Financials

v3.20.2
Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 456,916,000 $ 71,543,000
Short-term investments 338,154,000 998,324,000
Accounts receivable, net 32,907,000 30,387,000
Inventory 13,430,000 7,296,000
Income taxes receivable 0 11,361,000
Other current assets 3,191,000 4,734,000
Assets held for sale 13,143,000 0
Total current assets 857,741,000 1,123,645,000
Deferred income taxes, net 27,026,000 25,608,000
Intangible assets, net 224,582,000 210,448,000
Goodwill 102,136,000 95,229,000
Commercial license and other economic rights, net 10,834,000 20,090,000
Property and equipment, net 7,157,000 7,185,000
Operating lease right-of-use assets 4,269,000 10,353,000
Other assets 13,704,000 2,357,000
Total assets 1,247,449,000 1,494,915,000
Current liabilities:    
Accounts payable 10,169,000 2,420,000
Accrued liabilities 14,498,000 9,836,000
Income taxes payable 674,000 0
Current contingent liabilities 1,194,000 2,607,000
Deferred revenue 5,404,000 2,139,000
Liabilities related to assets held for sale 10,361,000 0
Total current liabilities 42,300,000 17,002,000
2023 convertible senior notes, net 454,973,000 638,959,000
Long-term contingent liabilities 9,604,000 6,335,000
Deferred income taxes, net 13,508,000 32,937,000
Long-term operating lease liabilities 3,920,000 9,970,000
Other long-term liabilities 25,320,000 22,480,000
Total liabilities 549,625,000 727,683,000
Commitments and contingencies
Stockholders' equity:    
Preferred stock, $0.001 par value; 5,000 shares authorized; zero issued and outstanding at September 30, 2020 and December 31, 2019 0 0
Common stock, $0.001 par value; 60,000 shares authorized; 16,091 and 16,823 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively 16,000 17,000
Additional paid-in capital 313,057,000 367,326,000
Accumulated other comprehensive loss (1,441,000) (216,000)
Retained earnings 386,192,000 400,105,000
Total stockholders' equity 697,824,000 767,232,000
Total liabilities and stockholders' equity $ 1,247,449,000 $ 1,494,915,000

Source

v3.20.2
Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Revenues:        
Total revenues $ 41,848 $ 24,808 $ 116,429 $ 93,279
Operating costs and expenses:        
Cost of Captisol 6,353 3,147 18,680 9,410
Amortization of intangibles 3,875 3,552 11,285 10,560
Research and development 12,853 13,742 37,476 37,244
General and administrative 15,020 9,525 34,353 31,607
Total operating costs and expenses 38,101 29,966 101,794 88,821
Gain from sale of Promacta license 0 0 0 812,797
Income (loss) from operations 3,747 (5,158) 14,635 817,255
Other income (expense):        
Loss from short-term investments (9,862) (13,297) (17,143) (8,524)
Interest income 991 7,396 7,690 22,590
Interest expense (6,269) (8,993) (21,030) (26,911)
Other income (expense), net (219) 181 1,940 404
Total other income (loss), net (15,359) (14,713) (28,543) (12,441)
Income (loss) before income taxes (11,612) (19,871) (13,908) 804,814
Income tax benefit (expense) 4,911 4,620 5,162 (168,147)
Net income (loss) $ (6,701) $ (15,251) $ (8,746) $ 636,667
Earnings Per Share, Basic and Diluted:        
Basic net income (loss) per share (USD per share) $ (0.42) $ (0.81) $ (0.54) $ 32.51
Shares used in basic per share calculations (shares) 16,082,000 18,770,000 16,222,000 19,586,000
Diluted net income (loss) per share (USD per share) $ (0.42) $ (0.81) $ (0.54) $ 31.29
Shares used in diluted per share calculations (shares) 16,082,000 18,770,000 16,222,000 20,349,000
Royalties        
Revenues:        
Total revenues $ 9,005 $ 9,767 $ 22,751 $ 35,931
Captisol        
Revenues:        
Total revenues 23,389 6,849 68,966 24,357
Contract revenue        
Revenues:        
Total revenues $ 9,454 $ 8,192 $ 24,712 $ 32,991

Source

v3.20.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net income (loss) $ (8,746) $ 636,667
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Gain from sale of Promacta license 0 (812,797)
Change in estimated fair value of contingent liabilities (397) 762
Depreciation and amortization of intangible assets 12,645 11,648
Amortization of premium (discount) on investments, net 1,507 (7,477)
Amortization of debt discount and issuance fees 17,743 22,562
Amortization of commercial license and other economic rights 2,505 10,047
Gain on debt extinguishment (659) 0
Share-based compensation 20,752 18,215
Deferred income taxes (19,311) 57,766
Loss from short-term investments 17,143 8,524
Other (1,525) (4,253)
Changes in operating assets and liabilities, net of acquisition:    
Accounts receivable, net (5,080) 33,892
Inventory (4,914) (1,500)
Accounts payable and accrued liabilities 9,894 (3,302)
Income tax receivable and payable 12,026 16,571
Other economic rights 0 (12,000)
Other 466 2,678
Net cash provided by (used in ) operating activities 54,049 (21,997)
Cash flows from investing activities:    
Proceeds from sale of Promacta license 0 812,797
Purchase of short-term investments (337,016) (1,682,586)
Proceeds from sale of short-term investments 389,296 144,182
Proceeds from maturity of short-term investments 589,155 1,274,851
Cash paid for acquisition, net of cash acquired (26,857) (11,840)
Cash paid for equity method investment (500) (1,000)
Other (228) (6,307)
Net cash provided by investing activities 613,850 530,097
Cash flows from financing activities:    
Proceeds from convertible bond hedge settlement 0 12,401
Payments to convertible bond holders for bond conversion 0 (12,401)
Net proceeds from stock option exercises and ESPP 2,459 2,856
Taxes paid related to net share settlement of equity awards (1,429) (2,906)
Share repurchase (73,287) (371,106)
Payments to CVR Holders (2,325) (3,000)
Other (5,224) 0
Net cash used in financing activities (283,016) (401,479)
Effect of exchange rate changes on cash (50) (88)
Net increase in cash, cash equivalents and restricted cash 384,833 106,533
Cash, cash equivalents and restricted cash at beginning of period 72,273 119,780
Cash, cash equivalents and restricted cash at end of period 457,106 226,313
Supplemental disclosure of cash flow information:    
Interest paid 2,531 3,015
Taxes paid 2,130 93,817
Restricted cash in other current assets 190 1,011
Supplemental schedule of non-cash activity:    
Accrued fixed asset purchases 381 0
Accrued inventory purchases 1,390 0
Accrued financing lease payment 2,500 0
Unrealized gain (loss) on AFS investments (109) 699
2023 Convertible Senior Notes    
Cash flows from financing activities:    
Repurchase/ Repayment of Notes (203,210) 0
2019 Convertible Senior Notes    
Cash flows from financing activities:    
Repurchase/ Repayment of Notes $ 0 $ (27,323)

Source