2024 Q1 Form 10-K Financial Statement

#000168285224000015 Filed on February 23, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $167.0M $2.811B $6.848B
YoY Change -91.03% -44.71% -64.45%
Cost Of Revenue $96.00M $929.0M $4.693B
YoY Change -87.88% -51.56% -13.35%
Gross Profit $71.00M $1.882B $2.155B
YoY Change -93.36% -40.56% -84.44%
Gross Profit Margin 42.51% 66.95% 31.47%
Selling, General & Admin $274.0M $470.0M $1.549B
YoY Change -10.16% 25.33% 36.84%
% of Gross Profit 385.92% 24.97% 71.88%
Research & Development $1.063B $1.406B $4.845B
YoY Change -6.01% 16.1% 47.04%
% of Gross Profit 1497.18% 74.71% 224.83%
Depreciation & Amortization $35.00M $202.0M $617.0M
YoY Change -55.13% 152.5% 77.3%
% of Gross Profit 49.3% 10.73% 28.63%
Operating Expenses $1.063B $1.876B $4.845B
YoY Change -6.01% 18.28% 47.04%
Operating Profit -$1.266B $6.000M -$4.239B
YoY Change 245.9% -99.62% -145.0%
Interest Expense $99.00M $103.0M $421.0M
YoY Change 52.31% 37.33% 178.81%
% of Operating Profit 1716.67%
Other Income/Expense, Net -$19.00M -$39.00M -$124.0M
YoY Change -60.42% 175.56%
Pretax Income -$1.165B $70.00M -$3.942B
YoY Change 281.97% -95.77% -141.17%
Income Tax $10.00M -$147.0M $772.0M
% Of Pretax Income -210.0%
Net Earnings -$1.175B $217.0M -$4.714B
YoY Change -1587.34% -85.19% -156.37%
Net Earnings / Revenue -703.59% 7.72% -68.84%
Basic Earnings Per Share -$3.07 -$12.33
Diluted Earnings Per Share -$3.07 $0.55 -$12.33
COMMON SHARES
Basic Shares Outstanding 382.1M shares 381.3M shares 382.0M shares
Diluted Shares Outstanding 382.0M shares 382.0M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.523B $8.604B $8.604B
YoY Change -4.48% -13.11% -13.11%
Cash & Equivalents $2.051B $2.907B $2.907B
Short-Term Investments $6.472B $5.697B $5.697B
Other Short-Term Assets $68.00M $88.00M $627.0M
YoY Change 6.25% 35.38% -31.55%
Inventory $295.0M $202.0M $202.0M
Prepaid Expenses
Receivables $137.0M $892.0M $892.0M
Other Receivables $250.0M $0.00 $0.00
Total Short-Term Assets $9.600B $10.33B $10.33B
YoY Change -20.81% -23.13% -23.13%
LONG-TERM ASSETS
Property, Plant & Equipment $2.760B $2.658B $2.658B
YoY Change 29.27% 24.26% 24.26%
Goodwill $52.00M $52.00M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments $53.00M $66.00M $4.677B
YoY Change -36.14% -99.21% -43.77%
Other Assets $650.0M $685.0M $766.0M
YoY Change -44.16% -30.67% -61.12%
Total Long-Term Assets $7.129B $8.101B $8.101B
YoY Change -40.61% -34.81% -34.81%
TOTAL ASSETS
Total Short-Term Assets $9.600B $10.33B $10.33B
Total Long-Term Assets $7.129B $8.101B $8.101B
Total Assets $16.73B $18.43B $18.43B
YoY Change -30.66% -28.74% -28.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $183.0M $520.0M $520.0M
YoY Change -52.96% 6.78% 6.78%
Accrued Expenses $1.396B $1.798B $1.798B
YoY Change -13.45% -14.42% -15.82%
Deferred Revenue $559.0M $568.0M
YoY Change -54.14% -72.13%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $2.380B $3.015B $3.015B
YoY Change -31.98% -38.76% -38.76%
LONG-TERM LIABILITIES
Long-Term Debt $575.0M $575.0M $575.0M
YoY Change -30.81% -36.95% -36.95%
Other Long-Term Liabilities $262.0M $256.0M $982.0M
YoY Change 60.74% 89.63% 9.11%
Total Long-Term Liabilities $262.0M $256.0M $1.557B
YoY Change 60.74% 89.63% -14.07%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.380B $3.015B $3.015B
Total Long-Term Liabilities $262.0M $256.0M $1.557B
Total Liabilities $3.912B $4.572B $4.572B
YoY Change -25.66% -32.12% -32.12%
SHAREHOLDERS EQUITY
Retained Earnings $12.43B $13.61B
YoY Change -32.44% -25.73%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $12.82B $13.85B $13.85B
YoY Change
Total Liabilities & Shareholders Equity $16.73B $18.43B $18.43B
YoY Change -30.66% -28.74% -28.74%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$1.175B $217.0M -$4.714B
YoY Change -1587.34% -85.19% -156.37%
Depreciation, Depletion And Amortization $35.00M $202.0M $617.0M
YoY Change -55.13% 152.5% 77.3%
Cash From Operating Activities -$989.0M $622.0M -$3.118B
YoY Change -19.27% -62.58% -162.6%
INVESTING ACTIVITIES
Capital Expenditures $196.0M $220.0M $707.0M
YoY Change 73.45% 139.13% 76.75%
Acquisitions $0.00 $85.00M
YoY Change -100.0%
Other Investing Activities $314.0M -$318.0M $4.913B
YoY Change -85.22% -66.74% -202.87%
Cash From Investing Activities $118.0M -$538.0M $4.206B
YoY Change -94.13% -48.66% -181.26%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.153B
YoY Change -65.36%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $14.00M -109.0M -$1.377B
YoY Change -102.58% -75.11% -60.06%
NET CHANGE
Cash From Operating Activities -$989.0M 622.0M -$3.118B
Cash From Investing Activities $118.0M -538.0M $4.206B
Cash From Financing Activities $14.00M -109.0M -$1.377B
Net Change In Cash -$857.0M -25.00M -$289.0M
YoY Change -451.23% -114.2% -92.07%
FREE CASH FLOW
Cash From Operating Activities -$989.0M $622.0M -$3.118B
Capital Expenditures $196.0M $220.0M $707.0M
Free Cash Flow -$1.185B $402.0M -$3.825B
YoY Change -11.43% -74.39% -183.5%

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<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Other revenue in the consolidated statements of operations comprises grant revenue and collaboration revenue that were previously presented as separate line items in our consolidated statements of operations in our 2022 Form 10-K. The associated prior period amounts in the consolidated financial statements, as well as in the notes thereto, have been reclassified to conform to the current presentation.</span></div>
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<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We have made estimates and judgments affecting the amounts reported in our consolidated financial statements and the accompanying notes. We base our estimates on historical experience and various relevant assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods that are not readily apparent from other sources. Changes in our estimates are recorded in the financial results of the period in which the new information becomes available. The actual results that we experience may differ materially from our estimates.</span></div>
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CY2023 us-gaap Concentration Risk Credit Risk
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<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments that subject us to significant concentrations of credit risk consist primarily of cash, cash equivalents, restricted cash, marketable debt securities, and accounts receivable, net. Our investment portfolio comprises money market funds and marketable debt securities, including U.S. Treasury securities, debt securities of U.S. government agencies and corporate entities and commercial paper. Our cash management and investment policy limits investment instruments to investment-grade securities with the objective to preserve capital and to maintain liquidity until the funds can be used in business operations. We invest in a variety of financial instruments and limit the amount of credit exposure with any individual financial institution. Bank accounts in the United States are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000. Our primary operating accounts significantly exceed the FDIC limits. </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We are also subject to credit risk from our accounts receivable, net related to our net product sales and strategic alliances. We sell our products primarily to wholesalers and distributors and other governments and organizations. We do not require collateral or other security to support accounts receivable. To date, we have not experienced material losses with respect to the collection of our accounts receivable.</span></div>
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UnrecognizedTaxBenefits
68000000 usd
CY2023Q4 mrna Unrecognized Tax Benefits Net
UnrecognizedTaxBenefitsNet
231000000 usd
CY2023 us-gaap Net Income Loss
NetIncomeLoss
-4714000000 usd
CY2022 us-gaap Net Income Loss
NetIncomeLoss
8362000000 usd
CY2021 us-gaap Net Income Loss
NetIncomeLoss
12202000000 usd
CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
382000000 shares
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
394000000 shares
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
403000000 shares
CY2023 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2022 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
22000000 shares
CY2021 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
28000000 shares
CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
382000000 shares
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
416000000 shares
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
431000000 shares
CY2023 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-12.33
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
21.26
CY2021 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
30.31
CY2023 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-12.33
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
20.12
CY2021 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
28.29
CY2023 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
31000000 shares
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3000000 shares
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1000000 shares
CY2023 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2023 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
6848000000 usd
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
19263000000 usd
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
18471000000 usd
CY2023Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
1945000000 usd
CY2022Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
2018000000 usd
CY2023Q4 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q4 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2023 dei Auditor Firm
AuditorFirmId
42

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exhibit1015redactedgarayar.htm Edgar Link pending
exhibit10212018employeesto.htm Edgar Link pending
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