$NBIX
NEUROCRINE BIOSCIENCES INC

2018 Q1 Form 10-Q Financial Statement

#000156459018009860 Filed on April 30, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $71.09M $0.00
YoY Change -100.0%
Cost Of Revenue $950.0K $0.00
YoY Change
Gross Profit $70.14M $0.00
YoY Change
Gross Profit Margin 98.66%
Selling, General & Admin $58.64M $28.05M
YoY Change 109.04% 133.75%
% of Gross Profit 83.6%
Research & Development $48.95M $51.88M
YoY Change -5.66% 117.05%
% of Gross Profit 69.79%
Depreciation & Amortization $800.0K $500.0K
YoY Change 60.0% 66.67%
% of Gross Profit 1.14%
Operating Expenses $108.5M $79.93M
YoY Change 35.78% 122.92%
Operating Profit -$37.45M -$79.93M
YoY Change -53.15% 283.24%
Interest Expense $7.504M $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net -$4.371M $1.606M
YoY Change -372.17% 0.82%
Pretax Income -$41.82M -$78.30M
YoY Change -46.59% 305.7%
Income Tax
% Of Pretax Income
Net Earnings -$41.82M -$78.33M
YoY Change -46.61% 306.59%
Net Earnings / Revenue -58.83%
Basic Earnings Per Share -$0.47 -$0.90
Diluted Earnings Per Share -$0.47 -$0.90
COMMON SHARES
Basic Shares Outstanding 89.53M 87.28M
Diluted Shares Outstanding 89.53M 87.28M

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $460.5M $235.6M
YoY Change 95.46% -38.24%
Cash & Equivalents $175.3M $64.09M
Short-Term Investments $285.2M $171.5M
Other Short-Term Assets $8.613M $3.871M
YoY Change 122.5% -11.56%
Inventory
Prepaid Expenses
Receivables $44.62M
Other Receivables $0.00
Total Short-Term Assets $513.7M $239.5M
YoY Change 114.54% -40.28%
LONG-TERM ASSETS
Property, Plant & Equipment $11.83M $7.144M
YoY Change 65.52% 83.32%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $276.3M $37.70M
YoY Change 632.89% -23.84%
Other Assets $4.500M $5.100M
YoY Change -11.76% 2.0%
Total Long-Term Assets $292.6M $49.91M
YoY Change 486.31% -14.46%
TOTAL ASSETS
Total Short-Term Assets $513.7M $239.5M
Total Long-Term Assets $292.6M $49.91M
Total Assets $806.4M $289.4M
YoY Change 178.67% -37.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $45.70M $852.0K
YoY Change 5263.85% -59.85%
Accrued Expenses $18.40M
YoY Change 7.46%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $46.47M $23.56M
YoY Change 97.2% 1.23%
LONG-TERM LIABILITIES
Long-Term Debt $374.2M $0.00
YoY Change
Other Long-Term Liabilities $21.20M $113.0K
YoY Change 18661.06% -48.87%
Total Long-Term Liabilities $395.4M $113.0K
YoY Change 349811.5% -48.87%
TOTAL LIABILITIES
Total Short-Term Liabilities $46.47M $23.56M
Total Long-Term Liabilities $395.4M $113.0K
Total Liabilities $441.9M $42.22M
YoY Change 946.52% -8.95%
SHAREHOLDERS EQUITY
Retained Earnings -$1.241B -$1.135B
YoY Change 9.35% 21.42%
Common Stock $1.609B $1.382B
YoY Change 16.41% 2.55%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $364.5M $247.1M
YoY Change
Total Liabilities & Shareholders Equity $806.4M $289.4M
YoY Change 178.67% -37.0%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income -$41.82M -$78.33M
YoY Change -46.61% 306.59%
Depreciation, Depletion And Amortization $800.0K $500.0K
YoY Change 60.0% 66.67%
Cash From Operating Activities -$38.49M -$77.40M
YoY Change -50.28% 165.07%
INVESTING ACTIVITIES
Capital Expenditures $1.800M $1.362M
YoY Change 32.16% 83.81%
Acquisitions
YoY Change
Other Investing Activities -$55.30M $58.00M
YoY Change -195.34% -18.31%
Cash From Investing Activities -$57.05M $56.60M
YoY Change -200.8% -19.49%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $16.14M $1.531M
YoY Change 953.89% 2369.35%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 16.14M 1.500M
YoY Change 975.67% 1400.0%
NET CHANGE
Cash From Operating Activities -38.49M -77.40M
Cash From Investing Activities -57.05M 56.60M
Cash From Financing Activities 16.14M 1.500M
Net Change In Cash -79.40M -19.30M
YoY Change 311.4% -146.84%
FREE CASH FLOW
Cash From Operating Activities -$38.49M -$77.40M
Capital Expenditures $1.800M $1.362M
Free Cash Flow -$40.29M -$78.76M
YoY Change -48.85% 163.06%

Facts In Submission

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CY2018Q1 us-gaap Use Of Estimates
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<div> <p style="margin-bottom:0pt;margin-top:12pt;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;text-indent:4.54%;">Use of Estimates<font style="font-weight:normal;font-style:normal;">. The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and the accompanying notes. Actual results could differ from those estimates. </font></p></div>
CY2018Q1 us-gaap Revenue Recognition Sales Of Goods
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<div> <p style="margin-bottom:0pt;margin-top:12pt;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;text-indent:4.54%;">Product Sales, Net.<font style="font-weight:normal;font-style:normal;">&#160; The Company&#8217;s product sales consist of U.S. sales of INGREZZA</font><font style="Background-color:#FFFFFF;color:#000000;font-weight:normal;font-style:normal;">.&#160; </font><font style="font-weight:normal;font-style:normal;">INGREZZA was approved by the FDA on April&#160;11, 2017 and the Company commenced shipments of INGREZZA to select pharmacies (SPs) and a select distributor (SD), or collectively, its customers, in late April 2017. The&#160;SPs&#160;dispense&#160;product to a patient based on the fulfillment&#160;of&#160;a prescription and&#160;the SD&#160;sells&#160;product to government facilities, long-term care pharmacies or&#160;in-patient hospital&#160;pharmacies. The Company&#8217;s agreements with the SPs and SD provide for transfer of title to the product at the time the product is delivered to the SP or SD. In addition, except for limited circumstances, the SPs and SDs have no right of product return to the Company. Product sales are recognized when the customer obtains control of the Company&#8217;s product, typically upon delivery to the customer.</font></p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Revenue from product sales are recorded at the net sales price (transaction price), which includes an estimate of variable consideration for which reserves are established and which results from contractual discounts, returns, chargebacks, rebates, co-pay assistance and other allowances relating to the Company&#8217;s sales of its products.&#160;&#160;These reserves are based on the amounts earned or to be claimed on the related sales and are classified as reductions of accounts receivable (if the amount is payable to the customer) or a current liability (if the amount is payable to a party other than a customer).&#160;&#160;Where appropriate, these estimates take into consideration a range of possible outcomes that are probability-weighted for relevant factors such as the Company&#8217;s historical experience, current contractual and statutory requirements, specific known market events and trends, industry data and forecasted customer buying and payment patterns.&#160;&#160;Overall, these reserves reflect the Company&#8217;s best estimates of the amount of consideration to which it is entitled based on the terms of the contract.&#160;&#160;The amount of variable consideration that is included in the transaction price may be constrained, and is included in the net sales price only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in a future period.&#160;&#160;Actual amounts of consideration ultimately received may differ from the Company&#8217;s estimates.&#160;&#160;If actual results in the future vary from the Company&#8217;s estimates, the Company will adjust these estimates, which would affect net product revenue and earnings in the period such variances become known. The following are the Company&#8217;s significant categories of sales discounts and allowances: </p> <p style="margin-bottom:0pt;margin-top:12pt;margin-left:4.53%;text-indent:4.54%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Trade Discounts and Allowances:<font style="font-style:normal;">&#160;The Company generally provides customers with discounts that include prompt payment discounts, discounts for providing sales data, and other off-invoice discounts that are explicitly stated in the Company&#8217;s contracts and are recorded as a reduction of revenue in the period the related product revenue is recognized.&#160;&#160;</font><font style="color:#000000;font-style:normal;"> </font></p> <p style="margin-bottom:0pt;margin-top:12pt;margin-left:4.53%;text-indent:4.54%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Product Returns:&#160;<font style="font-style:normal;">The Company offers customers limited product return rights for damages and shipment errors provided it is within a very limited period after the original shipping date as set forth in the applicable individual distribution agreement. The Company does not allow product returns for product that has been dispensed to a patient or for drug expiration. The Company receives real-time shipping reports and inventory reports from the customers and has the ability to control the amount of product that is sold to the customers. Product returns to date have not been significant and the Company has not considered it necessary to record a reserve for product returns.</font></p> <p style="margin-bottom:0pt;margin-top:12pt;margin-left:4.53%;text-indent:4.54%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Government Rebates:<font style="font-style:normal;">&#160;The Company is subject to discount obligations under state Medicaid programs and Medicare prescription drug coverage gap program.&nbsp;&nbsp;The Company estimates its Medicaid and Medicare prescription drug coverage gap rebates based upon a range of possible outcomes that are probability-weighted for the estimated payor mix. These reserves are&#160;recorded in the same period the related revenue is recognized, resulting in a reduction of product revenue and the establishment of a current liability that is included in accrued expenses on the condensed consolidated balance sheet.&#160;&#160; The Company&#8217;s liability for these rebates consists of invoices received for claims from prior quarters that have not been paid or for which an invoice has not yet been received, estimates of claims for the current quarter, and estimated future claims that will be made for product that has been recognized as revenue, but remains in the distribution channel inventories at the end of each reporting period. </font></p> <p style="margin-bottom:0pt;margin-top:12pt;margin-left:4.53%;text-indent:4.54%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Provider Chargebacks and Discounts:<font style="font-style:normal;">&#160;Chargebacks for fees and discounts to providers represent the estimated obligations resulting from contractual commitments to sell products to qualified healthcare providers at prices lower than the list prices charged to customers who directly purchase the product from the Company.&#160;&#160;Customers charge the Company for the difference between what they pay for the product and the ultimate selling price to the qualified healthcare providers.&#160;&#160;These reserves are established in the same period that the related revenue is recognized, resulting in a reduction of product revenue and accounts receivable.&#160;&#160;Chargeback amounts are generally determined at the time of resale to the qualified healthcare provider by customers, and the Company generally issues credits for such amounts following the customer&#8217;s notification to the Company of the resale.&#160;&#160;Reserves for chargebacks consist of credits that the Company expects to issue for units that remain in the distribution channel inventories at each reporting period end that the Company expects will be sold to qualified healthcare providers</font><font style="color:#000000;font-style:normal;">.</font><font style="font-style:normal;"> </font></p> <p style="margin-bottom:0pt;margin-top:12pt;margin-left:4.54%;text-indent:4.54%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Co-Payment Assistance:<font style="font-style:normal;">&#160;The Company offers co-payment assistance to commercially insured patients meeting certain eligibility requirements. The calculation of the accrual for co-pay assistance is based on an estimate of claims and the cost per claim that the Company expects to receive associated with product that has been recognized as revenue, but remains in the distribution channel inventories at the end of each reporting period</font><font style="color:#000000;font-style:normal;">. </font></p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Shipping and handling costs related to the Company&#8217;s product sales are included in selling, general and administrative expenses.</p></div>
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CY2017Q1 us-gaap Proceeds From Stock Options Exercised
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CY2017Q1 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
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300000
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
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109000000
CY2007Q4 us-gaap Mortgage Loans On Real Estate Cost Of Mortgages Sold
MortgageLoansOnRealEstateCostOfMortgagesSold
47700000
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61000000
CY2007Q4 nbix Sale Leaseback Transaction Lease Period
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P12Y
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2
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39100000
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SaleLeasebackTransactionDeferredGainNet
8600000
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200000
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2029
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SecurityDeposit
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3000000
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2
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CY2018Q1 us-gaap Operating Leases Rent Expense Sublease Rentals1
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300000
CY2017Q4 nbix Cease Use Liability
CeaseUseLiability
62000
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CeaseUseLiability
853000
CY2018Q1 nbix Change In Estimate On Cease Use Liability
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0
CY2017Q1 nbix Change In Estimate On Cease Use Liability
ChangeInEstimateOnCeaseUseLiability
0
CY2018Q1 nbix Cease Use Liability Payment
CeaseUseLiabilityPayment
62000
CY2017Q1 nbix Cease Use Liability Payment
CeaseUseLiabilityPayment
66000
CY2018Q1 nbix Cease Use Liability
CeaseUseLiability
0
CY2017Q1 nbix Cease Use Liability
CeaseUseLiability
787000

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