2017 Q1 Form 10-Q Financial Statement

#000082787117000004 Filed on May 08, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1
Revenue $76.79M $29.59M
YoY Change 159.51% -18.5%
Cost Of Revenue $10.77M $14.59M
YoY Change -26.21% 145.28%
Gross Profit $66.03M $15.00M
YoY Change 340.13% -50.59%
Gross Profit Margin 85.98% 50.7%
Selling, General & Admin $18.58M $12.13M
YoY Change 53.18% 204.26%
% of Gross Profit 28.14% 80.84%
Research & Development $7.525M $5.521M
YoY Change 36.3% -12.16%
% of Gross Profit 11.4% 36.8%
Depreciation & Amortization $196.0K $140.0K
YoY Change 40.0% 1066.67%
% of Gross Profit 0.3% 0.93%
Operating Expenses $44.10M $30.49M
YoY Change 44.64% 87.98%
Operating Profit $32.70M -$897.0K
YoY Change -3745.04% -104.46%
Interest Expense $27.00K $0.00
YoY Change -100.0%
% of Operating Profit 0.08%
Other Income/Expense, Net -$24.00K $20.00K
YoY Change -220.0% 233.33%
Pretax Income $32.67M -$877.0K
YoY Change -3825.43% -104.36%
Income Tax $9.748M $19.00K
% Of Pretax Income 29.84%
Net Earnings $22.92M -$896.0K
YoY Change -2658.48% -104.55%
Net Earnings / Revenue 29.85% -3.03%
Basic Earnings Per Share $1.50 -$0.06
Diluted Earnings Per Share $1.42 -$0.06
COMMON SHARES
Basic Shares Outstanding 15.26M shares 15.64M shares
Diluted Shares Outstanding 16.17M shares

Balance Sheet

Concept 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $27.70M $78.30M
YoY Change -64.62% -32.44%
Cash & Equivalents $27.71M $78.29M
Short-Term Investments
Other Short-Term Assets $1.215M $207.0K
YoY Change 486.96% 18.97%
Inventory $3.015M $7.761M
Prepaid Expenses
Receivables $84.74M $26.53M
Other Receivables $0.00 $0.00
Total Short-Term Assets $123.6M $114.6M
YoY Change 7.81% -11.69%
LONG-TERM ASSETS
Property, Plant & Equipment $3.796M $2.869M
YoY Change 32.31% 2769.0%
Goodwill $39.74M
YoY Change
Intangibles $32.66M $11.12M
YoY Change 193.81%
Long-Term Investments
YoY Change
Other Assets $618.0K $94.00K
YoY Change 557.45% 108.89%
Total Long-Term Assets $101.2M $14.08M
YoY Change 619.14% 9609.66%
TOTAL ASSETS
Total Short-Term Assets $123.6M $114.6M
Total Long-Term Assets $101.2M $14.08M
Total Assets $224.8M $128.7M
YoY Change 74.68% -0.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $19.03M $10.30M
YoY Change 84.82% 89.42%
Accrued Expenses $15.40M $19.56M
YoY Change -21.28% 30.16%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $35.44M $30.87M
YoY Change 14.8% 14.12%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $22.60M
YoY Change
Total Long-Term Liabilities $22.60M $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $35.44M $30.87M
Total Long-Term Liabilities $22.60M $0.00
Total Liabilities $58.00M $36.40M
YoY Change 59.34% 34.81%
SHAREHOLDERS EQUITY
Retained Earnings -$2.735M -$108.0M
YoY Change -97.47% 20.03%
Common Stock $16.00K $15.00K
YoY Change 6.67% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $50.66M
YoY Change
Treasury Stock Shares 756.0K shares
Shareholders Equity $166.8M $92.32M
YoY Change
Total Liabilities & Shareholders Equity $224.8M $128.7M
YoY Change 74.68% -0.95%

Cashflow Statement

Concept 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income $22.92M -$896.0K
YoY Change -2658.48% -104.55%
Depreciation, Depletion And Amortization $196.0K $140.0K
YoY Change 40.0% 1066.67%
Cash From Operating Activities -$12.44M $3.108M
YoY Change -500.13% -87.97%
INVESTING ACTIVITIES
Capital Expenditures $676.0K $804.0K
YoY Change -15.92% 1769.77%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$3.100M
YoY Change -100.0% -91.39%
Cash From Investing Activities -$676.0K -$3.904M
YoY Change -82.68% -75.66%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $13.65M $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$12.00M $0.00
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -$12.44M $3.108M
Cash From Investing Activities -$676.0K -$3.904M
Cash From Financing Activities -$12.00M $0.00
Net Change In Cash -$25.11M -$796.0K
YoY Change 3054.52% -101.22%
FREE CASH FLOW
Cash From Operating Activities -$12.44M $3.108M
Capital Expenditures $676.0K $804.0K
Free Cash Flow -$13.11M $2.304M
YoY Change -669.1% -91.07%

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CY2017Q1 us-gaap Other Sales Revenue Net
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25000000 USD
CY2016Q1 us-gaap Payments For Repurchase Of Common Stock
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0 USD
CY2017Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
13653000 USD
CY2016Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0 USD
CY2017Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
482000 USD
CY2016Q1 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
4850000 USD
CY2017Q1 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
0 USD
CY2016Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
804000 USD
CY2017Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
676000 USD
CY2016Q1 us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
62000000 USD
CY2017Q1 us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
0 USD
CY2016Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1500000 shares
CY2017Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1500000 shares
CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
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0 shares
CY2017Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q4 us-gaap Prepaid Expense And Other Assets Current
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11357000 USD
CY2017Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
8105000 USD
CY2016Q4 us-gaap Prepaid Insurance
PrepaidInsurance
135000 USD
CY2017Q1 us-gaap Prepaid Insurance
PrepaidInsurance
792000 USD
CY2016Q4 us-gaap Prepaid Taxes
PrepaidTaxes
1654000 USD
CY2017Q1 us-gaap Prepaid Taxes
PrepaidTaxes
0 USD
us-gaap Proceeds From Divestiture Of Businesses
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6500000 USD
CY2016Q1 us-gaap Proceeds From Sale Maturity And Collection Of Shortterm Investments
ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments
62000000 USD
CY2017Q1 us-gaap Proceeds From Sale Maturity And Collection Of Shortterm Investments
ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments
0 USD
CY2016Q1 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
1750000 USD
CY2017Q1 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
0 USD
CY2016Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 USD
CY2017Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2137000 USD
CY2016Q4 us-gaap Property Plant And Equipment Net
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3316000 USD
CY2017Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3796000 USD
CY2017Q1 us-gaap Purchase Obligation
PurchaseObligation
20948000 USD
CY2017Q1 us-gaap Purchase Obligation Due After Fifth Year
PurchaseObligationDueAfterFifthYear
0 USD
CY2017Q1 us-gaap Purchase Obligation Due In Fifth Year
PurchaseObligationDueInFifthYear
0 USD
CY2017Q1 us-gaap Purchase Obligation Due In Fourth Year
PurchaseObligationDueInFourthYear
0 USD
CY2017Q1 us-gaap Purchase Obligation Due In Second Year
PurchaseObligationDueInSecondYear
0 USD
CY2017Q1 us-gaap Purchase Obligation Due In Third Year
PurchaseObligationDueInThirdYear
0 USD
CY2017Q1 us-gaap Purchase Obligation Future Minimum Payments Remainder Of Fiscal Year
PurchaseObligationFutureMinimumPaymentsRemainderOfFiscalYear
20948000 USD
CY2016Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5521000 USD
CY2017Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7525000 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
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-25659000 USD
CY2017Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-2735000 USD
CY2016Q1 us-gaap Royalty Expense
RoyaltyExpense
1822000 USD
CY2017Q1 us-gaap Royalty Expense
RoyaltyExpense
7229000 USD
CY2016Q1 us-gaap Royalty Revenue
RoyaltyRevenue
9469000 USD
CY2017Q1 us-gaap Royalty Revenue
RoyaltyRevenue
36507000 USD
CY2016Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
14122000 USD
CY2017Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
15286000 USD
CY2016Q1 us-gaap Sales Revenue Net
SalesRevenueNet
29591000 USD
CY2017Q1 us-gaap Sales Revenue Net
SalesRevenueNet
76793000 USD
CY2016Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
12128000 USD
CY2017Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
18578000 USD
CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2869000 USD
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
4193000 USD
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P4Y
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.3117
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.3727
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0190
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0242
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0129
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0191
CY2017Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
2137000 USD
CY2016Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
75000000.0 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
151226000 USD
CY2017Q1 us-gaap Stockholders Equity
StockholdersEquity
166827000 USD
CY2016Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
566838 shares
CY2017Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
755983 shares
CY2016 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
566838 shares
CY2017Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
189145 shares
CY2016Q4 us-gaap Treasury Stock Value
TreasuryStockValue
37003000 USD
CY2017Q1 us-gaap Treasury Stock Value
TreasuryStockValue
50656000 USD
CY2016 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
37000000 USD
CY2017Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
13653000 USD
CY2017Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
13700000 USD
CY2017Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 USD
CY2016Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
15636387 shares
CY2017Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
16165361 shares
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15636387 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15257892 shares
CY2017Q1 us-gaap Basis Of Accounting
BasisOfAccounting
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Interim Condensed Consolidated Financial Statements</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (&#8220;U.S. GAAP&#8221;) for interim information and pursuant to the rules and regulations of the Securities and Exchange Commission (the &#8220;SEC&#8221;) for reporting on Form 10-Q. Accordingly, certain information and footnote disclosures required for complete financial statements are not included herein. The condensed consolidated balance sheet at December 31, 2016 was derived from audited financial statements, but certain information and footnote disclosures normally included in the Company's annual consolidated financial statements have been condensed or omitted. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary for the fair presentation of the financial information for the interim periods reported have been made.&#160;Results of operations for the </font><font style="font-family:inherit;font-size:10pt;">three months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;"> are not necessarily indicative of the results for the year ending December 31, </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;"> or any period thereafter. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2016, filed with the SEC on March 15, 2017. Unless otherwise indicated or required by context, reference throughout to the "Company," "Eagle Pharmaceuticals," "Eagle," "we," "us" or "our" mean Eagle Pharmaceuticals, Inc., a Delaware corporation and its subsidiary, Eagle Biologics, Inc., and references to "Eagle Biologics" mean Eagle Biologics, Inc.</font></div></div>
CY2017Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Reclassifications</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain reclassifications have been made to prior year amounts to conform with the current year presentation.</font></div></div>
CY2017Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">These financial statements are presented in U.S. dollars and are prepared in accordance with U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed financial statements including disclosure of contingent assets and contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period and accompanying notes. The Company's critical accounting policies are those that are both most important to the Company's financial condition and results of operations and require the most difficult, subjective or complex judgments on the part of management in their application, often as a result of the need to make estimates about the effect of matters that are inherently uncertain. Because of the uncertainty of factors surrounding the estimates or judgments used in the preparation of the financial statements, actual results may materially vary from these estimates.</font></div></div>

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