SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) December 14, 2004
ENZON PHARMACEUTICALS, INC.
(Exact name of registrant as specified in its charter)
Delaware 0-12957 22-2372868
(State or other jurisdiction (Commission file Number) (IRS Identification No.)
of incorporation)
685 Route 202/206, Bridgewater, New Jersey 08807
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (908) 541-8600
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(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
|_| Written communication pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|_| Pre-commencement communication pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b)
|_| Pre-commencement communication pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 8.01 Other Events
Enzon Pharmaceuticals, Inc. (Nasdaq: ENZN) announced today that it has revised
its revenue guidance for the fiscal year (FY) ending June 30, 2005 based on
reduced expectations for North American sales of ABELCET(R) (amphotericin B
lipid complex injection), the Company's antifungal product. The revised
expectations reflect weaker-than-anticipated demand for ABELCET and increasingly
competitive market conditions.
Enzon currently expects North American sales of ABELCET of $55 million to $60
million for the FY ending June 30, 2005, as compared to the Company's prior
guidance of $69 million to $73 million. As a result of the revised ABELCET
guidance, the Company now expects combined product sales for its four internally
marketed products of $100 million to $115 million for the FY ending June 30,
2005, as compared to Enzon's prior guidance of $110 to $125 million.
The statements above regarding the Company's expectations for product sales for
the fiscal year ending June 30, 2005 are forward-looking statements that are not
based on historical fact, Such forward-looking statements are subject to known
and unknown risks, uncertainties and other factors that may cause actual
results, events or developments to be materially different from the future
results, events or developments discussed above. Such factors include Enzon's
ability to compete effectively in an increasingly competitive market, the
existence of continued demand for Enzon's products, as well those factors
described in Enzon's Form 10-K/A and Forms 10-Q on file with the SEC. These
factors should be considered carefully and readers are cautioned not to place
undue reliance on such forward-looking statements. All information in this press
release is as of December 14, 2004 and the Company undertakes no duty to update
this information.
Item 9.01 Exhibits
Exhibit 99.1 Press Release dated December 14, 2004
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: December 15, 2004
By: /s/ Kenneth J. Zuerblis
-------------------------------
Kenneth J. Zuerblis
Vice President, Finance and
Chief Financial Officer
Exhibit 99.1
[LOGO] For Immediate Release
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PRESS RELEASE
Contacts: Investors
Susan Mesco
Director, Investor Relations
908-541-8678
Media
Euro RSCG Life NRP
Mark R. Vincent, Media Relations
212-845-4239
ENZON ISSUES REVISED REVENUE GUIDANCE FOR FISCAL 2005
Bridgewater, New Jersey, December 14, 2004 - Enzon Pharmaceuticals, Inc.
(Nasdaq: ENZN) announced today that it has revised its revenue guidance for the
fiscal year (FY) ending June 30, 2005 based on reduced expectations for North
American sales of ABELCET(R) (amphotericin B lipid complex injection), the
Company's antifungal product. The revised expectations reflect
weaker-than-anticipated demand for ABELCET and increasingly competitive market
conditions.
"ABELCET has been a long-standing leader in the lipid-based amphotericin B
market and we are committed to maintaining that leadership position," said
Kenneth J. Zuerblis, Enzon's executive vice president finance and chief
financial officer. "We are currently identifying new ways to reinforce ABELCET's
key product attributes, such as its broad therapeutic spectrum, rapid fungicidal
activity, and proven efficacy. Additionally, we remain focused on leveraging our
commercial infrastructure to identify new product opportunities to expand our
revenue base."
Enzon currently expects North American sales of ABELCET of $55 million to $60
million for the FY ending June 30, 2005, as compared to the Company's prior
guidance of $69 million to $73 million. As a result of the revised ABELCET
guidance, the Company now expects combined product sales for its four internally
marketed products of $100 million to $115 million for the FY ending June 30,
2005, as compared to Enzon's prior guidance of $110 to $125 million.
About Enzon
Enzon Pharmaceuticals is a biopharmaceutical company dedicated to the discovery,
development and commercialization of therapeutics to treat life-threatening
diseases. The Company has developed or acquired a number of marketed products,
including PEG-INTRON(R), marketed by Schering-Plough, and ABELCET(R),
ONCASPAR(R), ADAGEN(R), and DEPOCYT(R), marketed in North America by Enzon's
specialized sales force. Enzon's science-driven strategy includes an extensive
drug development program that leverages the Company's macromolecular engineering
technology platforms, including PEG modification and single-chain antibody
(SCA(R))
-more-
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685 Route 202/206
Phone: (908) 541-8600 Fax: (908) 575-9457
http://www.enzon.com
FY 2005 Revenue Guidance/Page 2
technologies. Internal research and development efforts are complemented by
strategic transactions that provide access to additional marketed products and
promising clinical compounds. Enzon has several drug candidates in various
stages of development, independently and with partners. Further information
about Enzon can be found on the Company's web site at www.enzon.com.
The statements above regarding the Company's expectations for product sales for
the fiscal year ending June 30, 2005 are forward-looking statements that are not
based on historical fact, Such forward-looking statements are subject to known
and unknown risks, uncertainties and other factors that may cause actual
results, events or developments to be materially different from the future
results, events or developments discussed above. Such factors include Enzon's
ability to compete effectively in an increasingly competitive market, the
existence of continued demand for Enzon's products, as well those factors
described in Enzon's Form 10-K/A and Forms 10-Q on file with the SEC. These
factors should be considered carefully and readers are cautioned not to place
undue reliance on such forward-looking statements. All information in this press
release is as of December 14, 2004 and the Company undertakes no duty to update
this information.
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685 Route 202/206
Phone: (908) 541-8600 Fax: (908) 575-9457
http://www.enzon.com