Log in
Login
Password
Remember
Lost password
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

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

SummaryQuotesChartsNewsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

SciClone to Restate Results for Certain Periods on China Accounting Errors

02/22/2013 | 05:05pm US/Eastern
   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.
React to this article
Latest news on SCICLONE PHARMACEUTICALS,
08/27 SCICLONE PHARMACEUTICALS : To Present At Two Investor Conferences On September 1..
08/13 SCICLONE PHARMACEUTICALS : Posts 2nd Quarter 2015 Financial Results
08/10 SCICLONE PHARMACEUTICALS : Management's Discussion and Analysis of Financial Con..
08/10 SCICLONE PHARMACEUTICALS : reports 2Q loss
08/10 SCICLONE PHARMACEUTICALS : Results of Operations and Financial Condition, Financ..
08/10 SCICLONE PHARMACEUTICALS : Reports Second Quarter 2015 Financial Results
08/10 SCICLONE PHARMACEUTICALS : Theravance Biopharma Reports Second Quarter 2015 Fina..
07/29 SCICLONE PHARMACEUTICALS : To Report Financial Results For The Second Quarter 20..
07/29 SCICLONE PHARMACEUTICALS : SEC Receives Insider Trading Form Involving Sciclone ..
07/23 SCICLONE PHARMACEUTICALS : Cancer Prevention Pharmaceuticals, Inc. : Announces A..
Advertisement
Chart
Duration : Period :
SciClone Pharmaceuticals,  Technical Analysis Chart | SCLN | US80862K1043 | 4-Traders
Income Statement Evolution
More Financials