Ad Header

PharmaLive

Slogan

The Pulse of the Pharmaceutical Industry

Horizon Pharma plc Announces First Quarter 2015 Financial Results and Increases 2015 Guidance

Written by: | no-reply@marketwire.com | Dated: Friday, May 8th, 2015

Reports First Quarter Net Sales of $113.1 Million, Up 118 Percent; Increases Guidance for 2015 Net Sales and Adjusted EBITDA to $590 to $610 Million and $235 to $250 Million, Respectively; Conference Call and Webcast at 8:00 a.m. ET, May 8th

DUBLIN, IRELAND–(Marketwired – May 8, 2015) – Horizon Pharma plc (NASDAQ: HZNP), a specialty biopharmaceutical company focused on improving patients’ lives by identifying, developing, acquiring and commercializing differentiated and accessible medicines that address unmet medical needs, announced its first quarter 2015 financial results today.

Quarterly Financial Highlights

                   
                   
(in millions except for per share amounts and percentage change)   Q1 2015     Q1 2014     Change  
                       
Total net sales   $ 113.1     $ 51.9     118 %
Adjusted EBITDA     37.7       12.1     212 %
Net loss     (19.6 )     (206.3 )   NM  
Adjusted non-GAAP net income     27.9       11.0     154 %
                       
Net loss per share – basic   $ (0.16 )   $ (3.07 )   NM  
Adjusted non-GAAP net income per share – basic     0.22       0.16     38 %
Net loss per share – diluted     (0.16 )     (3.07 )   NM  
Adjusted non-GAAP net income per share – diluted     0.21       0.13     62 %
                       

Strong Growth Continues in Early 2015

“Horizon’s strong first-quarter 2015 performance reflects the outstanding work of our commercial team as we continue to execute our strategy of accelerating growth through strong commercial performance and expanded access for patients and targeted acquisitions,” said Timothy P. Walbert, chairman, president and chief executive officer, Horizon Pharma plc. “In particular, we’re extremely pleased with the first-quarter results of our primary care business unit, where we saw significant outperformance with our launch of PENNSAID 2% as well as strong performance of DUEXIS and VIMOVO. We expect the acquisition of Hyperion, which closed yesterday, to further diversify our product portfolio and enhance our business performance. To that end, today we’re raising our full-year 2015 guidance. We now forecast net sales of $590 to $610 million and adjusted EBITDA of $235 to $250 million.”

2015 Updated Guidance

The Company today announced it is raising 2015 full-year guidance as follows to reflect strong early performance in 2015 on its base business as well as the addition of the Hyperion acquisition:

         
    Prior Guidance   New Guidance
Net sales   $450 to $475 million   $590 to $610 million
Adjusted EBITDA   $170 to $190 million   $257 to $272 million
Adjusted EBITDA net of royalties   NA   $235 to $250 million
         

For VIMOVO® and ACTIMMUNE®, estimated royalties payable over the life of the product were established as a liability as of the acquisition date. As a result, the Company’s operating results include accretion expense related to the royalty liability, but not the actual royalties incurred based on the products’ nets sales during the period. Going forward, Horizon’s adjusted EBITDA will exclude the royalty accretion and include royalties incurred during the quarter based on that period’s net sales for VIMOVO and ACTIMMUNE as well as for RAVICTI® and BUPHENYL®, both obtained in the Hyperion acquisition.

First Quarter 2015 Financial Results

  • Total net sales in the first quarter of 2015 were $113.1 million, compared with $51.9 million in the first quarter of 2014, representing 118 percent growth.

Net Sales

               
(in millions)   Q1 2015   Q1 2014   Change  
ACTIMMUNE®(1)   $ 24.8   $   NM  
DUEXIS®     28.9     13.9   108 %
LODOTRA®     1.0     0.7   51 %
PENNSAID® 2% (2)     18.2       NM  
RAYOS®     7.2     3.3   118 %
VIMOVO®     33.0     34.0   -3 %
Total net sales   $ 113.1   $ 51.9   118 %
                   
(1) ACTIMMUNE was acquired September 19, 2014. 
(2) PENNSAID 2% was acquired on October 17, 2014
 
  • Gross margins were 74 percent in the first quarter of 2015 compared with 85 percent in the first quarter of 2014. On an Adjusted non-GAAP basis, gross margins were 91 percent in the first quarter of 2015 and 89 percent in the first quarter of 2014, excluding depreciation, intangible amortization, amortization of inventory step-up and royalty accretion, but including royalties incurred during the quarter based on that period’s net sales for VIMOVO and ACTIMMUNE.
  • Total operating expenses were $79.5 million in the first quarter of 2015, compared to $42.7 million in the first quarter of 2014. The increase in operating expenses reflects the increases in research and development expenses, principally related to ACTIMMUNE, sales and marketing expenses primarily due to the expansion of our sales force for PENNSAID 2% along with other costs related to ACTIMMUNE and PENNSAID 2% and general and administrative expenses, principally due to the build out of infrastructure to support the Company’s growth. First quarter 2015 operating expenses included $3.7 million of transaction-related expenses associated with the acquisitions of Vidara Therapeutics International plc, or Vidara, and Hyperion Therapeutics, Inc., or Hyperion.
  • Adjusted EBITDA was $37.7 million in the first quarter of 2015 after excluding the impact of $10.5 million in expenses associated with debt extinguishment and induced conversions of a portion of the 5.00% Convertible Senior Notes due 2018, or Convertible Senior Notes, $6.7 million in share-based compensation and $3.7 million of transaction expenses related to Vidara and Hyperion, compared with adjusted EBITDA of $12.1 million in the first quarter of 2014.
  • On a GAAP basis, net loss in the first quarter of 2015 was $19.6 million, or $0.16 net loss on a basic and diluted per share basis, compared to a net loss of $206.3 million in the first quarter of 2014, or $3.07 net loss on a basic and diluted per share basis.
  • Adjusted non-GAAP net income for the first quarter of 2015 was $27.9 million, or $0.22 basic earnings per share and $0.21 diluted earnings per share, compared to adjusted non-GAAP net income of $11.0 million, or $0.16 basic earnings per share and $0.13 diluted earnings per share in the first quarter of 2014. Weighted average shares used for calculating earnings per share in the first quarter of 2015 were 125.7 million and 138.2 million for basic and diluted earnings per share, respectively, compared to 67.1 million and 83.1 million for basic and diluted earnings per share, respectively, in the first quarter of 2014.
  • The number of ACTIMMUNE patients with chronic granulomatous disease, or CGD, and severe malignant osteopetrosis, or SMO, increased from 243 in the first quarter of 2014 to 280 in the first quarter of 2015, an increase of more than 15%.
  • DUEXIS total prescriptions were 77.3 thousand in the first quarter of 2015 compared to 53.3 thousand in the first quarter of 2014, a 45.1% increase. We continue to see growth in total prescriptions driven by the acceleration of our Prescriptions-Made-Easy program, or PME, with weekly total prescriptions for the month of April rising to levels that currently exceed those from the fourth quarter of 2014.
  • PENNSAID 2% total prescriptions have increased significantly since the Horizon relaunch in January and totaled 32.3 thousand in the first quarter of 2015. PENNSAID 2% was originally launched in the U.S. in April 2014.
  • VIMOVO total prescriptions were 68.0 thousand in the first quarter of 2015 compared to 69.4 thousand in the first quarter of 2014. We expect to see growth in total prescriptions in 2015 driven by the acceleration of our PME program, with weekly total prescriptions for the month of April rising to levels that currently exceed those in the fourth quarter of 2014.

Summary of Non-GAAP Adjustments

                             
                             
    Q1 2015   Q1 2014
(in millions, except per share amounts)   U.S. GAAP     Adjustments   Non-GAAP   U.S. GAAP     Adjustments   Non-GAAP
                                         
Net sales   $ 113.1     $   $ 113.1   $ 51.9     $   $ 51.9
EBITDA (1)     16.8       20.9     37.7     (197.9 )     210.0     12.1
Net income (loss)     (19.6 )     47.5     27.9     (206.3 )     217.3     11.0
                                         
Net income (loss) per share – basic   $ (0.16 )   $ 0.38   $ 0.22   $ (3.07 )   $ 3.23   $ 0.16
Net income (loss) per share – diluted   $ (0.16 )   $ 0.37   $ 0.21   $ (3.07 )   $ 3.20   $ 0.13
                                         
(1) EBITDA is a non-GAAP measure.
 
 

Balance Sheet

  • The Company had cash and cash equivalents of $544.2 million as of March 31, 2015, an increase of $325.4 million from December 31, 2014, which includes the net proceeds of approximately $387.3 million from the offering of 2.50% Exchangeable Senior Notes completed in March 2015.
  • Total principal amount of outstanding debt was $728 million at March 31, 2015, compared to total principal amount of outstanding debt of $361 million at December 31, 2014.

Recent Major Events

  • Completed acquisition of Hyperion for $1.1 billion in cash and an enterprise value of $944 million in May.
  • Completed offering of $475 million aggregate principal amount of 6.625% Senior Notes due 2023 in April.
  • Completed $400 million Senior Secured Term Loan due 2022 at an initial interest rate of 4.5% in May.
  • Completed offering of $400 million aggregate principal amount of 2.50% Exchangeable Senior Notes in March.
  • Completed public offering of 17,652,500 ordinary shares priced at $28.25 raising net proceeds of approximately $475.2 million in April.
  • Submitted the IND for a Phase 3 study for ACTIMMUNE (interferon gamma-1b) in children with Friedreich’s ataxia in the first quarter of 2015 and received FDA Fast Track Designation.
  • Received two notices of allowances from the U.S. Patent and Trademark Office with claims covering PENNSAID 2% and one additional patent for each of RAYOS and VIMOVO.
  • Induced conversion of $32.5 million during the first quarter of 2015 and an additional $14.9 million in April 2015 of principal amounts of the Convertible Senior Notes, following which $13.6 million of principal amount of Convertible Senior Notes remain outstanding.
  • Opened new corporate headquarters in Dublin, Ireland.

Note Regarding Use of Non-GAAP Financial Measures

Horizon provides certain financial measures such as adjusted non-GAAP net income, adjusted non-GAAP net income per share, non-GAAP gross profit margins and non-GAAP cash from operations that include adjustments to GAAP figures. These adjustments to GAAP exclude acquisition transaction related expenses, loss on induced debt conversions and debt extinguishment as well as non-cash items such as share-based compensation, depreciation and amortization, royalty accretion, non-cash interest expense and VIMOVO and ACTIMUNNE royalties during the period. Certain other special items or substantive events may also be included in the non-GAAP adjustments periodically when their magnitude is significant within the periods incurred. EBITDA, or earnings before interest, taxes, depreciation and amortization, adjusted EBITDA and adjusted EBITDA net of royalties are also used and provided by Horizon as non-GAAP financial measures. Horizon believes that these non-GAAP financial measures, when considered together with the GAAP figures, can enhance an overall understanding of Horizon’s financial performance. The non-GAAP financial measures are included with the intent of providing investors with a more complete understanding of the Company’s operational results and trends. In addition, these non-GAAP financial measures are among the indicators Horizon’s management uses for planning and forecasting purposes and measuring the Company’s performance. These non-GAAP financial measures should be considered in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. The non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, non-GAAP financial measures used by other companies. Please refer to the financial statements portion of this press release where the Company has provided a reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures. However, the Company has not provided a reconciliation of 2015 adjusted EBITDA and adjusted EBITDA net of royalties outlook to a net loss outlook because certain items that are a component of net loss but not part of adjusted EBITDA, such as share-based compensation and acquisition-related expenses, cannot be reasonably projected, either due to the significant impact of changes in Horizon’s share price on share-based compensation, or the variability associated with acquisition-related expenses due to timing and other factors.

Conference Call

At 8:00 a.m. EST / 1 p.m. IST today, the Company will host a live conference call and webcast to review its financial and operating results and provide a general business update.

U.S. Dial-In Number: +1 888.338.8373
International Dial-In Number: +1 973.872.3000
Passcode: 29511858

The live webcast and a replay may be accessed by visiting Horizon’s website at http://ir.horizon-pharma.com. Please connect to the Company’s website at least 15 minutes prior to the live webcast to ensure adequate time for any software download that may be needed to access the webcast.

A replay of the conference call will be available approximately two hours after the call and accessible through one of the following telephone numbers, using the passcode below:

Replay U.S. Dial-In Number: +1 855.859.2056
Replay International Dial-In Number: +1 404.537.3406
Passcode: 29511858

About Horizon Pharma plc
Horizon Pharma plc is a specialty biopharmaceutical company focused on improving patients’ lives by identifying, developing, acquiring and commercializing differentiated and accessible medicines that address unmet medical needs. The Company markets seven medicines through its orphan, primary care and specialty business units. Horizon’s global headquarters are in Dublin, Ireland. For more information, please visit www.horizonpharma.com.

Forward-Looking Statements

This press release contains forward-looking statements, including statements regarding expected 2015 net revenue and adjusted EBITDA, Horizon’s growth strategy, the on-going commercialization of ACTIMMUNE, BUPHENYL, DUEXIS, PENNSAID 2%, RAVICTI, RAYOS and VIMOVO, the expected contribution of the Hyperion acquisition to Horizon’s business performance, and the planned Phase 3 study of ACTIMMUNE in FA. These forward-looking statements are based on management’s expectations and assumptions as of the date of this press release, and actual results may differ materially from those in these forward-looking statements as a result of various factors. These factors include, but are not limited to, risks regarding Horizon’s ability to commercialize products successfully, including risks relating to availability of coverage and adequate reimbursement and pricing from government and third party payers and risks relating to the success of Horizon’s Prescriptions-Made-Easy or PME specialty pharmacy program, whether commercial data regarding ACTIMMUNE, BUPHENYL, DUEXIS, PENNSAID 2%, RAVICTI, RAYOS and VIMOVO in the United States for any historical periods are indicative of future results, Horizon’s ability to comply with post-approval regulatory requirements, Horizon’s ability to enforce its intellectual property rights to its products, Horizon’s ability to execute on its plan to grow through acquiring or in licensing additional products or companies, and risks regarding Horizon’s ability to conduct the Phase 3 study of ACTIMMUNE in FA as planned. For a further description of these and other risks facing the Company, please see the risk factors described in the Company’s filings with the United States Securities and Exchange Commission, including those factors discussed under the caption “Risk Factors” in those filings. Forward-looking statements speak only as of the date of this press release and the Company undertakes no obligation to update or revise these statements, except as may be required by law.

         
 
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
         
         
    As of
    March 31,   December 31,
    2015   2014
ASSETS    
CURRENT ASSETS:        
  Cash and cash equivalents   $ 544,211   $ 218,807
  Restricted cash   600   738
  Accounts receivable, net   127,265   73,915
  Inventories, net   13,586   16,865
  Prepaid expenses and other current assets   48,677   14,370
  Deferred tax assets, net   1,586   1,530
    Total current assets   735,925   326,225
Property and equipment, net   8,873   7,241
Developed technology, net   679,483   696,963
In-process research and development   66,000   66,000
Other intangible assets, net   7,668   7,870
Deferred tax assets, net, non-current   18,761   18,761
Other assets   10,586   11,564
TOTAL ASSETS   $ 1,527,296   $ 1,134,624
         
LIABILITIES AND SHAREHOLDERS’ EQUITY        
CURRENT LIABILITIES:        
  Convertible debt, net   $ 22,921   $ 48,334
  Accounts payable   21,963   21,011
  Accrued trade discounts and rebates   78,226   76,115
  Accrued expenses   46,125   46,625
  Accrued royalties, current portion   25,781   25,325
  Deferred revenues, current portion   1,096   1,261
  Deferred tax liabilities, net   326   721
    Total current liabilities   196,438   219,392
         
LONG-TERM LIABILITIES:        
  Exchangeable notes, net   269,597  
  Long-term debt, net   297,317   297,169
  Accrued royalties, net of current   45,272   48,887
  Deferred revenues, net of current   7,301   8,144
  Deferred tax liabilities, net, non-current   19,965   19,570
  Other-long term liabilities   3,450   1,258
    Total long-term liabilities   642,902   375,028
         
COMMITMENTS AND CONTINGENCIES        
         
SHAREHOLDERS’ EQUITY:        
  Ordinary shares, $0.0001 nominal value per share; 300,000,000 shares authorized; 133,671,381 and 124,425,853 shares issued at March 31, 2015 and December 31, 2014, respectively, and 133,287,015 and 124,041,487 outstanding at March 31, 2015 and December 31, 2014 respectively.  

14

 

13

  Treasury stock, 384,366 ordinary shares at March 31, 2015 and December 31, 2014   (4,585)   (4,585)
  Additional paid-in capital   1,435,298   1,269,858
  Accumulated other comprehensive loss   (2,499)   (4,363)
  Accumulated deficit   (740,272)   (720,719)
    Total shareholders’ equity   687,956   540,204
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   $ 1,527,296   $ 1,134,624
         
         
             
   
CONSOLIDATED STATEMENTS OF OPERATIONS  
(in thousands, except share and per share data)  
             
    Three Months Ended March 31,  
    2015     2014  
REVENUES:                
Net sales   $ 113,141     $ 51,926  
Cost of goods sold     28,853       7,619  
Gross profit     84,288       44,307  
                 
OPERATING EXPENSES:                
  Research and development     6,181       2,833  
  Sales and marketing     47,063       28,695  
  General and administrative     26,280       11,192  
    Total operating expenses     79,524       42,720  
Operating income     4,764       1,587  
                 
OTHER EXPENSE, NET:                
  Interest expense, net     (10,032 )     (4,207 )
  Foreign exchange loss     (837 )     (38 )
  Loss on derivative fair value           (204,030 )
  Loss on induced debt conversion and debt extinguishment     (10,544 )      
  Other, net     (991 )     (667 )
    Total other expense, net     (22,404 )     (208,942 )
                 
Loss before benefit for income taxes     (17,640 )     (207,355 )
EXPENSE (BENEFIT) FOR INCOME TAXES     1,913       (1,105 )
NET LOSS   $ (19,553 )   $ (206,250 )
                 
Net loss per share – basic and diluted   $ (0.16 )   $ (3.07 )
                 
Weighted average shares outstanding – basic and diluted     125,650,593       67,138,463  
                 
                 
   
   
CONSOLIDATED STATEMENTS OF CASH FLOWS  
(in thousands)  
             
       
    Three Months Ended March 31,  
    2015     2014  
         
CASH FLOWS FROM OPERATING ACTIVITIES:                
  Net loss   $ (19,553 )   $ (206,250 )
Adjustments to reconcile net loss to netcash used in operating activities:                
  Depreciation and intangible amortization expense     18,335       5,403  
  Share-based compensation     6,674       1,927  
  Loss on derivative revaluation           204,030  
  Royalty accretion     3,044        
  Non cash loss on induced debt conversion     4,848        
  Amortization of debt discount and deferred financing costs     2,206       2,333  
  Foreign exchange loss     837       38  
  Other     102        
  Changes in operating assets and liabilities:                
    Accounts receivable     (53,443 )     (24,142 )
    Inventories     3,088       (729 )
    Prepaid expenses and other current assets     (34,307 )     (4,218 )
    Accounts payable     (18 )     352  
    Accrued trade discounts and rebates     2,188       17,143  
    Accrued expenses     (6,022 )     3,559  
    Deferred revenues     (26 )     112  
    Deferred income taxes     1,356       (454 )
    Other non-current assets and liabilities     (48 )     139  
Net cash provided used in operating activities     (70,739 )     (757 )
                 
CASH FLOWS FROM INVESTING ACTIVITIES:                
  Purchases of property and equipment     (1,577 )     (494 )
  Change in restricted cash     138        
Net cash used in investing activities     (1,439 )     (494 )
                 
CASH FLOWS FROM FINANCING ACTIVITIES:                
  Proceeds from the issuance of exchangable notes     388,000        
  Proceeds from the issuance of ordinary shares in connection with warrant exercises     9,924       23,544  
  Proceeds from the issuance of ordinary shares in connection with stock option exercises     574       612  
Net cash provided by financing activities     398,498       24,156  
                 
Effect of foreign exchange rate changes on cash     (916 )     (11 )
                 
NET INCREASE IN CASH AND CASH EQUIVALENTS     325,404       22,894  
CASH AND CASH EQUIVALENTS, beginning of the year     218,807       80,480  
CASH AND CASH EQUIVALENTS, end of the period   $ 544,211     $ 103,374  
                 
                 
   
   
RECONCILIATION OF GAAP NET LOSS TO NON-GAAP NET INCOME (LOSS)  
(in thousands, except share and per share amounts)  
             
    Three Months Ended March 31,  
    2015     2014  
    (Unaudited)  
Adjusted Non-GAAP Net Income:                
                 
  GAAP Net Loss   $ (19,553 )   $ (206,250 )
  Non-GAAP Adjustments:                
    Vidara acquisition costs     1,734       4,049  
    Hyperion acquisition costs     1,920        
    Loss on derivative revaluation           204,030  
    Loss on induced debt conversion and debt extinguishment     10,544        
    Amortization and accretion:                
      Intangible amortization expense (net of tax effect)     17,681       4,680  
      Amortization of debt discount and deferred financing costs     2,206       2,333  
      Accretion of royalty liabilities     3,044        
      Amortization of inventory step-up adjustment     3,154        
      Amortization of deferred revenue     (134 )     (161 )
    Share-based compensation     6,674       1,927  
    Depreciation expense     654       376  
      Total of non-GAAP adjustments     47,477       217,234  
  Adjusted Non-GAAP Net Income (Loss)   $ 27,924     $ 10,984  
                 
    VIMOVO and ACTIMMUNE royalties for period     (5,196 )     (3,349 )
  Adjusted Non-GAAP Net Income (Net of Royalties)   $ 22,728     $ 7,635  
                 
  Weighted average shares – Basic     125,650,593       67,138,463  
                 
  Adjusted Non-GAAP Net Income Per Share – Basic:                
    GAAP net loss per share-Basic   $ (0.16 )   $ (3.07 )
    Non-GAAP adjustments     0.38       3.23  
    Adjusted Non-GAAP Net Income per share – Basic   $ 0.22     $ 0.16  
                 
    VIMOVO and ACTIMMUNE royalties for period     (0.04 )     (0.05 )
    Adjusted Non-GAAP Net Income per share – Basic (Net of Royalties)   $ 0.18     $ 0.11  
                 
  Weighted average shares – Diluted                
    Weighted average shares – Basic     125,650,593       67,138,463  
    Ordinary stock equivalents     12,524,900       15,961,807  
    Weighted average shares – Diluted     138,175,493       83,100,270  
                 
  Adjusted Non-GAAP Net Income (Loss) Per Share – Diluted:                
    Adjusted Non-GAAP Net Income   $ 27,924     $ 10,984  
    Add: Convertible debt interest expense, net of taxes     714        
    Adjusted Non-GAAP Net Income – Diluted   $ 28,638     $ 10,984  
                 
    VIMOVO and ACTIMMUNE royalties for period     (5,196 )     (3,349 )
    Adjusted Non-GAAP Net Income – Diluted (Net of Royalties)   $ 23,442     $ 7,635  
                 
    GAAP net loss per share – Diluted   $ (0.16 )   $ (3.07 )
    Non-GAAP adjustments     0.38       3.23  
    Diluted earnings per share effect of ordinary share equivalents     (0.01 )     (0.03 )
    Adjusted Non-GAAP Net Income per share – Diluted   $ 0.21     $ 0.13  
                 
    VIMOVO and ACTIMMUNE royalties for period     (0.04 )     (0.04 )
    Adjusted Non-GAAP Net Income per share – Diluted (Net of Royalties)   $ 0.17     $ 0.09  
                   
                   
   
   
ADDITIONAL GAAP TO NON-GAAP RECONCILIATIONS  
EBITDA, Gross Profit and Operating Cash Flow  
(in thousands, except percentages)  
             
             
    Three Months Ended March 31,  
    2015     2014  
    (Unaudited)  
       
EBITDA and Adjusted EBITDA:                
                 
  GAAP Net Loss   $ (19,553 )   $ (206,250 )
  Depreciation     654       376  
  Amortization and accretion:                
    Intangible amortization expense     17,681       5,026  
    Accretion of royalty liabilities     3,044        
    Amortization of deferred revenue     (134 )     (161 )
    Amortization of inventory step-up adjustment     3,154        
  Interest expense, net (including amortization ofdebt discount and deferred financing costs)     10,032       4,207  
  Expense (benefit) for income taxes     1,913       (1,105 )
  EBITDA   $ 16,791     $ (197,907 )
  Non-GAAP adjustments:                
    Vidara acquisition costs     1,734       4,049  
    Hyperion acquisition costs     1,920        
    Loss on derivative revaluation           204,030  
    Loss on induced debt conversion and debt extinguishment     10,544        
    Share-based compensation     6,674       1,927  
  Total of Non-GAAP adjustments   $ 20,872     $ 210,006  
  Adjusted EBITDA   $ 37,663     $ 12,099  
                 
    VIMOVO and ACTIMMUNE royalties for period   $ (5,196 )   $ (3,349 )
  Adjusted EBITDA (Net of Royalities)   $ 32,467     $ 8,750  
                 
  Non-GAAP Gross Profit:                
  GAAP net sales   $ 113,141     $ 51,926  
  GAAP cost of goods sold     28,853       7,619  
  GAAP gross profit   $ 84,288     $ 44,307  
                   
  GAAP gross profit %     74 %     85 %
                 
  Non-GAAP Gross Profit:                
    GAAP gross profit   $ 84,288     $ 44,307  
    Non-GAAP gross profit adjustments:                
      Intangible amortization expense     17,479       5,026  
      Accretion of royalty liabilities     3,044        
      Amortization of inventory step-up adjustment     3,154        
      Depreciation     129       32  
      VIMOVO and ACTIMMUNE royalties for period     (5,196 )     (3,349 )
    Total of Non-GAAP adjustments   $ 18,610     $ 1,709  
    Non-GAAP gross profit   $ 102,898     $ 46,016  
                 
  Non-GAAP gross profit %     91 %     89 %
                 
Non-GAAP Cash Provided By (Used) in Operating Activities:                
                 
  GAAP cash used in operating activities   $ (70,739 )   $ (757 )
    Cash payments related to Vidara acquisition costs     1,820       5,095  
    Cash payments associated with induced debt conversion     5,696        
  Non-GAAP cash provided by (used in) operating activities   $ (63,223 )   $ 4,338  
                   
                   

Source: Marketwired Biotech

Leave a Reply

Be the First to Comment!


 

Ad Right Top

MedAdNews

Extensive pharmaceutical business MAN 1504 Cover 300pixand marketing intelligence. If you would like to purchase a back issue, please contact our customer service department at MDAD@kmpsgroup.com, or call 800-869-6882.

April 2015 Focus: Healthcare Communications Agencies

Subscribe

Ad Right Bottom

Marketing Communications Directory

Marketing Communications Directory

Healthcare Communications Agencies & Marketing Services Directory

Contract Research Directory

Contract Research Directory

Qualified Clinical Research Organizations Directory

Main Navigation
Password Reset
Please enter your e-mail address. You will receive a new password via e-mail.