2020 Q4 Form 10-Q Financial Statement

#000117867020000019 Filed on November 05, 2020

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q3 2019 Q3
Revenue $163.6M $125.9M $70.06M
YoY Change 128.18% 79.63% 3286.23%
Cost Of Revenue $23.00M $20.83M $5.213M
YoY Change 88.52% 299.5% 3705.11%
Gross Profit $140.5M $105.0M $64.85M
YoY Change 136.13% 61.96% 3256.52%
Gross Profit Margin 85.9% 83.45% 92.56%
Selling, General & Admin $166.3M $167.5M $120.4M
YoY Change 6.4% 39.15% 3.27%
% of Gross Profit 118.36% 159.46% 185.59%
Research & Development $168.5M $161.8M $160.8M
YoY Change -16.29% 0.61% 14.9%
% of Gross Profit 119.93% 154.04% 247.96%
Depreciation & Amortization $10.40M $8.600M -$10.30M
YoY Change 89.09% -183.5% -412.12%
% of Gross Profit 7.4% 8.19% -15.88%
Operating Expenses $334.8M $329.3M $281.1M
YoY Change -6.38% 17.11% 9.61%
Operating Profit -$194.3M -$225.2M -$216.3M
YoY Change -34.82% 4.11% -15.03%
Interest Expense -$27.40M $28.73M $0.00
YoY Change -475.34% -100.0%
% of Operating Profit
Other Income/Expense, Net -$22.00M -$27.25M $7.370M
YoY Change -254.93% -469.78% -24.18%
Pretax Income -$243.6M -$252.5M -$208.9M
YoY Change -11.93% 20.83% -14.67%
Income Tax -$100.0K $839.0K -$394.0K
% Of Pretax Income
Net Earnings -$243.5M -$253.3M -$208.5M
YoY Change -11.82% 21.46% -14.98%
Net Earnings / Revenue -148.9% -201.26% -297.65%
Basic Earnings Per Share -$2.18
Diluted Earnings Per Share -$2.094M -$2.18 -$1.918M
COMMON SHARES
Basic Shares Outstanding 116.2M shares 116.0M shares
Diluted Shares Outstanding 116.0M shares

Balance Sheet

Concept 2020 Q4 2020 Q3 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.830B $1.777B $1.721B
YoY Change 20.21% 3.23% 40.86%
Cash & Equivalents $496.6M $496.7M $923.3M
Short-Term Investments $1.333B $1.280B $797.8M
Other Short-Term Assets $62.80M $74.80M $73.50M
YoY Change -21.79% 1.77% -19.05%
Inventory $75.20M $66.94M $54.56M
Prepaid Expenses
Receivables $102.4M $79.12M $48.11M
Other Receivables $533.5M $518.3M $0.00
Total Short-Term Assets $2.615B $2.555B $1.897B
YoY Change 52.39% 34.65% 41.36%
LONG-TERM ASSETS
Property, Plant & Equipment $465.0M $444.7M $396.5M
YoY Change 9.37% 12.17% 45.38%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $45.05M $37.93M $9.632M
YoY Change 149.29% 293.81% -84.18%
Total Long-Term Assets $792.3M $752.6M $644.4M
YoY Change 16.64% 16.8% 93.16%
TOTAL ASSETS
Total Short-Term Assets $2.615B $2.555B $1.897B
Total Long-Term Assets $792.3M $752.6M $644.4M
Total Assets $3.407B $3.307B $2.542B
YoY Change 42.25% 30.12% 51.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $51.97M $27.87M $39.39M
YoY Change 4.17% -29.24% 80.7%
Accrued Expenses $355.9M $295.3M $177.9M
YoY Change 80.48% 65.92% 90.12%
Deferred Revenue $127.2M $114.6M $107.4M
YoY Change 63.46% 6.75% 3017.28%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $585.3M $480.2M $352.9M
YoY Change 65.99% 36.1% 190.42%
LONG-TERM LIABILITIES
Long-Term Debt $191.3M $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $37.91M $16.34M $9.036M
YoY Change 306.3% 80.84% -80.36%
Total Long-Term Liabilities $37.91M $16.34M $9.036M
YoY Change 306.3% 80.84% -88.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $585.3M $480.2M $352.9M
Total Long-Term Liabilities $37.91M $16.34M $9.036M
Total Liabilities $2.391B $2.092B $934.5M
YoY Change 149.97% 123.88% 373.18%
SHAREHOLDERS EQUITY
Retained Earnings -$4.585B -$4.342B -$3.451B
YoY Change 23.03% 25.82%
Common Stock $5.645B $5.594B $5.092B
YoY Change 8.51% 9.85%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.016B $1.215B $1.607B
YoY Change
Total Liabilities & Shareholders Equity $3.407B $3.307B $2.542B
YoY Change 42.25% 30.12% 51.68%

Cashflow Statement

Concept 2020 Q4 2020 Q3 2019 Q3
OPERATING ACTIVITIES
Net Income -$243.5M -$253.3M -$208.5M
YoY Change -11.82% 21.46% -14.98%
Depreciation, Depletion And Amortization $10.40M $8.600M -$10.30M
YoY Change 89.09% -183.5% -412.12%
Cash From Operating Activities -$123.2M -$110.3M -$182.6M
YoY Change -37.14% -39.59% 18.73%
INVESTING ACTIVITIES
Capital Expenditures -$21.70M -$12.40M -$36.10M
YoY Change -44.07% -65.65% -20.48%
Acquisitions
YoY Change
Other Investing Activities -$76.30M $2.400M $26.00M
YoY Change -58.08% -90.77% -81.64%
Cash From Investing Activities -$97.90M -$10.10M -$10.00M
YoY Change -55.68% 1.0% -110.4%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 218.0M 34.10M -20.70M
YoY Change 439.6% -264.73% -259.23%
NET CHANGE
Cash From Operating Activities -123.2M -110.3M -182.6M
Cash From Investing Activities -97.90M -10.10M -10.00M
Cash From Financing Activities 218.0M 34.10M -20.70M
Net Change In Cash -3.100M -86.30M -213.3M
YoY Change -99.18% -59.54% 378.25%
FREE CASH FLOW
Cash From Operating Activities -$123.2M -$110.3M -$182.6M
Capital Expenditures -$21.70M -$12.40M -$36.10M
Free Cash Flow -$101.5M -$97.90M -$146.5M
YoY Change -35.43% -33.17% 35.15%

Facts In Submission

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NATURE OF BUSINESS<div style="margin-top:6pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Alnylam Pharmaceuticals, Inc. (also referred to as Alnylam, we, our or us) commenced operations on June 14, 2002 as a biopharmaceutical company seeking to develop and commercialize novel therapeutics based on RNA interference, or RNAi. We are committed to the advancement of our company strategy of building a multi-product, global, commercial biopharmaceutical company with a deep and sustainable clinical pipeline of RNAi therapeutics for future growth and a robust, organic research engine for sustainable innovation and great potential for patient impact. Since inception, we have focused on discovering, developing and commercializing RNAi therapeutics by establishing and maintaining a strong intellectual property position in the RNAi field, establishing strategic alliances with leading pharmaceutical and life sciences companies, generating revenues through licensing agreements, and ultimately developing and commercializing RNAi therapeutics globally, either independently or with our strategic partners. We have devoted substantially all of our efforts to business planning, research, development, manufacturing and early commercial efforts, acquiring, filing and expanding intellectual property rights, recruiting management and technical staff, and raising capital. </span></div><div style="margin-top:6pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">In August 2018, we received approval for ONPATTRO from the United States Food and Drug Administration, or FDA, and began commercializing and generating product revenues in the U.S., and also received marketing authorization for ONPATTRO from the European Commission, or EC. As of September 30, 2020, we have launched ONPATTRO in the U.S., Europe, Japan and in several additional countries. In November 2019, we received approval for GIVLAARI from the FDA and began commercializing and generating product revenues in the U.S. in December 2019. In March 2020, we received marketing authorization for GIVLAARI from the EC, and as of September 30, 2020, we have launched GIVLAARI in several countries in Europe. Regulatory filings in additional markets are pending or planned for the remainder of 2020 and beyond for both products.</span></div><div style="margin-top:6pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">In 2020, we entered into a broad strategic financing collaboration with The Blackstone Group Inc. and certain of its affiliates which includes a purchase and sale agreement, a credit agreement, a stock purchase agreement, and a funding agreement for the clinical development of vutrisiran and ALN-AGT, under which The Blackstone Group Inc. and certain of its affiliates will provide up to $2.00 billion to support our advancement of innovative RNAi therapeutics. Each executed agreement is a separate unit of account and was recorded at fair value. Please read Note 5, Note 9, Note 10 and Note 11, respectively, for additional information regarding each executed agreement set forth above.</span></div>
us-gaap Prior Period Reclassification Adjustment Description
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<div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:115%">Reclassification</span></div><div style="margin-top:6pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Certain prior period amounts in the condensed consolidated financial statements have been reclassified to conform to the current period presentation.</span></div>
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<div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:115%">Use of Estimates</span></div><div style="margin-top:6pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America, or GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The full extent to which the COVID-19 </span></div>pandemic will directly or indirectly impact our business, results of operations and financial condition, including sales, expenses, reserves and allowances, the supply of our products and product candidates, clinical trials and research and development costs, will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain or treat it, as well as the economic impact on local, regional, national and international customers and markets. We have made estimates of the impact of COVID-19 within our financial statements and there may be changes to those estimates in future periods. Actual results may differ from these estimates.
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ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-484000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-1158000 USD
CY2020Q3 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.17
CY2019Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
381900000 USD
CY2019Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
5600000 USD
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
37264000 USD
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
46009000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
105597000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
108644000 USD
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
13001000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
14343000 shares

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