Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  Equities  >  Nasdaq  >  SciClone Pharmaceuticals, Inc.    SCLN

Delayed Quote. Delayed  - 09/27 09:59:59 pm
10.31 USD   -1.43%
09/27 SCICLONE PHARMA : Announces Progress In Advancing Clinical Pipeline ..
09/26 SCICLONE PHARMA : Announces Progress In Advancing Clinical Pipeline ..
09/12 SCICLONE PHARMA : Soligenix and SciClone Establish Regional Licensin..
SummaryQuotesChartsNewsCalendarCompanyFinancials 
News SummaryMost relevantAll newsSector news 

SciClone to Restate Results for Certain Periods on China Accounting Errors

share with twitter share with LinkedIn share with facebook
share via e-mail
0
02/22/2013 | 11:05pm CEST
   By Debbie Cai 
 

SciClone Pharmaceuticals Inc. (>> SciClone Pharmaceuticals, Inc.) said it will restate its financial statements for certain periods in 2012 and 2011 due mainly to accounting errors at a Chinese subsidiary.

Shares slid 6.2% to $4.52 after hours Friday. The stock is up 12% so far this year.

Chinese drugmaker NovaMed Pharmaceuticals Inc., which SciClone acquired in April 2011, made accounting errors pertaining to the timing of Pfizer Inc. (>> Pfizer Inc.) product-revenue recognition and the recognition of product-return reserves as to antiplatelet drug Aggrastat.

The company will restate financial statements for the first, second and third quarters of last year, the second and third quarters of 2011, and for the full 2011.

SciClone Chief Executive Friedhelm Blobel said the decision to restate financials, which is expected to increase the company's 2012 revenue and earnings and decrease that of 2011, was made after careful review of available facts.

The company believes the changes will raise its revenue for the first nine months of last year by about $3 million, and increase its profit before income taxes by about $2 million. The changes for the full 2011 will lower revenue by about $1 million and decrease income by less than $1 million.

SciClone also said the goodwill related to the acquisition of NovaMed will be increased by approximately $2 million. The restatements wouldn't impact previously reported cash or cash equivalents balances, the company said.

The company said it plans to amend its 2011 10-K form and other relevant filings as soon as reasonably practicable.

Last November, SciClone said it swung to a third-quarter loss as the company works to address issues across its China organization, some of which might have affected sales of its lead drug Zadaxin.

Write to Debbie Cai at debbie.cai@dowjones.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stocks mentioned in the article : SciClone Pharmaceuticals, Inc., Pfizer Inc.
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on SCICLONE PHARMACEUTICALS,
09/27 SCICLONE PHARMACEUTICALS : Announces Progress In Advancing Clinical Pipeline For..
09/26 SCICLONE PHARMACEUTICALS : Announces Progress In Advancing Clinical Pipeline For..
09/12 SCICLONE PHARMACEUTICALS : Soligenix and SciClone Establish Regional Licensing A..
09/01 SCICLONE PHARMACEUTICALS : To Present At Two Investor Conferences In September 2..
08/18 SCICLONE PHARMACEUTICALS : Reports Second Quarter 2016 Financial Results
08/09 SCICLONE PHARMACEUTICALS : posts 2Q profit
08/09 SCICLONE PHARMACEUTICALS : Management's Discussion and Analysis of Financial Con..
08/09 SCICLONE PHARMACEUTICALS : To Report Second Quarter 2016 Financial Results On Au..
08/09 SCICLONE PHARMACEUTICALS INC : Results of Operations and Financial Condition, Fi..
08/09 SCICLONE PHARMACEUTICALS : Reports Second Quarter 2016 Financial Results
More news
Sector news : Pharmaceuticals - NEC
09/27DJPFIZER : Scraps Plan to Break Up Company -- WSJ
09/26DJMYLAN : EpiPen Pretax Profits 60% Higher Than Number Told to Congress -- 3rd Upd..
09/26 MYLAN : faces scrutiny over EpiPen profit data shown to Congress
09/26DJPFIZER : Throws Out Plan to Split Into Two Companies -- 2nd Update
09/26DJPfizer Throws Out Plan to Split Into Two Companies
More sector news : Pharmaceuticals - NEC
News from SeekingAlpha
09/26 SciClone advances clinical pipeline for China Pharma market
09/18 WEEK IN REVIEW : China's Luxin Invests In $215 Million Funding For Intarcia's Lo..
09/12 Soligenix and SciClone ink dusquetide development deal in Asia
09/08 VALUATION DASHBOARD : Healthcare - Update
08/09 SciClone Pharmaceuticals' (SCLN) CEO Friedhelm Blobel on Q2 2016 Results - Ea..
Advertisement
Chart SCICLONE PHARMACEUTICALS,
Duration : Period :
SciClone Pharmaceuticals,  Technical Analysis Chart | SCLN | US80862K1043 | 4-Traders
Full-screen chart
Technical analysis trends SCICLONE PHARMACE...
Short TermMid-TermLong Term
TrendsNeutralBearishNeutral
Technical analysis
Income Statement Evolution
More Financials
Managers
NameTitle
Friedhelm Blobel President, Chief Executive Officer & Director
Jon Sheldon Saxe Chairman
Wai-Shun Wilson Cheung Chief Financial Officer, Secretary & SVP-Finance
Rick J. Hawkins Independent Director
Gregg Anthony Lapointe Independent Director
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
SCICLONE PHARMACEUTICA..13.70%522
JOHNSON & JOHNSON14.66%322 232
ROCHE HOLDING LTD.-11.18%215 081
NOVARTIS AG-8.70%211 231
PFIZER INC.4.21%204 049
MERCK & CO., INC.17.66%171 858
More Results