Salix Pharmaceuticals Ltd. announced unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported net product revenues of $202.6 million against $171.1 million a year ago. Income from operations was $49.3 million against $38.5 million a year ago. Income before income tax was $33.9 million against $19.2 million a year ago. Net income was $22.4 million or $0.35 per diluted share against $9.9 million or $0.15 per diluted share a year ago. EBITDA was $69.7 million against $55.5 million a year ago. Adjusted non-GAAP net income was $40.1 million or $0.63 per diluted share against $30.7 million or $0.46 per diluted share a year ago. The company provided earnings guidance for the second quarter ending June 30, 2013 and fiscal year ending December 31, 2013. For the second quarter, the company expects GAAP net income of $31.5 million, interest expense of $15.5 million, income tax expense is $20.0 million, EBITDA is $84.5 million, adjusted income tax expense is $30.0 million and adjusted non-GAAP net income $50.0 million or $0.78 per diluted share. For the year, the company expects product revenue will be approximately $920 million, representing 25% growth over 2012 revenue. GAAP net income is $144.0 million, interest expense of $62.0 million, income tax expense is $87.5 million, EBITDA is $368.0 million, adjusted income tax expense is $135.0 million and adjusted non-GAAP net income $215.0 million or $3.37 per diluted share.

Salix Pharmaceuticals Ltd. (NasdaqGS:SLXP) is seeking acquisition opportunities. Carolyn Logan, President and Chief Executive Officer of Salix stated, "Salix is built on a tremendous history of success including the approval of nine new drug applications, the acquisition/licensing of 16 products and the establishment of a top-ranked specialty sales force since 2000. We are pleased to announce that in an independent study conducted by IMS, for 2012 gastroenterologists rated the Salix sales force number one with respect to impact, quality and familiarity. Our core business remains strong and continues to grow. Our portfolio of marketed products is complemented by our impressive pipeline of product candidates in development that should drive additional revenue growth over the long term as they are commercialized. Additionally, the Company continues to actively pursue additional product and acquisition opportunities to expand and broaden our product portfolio.”

Salix Pharmaceuticals Ltd., Q1 2013 Earnings Call, May 09, 2013