Non-generally accepted accounting principles (non-GAAP) net income for the three months ended March 31, 2009, was approximately $5.0 million, compared to non-GAAP net income of approximately $23.4 million for the three months ended March 31, 2008. Non-GAAP net income for the three months ended March 31, 2009, excludes charges totaling approximately $7.9 million pre-tax (or $4.7 million net of the related $3.2 million in income tax charges), consisting of a $5.0 million (pre-tax) research and development (R&D) regulatory milestone payment to a Medicis partner, and a $2.9 million (non-deductible) charge relating to our investment in Revance. Non-GAAP net income for the three months ended March 31, 2008, excluded a $2.9 million (non-deductible) charge relating to our investment in Revance.
Non-GAAP earnings per diluted share for the three months ended March 31, 2009, was $0.09, compared to non-GAAP earnings per diluted share of $0.35 for the three months ended March 31, 2008.
GAAP net income for the three months ended March 31, 2009, was approximately $0.3 million, compared to GAAP net income of approximately $20.5 million for the three months ended March 31, 2008. GAAP earnings per diluted share for the three months ended March 31, 2009, was $0.01, compared to GAAP earnings per diluted share of $0.31 for the three months ended March 31, 2008.
“We are pleased to announce an active first quarter,” said Jonah Shacknai, Chairman and Chief Executive Officer of Medicis. “We were able to work successfully with Ipsen and the U.S. Food and Drug Administration (FDA) and gain approval of DYSPORT(TM). We saw progress in our efforts to strengthen the intellectual property surrounding SOLODYN(R) with two Notices of Allowance from the U.S. Patent and Trademark Office. While generic threats and economic pressures continue, we are grateful to be in a manageable position, and thank our physicians and shareholders for their ongoing support as more and more of our long-term strategic initiatives are actualized.”
Selling, general and administrative (SG&A) expense for the three months ended March 31, 2009, was approximately $70.4 million, or approximately 70.6% of net revenues, compared to approximately $72.1 million, or approximately 55.9% of net revenues, for the three months ended March 31, 2008. This increase in SG&A expense as a percentage of net revenues is due primarily to the decrease in net revenues for the three months ended March 31, 2009.
R&D expense for the three months ended March 31, 2009, was $13.3 million, compared to approximately $9.2 million for the three months ended March 31, 2008. This includes a $5.0 million purchased R&D charge associated with the successful completion of a regulatory milestone by a Medicis partner.
