Financials

v3.19.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 225,302 $ 117,164
Short-term investments 874,383 601,217
Investment in Viking 49,856 55,448
Accounts receivable, net 21,958 55,850
Inventory 6,565 7,124
Derivative asset 0 22,576
Other current assets 5,039 11,161
Total current assets 1,183,103 870,540
Deferred income taxes, net 0 46,521
Intangible assets, net 216,268 219,793
Goodwill 93,513 86,646
Commercial license and other economic rights, net 35,413 31,460
Property and equipment, net 6,411 5,372
Operating lease right-of-use assets 10,280 0
Other assets 2,488 471
Total assets 1,547,476 1,260,803
Current liabilities:    
Accounts payable 2,040 4,183
Accrued liabilities 13,060 19,200
Income tax payable 16,571 0
Current contingent liabilities 1,794 5,717
Deferred revenue 2,230 3,286
2019 convertible senior notes, net 0 26,433
Derivative liability 0 23,430
Total current liabilities 35,695 82,249
2023 convertible senior notes, net 631,533 609,864
Long-term contingent liabilities 7,995 6,825
Deferred income taxes, net 3,761 0
Long-term operating lease liabilities 9,932 0
Other long-term liabilities 7,979 951
Total liabilities 696,895 699,889
Commitments and contingencies
Stockholders' equity:    
Preferred stock, $0.001 par value; 5,000 shares authorized; none issued and outstanding at September 30, 2019 and December 31, 2018 0 0
Common stock, $0.001 par value; 60,000 shares authorized; 17,563 and 20,766 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively 17 21
Additional paid-in capital 444,587 791,114
Accumulated other comprehensive loss (1,493) (1,024)
Retained earnings (accumulated deficit) 407,470 (229,197)
Total stockholders' equity 850,581 560,914
Total liabilities and stockholders' equity $ 1,547,476 $ 1,260,803

Source

v3.19.3
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Revenues:        
Total revenues $ 24,808 $ 45,663 $ 93,279 $ 191,863
Operating costs and expenses:        
Cost of material sales 3,147 1,460 9,410 3,382
Amortization of intangibles 3,552 5,725 10,560 12,309
Research and development 13,742 5,483 37,244 19,023
General and administrative 9,525 9,633 31,607 26,571
Total operating costs and expenses 29,966 22,301 88,821 61,285
Gain from sale of Promacta license 0 0 812,797 0
Income (loss) from operations (5,158) 23,362 817,255 130,578
Other income (expense):        
Gain (loss) from Viking (10,520) 62,398 (5,592) 124,206
Interest income 7,396 5,474 22,590 9,111
Interest expense (8,993) (11,200) (26,911) (28,133)
Other expense, net (2,596) (808) (2,528) (5,643)
Total other income (loss), net (14,713) 55,864 (12,441) 99,541
Income (loss) before income taxes (19,871) 79,226 804,814 230,119
Income tax benefit (expense) 4,620 (11,864) (168,147) (44,316)
Net income (loss) $ (15,251) $ 67,362 $ 636,667 $ 185,803
Earnings Per Share, Basic and Diluted:        
Basic net income (loss) per share (USD per share) $ (0.81) $ 3.19 $ 32.51 $ 8.77
Shares used in basic per share calculations (shares) 18,770 21,148 19,586 21,189
Diluted net income (loss) per share (USD per share) $ (0.81) $ 2.80 $ 31.29 $ 7.61
Shares used in diluted per share calculations (shares) 18,770 24,052 20,349 24,430
Royalties        
Revenues:        
Total revenues $ 9,767 $ 36,127 $ 35,931 $ 88,343
Material sales        
Revenues:        
Total revenues 6,849 7,027 24,357 19,030
License fees, milestones and other revenues        
Revenues:        
Total revenues $ 8,192 $ 2,509 $ 32,991 $ 84,490

Source

v3.19.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities:    
Net income $ 636,667 $ 185,803
Adjustments to reconcile net income to net cash provided by operating activities:    
Gain from sale of Promacta license (812,797) 0
Non-cash change in estimated fair value of contingent liabilities 762 3,637
Depreciation and amortization 12,560 11,421
Amortization of discount on investments, net (7,477) (3,780)
Amortization of debt discount and issuance fees 22,562 25,155
Amortization of other economic rights 9,135 0
Share-based compensation 18,215 14,837
Deferred income taxes 57,766 44,149
Loss (gain) from investment in Viking 5,592 (121,679)
Other (1,249) (976)
Royalties recorded in retained earnings upon adoption of ASC 606 0 32,707
Changes in operating assets and liabilities, net of effects from acquisition:    
Accounts receivable, net 33,892 (21,380)
Inventory (1,500) (3,763)
Accounts payable and accrued liabilities (3,374) (42)
Income tax payable 16,571 0
Other economic rights (12,000) 0
Other 2,678 (4,602)
Net cash provided by (used in) operating activities (21,997) 161,487
Cash flows from investing activities:    
Proceeds from sale of Promacta license 812,797 0
Purchase of short-term investments (1,682,586) (1,158,290)
Proceeds from sale of short-term investments 144,182 75,993
Proceeds from maturity of short-term investments 1,274,851 381,690
Cash paid for acquisition, net of cash acquired (11,840) 0
Cash paid for equity method investment (1,000) 0
Other (6,307) 2,036
Net cash provided by (used in) investing activities 530,097 (698,571)
Cash flows from financing activities:    
Repayment of debt (27,323) (21,785)
Gross proceeds from issuance of 2023 Notes 0 750,000
Payment of debt issuance costs 0 (16,900)
Proceeds from issuance of warrants 0 90,000
Purchase of convertible bond hedge 0 (140,250)
Proceeds from convertible bond hedge settlement 12,401 52,129
Payments to convert holders for bond conversion (12,401) 0
Net proceeds from stock option exercises and ESPP 2,856 18,860
Taxes paid related to net share settlement of equity awards (2,906) (3,657)
Share repurchase (371,106) (52,727)
Payments to CVR Holders (3,000) 0
Net cash provided by (used in) financing activities (401,479) 675,670
Effect of exchange rate changes on cash (88) 0
Net increase in cash, cash equivalents and restricted cash 106,533 138,586
Cash, cash equivalents and restricted cash at beginning of period 119,780 20,620
Cash, cash equivalents and restricted cash at end of period 226,313 159,206
Supplemental disclosure of cash flow information:    
Interest paid 3,015 1,513
Taxes paid 93,817 341
Restricted cash in other current assets 1,011 0
Supplemental schedule of non-cash activity:    
Accrued fixed asset purchases 0 4
Unrealized gain on AFS investments 699 0
Excess of conversion value over the principal amount of 2019 Notes paid in shares 0 (31,571)
Value of shares reacquired under convertible bond hedge transaction entered into with 2019 Notes $ 0 $ 31,571

Source