Financials

v3.19.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 273,047 $ 117,164
Short-term investments 1,059,002 601,217
Investment in Viking 60,376 55,448
Accounts receivable, net 20,259 55,850
Inventory 9,638 7,124
Derivative asset 14,313 22,576
Other current assets 5,672 11,161
Total current assets 1,442,307 870,540
Deferred income taxes, net 0 46,521
Intangible assets, net 212,609 219,793
Goodwill 88,000 86,646
Commercial license and other economic rights, net 40,008 31,460
Property and equipment, net 6,268 5,372
Operating lease right-of-use assets 10,964 0
Other assets 1,680 471
Total assets 1,801,836 1,260,803
Current liabilities:    
Accounts payable 2,888 4,183
Accrued liabilities 11,540 19,200
Income tax payable 47,455 0
Current contingent liabilities 4,763 5,717
Deferred revenue 939 3,286
2019 convertible senior notes, net 27,087 26,433
Derivative liability 14,313 23,430
Total current liabilities 108,985 82,249
2023 convertible senior notes, net 624,209 609,864
Long-term contingent liabilities 8,314 6,825
Deferred income taxes, net 694 0
Long-term operating lease liabilities 10,489 0
Other long-term liabilities 7,692 951
Total liabilities 760,383 699,889
Commitments and contingencies
Stockholders' equity:    
Preferred stock, $0.001 par value; 5,000 shares authorized; none issued and outstanding at June 30, 2019 and December 31, 2018 0 0
Common stock, $0.001 par value; 60,000 shares authorized; 19,390 and 20,766 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively 19 21
Additional paid-in capital 619,255 791,114
Accumulated other comprehensive loss (542) (1,024)
Retained earnings (accumulated deficit) 422,721 (229,197)
Total stockholders' equity 1,041,453 560,914
Total liabilities and stockholders' equity $ 1,801,836 $ 1,260,803

Source

v3.19.2
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Revenues:        
Total revenues $ 24,987 $ 90,043 $ 68,471 $ 146,200
Operating costs and expenses:        
Cost of material sales 2,405 1,134 6,263 1,922
Amortization of intangibles 3,505 3,305 7,008 6,584
Research and development 12,213 6,135 23,502 13,540
General and administrative 10,994 9,294 22,082 16,938
Total operating costs and expenses 29,117 19,868 58,855 38,984
Gain from sale of Promacta license 0 0 812,797 0
Income (loss) from operations (4,130) 70,175 822,413 107,216
Other income (expense):        
Gain (loss) from Viking (12,365) 39,963 4,928 61,808
Interest income 9,285 2,762 15,194 3,637
Interest expense (9,012) (13,454) (17,918) (16,933)
Other income (expense), net (1,806) (3,867) 68 (4,835)
Total other income (loss), net (13,898) 25,404 2,272 43,677
Income (loss) before income taxes (18,028) 95,579 824,685 150,893
Income tax benefit (expense) 3,609 (22,419) (172,767) (32,452)
Net income (loss) $ (14,419) $ 73,160 $ 651,918 $ 118,441
Earnings Per Share, Basic and Diluted:        
Basic net income (loss) per share (USD per share) $ (0.74) $ 3.45 $ 32.60 $ 5.58
Shares used in basic per share calculations (shares) 19,558 21,212 20,000 21,209
Diluted net income (loss) per share (USD per share) $ (0.74) $ 2.99 $ 31.34 $ 4.81
Shares used in diluted per share calculations (shares) 19,558 24,438 20,799 24,618
Royalties        
Revenues:        
Total revenues $ 6,626 $ 31,396 $ 26,164 $ 52,216
Material sales        
Revenues:        
Total revenues 8,549 7,612 17,508 12,003
License fees, milestones and other revenues        
Revenues:        
Total revenues $ 9,812 $ 51,035 $ 24,799 $ 81,981

Source

v3.19.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities:    
Net income $ 651,918 $ 118,441
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 984 2,730
Depreciation and amortization 8,781 6,013
Amortization of discount on investments, net (6,023) (1,150)
Amortization of debt discount and issuance fees 14,999 15,455
Amortization of other economic rights 4,370 0
Share-based compensation 11,918 9,367
Deferred income taxes 55,661 32,263
Gain from investment in Viking (4,928) (61,808)
Other (3,973) 1,701
Royalties recorded in retained earnings upon adoption of ASC 606 0 32,707
Changes in operating assets and liabilities:    
Accounts receivable, net 35,591 (16,405)
Inventory (4,573) (4,395)
Accounts payable and accrued liabilities (3,780) 80
Income tax payable 47,455 0
Other economic rights (12,000) 0
Other 597 (594)
Net cash provided by (used in) operating activities (15,800) 134,405
Cash flows from investing activities:    
Proceeds from sale of Promacta license 812,797 0
Purchase of short-term investments (1,281,274) (745,783)
Proceeds from sale of short-term investments 43,724 12,791
Proceeds from maturity of short-term investments 791,006 110,175
Other (5,673) 2,498
Net cash provided by (used in) investing activities 360,580 (620,319)
Cash flows from financing activities:    
Repayment of debt 0 (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)
Net proceeds from stock option exercises and ESPP 2,643 11,849
Taxes paid related to net share settlement of equity awards (2,893) (3,434)
Share repurchase (189,917) (52,727)
Net cash provided by (used in) financing activities (190,167) 616,753
Effect of exchange rate changes on cash 7 0
Net increase in cash, cash equivalents and restricted cash 154,620 130,839
Cash, cash equivalents and restricted cash at beginning of period 119,780 20,620
Cash, cash equivalents and restricted cash at end of period 274,400 151,459
Supplemental disclosure of cash flow information:    
Interest paid 2,915 919
Taxes paid 69,703 285
Restricted cash in other current assets 1,353 0
Supplemental schedule of non-cash activity:    
Accrued fixed asset purchases 54 66
Accrued inventory purchases 0 752
Unrealized gain on AFS investments 938 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