2014 Q1 Form 10-Q Financial Statement

#000110465914032259 Filed on April 30, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q1
Revenue $130.2M $163.4M
YoY Change -20.32% 25.23%
Cost Of Revenue $38.84M $47.99M
YoY Change -19.07% -6.08%
Gross Profit $91.37M $115.4M
YoY Change -20.84% 45.38%
Gross Profit Margin 70.17% 70.63%
Selling, General & Admin $42.55M $34.68M
YoY Change 22.7% -10.62%
% of Gross Profit 46.57% 30.04%
Research & Development $52.14M $35.80M
YoY Change 45.64% -20.8%
% of Gross Profit 57.06% 31.01%
Depreciation & Amortization $22.55M $18.32M
YoY Change 23.1% -11.06%
% of Gross Profit 24.68% 15.87%
Operating Expenses $94.69M $70.48M
YoY Change 34.35% -26.28%
Operating Profit -$15.89M $18.98M
YoY Change -183.72% -217.19%
Interest Expense $3.356M $11.47M
YoY Change -70.75% -217.07%
% of Operating Profit 60.44%
Other Income/Expense, Net -$4.695M -$11.12M
YoY Change -57.77% 3606.0%
Pretax Income -$20.59M $7.866M
YoY Change -361.73% -111.6%
Income Tax $3.766M $4.867M
% Of Pretax Income 61.87%
Net Earnings -$24.40M $3.000M
YoY Change -913.33% -104.73%
Net Earnings / Revenue -18.74% 1.84%
Basic Earnings Per Share -$0.17 $0.02
Diluted Earnings Per Share -$0.17 $0.02
COMMON SHARES
Basic Shares Outstanding 143.4M shares 133.3M shares
Diluted Shares Outstanding 143.4M shares 139.7M shares

Balance Sheet

Concept 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $552.3M $221.4M
YoY Change 149.5% 16.23%
Cash & Equivalents $156.3M $96.96M
Short-Term Investments $395.9M $124.4M
Other Short-Term Assets $45.90M $19.10M
YoY Change 140.31% 51.59%
Inventory $55.40M $43.48M
Prepaid Expenses
Receivables $123.2M $124.6M
Other Receivables $0.00 $0.00
Total Short-Term Assets $776.8M $408.6M
YoY Change 90.11% 20.47%
LONG-TERM ASSETS
Property, Plant & Equipment $269.0M $288.4M
YoY Change -6.74% -4.81%
Goodwill $92.74M $92.74M
YoY Change 0.0% 0.0%
Intangibles $525.0M $576.0M
YoY Change -8.85% -6.77%
Long-Term Investments $149.5M $82.80M
YoY Change 80.56% 48.65%
Other Assets $22.50M $21.71M
YoY Change 3.63% -18.98%
Total Long-Term Assets $1.059B $1.062B
YoY Change -0.28% -3.13%
TOTAL ASSETS
Total Short-Term Assets $776.8M $408.6M
Total Long-Term Assets $1.059B $1.062B
Total Assets $1.835B $1.470B
YoY Change 24.84% 2.44%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $24.30M $18.28M
YoY Change 32.9% -0.64%
Accrued Expenses $59.50M $58.60M
YoY Change 1.54% -3.62%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $6.750M $6.750M
YoY Change 0.0% 117.74%
Total Short-Term Liabilities $92.76M $85.93M
YoY Change 7.95% -3.63%
LONG-TERM LIABILITIES
Long-Term Debt $356.0M $362.3M
YoY Change -1.74% -17.92%
Other Long-Term Liabilities $10.23M $23.26M
YoY Change -56.02% 165.8%
Total Long-Term Liabilities $366.2M $385.5M
YoY Change -5.01% -14.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $92.76M $85.93M
Total Long-Term Liabilities $366.2M $385.5M
Total Liabilities $496.0M $517.9M
YoY Change -4.24% -10.91%
SHAREHOLDERS EQUITY
Retained Earnings -$506.6M -$499.9M
YoY Change 1.34% -4.76%
Common Stock $1.856B $1.460B
YoY Change 27.11% 5.65%
Preferred Stock
YoY Change
Treasury Stock (at cost) $17.96M $5.380M
YoY Change 233.81% 842.21%
Treasury Stock Shares 692.7K shares 313.5K shares
Shareholders Equity $1.340B $952.4M
YoY Change
Total Liabilities & Shareholders Equity $1.835B $1.470B
YoY Change 24.84% 2.44%

Cashflow Statement

Concept 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income -$24.40M $3.000M
YoY Change -913.33% -104.73%
Depreciation, Depletion And Amortization $22.55M $18.32M
YoY Change 23.1% -11.06%
Cash From Operating Activities -$3.500M $55.40M
YoY Change -106.32% 262.09%
INVESTING ACTIVITIES
Capital Expenditures $5.685M $8.259M
YoY Change -31.17% -200.72%
Acquisitions
YoY Change
Other Investing Activities -$267.0M -$103.5M
YoY Change 157.97% 666.67%
Cash From Investing Activities -$272.7M -$111.8M
YoY Change 143.92% 417.59%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $250.0M
YoY Change
Debt Paid & Issued, Net $1.688M $1.688M
YoY Change 0.0%
Cash From Financing Activities 264.9M 17.60M
YoY Change 1405.11% 291.11%
NET CHANGE
Cash From Operating Activities -3.500M 55.40M
Cash From Investing Activities -272.7M -111.8M
Cash From Financing Activities 264.9M 17.60M
Net Change In Cash -11.30M -38.80M
YoY Change -70.88% 2055.56%
FREE CASH FLOW
Cash From Operating Activities -$3.500M $55.40M
Capital Expenditures $5.685M $8.259M
Free Cash Flow -$9.185M $47.14M
YoY Change -119.48% 100.6%

Facts In Submission

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<div style="font-size:10.0pt;font-family:Times New Roman;"> <p style="MARGIN: 0in 0in 0pt;"><i><font style="FONT-STYLE: italic; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">Use of Estimates</font></i></p> <p style="MARGIN: 0in 0in 0pt 0.25in;">&#160;</p> <p style="TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">The preparation of the Company&#8217;s condensed consolidated financial statements in accordance with GAAP requires management to make estimates, judgments and assumptions that may affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, the Company evaluates its estimates and judgments and methodologies, including those related to revenue recognition and related allowances, its collaborative relationships, clinical trial expenses, the valuation of inventory, impairment and amortization of intangibles and long-lived assets, share-based compensation, income taxes including the valuation allowance for deferred tax assets, valuation of investments and derivative instruments, litigation and restructuring charges. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ from these estimates under different assumptions or conditions.</font></p> </div>
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<div style="font-size:10.0pt;font-family:Times New Roman;"> <p style="MARGIN: 0in 0in 0pt;"><b><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold;" size="2">1. THE COMPANY</font></b></p> <p style="MARGIN: 0in 0in 0pt 0.25in;">&#160;</p> <p style="TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">Alkermes&#160;plc is a fully integrated, global biopharmaceutical company that applies its scientific expertise and proprietary technologies to research, develop and commercialize, both with partners and on our own, pharmaceutical products that are designed to address unmet medical needs of patients in major therapeutic areas. We have a diversified portfolio of more than 20 commercial drug products and a clinical pipeline of product candidates that address central nervous system (&#8220;CNS&#8221;) disorders such as addiction, schizophrenia and depression. Headquartered in Dublin,&#160;Ireland, Alkermes has a research and development (&#8220;R&amp;D&#8221;) center in Waltham, Massachusetts; R&amp;D and manufacturing facilities in Athlone,&#160;Ireland; and manufacturing facilities in Gainesville, Georgia and Wilmington, Ohio.</font></p> </div>
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