EXTON, Pa., Oct. 31, 2013 /PRNewswire/ -- ViroPharma Incorporated (VPHM) reported today its financial results for the third quarter ended September 30, 2013. Net sales were $113 million for the third quarter ended September 30, 2013, as compared to $91 million in the same three months of 2012. The increase was primarily driven by growth in U.S. Cinryze sales. Cinryze U.S. sales of $102 million during the quarter reflect true patient demand as channel inventory levels remain unchanged from the prior quarter.
"The third quarter of 2013 represented another extremely strong period of growth and positive momentum across our entire organization," stated Vincent Milano, ViroPharma's chief executive officer. "We continue to generate strong growth in our commercial business, notably led by the acceleration of Cinryze demand here in the United States. Our pipeline also continues to advance, establishing a number of important data points over the next several months."
Our GAAP net income was $4 million in the third quarter of 2013 compared to GAAP net loss of $5 million in the third quarter of 2012. For the nine months ended September 30, 2013, GAAP net loss was $59 million compared to $10 million of GAAP net income during the first nine months in 2012. As a reminder, the GAAP net loss for the nine month period of 2013 was primarily driven by the $104 million impairment charge related to the Vancocin intangible asset.
Non-GAAP adjusted net income for the three and nine months ended September 30, 2013 was $16 million and $38 million, respectively, compared to $7 million and $44 million for the same periods in 2012. A reconciliation between GAAP and non-GAAP adjusted measures is provided in the Selected Financial Information Non-GAAP Financial Measures Reconciliation table included with this release.
Operating Highlights
Our U.S. net sales of Cinryze during the three and nine months ended September 30, 2013 increased to $102 million and $290 million, from sales of $84 million and $226 million, respectively, during the same periods in the prior year due to demand growth.
Cost of sales increased for the three and nine months ended September 30, 2013 primarily due to the effect of continuing growth of Cinryze.
Research and development costs increased in the third quarter of 2013 compared to the same period in 2012 due to advancement of our numerous pipeline development programs. Selling, general and administrative expenses in the three and nine months ended September 30, 2013 were relatively flat compared to the same periods of 2012.
For the nine months ended September 30, 2013, we recorded a $36 million tax benefit, compared to an $11 million tax expense in the prior year's period.
Working Capital Highlights
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ViroPharma Incorporated Reports Third Quarter 2013 Financial Results