2023 Q2 Form 10-Q Financial Statement

#000082787123000016 Filed on May 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $64.65M $66.31M
YoY Change -12.8% -42.78%
Cost Of Revenue $16.86M $17.30M
YoY Change -28.76% -31.28%
Gross Profit $47.79M $49.01M
YoY Change -5.32% -45.97%
Gross Profit Margin 73.92% 73.91%
Selling, General & Admin $27.65M $27.96M
YoY Change -24.93% 26.05%
% of Gross Profit 57.86% 57.06%
Research & Development $9.833M $9.272M
YoY Change -14.02% 51.8%
% of Gross Profit 20.58% 18.92%
Depreciation & Amortization $100.0K $100.0K
YoY Change -93.88% -50.0%
% of Gross Profit 0.21% 0.2%
Operating Expenses $37.48M $37.23M
YoY Change -22.34% 31.61%
Operating Profit $10.30M $11.77M
YoY Change 367.73% -80.32%
Interest Expense $1.448M $1.516M
YoY Change -243.65% 314.21%
% of Operating Profit 14.05% 12.88%
Other Income/Expense, Net -$1.006M -$1.542M
YoY Change -85.76% -28.91%
Pretax Income $9.298M $10.23M
YoY Change -258.45% -82.26%
Income Tax $4.134M $4.481M
% Of Pretax Income 44.46% 43.8%
Net Earnings $5.164M $5.750M
YoY Change -154.65% -86.95%
Net Earnings / Revenue 7.99% 8.67%
Basic Earnings Per Share $0.39 $0.44
Diluted Earnings Per Share $0.39 $0.44
COMMON SHARES
Basic Shares Outstanding 13.09M shares 13.08M shares
Diluted Shares Outstanding 13.15M shares 13.15M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $15.35M $21.90M
YoY Change -58.01% -71.0%
Cash & Equivalents $15.35M $21.90M
Short-Term Investments
Other Short-Term Assets $3.820M $2.575M
YoY Change -73.22% -45.93%
Inventory $42.48M $44.14M
Prepaid Expenses
Receivables $115.1M $115.0M
Other Receivables $1.144M $1.069M
Total Short-Term Assets $187.3M $192.5M
YoY Change -3.71% -19.85%
LONG-TERM ASSETS
Property, Plant & Equipment $1.013M $1.116M
YoY Change -30.57% -31.41%
Goodwill $45.03M $45.03M
YoY Change 13.31%
Intangibles $107.4M $112.9M
YoY Change 1035.56%
Long-Term Investments
YoY Change
Other Assets $33.41M $33.51M
YoY Change 10.21% 349.32%
Total Long-Term Assets $217.6M $221.7M
YoY Change 16.16% 177.11%
TOTAL ASSETS
Total Short-Term Assets $187.3M $192.5M
Total Long-Term Assets $217.6M $221.7M
Total Assets $404.8M $414.2M
YoY Change 6.04% 29.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $15.84M $17.11M
YoY Change -20.67% 17.91%
Accrued Expenses $61.33M $73.20M
YoY Change 7.83% 15.44%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $8.297M $7.500M
YoY Change -62.02% -68.35%
Total Short-Term Liabilities $86.63M $97.81M
YoY Change -20.5% -3.77%
LONG-TERM LIABILITIES
Long-Term Debt $61.90M $68.83M
YoY Change 120.92%
Other Long-Term Liabilities $4.256M $4.692M
YoY Change 88.65% 83.07%
Total Long-Term Liabilities $66.15M $73.52M
YoY Change 118.51% 2768.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $86.63M $97.81M
Total Long-Term Liabilities $66.15M $73.52M
Total Liabilities $152.8M $171.3M
YoY Change 6.27% 64.42%
SHAREHOLDERS EQUITY
Retained Earnings $122.4M $117.3M
YoY Change -2.22%
Common Stock $18.00K $18.00K
YoY Change 5.88%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $252.0M $242.8M
YoY Change
Total Liabilities & Shareholders Equity $404.8M $414.2M
YoY Change 6.04% 29.36%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $5.164M $5.750M
YoY Change -154.65% -86.95%
Depreciation, Depletion And Amortization $100.0K $100.0K
YoY Change -93.88% -50.0%
Cash From Operating Activities -$126.0K -$33.51M
YoY Change -100.29% 101.75%
INVESTING ACTIVITIES
Capital Expenditures $6.000K $58.00K
YoY Change -65.48%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$12.50M
YoY Change -100.0%
Cash From Investing Activities -$6.000K -$12.56M
YoY Change -99.99% 7375.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $1.250M
YoY Change -37.5%
Cash From Financing Activities -6.411M $12.65M
YoY Change 1096.08% -211.34%
NET CHANGE
Cash From Operating Activities -126.0K -$33.51M
Cash From Investing Activities -6.000K -$12.56M
Cash From Financing Activities -6.411M $12.65M
Net Change In Cash -6.543M -$33.42M
YoY Change -80.15% 18.79%
FREE CASH FLOW
Cash From Operating Activities -$126.0K -$33.51M
Capital Expenditures $6.000K $58.00K
Free Cash Flow -$132.0K -$33.57M
YoY Change -100.31% 100.07%

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Basis of Presentation and Other Company Information <div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for reporting quarterly information. Accordingly, certain information and footnote disclosures required for complete financial statements are not included herein. The condensed consolidated balance sheet at December 31, 2022 was derived from audited financial statements, but certain information and footnote disclosures normally included in our 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. Results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results for the year ending December 31, 2023 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, 2022, filed with the SEC on March 23, 2023. </span></div><div style="margin-bottom:6pt;margin-top:5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Eagle Pharmaceuticals, Inc. (the "Company", "Eagle", or "we") is an integrated pharmaceutical company focused on finding ways to help medicines do more for patients. We and our collaborators have the capabilities to take a molecule from preclinical research through regulatory approval and into the marketplace, including development, manufacturing and commercialization. Our business model applies our scientific expertise, proprietary research-based insights and marketplace proficiency to identify challenging-to-treat diseases of the central nervous system or metabolic critical care therapeutic areas as well as in oncology. By focusing on patients' unmet needs, we strive to provide healthcare professionals with urgently needed treatment solutions that are designed to improve patient care and outcomes and create near- and long-term value for our stakeholders, including patients and healthcare providers and our employees, marketing partners, collaborators and investors. Our science-based business model has a proven track record with the U.S. Food and Drug Administration ("FDA") approval and commercial launches of six products: PEMFEXY® (pemetrexed for injection), vasopressin, an A-rated generic alternative to Vasostrict®, Ryanodex® (dantrolene sodium) ("Ryanodex"), bendamustine ready-to-dilute ("RTD") 500ml solution ("Belrapzo"), and rapidly infused bendamustine RTD ("Bendeka") and bendamustine ready-to-dilute and rapidly infused RTD in Japan (“Treakisym”). We market our products through marketing partners and/or our internal direct sales force. We market PEMFEXY, vasopressin, Ryanodex and Belrapzo, and Teva Pharmaceutical Industries Ltd. ("Teva") markets Bendeka through its subsidiary Cephalon, Inc. SymBio Pharmaceuticals Limited ("SymBio"), markets Treakisym, a RTD product, in Japan.</span></div>On June 9, 2022, we acquired all of the outstanding share capital of Acacia Pharma Group plc (“Acacia”), which added two FDA approved new chemical entities with patent protection, BARHEMSYS® (amisulpride for injection) and BYFAVO® (remimazolam for injection). Refer to Note 13 for further details.
CY2023Q1 egrx Number Of Products Launched
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CY2023Q1 us-gaap Use Of Estimates
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<div style="margin-bottom:8pt;margin-top:8pt;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:120%">Use of Estimates</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">These condensed consolidated financial statements are presented in U.S. dollars and are prepared in accordance with U.S. GAAP. The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements including disclosure of gross to net estimates as of the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period and accompanying notes. Our critical accounting policies are those that are both most important to our financial condition and results of operations and also 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 uncertai</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">n. As of</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%"> the date of issuance of these condensed consolidated financial statements, we are not aware of any specific event or circumstance that would require us to update our estimates, assumptions and judgments or revise the carrying value of our assets or liabilities. Because of the uncertainty of factors surrounding the estimates or judgments used in the preparation of the condensed consolidated financial statements, actual results may materially vary from these estimates, and any such differences may be material to our condensed consolidated financial statements.</span></div>
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LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
10000000 usd
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
62500000 usd
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
0 usd
CY2023Q1 egrx Long Term Debt Maturity After Year Three
LongTermDebtMaturityAfterYearThree
0 usd
CY2023Q1 us-gaap Purchase Obligation
PurchaseObligation
86491000 usd
CY2023Q1 us-gaap Purchase Obligation Future Minimum Payments Remainder Of Fiscal Year
PurchaseObligationFutureMinimumPaymentsRemainderOfFiscalYear
86491000 usd
CY2023Q1 us-gaap Purchase Obligation Due In Next Twelve Months
PurchaseObligationDueInNextTwelveMonths
0 usd
CY2023Q1 us-gaap Purchase Obligation Due In Second Year
PurchaseObligationDueInSecondYear
0 usd
CY2023Q1 us-gaap Purchase Obligation Due In Third Year
PurchaseObligationDueInThirdYear
0 usd
CY2023Q1 egrx Purchase Obligation To Be Paid After Year Three
PurchaseObligationToBePaidAfterYearThree
0 usd
CY2023Q1 egrx Obligation
Obligation
166783000 usd
CY2023Q1 egrx Obligation To Be Paid Remainder Of Fiscal Year
ObligationToBePaidRemainderOfFiscalYear
92748000 usd
CY2023Q1 egrx Obligation To Be Paid Year One
ObligationToBePaidYearOne
11122000 usd
CY2023Q1 egrx Obligation To Be Paid Year Two
ObligationToBePaidYearTwo
62913000 usd
CY2023Q1 egrx Obligation To Be Paid Year Three
ObligationToBePaidYearThree
0 usd
CY2023Q1 egrx Obligation To Be Paid After Year Three
ObligationToBePaidAfterYearThree
0 usd
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
400000 usd
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
400000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
2800000 usd
CY2023Q1 us-gaap Debt Instrument Periodic Payment
DebtInstrumentPeriodicPayment
7500000 usd
CY2023Q1 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
1200000 usd
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
5000000 usd
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
10000000 usd
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
62500000 usd
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
0 usd
CY2023Q1 us-gaap Long Term Debt
LongTermDebt
77500000 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4481000 usd
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
13602000 usd
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.44
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.24
CY2023Q1 egrx Number Of Tax Jurisdictions Currently Auditing The Company
NumberOfTaxJurisdictionsCurrentlyAuditingTheCompany
3 jurisdiction
CY2023Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 usd
CY2023Q1 us-gaap Contractual Obligation Due In Next Twelve Months
ContractualObligationDueInNextTwelveMonths
12500000 usd

Files In Submission

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egrx-20230331_pre.xml Edgar Link unprocessable
0000827871-23-000016-index-headers.html Edgar Link pending
0000827871-23-000016-index.html Edgar Link pending
0000827871-23-000016.txt Edgar Link pending
0000827871-23-000016-xbrl.zip Edgar Link pending
egrx-20230331.htm Edgar Link pending
egrx-20230331.xsd Edgar Link pending
egrx-20230331_def.xml Edgar Link unprocessable
egrx-20230331_cal.xml Edgar Link unprocessable
egrx-20230331_lab.xml Edgar Link unprocessable
egrx-20230331_htm.xml Edgar Link completed
exhibit311q12023.htm Edgar Link pending
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Financial_Report.xlsx Edgar Link pending
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