2018 Q2 Form 10-Q Financial Statement

#000156459018018151 Filed on July 31, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $96.91M $6.335M
YoY Change 1429.68%
Cost Of Revenue $854.0K $61.00K
YoY Change 1300.0%
Gross Profit $96.05M $6.274M
YoY Change 1430.94%
Gross Profit Margin 99.12% 99.04%
Selling, General & Admin $60.92M $41.67M
YoY Change 46.17% 178.48%
% of Gross Profit 63.42% 664.23%
Research & Development $36.99M $21.87M
YoY Change 69.14% -18.59%
% of Gross Profit 38.51% 348.55%
Depreciation & Amortization $900.0K $600.0K
YoY Change 50.0% 100.0%
% of Gross Profit 0.94% 9.56%
Operating Expenses $98.76M $63.60M
YoY Change 55.27% 52.06%
Operating Profit -$1.852M -$57.27M
YoY Change -96.77% 36.91%
Interest Expense $7.591M $4.767M
YoY Change 59.24%
% of Operating Profit
Other Income/Expense, Net $200.0K -$2.717M
YoY Change -107.36% -275.52%
Pretax Income -$5.900M -$60.00M
YoY Change -90.17% 48.88%
Income Tax
% Of Pretax Income
Net Earnings -$5.913M -$59.99M
YoY Change -90.14% 48.92%
Net Earnings / Revenue -6.1% -946.88%
Basic Earnings Per Share -$0.07 -$0.68
Diluted Earnings Per Share -$0.07 -$0.68
COMMON SHARES
Basic Shares Outstanding 90.10M 88.06M
Diluted Shares Outstanding 90.10M 88.06M

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $508.7M $525.0M
YoY Change -3.1% 35.52%
Cash & Equivalents $171.9M $309.5M
Short-Term Investments $342.3M $215.5M
Other Short-Term Assets $16.30M $5.529M
YoY Change 194.81% 21.04%
Inventory $128.0K
Prepaid Expenses
Receivables $42.60M $6.074M
Other Receivables $0.00 $0.00
Total Short-Term Assets $567.7M $536.8M
YoY Change 5.77% 36.94%
LONG-TERM ASSETS
Property, Plant & Equipment $18.80M $6.954M
YoY Change 170.35% 19.67%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $249.4M $205.8M
YoY Change 21.19% 656.62%
Other Assets $5.500M $4.600M
YoY Change 19.57% -6.12%
Total Long-Term Assets $273.6M $217.3M
YoY Change 25.89% 473.87%
TOTAL ASSETS
Total Short-Term Assets $567.7M $536.8M
Total Long-Term Assets $273.6M $217.3M
Total Assets $841.3M $754.1M
YoY Change 11.57% 75.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $61.00M $26.80M
YoY Change 127.61% 1421.0%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $61.76M $27.72M
YoY Change 122.8% 3.06%
LONG-TERM LIABILITIES
Long-Term Debt $378.9M $360.7M
YoY Change 5.05%
Other Long-Term Liabilities $23.20M $113.0K
YoY Change 20430.97% 0.0%
Total Long-Term Liabilities $402.1M $113.0K
YoY Change 355740.71% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $61.76M $27.72M
Total Long-Term Liabilities $402.1M $113.0K
Total Liabilities $463.9M $408.8M
YoY Change 13.46% 737.8%
SHAREHOLDERS EQUITY
Retained Earnings -$1.247B -$1.195B
YoY Change 4.35% 22.55%
Common Stock $1.627B $1.541B
YoY Change 5.6% 13.62%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $377.4M $345.2M
YoY Change
Total Liabilities & Shareholders Equity $841.3M $754.1M
YoY Change 11.57% 75.43%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income -$5.913M -$59.99M
YoY Change -90.14% 48.92%
Depreciation, Depletion And Amortization $900.0K $600.0K
YoY Change 50.0% 100.0%
Cash From Operating Activities $20.50M -$48.20M
YoY Change -142.53% 237.06%
INVESTING ACTIVITIES
Capital Expenditures -$4.600M -$400.0K
YoY Change 1050.0% -82.61%
Acquisitions
YoY Change
Other Investing Activities -$29.80M -$212.4M
YoY Change -85.97% 1485.07%
Cash From Investing Activities -$34.50M -$212.8M
YoY Change -83.79% 1255.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 6.200M 506.5M
YoY Change -98.78% 56177.78%
NET CHANGE
Cash From Operating Activities 20.50M -48.20M
Cash From Investing Activities -34.50M -212.8M
Cash From Financing Activities 6.200M 506.5M
Net Change In Cash -7.800M 245.5M
YoY Change -103.18% -943.64%
FREE CASH FLOW
Cash From Operating Activities $20.50M -$48.20M
Capital Expenditures -$4.600M -$400.0K
Free Cash Flow $25.10M -$47.80M
YoY Change -152.51% 298.33%

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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%;">Reclassifications<font style="font-weight:normal;font-style:normal;">.</font><font style="font-weight:normal;font-style:normal;"> Certain amounts in prior year periods have been reclassified to conform with the presentation adopted in the current year periods.</font></p></div>
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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>
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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;"> </font><font style="font-weight:normal;font-style:normal;">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 SD 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 is 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;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;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;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;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;Actual amounts of consideration ultimately received may differ from the Company&#8217;s estimates.&#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. 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;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;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;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;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;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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CY2017Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Fair Value
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517500000
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CY2018Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11851000
CY2017Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9890000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
31730000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
18866000
nbix Non Recurring Share Based Compensation Expense
NonRecurringShareBasedCompensationExpense
7700000
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
1200000
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StockIssuedDuringPeriodSharesStockOptionsExercised
800000
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ProceedsFromStockOptionsExercised
22300000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
5200000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
1000000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
1600000
CY2008Q4 us-gaap Sale Leaseback Transaction Deferred Gain Net
SaleLeasebackTransactionDeferredGainNet
39100000
CY2018Q2 us-gaap Sale Leaseback Transaction Deferred Gain Net
SaleLeasebackTransactionDeferredGainNet
8400000
us-gaap Sale Leaseback Transaction Current Period Gain Recognized
SaleLeasebackTransactionCurrentPeriodGainRecognized
400000
us-gaap Sale Leaseback Transaction Current Period Gain Recognized
SaleLeasebackTransactionCurrentPeriodGainRecognized
1800000
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LeaseExpirationYear
2029
CY2017 us-gaap Property Management Fee Percent Fee
PropertyManagementFeePercentFee
0.035
CY2017Q4 us-gaap Security Deposit
SecurityDeposit
4700000
CY2017Q4 nbix Letters Of Credit Collateral
LettersOfCreditCollateral
3000000
CY2018Q2 nbix Number Of Renewal Options
NumberOfRenewalOptions
2
nbix Lease Extension Period
LeaseExtensionPeriod
P10Y

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