889975/update-deutsche-bank-raises-pt-on-medicis-pharmaceutical-#ixzz1FGmXw0Qd

[christinat]

Piper Jaffray is upgrading Medicis (NYSE: MRX) to Overweight from Neutral and raising the PT to $38. With Friday's settlement with Teva on the Solodyn generic litigation, with Teva not launching its generics on the 65 and 115 mg doses until February 2018 and on the 55, 80 and 105 mg doses until February 2019, Piper now has more confidence that cash flows from MRX's flagship product are sustainable.

With the greater clarity on Solodyn, plus net cash approaching $800M by year-end, and greater visibility on the pipeline, Piper believes that the potential for significant value creation potential as 2011 progresses is considerable.

Beyond Revance's topical botulinum toxin RT001, which Piper believes could be a significant long-term driver, MRX had not provided much visibility on its pipeline. On Friday however, it noted that it has 6 Phase II/III-stage products in dermatology and/or aesthetics, and conceded that NDA filings in 2011 are possible. Further, MRX remains highly active on the business development front, and suggested that it is exploring the addition of commercial-stage assets.


Source: http://www.benzinga.com/analyst-ratings/analyst-color/11/02/890157/piper-jaffray-upgrades-medicis-pharmaceutical-to-overweig#ixzz1FGl0QouU

[Investorman]

Pretty nice recovery since July. No doubt the FDA approving silicon implants last week will help things a lot.

[Investorman]

I decided to sell MRX and put the money into OSK. I don't see MRX going anywhere for a while and there are better opportunities.

[DewDiligence]

MNT drops bid: #msg-9591447.

[fung_derf]

Looking into this company. I note it's selling at quite a discount to its competition. Is it underpriced, or does it just sell an inferior product?

[Investorman]

See post # 133

[Investorman]

Thanks for the input.

[DewDiligence]

Musings on this four-way dance:

1. MRX has the best dermal filler (Restylane), although other companies are working on bona fide competitors. However, IMDC’s collagen fillers are losing share because they don’t measure up.

2. MNT has a better botulinum toxin than IMDC’s Reloxin, but it is a few years behind in development. AGN’s Botox is better than Reloxin, but MNT’s toxin may be even better than Botox.

3. Whatever ensues with these four companies, the one combination that can’t happen is MNT and IMDC, who between them control the breast-implant market and are arch-enemies.

--
My prediction, FWIW: AGN acquires IMDC and then tries to undermine Reloxin by selling it to the weakest company that shows an interest.

[Investorman]

Unless you have insider information it is hard to predict these buyout offers. Suppose MRX had increased their offer for Inamed - the stock price would probably have dropped further. You pays your money and takes your chances - lol.

[MrBankRoll]

Once again I lose out on what I thought were oversold conditions last week...... :~(

[Investorman]

Things are getting interesting. Everyone is trying to acquire everyone else.

[Investorman]

Mentor May Offer Cash to Sway Medicis
Monday November 21, 11:34 am ET
By Wallace Witkowski, AP Business Writer
Mentor May Offer Cash to Sweeten Rejected $2.2 Billion Offer for Medicis


NEW YORK (AP) -- Cosmetic-surgery products company Mentor Corp., whose $2.2 billion bid to acquire Medicis Pharmaceutical Corp. was rebuffed by the maker of acne medicine, said Monday it may sweeten its bid by offering substantially more cash than stock.

Shares of Medicis surged $5.03, or 18 percent, to $32.78, and shares of Santa Barbara, Calif.-based Mentor fell $2.32, or 4.1 percent, to $53.82 in morning trading on the New York Stock Exchange.

Medicis' board rejected Mentor's offer on Sunday evening, saying it is committed to completing its proposed acquisition of Santa Barbara-based Inamed Corp. Both Mentor and Inamed are awaiting a decision from the Food and Drug Administration that would allow silicone-gel breast implants to return to the market. They have been off the U.S. market for the past 13 years because of safety concerns.

Scottsdale, Ariz.-based Medicis had offered in March to buy Inamed for about $2.8 billion in cash and stock. But last week, Medicis was upstaged by Botox-maker Allergan Inc.'s $3.2 billion offer for Inamed. Inamed's board instructed management to consider the Allergan offer.

Mentor, in a letter to Medicis on Friday, told the company that its offer is a superior proposal to the Inamed deal. Mentor offered Medicis shareholders 0.62 shares of Mentor common stock for each Medicis share, a 25 percent premium to Medicis' closing price on Friday, the company said. Medicis would own 44 percent of the combined company. Mentor said its board has already backed the transaction.

In a conference call on Monday, Mentor Chief Executive Joshua Levine urged Medicis' board to reconsider the proposal and said it may make a significant portion of the offer in cash to bring Medicis to the table. Goldman Sachs and Citigroup have assured the company that financing is available, he said.

Mentor said it expects the transaction to immediately boost cash earnings. Analysts surveyed by Thomson Financial expect earnings per share of $1.59 in 2006 and $1.98 in 2007. In the conference call, Levine said he would expect the transaction to raise earnings per share in the low double-digit percentages. However, CIBC analyst John Calcagnini repeatedly called that estimate too high.

Lazard analyst Alex Arrow asked if Mentor would consider a hostile bid if resistance continues.

"We're going to wait for the dust to settle," Levine said on the call. "We know what our options are."

The combined company would have revenue of nearly $900 million for the year ended Sept. 30, and would offer products for breast augmentation, facial aesthetics, body contouring and dermatology. Mentor said the transaction would not have the same antitrust risks as the proposed Medicis-Inamed deal.

Levine added that Mentor is ready to file a confidentiality agreement with Medicis and enter a definitive merger agreement. Were that to proceed, the CEO expects shareholder meetings to be held in the first quarter of 2006.

[DewDiligence]

News: #msg-8570996.

[DewDiligence]

MRX may be better off without IMDC.

Despite David Pyott’s comments to the contrary, I suspect that what AGN really wants is to quash IMDC’s Reloxin botulinum toxin somehow. Stay tuned.

[Investorman]

MRX is unlikely to get into a bidding war on this one. They don't have the resources. Sooooooo MRX will have to look elsewhere.

Inamed to review Allergan bid
Wednesday November 16, 9:10 am ET


PHILADELPHIA (Reuters) - Inamed Corp. (NasdaqNM:IMDC - News), a maker of wrinkle treatments and breast implants, on Wednesday said a $3.2 billion unsolicited takeover bid by Allergan Inc. could lead to a superior deal to its existing $2.5 billion agreement to be acquired by Medicis Pharmaceutical Corp.

Inamed said it would evaluate the offer from Allergan (NYSE:AGN - News), which makes Botox anti-wrinkle products. It was unclear whether the two companies had begun negotiations for a deal.

Medicis (NYSE:MRX - News), which makes wrinkle treatments and other skin products, could not be immediately reached for comment.

Inamed in March had agreed to be acquired by Medicis for $2.8 billion. The value of that proposal has fallen to $2.5 billion, or $67.93 a share, due to a decline in Medicis' stock price.

The offer from Allergan, meanwhile, values Inamed at $84 per share. Shares of Inamed, based in Santa Barbara, California, closed on Tuesday at $81.28 per share.

Irvine, California-based Allergan contended that its proposal included more cash and could be completed at least as quickly as the rival Medicis deal.

Allergan wants the deal to expand its wrinkle-treatment products, helping it offset competition to Botox, and gain a foothold in the markets for breast implants and obesity treatments.

Allergan is larger and has greater financial clout to battle Medicis, making it unlikely that a bidding war for Inamed would erupt, analysts said.

"I don't think Medicis can counter," said SunTrust Robinson Humphrey analyst Amit Hazan. "Allergan can increase their offer ... I don't think Medicis will get into a bidding war with Allergan."

Last week, Inamed shareholder SAC Capital Advisors blasted the Medicis deal, arguing that the terms did not provide "full and fair value" for Inamed.

Medicis said in a filing late Tuesday that shareholders of record as of November 4 will be allowed to vote on the Inamed proposal.

Medicis also it said submitted substantially all material requested by the U.S. Federal Trade Commission in connection with the deal.

[DewDiligence]

Update from Wednesday's WSJ:

#msg-8515202

[DewDiligence]

Looks like the market is worried that MRX will pay up and match AGN.

[Investorman]

Not too good for MRX.

[DewDiligence]

AGN makes competing $3.2B bid for IMDC:

#msg-8501021

[Investorman]

Medicis Pharmaceutical 1Q Profit Rises
Tuesday November 8, 6:28 pm ET
Medicis Pharmaceutical First-Quarter Earnings Jump to $12.5 Million; Sales Fall 6 Percent


SCOTTSDALE, Ariz. (AP) -- Medicis Pharmaceutical Corp., a seller of prescription skin medicines, said Tuesday that profit jumped in its fiscal first quarter from a charge-heavy quarter a year ago. Sales slid 6 percent.

The company's shares declined 86 cents, or 2.8 percent to $30 in recent after-hours trading.

For the three months ended Sept. 30, the company earned $12.5 million, or 20 cents per share, up from $1 million, or 2 cents per share, a year ago. However, the year-ago results were depressed by a charge of $19.4 million for research charges and related professional fees.

Excluding this and other non-operating items, the company said it would have earned 28 cents per share in the latest quarter, down from 30 cents per share in the 2004 quarter.

Revenue fell 6 percent to $83.3 million from $88.8 million as higher product sales were unable to offset a decline in contract revenue.

Analysts surveyed by Thomson Financial expected profit of 27 cents per share on sales of $85 million.

[Investorman]

All Associated Press NewsNEW YORK (AP) - Shares of breast implant makers surged Wednesday on the anticipation of a pending Food and Drug Administration approval of silicone gel breast implants after one company's fax notifying clinical trial investigators came to light.

Shares of Mentor Corp. rose $3.60, or 7.4 percent, to close at $52 on the New York Stock Exchange. Inamed Corp. shares climbed $2.26, or 3.1 percent, to $75.44 in regular trading on the Nasdaq, and continued to rise 92 cents in aftermarket activity. Shares of Inamed suitor by Medicis Pharmaceutical Corp. rose $1.37, or 4.5 percent, to close at $32 on the NYSE.

As reported Wednesday in the Washington Post and a CIBC World Markets research note, Mentor mistakenly sent out a draft fax Oct. 25 telling clinical trial investigators who implant silicone gel breast implants for reconstructive purposes they would still have to track study patients now that the FDA had approved the implants for cosmetic use.

The letter was retracted Oct. 27, CIBC analyst John Calcagnini said in a research note. In an interview, Calcagnini attributed the stock movement to anticipation of an FDA approval of the implants generated by the news of the fax.

Silicone-gel implants were banned for cosmetic use in the United States 13 years ago, after thousands of women claimed that leaking implants had damaged their health. However, scientific advisers to the Food and Drug Administration convened in April, clearing the way to reintroduce the implants to the market. During those meetings, Mentor's data elicited a panel recommendation to the FDA for approval, whereas Inamed did not.

In an interview, Lazard Capital Markets analyst Alexander Arrow agreed the fact that the letter had already been written rallied investors to buy shares in the companies. However, Arrow disagreed with other analysts in the belief that Mentor will get a head start over Inamed for approval for safety reasons.

"Our research shows that what most likely will come out is an equivalent synchronized decision: they could both be approved, or they could both be denied, or could both be asked for more data on the same day," Arrow said. "FDA's view and our understanding is that being fair to the companies is less of a priority than protecting the public health."

Arrow backed up his opinion calling the panel preference for Mentor's data over Inamed's in April as "a popular misconception," in that three panel members who were instrumental in deciding the vote showed concerns that would be of little to no importance in an FDA decision. The analyst believes the level playing field will lower the risk profile for the devices.

Both Mentor and Inamed currently market saline-filled breast implants for cosmetic use in the United States. Some consumers believe the silicone-gel implants look and feel more natural than their salt-water counterparts.

Arrow also disagrees with the belief that silicone gel implants will naturally be higher margin products than saline-filled implants. Arrow said the average saline implant, which is essentially a shell filled by the surgeon, is about $400 and costs about $92 to make. On the other hand, silicone gel implants must be filled at the factory and undergo more rigorous quality control. While silicone gel implants for reconstructive purposes currently cost about $800, Arrow said the market is unlikely to support double the price once the implants are approved for cosmetic use.

Mentor Corp. reported Monday that its fiscal second-quarter profit fell 4 percent on lower-than-anticipated sales of its breast implants, as consumers held out for the silicone gel implants. Profit slipped to $12.1 million, or 25 cents per share, as revenue rose 5 percent to $114.2 million.

Inamed on Tuesday said that third-quarter earnings fell 11 percent as expenses from the Medicis takeover offset rising sales. Inamed earnings slipped to $14.9 million, or 41 cents per share, as revenue grew 17 percent to $105.2 million.

[Investorman]

I guess we will have to wait to see how much it impacts the bottom line.

[DewDiligence]

Belated congrats. The merger will presumably now go through.

#msg-7833463

Dew

[Investorman]

UPDATE 3-Inamed breast implants get conditional FDA OK
Wed Sep 21, 2005 11:51 AM ET
(Adds FDA, analyst comments, byline; updates share prices)
By Susan Heavey

WASHINGTON, Sept 21 (Reuters) - U.S. regulators granted conditional approval to a second maker of silicone gel-filled breast implants on Wednesday, allowing Inamed Corp. (IMDC.O: Quote, Profile, Research) to sell its version if it meets certain requirements.

The move puts Inamed on par with rival Mentor Corp. (MNT.N: Quote, Profile, Research) , which received similar approval in July, and signals the impending return of the controversial implants to the U.S. market after a 13-year restriction.

In 1992, the Food and Drug Administration limited sales to breast cancer survivors and others needing reconstruction or implant replacements amid concerns that leaking implants could cause long-term, disabling diseases such as lupus or rheumatoid arthritis.

Analysts said final FDA approval could come by the end of 2005 or the first quarter of 2006.

Jayson Bedford of Adams Harkness Inc. said final approval would add $70 million next year to the overall breast implant market, which is expected to top $400 million.

Wednesday's news sent Inamed shares up $5.95, or 8.4 percent, to $77.01 in late-morning trade on the Nasdaq stock market.

Shares of Medicis Pharmaceutical Corp. (MRX.N: Quote, Profile, Research) , which is buying Inamed, were up $1.40, or 4.3 percent, at $34.05 on the New York Stock Exchange.

CIBC World Markets analyst John Calcagnini said Inamed's approval would boost its profits, but the pending merger could disrupt sales staff. "Mentor continues to gain market share," he added.

Mentor shares fell $2.33, or 4.4 percent, $50.23 on the New York Stock Exchange.

In April, an FDA advisory panel narrowly voted against recommending the lifting of sales restrictions on Inamed's implants but urged approval for similar implants from Mentor.

"Since then, Inamed has provided FDA with additional information to address the primary safety concerns discussed by the panel. Inamed has also said that it will no longer make available Style 153, which raised particular safety issues for the panel," the FDA said in a statement.

Women's groups and other critics have called for more data on how often silicone implants break or leak.

The FDA said federal law prevented it from disclosing the requirements imposed on Inamed as a condition of approval, but the company said they were in line with its expectations and discussions at FDA advisory panel meetings in 2003 and last April. It said it would work with the FDA to address them.

"We respect the thoroughness of the FDA review process and are pleased with this decision," said a statement by Nick Teti, Inamed chairman, president and chief executive.

[Investorman]

SCOTTSDALE, Ariz. (AP) - Medicis Pharmaceutical Corp., a maker of acne and skin medications, on Thursday reported fiscal fourth-quarter profit rose 3 percent as the cost of planning an acquisition largely offset sales growth.

Net income edged higher to $24.4 million, or 38 cents per share, from $23.7 million, or 34 cents per share, in the year-ago quarter. The latest results are based on 68.9 million shares outstanding versus 74.1 million a year ago.

Related newsDow Closes Down 12 Amid Hurricane Woes Medicis Reports Fourth Quarter and Year-End Fiscal 2005 Financial Results Market Report -- In Play (MRX) Market Report -- In Play (APSG, CAO, ESL, FNSR, HRB, JDSU, KWD, MRX, NWRE, TUTR, SNDS, METH) JoS. A. Bank Clothiers' Second Quarter Earnings Per Share Increase 54%; Company Raises Full Year Earnings Guidance Again
Without a $3.4 million charge related to planning the company's proposed merger with Inamed Corp., Medicis said it earned $27.8 million, or 43 cents per share.

Analysts polled by Thomson Financial expected earnings, excluding one-time charges, of 41 cents per share.

Revenue grew to $100.5 million, up 14 percent from $88 million in the prior-year period, to top the consensus estimate of $99.6 million. Sales of Restylane and Plexion cleansing cloths and the launch of the Vanos psoriasis treatment boosted results, Medicis said.

For the year, net income more than doubled to about $65 million, or $1.01 per share, from $30.8 million, or 52 cents per share.

The results for fiscal 2005 include expenses of $27.8 million associated with research and development collaborations and the $3.4 million merger-planning charge. Excluding those costs, the company earned $96.2 million, or $1.45 per share. Year-ago results included a $37.5 million debt extinguishment charge and $1.6 million in research and development costs.

Full-year revenue expanded 24 percent to $376.9 million from $303.7 million. Analysts predicted income of $1.44 per share on $376 million in sales.

The company said it spent 59 percent more on research and development in 2005 and plans to continue that focus in 2006.

[Investorman]

I hope that doesn't turn out to be the case. Things are looking up for them.

FDA approves Mentor's silicone breast implants
Thu Jul 28, 2005 04:26 PM ET
WASHINGTON, July 28 (Reuters) - U.S. officials gave conditional approval for silicone gel-filled breast implants made by Mentor Corp. (MNT.N: Quote, Profile, Research) , the company said on Thursday.
U.S. Food and Drug Administration said the devicemaker must satisfy a number of conditions before it receives final approval to sell the implants. The conditions were "generally consistent" with recommendations from an expert panel that met earlier this year.

The United States banned silicone breast implants for most women in 1992 amid allegations that leaking silicone caused disabling, long-term illnesses such as rheumatoid arthritis and lupus.

[DewDiligence]

On yesterday’s CC, I sensed some doubt about whether the merger will close.

[Investorman]

implants, obesity treatment
Wed Jul 27, 2005 05:13 PM ET

(Adds detail, stock price)
CHICAGO, July 27 (Reuters) - Inamed Corp. (IMDC.O: Quote, Profile, Research) on Wednesday said its quarterly earnings rose on strong sales of its breast implants and obesity treatments.

Second-quarter net earnings rose to $20.6 million, or 56 cents a share, from $9.8 million, or 27 cents a share, a year ago.

Excluding one-time items related to its pending merger with Medicis Pharmaceutical Corp. (MRX.N: Quote, Profile, Research) , Inamed earned 58 cents a share. Analysts on average had expected the Santa Barbara, California-based company to earn 57 cents a share, according to Reuters Estimates.

Quarterly sales rose 15 percent to $114.6 million over the year-ago period, with sales of breast implants up 13 percent and obesity intervention products up 41 percent over a year ago.

Inamed shares gained 75 cents to close at $71.69, just off its peak at $72.50 set on Feb. 15, 2005, on the Nasdaq.

[Investorman]

Apparently there are a few who agree with you. The share price hasn't exactly been on an upward trend lately.

[DewDiligence]

>>So what is MRX after that they think makes it worth it?<<

I think Shacknai has some megalomaniacal tendencies and is the kind of CEO who, within reason, is inclined to do a deal for the sake of empire building. If IMDC does not succeed at getting silicone implants back on the U.S. market, this deal will almost certainly end up destroying shareholder value. JMHO, FWIW

[Investorman]

So what is MRX after that they think makes it worth it?

[DewDiligence]

I think MRX is overpaying for a mediocre company. JMHO, FWIW

[DewDiligence]

MRX acquires IMDC:

#msg-5796460

[Investorman]

Medicis Reports Second Quarter Fiscal 2005 Financial Results; 31% Increase in Revenues and 50% Increase in Earnings Per Share, Absent Special Charges
January 20, 2005 4:05:00 PM ET


Medicis MRX today announced second quarter fiscal 2005 net revenue growth of approximately 31% to $92.3 million with "if-converted" net income of $25.4 million, or $0.36 per diluted share, absent a $3.5 million tax-effected special charge associated with a research and development collaboration, compared to second quarter fiscal 2004 net revenues of $70.6 million with "if-converted" net income of $16.9 million, or $0.24 per diluted share, absent a $1.6 million tax-effected special charge associated with a research and development collaboration. Including the tax-effected special charge of $3.5 million, the Company reported Generally Accepted Accounting Principles ("GAAP") net income of $20.2 million, or $0.31 per diluted share for the second quarter of fiscal 2005. Including the tax-effected special charge of $1.6 million, the Company reported GAAP net income of $13.6 million, or $0.21 per diluted share for the second quarter of fiscal 2004. Diluted per share amounts are calculated using the "if-converted" method of accounting in accordance with GAAP.

Second quarter fiscal 2005 net revenues increased primarily due to RESTYLANE(R) and PLEXION(R). At the end of the second quarter, the Company's core brands included RESTYLANE(R), DYNACIN(R), LOPROX(R), OMNICEF(R), PLEXION(R) and TRIAZ(R). For the second quarter of fiscal 2005, the Company's core brands represented approximately 78% of total revenue. Additionally, the Company's gross profit margin for second quarter fiscal 2005 increased to approximately 85% from approximately 84% over the prior year.

For the first six months of fiscal 2005, Medicis reported net revenue growth of approximately 35% to $181.2 million with "if-converted" net income of $47.4 million, or $0.66 per diluted share, absent a $19.4 million tax-effected special charge associated with the SubQ(TM) transaction reported in the first quarter of fiscal 2005 and absent a $3.5 million tax-effected special charge associated with a research and development collaboration with Ansata Therapeutics reported in second quarter fiscal 2005. Including the tax-effected special charges of $22.9 million reported in the first half of fiscal 2005, Medicis reported net income of $21.2 million, or $0.34 per diluted share for the first six months of fiscal 2005.

For the first six months of fiscal 2004, Medicis reported net revenues of $133.9 million with "if-converted" net income of $29.0 million, or $0.41 per diluted share, absent a $37.5 million tax-effected loss associated with the early extinguishment of debt reported in the first quarter of fiscal 2004 and absent a $1.6 million tax-effected special charge associated with a research and development collaboration reported in second quarter fiscal 2004. Including the tax-effected special charges of $37.5 million and $1.6 million reported in the first half of fiscal 2004, Medicis reported a net loss of $13.5 million, or $(0.25) per diluted share for the first six months of fiscal 2004.

The 35% increase in net revenues for the first six months of fiscal 2005 was primarily attributable to growth in the RESTYLANE(R), DYNACIN(R) and PLEXION(R) brands. In the first half of fiscal 2005, the Company's core brands represented approximately 77% of total revenue. Additionally, the Company's gross profit margin for the first half of fiscal 2005 increased to approximately 85% from 84% over the prior year.

Selling, general and administrative expenses in second quarter fiscal 2005 were $32.3 million, or approximately 35% of revenues compared to $29.1 million, or approximately 41% of revenues in the second quarter fiscal 2004, a decrease as a percentage of revenues of approximately 6 percentage points. The $3.2 million increase in selling, general and administrative expenses primarily was due to incremental costs associated with RESTYLANE(R). The decrease in percentage of revenues primarily was due to second quarter fiscal 2005 revenues outpacing the increase in selling, general and administrative spending.

Research and development expenses for the second quarter of fiscal 2005 increased approximately 31% to $4.4 million, or approximately 5% of revenues, absent special charges, compared to $3.3 million, or approximately 5% of revenues, in second quarter fiscal 2004.

"We are pleased to announce a solid second quarter," said Jonah Shacknai, Chairman and Chief Executive Officer of Medicis. "Continued growth of RESTYLANE(R), LOPROX(R) Shampoo and DYNACIN(R) Tablets highlighted the quarter, along with the introduction of our innovative PLEXION(R) Cleansing Cloths. We were delighted to enter into a research and development collaboration with Ansata Therapeutics for a unique peptide technology. As we enter the second half of fiscal 2005, we anticipate continuation of our 'emergence' theme with the goal of introducing at least one new product from our vigorous research and development pipeline. Our commitment to shareholder value, physicians and patients remains resolute."

In second quarter fiscal 2005, approximately $84 million of common shares were repurchased under the stock repurchase program approved by the Company's Board of Directors in August 2004 (2,177,286 shares at an average market price of $38.65). As of December 31, 2004, the repurchase authorization amount of up to $150 million in common stock under the new program has been met.

[Investorman]

Medicis Reports First Quarter Fiscal 2005 Financial Results
October 19, 2004 4:05:00 PM ET


Medicis MRX today announced first quarter fiscal 2005 net revenue growth of approximately 40% to $88.8 million with "if-converted" net income of $21.2 million, or $0.32 per diluted share, absent a $19.4 million tax-effected special charge associated with the SubQ(TM) transaction. Including this special charge, the Company reported Generally Accepted Accounting Principles ("GAAP") net income of $1.0 million, or $0.02 per diluted share. In the first quarter of fiscal 2004, Medicis reported net revenues of $63.3 million with net income of $10.3 million, or $0.18 per diluted share, absent a $37.5 million tax-effected loss associated with the early extinguishment of debt. Including the loss on early extinguishment of debt, the Company reported a first quarter fiscal 2004 GAAP net loss of $27.2 million, or $0.50 per diluted share.

"We are pleased to announce a solid first quarter in line with our expectations as we begin our fiscal 2005 year," said Jonah Shacknai, Chairman and Chief Executive Officer of Medicis. "We continue to concentrate on advancing our research and development pipeline illustrated by our investment in SubQ(TM) and the significant increase in research and development as a percentage of revenue. Future commitments will focus on proprietary technologies that we expect will continue to add shareholder value and enhance our mission in helping patients attain a healthy and youthful appearance and self-image."

First quarter fiscal 2005 revenues increased primarily due to sales of RESTYLANE(R) and growth of DYNACIN(R). The Company's core brands include: RESTYLANE(R), DYNACIN(R), LOPROX(R), OMNICEF(R), PLEXION(R) and TRIAZ(R). The Company recorded contract revenue of approximately $16 million for the first quarter fiscal 2005. Contract revenue includes license revenues associated with the outlicensing of the ORAPRED(R) and LUSTRA(R) brands. Core brand revenues for first quarter fiscal 2005 represented approximately 75% of total revenue, or $67.0 million, an increase of approximately 26%, compared to core brand revenues of $53.0 million for first quarter fiscal 2004. The Company's gross profit margins were 84.4%.

Selling, general and administrative expenses for the first quarter of fiscal 2005 decreased as a percentage of revenues approximately 11 percentage points to $32.2 million, or approximately 36% of revenues, from $30.0 million, or approximately 47% of revenues, in first quarter fiscal 2004. The $2.2 million increase in selling, general and administrative expenses primarily was due to incremental expenses associated with the RESTYLANE(R) product. The decrease in percentage of revenues primarily was due to first quarter fiscal 2005 revenues outpacing the increase in selling, general and administrative spending. Research and development expenses for the first quarter of fiscal 2005 increased 63% to $5.8 million, or approximately 6% of revenues, absent special charges, compared to $3.5 million, or approximately 6% of revenues, in first quarter fiscal 2004.

In May 2003, the Company's Board of Directors approved a new stock repurchase program that authorized the repurchase of up to $75 million of our common stock. This program provided for the repurchase of Class A common stock at such time as management determined. As of June 30, 2004, Medicis had not repurchased any shares of our common stock under this program. In August 2004, the Company's Board of Directors approved a new program that replaces the May 2003 program and authorizes the repurchase of up to $150 million of our common stock. As of September 30, 2004, approximately $66 million of common shares have been repurchased under this program (1,743,800 common shares at an average market price of $37.76).

[Investorman]

Medicis Declares Cash Dividend
September 14, 2004 08:01:00 AM ET


Medicis MRX today announced that its Board of Directors declared a quarter-end cash dividend of $0.03 per issued and outstanding share of its Common Stock payable on October 29, 2004, to stockholders of record at the close of business on October 1, 2004. This represents a 20% increase as compared to the Company's previous quarter-end dividend.

[Investorman]

Medicis 4Q Profit Up on Restylane Sales

Tuesday August 24, 6:16 pm ET
Medicis Fourth-Quarter Profit Up on Sales of Contested Wrinkle Treatment Restylane


SCOTTSDALE, Ariz. (AP) -- Medicis Pharmaceutical Corp., a maker of prescription skin treatments, said Tuesday that sales of a wrinkle-smoothing injection boosted its fiscal fourth-quarter profit.
Medicis' net income rose 71 percent to $23.7 million, or 37 cents per share, in the three months ended June 30, from $13.9 million, or 24 cents per share, a year earlier. The fourth-quarter earnings included a $249,000 after-tax loss for the sale of certain product rights and the year-ago quarter included a a $3.3 million after-tax charge for research and development.

Analysts surveyed by Thomson First Call had predicted earnings of 36 cents per share for the latest quarter.

Revenue rose 32 percent to $88 million in the fourth quarter from $66.7 million a year earlier, driven by high sales of Restylane, a dermal filler that is injected into the skin to smooth wrinkles. Rival Inamed Corp. charged Medicis with patent infringement in June over the Restylane treatment.

For the year, Medicis' profit fell to $30.8 million, or 52 cents per share, from $51.3 million, or 91 cents per share, in 2003. Sales rose 23 percent to $303.7 million from $247.5 million.

Excluding charges from the early repayment of debt, Medicis earned $73.2 million, or $1.13 per share in 2004. First Call's analyst poll had predicted slightly lower earnings of $1.12 per share.

The company said it continues to expect fiscal 2005 sales of $365 million and earnings per share of $1.42. First Call's poll has predicted slightly higher earnings of $1.44 per share.

The company has forecast first quarter sales of $85 million and earnings of 29 cents per share. That's just short of analyst estimates of 30 cents per share. Medicis' earnings guidance for ensuing quarters remains at 35 cents per share for the second quarter, 36 cents per share for the third quarter and 42 cents per share in the fourth quarter.

Medicis shares rose 26 cents, or less than a percent, to $36.17 in trading on the New York Stock Exchange. In after-hours trading, shares fell less than a percent recently to $36.09.

[Investorman]

Medicis profit up; 2005 EPS outlook unchanged
August 24, 2004 4:29:00 PM ET



CHICAGO, Aug 24 (Reuters) - Drugmaker Medicis Pharmaceuticals Corp.(MRX) on Tuesday reported higher quarterly net income and provided an earnings per share outlook for full year 2005 that was unchanged from its earlier forecast but slightly behind analyst expectations.

The Scottsdale, Arizona-based maker of a product to smooth wrinkles reported net income of $23.7 million, or 37 cents a share, compared with $13.8 million, or 24 cents in the quarter a year ago.

For 2005, the company said it expects earnings per share of $1.42 compared with analyst expectations of $1.44 a share, according to Reuters Estimates. REUTERS

[Investorman]

Medicis Declares Cash Dividend
June 10, 2004 08:00:00 AM ET


Medicis MRX today announced that its Board of Directors declared a quarter-end cash dividend of $0.025 per issued and outstanding share of its Common Stock payable on July 30, 2004, to stockholders of record at the close of business on July 1, 2004. The amount of the dividend is consistent with prior quarters as adjusted for the 2 for 1 stock split paid by Medicis on January 23, 2004.

Medicis is the leading independent specialty pharmaceutical company in the United States focusing primarily on the treatment of dermatological and podiatric conditions and aesthetics medicine. Medicis has leading branded prescription products in a number of therapeutic categories, including acne, eczema, fungal infections, hyperpigmentation, photoaging, psoriasis, rosacea, seborrheic dermatitis and skin and skin-structure infections. The Company's products have earned wide acceptance by both physicians and patients due to their clinical effectiveness, high quality and cosmetic elegance.

The Company's products include the prescription brands RESTYLANE(R), DYNACIN(R) (minocycline HCl), LOPROX(R) (ciclopirox), LUSTRA(R) (hydroquinone), LUSTRA-AF(R) (hydroquinone) with sunscreen, ALUSTRA(R) (hydroquinone) with retinol, OMNICEF(R) (cefdinir), PLEXION(R) Cleanser (sodium sulfacetamide/sulfur), PLEXION TS(R) (sodium sulfacetamide/sulfur), PLEXION SCT(R) (sodium sulfacetamide/sulfur), TRIAZ(R) (benzoyl peroxide), LIDEX(R) (fluocinonide), and SYNALAR(R) (fluocinolone acetonide), the over-the-counter brand ESOTERICA(R), and BUPHENYL(R) (sodium phenylbutyrate), a prescription product indicated in the treatment of Urea Cycle Disorder. For more information about Medicis, please visit the Company's website at www.medicis.com.

[brainlessone]

if my charts are tight anikwill go to 14.68 to 14.92 without news

[Investorman]

Thanks for the clarification.

I have no information on the pros and cons of each product either.

Maybe the summer doldrums will provide a better buying opportunity in a couple of months.

[brainlessone]

i understand , i think. restylan may be better than aniks material i didnt know cost and performance of either.

but I meant to say that the stock price does not include orthovisc sales at all. so just orthovisc sales would justify a much higher price.

i would wait for some kind of low before reentering,of course with big spikers, it may never happen