Financials

v3.19.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 105,113 $ 117,164
Short-term investments 1,323,575 601,217
Investment in Viking 72,741 55,448
Accounts receivable, net 26,615 55,850
Inventory 11,905 7,124
Derivative asset 18,718 22,576
Other current assets 9,228 11,161
Total current assets 1,567,895 870,540
Deferred income taxes, net 0 46,521
Intangible assets, net 216,290 219,793
Goodwill 86,809 86,646
Commercial license and other economic rights, net 31,023 31,460
Property and equipment, net 5,575 5,372
Other assets 6,396 471
Total assets 1,913,988 1,260,803
Current liabilities:    
Accounts payable 5,061 4,183
Accrued liabilities 14,771 19,200
Income tax payable 113,997 0
Current contingent liabilities 4,666 5,717
Deferred revenue 2,808 3,286
2019 convertible senior notes, net 26,756 26,433
Derivative liability 18,718 23,430
Total current liabilities 186,777 82,249
2023 convertible senior notes, net 616,987 609,864
Long-term contingent liabilities 8,955 6,825
Deferred income taxes, net 9,614 0
Other long-term liabilities 11,681 951
Total liabilities 834,014 699,889
Commitments and contingencies
Stockholders' equity:    
Preferred stock, $0.001 par value; 5,000 shares authorized; none issued and outstanding at March 31, 2019 and December 31, 2018 0 0
Common stock, $0.001 par value; 60,000 shares authorized; 19,664 and 20,766 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively 20 21
Additional paid-in capital 643,317 791,114
Accumulated other comprehensive loss (503) (1,024)
Retained earnings (accumulated deficit) 437,140 (229,197)
Total stockholders' equity 1,079,974 560,914
Total liabilities and stockholders' equity $ 1,913,988 $ 1,260,803

Source

v3.19.1
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Revenues:    
Total revenues $ 43,484 $ 56,157
Operating costs and expenses:    
Cost of material sales 3,858 788
Amortization of intangibles 3,503 3,278
Research and development 11,289 7,407
General and administrative 11,088 7,643
Total operating costs and expenses 29,738 19,116
Gain from sale of Promacta license 812,797 0
Income from operations 826,543 37,041
Other income (expense):    
Gain from Viking 17,293 21,097
Interest income 5,909 875
Interest expense (8,906) (3,480)
Other expense, net 1,874 (221)
Total other income, net 16,170 18,271
Income before income taxes 842,713 55,312
Income tax expense (176,376) (10,033)
Net income $ 666,337 $ 45,279
Earnings Per Share, Basic and Diluted:    
Basic net income per share (USD per share) $ 32.59 $ 2.13
Shares used in basic per share calculations (shares) 20,447 21,209
Diluted net income per share (USD per share) $ 31.32 $ 1.83
Shares used in diluted per share calculations (shares) 21,277 24,800
Royalties    
Revenues:    
Total revenues $ 19,538 $ 20,820
Material sales    
Revenues:    
Total revenues 8,959 4,391
License fees, milestones and other revenues    
Revenues:    
Total revenues $ 14,987 $ 30,946

Source

v3.19.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operating activities:    
Net income $ 666,337 $ 45,279
Adjustments to reconcile net income to net cash provided by operating activities:    
Gain on sale of Promacta license (812,797) 0
Non-cash change in estimated fair value of contingent liabilities 1,403 960
Depreciation and amortization 5,086 3,002
Amortization of premium (discount) on investments, net (1,818) 0
Amortization of debt discount and issuance fees 7,446 3,018
Share-based compensation 5,347 4,555
Deferred income taxes 62,263 9,862
Gain from investment in Viking (17,293) (21,931)
Other (5,130) 0
Royalties recorded in retained earnings upon adoption of ASC 606 0 32,707
Changes in operating assets and liabilities:    
Accounts receivable, net 29,235 (11,512)
Inventory (2,823) (4,978)
Accounts payable and accrued liabilities (1,876) 321
Income tax payable 113,997 0
Other (4,119) (522)
Net cash provided by operating activities 45,258 60,761
Cash flows from investing activities:    
Proceeds from sale of Promacta license 812,797 0
Purchase of short-term investments (1,047,767) (98,957)
Proceeds from sale of short-term investments 341 12,291
Proceeds from maturity of short-term investments 332,647 54,325
Other (3,241) (1,240)
Net cash provided by (used in) investing activities 94,777 (33,581)
Cash flows from financing activities:    
Net proceeds from stock option exercises and ESPP 1,904 8,916
Taxes paid related to net share settlement of equity awards (2,895) (3,797)
Share repurchase (151,585) (1,895)
Net cash provided by (used in) financing activities (152,576) 3,224
Effect of exchange rate changes on cash 130 0
Net (decrease) increase in cash, cash equivalents and restricted cash (12,411) 30,404
Cash, cash equivalents and restricted cash at beginning of period 119,780 20,620
Cash, cash equivalents and restricted cash at end of period 107,369 51,024
Supplemental disclosure of cash flow information:    
Interest paid 102 919
Taxes paid 60 171
Restricted cash in other current assets 2,256 0
Supplemental schedule of non-cash activity:    
Accrued fixed asset purchases 301 0
Accrued inventory purchases 1,959 1,180
Unrealized gain on AFS investments $ 294 $ 0

Source