2021 Q4 Form 10-Q Financial Statement

#000117867021000028 Filed on October 28, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3
Revenue $258.5M $187.6M $125.9M
YoY Change 58.07% 49.09% 79.63%
Cost Of Revenue $37.66M $28.09M $20.83M
YoY Change 63.76% 34.88% 299.5%
Gross Profit $220.9M $159.5M $105.0M
YoY Change 57.2% 51.91% 61.96%
Gross Profit Margin 85.43% 85.03% 83.45%
Selling, General & Admin $186.4M $142.1M $167.5M
YoY Change 12.08% -15.16% 39.15%
% of Gross Profit 84.39% 89.05% 159.46%
Research & Development $229.1M $194.6M $161.8M
YoY Change 35.93% 20.27% 0.61%
% of Gross Profit 103.7% 121.96% 154.04%
Depreciation & Amortization $11.38M $11.79M $8.600M
YoY Change 9.38% 37.05% -183.5%
% of Gross Profit 5.15% 7.39% 8.19%
Operating Expenses $415.4M $336.6M $329.3M
YoY Change 24.08% 2.25% 17.11%
Operating Profit -$194.6M -$181.7M -$225.2M
YoY Change 0.13% -19.33% 4.11%
Interest Expense -$60.68M $40.27M $28.73M
YoY Change 121.45% 40.18%
% of Operating Profit
Other Income/Expense, Net -$5.064M -$22.56M -$27.25M
YoY Change -76.98% -17.22% -469.78%
Pretax Income -$260.3M -$204.2M -$252.5M
YoY Change 6.86% -19.1% 20.83%
Income Tax -$1.842M $278.0K $839.0K
% Of Pretax Income
Net Earnings -$258.5M -$204.5M -$253.3M
YoY Change 6.13% -19.26% 21.46%
Net Earnings / Revenue -99.97% -109.0% -201.26%
Basic Earnings Per Share -$1.72 -$2.18
Diluted Earnings Per Share -$2.158M -$1.72 -$2.18
COMMON SHARES
Basic Shares Outstanding 119.6M shares 119.1M shares 116.0M shares
Diluted Shares Outstanding 119.1M shares 116.0M shares

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.369B $2.255B $1.777B
YoY Change 29.45% 26.94% 3.23%
Cash & Equivalents $820.0M $1.094B $496.7M
Short-Term Investments $1.549B $1.161B $1.280B
Other Short-Term Assets $88.08M $108.5M $74.80M
YoY Change 40.25% 45.1% 1.77%
Inventory $86.36M $97.90M $66.94M
Prepaid Expenses
Receivables $198.6M $141.1M $79.12M
Other Receivables $73.27M $23.58M $518.3M
Total Short-Term Assets $2.809B $2.675B $2.555B
YoY Change 7.41% 4.72% 34.65%
LONG-TERM ASSETS
Property, Plant & Equipment $502.0M $484.9M $444.7M
YoY Change 7.94% 9.05% 12.17%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $60.20M $35.27M $37.93M
YoY Change 33.65% -7.03% 293.81%
Total Long-Term Assets $834.7M $797.0M $752.6M
YoY Change 5.36% 5.9% 16.8%
TOTAL ASSETS
Total Short-Term Assets $2.809B $2.675B $2.555B
Total Long-Term Assets $834.7M $797.0M $752.6M
Total Assets $3.643B $3.472B $3.307B
YoY Change 6.93% 4.99% 30.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $73.43M $40.05M $27.87M
YoY Change 41.3% 43.69% -29.24%
Accrued Expenses $395.2M $388.6M $295.3M
YoY Change 11.03% 31.6% 65.92%
Deferred Revenue $149.5M $115.0M $114.6M
YoY Change 17.51% 0.39% 6.75%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $695.7M $610.7M $480.2M
YoY Change 18.87% 27.16% 36.1%
LONG-TERM LIABILITIES
Long-Term Debt $675.7M $433.8M $0.00
YoY Change 253.21%
Other Long-Term Liabilities $98.96M $76.45M $16.34M
YoY Change 161.06% 367.84% 80.84%
Total Long-Term Liabilities $98.96M $76.45M $16.34M
YoY Change 161.06% 367.84% 80.84%
TOTAL LIABILITIES
Total Short-Term Liabilities $695.7M $610.7M $480.2M
Total Long-Term Liabilities $98.96M $76.45M $16.34M
Total Liabilities $3.055B $2.716B $2.092B
YoY Change 27.78% 29.83% 123.88%
SHAREHOLDERS EQUITY
Retained Earnings -$5.438B -$5.180B -$4.342B
YoY Change 18.6% 19.3% 25.82%
Common Stock $6.060B $5.970B $5.594B
YoY Change 7.34% 6.72% 9.85%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $588.2M $755.9M $1.215B
YoY Change
Total Liabilities & Shareholders Equity $3.643B $3.472B $3.307B
YoY Change 6.93% 4.99% 30.12%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income -$258.5M -$204.5M -$253.3M
YoY Change 6.13% -19.26% 21.46%
Depreciation, Depletion And Amortization $11.38M $11.79M $8.600M
YoY Change 9.38% 37.05% -183.5%
Cash From Operating Activities -$150.1M -$134.0M -$110.3M
YoY Change 21.87% 21.52% -39.59%
INVESTING ACTIVITIES
Capital Expenditures -$21.89M -$26.06M -$12.40M
YoY Change 0.86% 110.18% -65.65%
Acquisitions
YoY Change
Other Investing Activities -$391.5M -$62.21M $2.400M
YoY Change 413.13% -2692.04% -90.77%
Cash From Investing Activities -$413.4M -$88.27M -$10.10M
YoY Change 322.27% 773.97% 1.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 292.3M 573.8M 34.10M
YoY Change 34.08% 1582.81% -264.73%
NET CHANGE
Cash From Operating Activities -150.1M -134.0M -110.3M
Cash From Investing Activities -413.4M -88.27M -10.10M
Cash From Financing Activities 292.3M 573.8M 34.10M
Net Change In Cash -271.3M 351.5M -86.30M
YoY Change 8650.16% -507.34% -59.54%
FREE CASH FLOW
Cash From Operating Activities -$150.1M -$134.0M -$110.3M
Capital Expenditures -$21.89M -$26.06M -$12.40M
Free Cash Flow -$128.3M -$108.0M -$97.90M
YoY Change 26.36% 10.29% -33.17%

Facts In Submission

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us-gaap Nature Of Operations
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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 ribonucleic acid 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 early 2021, we launched our </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">Alnylam P</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-style:italic;font-weight:400;line-height:115%;position:relative;top:-3.5pt;vertical-align:baseline">5</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">x25 </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">strategy, which focuses on our planned transition to a top five biotech company, as measured by market capitalization, by the end of 2025. With </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">Alnylam P</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-style:italic;font-weight:400;line-height:115%;position:relative;top:-3.5pt;vertical-align:baseline">5</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">x25</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">, we aim to deliver transformative rare and prevalent disease medicines for patients around the world through sustainable innovation, delivering exceptional financial performance and driving profitability.</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%">As of September 30, 2021, we have four products that have received marketing approval, including one partnered product, and six late-stage investigational programs advancing towards potential commercialization. We currently generate worldwide product revenues from three commercialized products, ONPATTRO, GIVLAARI and OXLUMO, primarily in the U.S., Europe and Japan.</span></div>
CY2021Q3 alny Number Of Marketed Products
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us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<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>
us-gaap Use Of Estimates
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<div style="margin-top:6pt"><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 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. In our condensed consolidated financial statements, we use estimates and assumptions related to our inventory valuation and related reserves, liability related to the sale of future royalties, development derivative liability, income taxes, revenue recognition, research and development expenses, and stock-based compensation. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable. Actual results could differ from those 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 full extent to which the COVID-19 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 variants thereof, and the actions taken to contain or treat it or vaccinate against it, as well as the economic impact on local, regional, national and international customers and markets. </span></div>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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12693000 USD
CY2021Q3 alny Inventory Current And Noncurrent
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CY2020Q4 alny Inventory Current And Noncurrent
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CapitalizedInventory
7100000 USD
CY2021Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1093991000 USD
CY2020Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
496704000 USD
CY2021Q3 us-gaap Restricted Cash
RestrictedCash
2467000 USD
CY2020Q3 us-gaap Restricted Cash
RestrictedCash
2452000 USD
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1096458000 USD
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
499156000 USD
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
9311000 USD
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-81000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
9392000 USD
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-1658000 USD
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-983000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-675000 USD
CY2021Q3 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.15
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
37264000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
121135000 USD
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
33367000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
105597000 USD
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
12961000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
13001000 shares

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