Question-and-Answer Session
Operator
Thank you, sir. (Operator instructions) Let's begin with James Kelly with Goldman Sachs. Sir, you may proceed.
James Kelly – Goldman Sachs
Great. Thank you very much. I will start with, you did mention on SOLODYN or you did mention in general that we didn't see any stocking; but I was just wondering if there was any important pre-buying ahead of the price increase inside the second quarter for SOLODYN. And also if you would comment on the fact that the tax rate I think came in lower than where the guidance looking for the year. So, any update there or it's a reason why it will trend back up towards the end of the forecast period for the year?
Jonah Shacknai
I am joined by Mark Prygocki, our Chief Operating Officer, Rick Pederson, our Chief Financial Officer, Joe Cooper, our Executive Vice President for Corporate and Research and Development. We actually account for revenue by booking prescriptions, so Mark, perhaps can comment on any buying that may have occurred at the trade level, but that's relatively irrelevant to our revenue calculations.
Mark Prygocki
Jim, this is Mark. We did not experience any purchasing ahead of the price increases. The price increases are unannounced. In fact, the latest one was on April 18 in which we don't announce it to the trade. So, there really isn't pre-buying ahead of those purchases. I'll turn it over to Rick as far as the question regarding the tax rate for the quarter.
Ric Peterson
The tax rate for the quarter is actually 39% actual. If you take out the adjustment that we had for Revance, it actually is 36%. So, slightly lower than we had guided due to a couple of discrete items that happened during the quarter, but we would expect the rest of the year to come back into the normal range that we guided at in that 38% range.
James Kelly – Goldman Sachs
Great. And if I could just have one quick follow up, would you talk a bit to the ZIANA trend, just taking a look at the prescriptions that we saw the product trending down, let's say in the high single digits in the first quarter sequentially? And also there is a continuation of that in the second quarter. What are some of the plans for addressing that and turning that around? Thank you.
Mark Prygocki
- To read the full transcript on Seeking Alpha, click here »



