$TBPH
Theravance Biopharma Inc

2020 Q2 Form 10-Q Financial Statement

#000155837020010023 Filed on August 10, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2 2019 Q1
Revenue $15.01M $26.15M $5.338M
YoY Change -42.61% 11.39% -35.83%
Cost Of Revenue $0.00
YoY Change -100.0%
Gross Profit $5.300M
YoY Change -29.33%
Gross Profit Margin 99.29%
Selling, General & Admin $24.78M $22.23M $25.19M
YoY Change 11.49% -11.12% 1.97%
% of Gross Profit 475.21%
Research & Development $62.40M $46.40M $53.82M
YoY Change 34.49% -4.57% 12.59%
% of Gross Profit 1015.43%
Depreciation & Amortization $1.610M $1.550M $1.320M
YoY Change 3.87% 96.2% 46.67%
% of Gross Profit 24.91%
Operating Expenses $87.18M $68.63M $79.00M
YoY Change 27.04% -4.92% 7.79%
Operating Profit -$72.18M -$42.48M -$73.67M
YoY Change 69.92% -12.79% 13.37%
Interest Expense $11.39M $7.901M $7.858M
YoY Change 44.17% 269.72%
% of Operating Profit
Other Income/Expense, Net -$662.0K $2.374M $2.795M
YoY Change -127.89% 84.89%
Pretax Income -$62.85M -$39.64M -$72.50M
YoY Change 58.56% -16.74% 11.71%
Income Tax $39.00K $201.0K $80.00K
% Of Pretax Income
Net Earnings -$62.89M -$39.84M -$72.58M
YoY Change 57.86% -2.4% 11.51%
Net Earnings / Revenue -419.02% -152.34% -1359.69%
Basic Earnings Per Share -$1.00
Diluted Earnings Per Share -$1.00 -$717.1K -$1.322M
COMMON SHARES
Basic Shares Outstanding 63.28M 56.41M 55.82M
Diluted Shares Outstanding 62.86M 55.53M 54.94M

Balance Sheet

Concept 2020 Q2 2019 Q2 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $438.3M $396.1M $434.1M
YoY Change 10.67% 12.23% 3.73%
Cash & Equivalents $104.7M $178.3M $223.2M
Short-Term Investments $333.6M $217.8M $210.8M
Other Short-Term Assets $13.10M $8.900M $25.20M
YoY Change 47.19% 3.49% 300.0%
Inventory
Prepaid Expenses
Receivables $11.40M $111.0K $7.900M
Other Receivables $35.50M $20.00M $0.00
Total Short-Term Assets $498.4M $426.0M $467.2M
YoY Change 16.98% 10.17% 4.57%
LONG-TERM ASSETS
Property, Plant & Equipment $14.43M $12.66M $61.80M
YoY Change 13.99% 18.34% 500.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $0.00
YoY Change -100.0%
Other Assets $1.508M $1.388M $2.300M
YoY Change 8.65% -46.62% -11.54%
Total Long-Term Assets $65.94M $66.41M $64.10M
YoY Change -0.7% 91.38% 92.49%
TOTAL ASSETS
Total Short-Term Assets $498.4M $426.0M $467.2M
Total Long-Term Assets $65.94M $66.41M $64.10M
Total Assets $564.3M $492.4M $531.3M
YoY Change 14.6% 16.86% 10.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.07M $3.501M $5.600M
YoY Change 187.49% -2.75% 9.8%
Accrued Expenses $71.40M $51.00M $57.10M
YoY Change 40.0% 44.07% 14.43%
Deferred Revenue $25.06M $43.31M
YoY Change -42.13%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $12.30M $8.300M
YoY Change -100.0%
Total Short-Term Liabilities $106.6M $110.1M $113.5M
YoY Change -3.23% 17.79% 7.89%
LONG-TERM LIABILITIES
Long-Term Debt $601.7M $443.1M $446.5M
YoY Change 35.79% 97.55% 99.33%
Other Long-Term Liabilities $9.614M $14.46M $84.50M
YoY Change -33.5% -79.11% -3.43%
Total Long-Term Liabilities $9.614M $14.46M $531.0M
YoY Change -33.5% -95.07% 70.47%
TOTAL LIABILITIES
Total Short-Term Liabilities $106.6M $110.1M $113.5M
Total Long-Term Liabilities $9.614M $14.46M $531.0M
Total Liabilities $116.2M $124.6M $644.5M
YoY Change -6.75% -67.81% 54.67%
SHAREHOLDERS EQUITY
Retained Earnings -$1.395B -$1.125B
YoY Change 24.01%
Common Stock $1.000K $1.000K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$202.3M -$137.2M -$113.3M
YoY Change
Total Liabilities & Shareholders Equity $564.3M $492.4M $531.3M
YoY Change 14.6% 16.86% 10.66%

Cashflow Statement

Concept 2020 Q2 2019 Q2 2019 Q1
OPERATING ACTIVITIES
Net Income -$62.89M -$39.84M -$72.58M
YoY Change 57.86% -2.4% 11.51%
Depreciation, Depletion And Amortization $1.610M $1.550M $1.320M
YoY Change 3.87% 96.2% 46.67%
Cash From Operating Activities -$53.35M -$48.03M -$81.19M
YoY Change 11.08% -21.95% -262.94%
INVESTING ACTIVITIES
Capital Expenditures -$2.370M -$580.0K -$1.220M
YoY Change 308.62% -47.27% -55.96%
Acquisitions
YoY Change
Other Investing Activities -$174.2M -$720.0K -$70.94M
YoY Change 24097.22% -101.67% 732.63%
Cash From Investing Activities -$176.6M -$1.300M -$72.16M
YoY Change 13483.85% -103.1% 539.15%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.880M 4.400M -1.433M
YoY Change -57.27% -283.33% -14.7%
NET CHANGE
Cash From Operating Activities -53.35M -48.03M -81.19M
Cash From Investing Activities -176.6M -1.300M -72.16M
Cash From Financing Activities 1.880M 4.400M -1.433M
Net Change In Cash -228.1M -44.93M -154.8M
YoY Change 407.59% 104.41% -519.93%
FREE CASH FLOW
Cash From Operating Activities -$53.35M -$48.03M -$81.19M
Capital Expenditures -$2.370M -$580.0K -$1.220M
Free Cash Flow -$50.98M -$47.45M -$79.97M
YoY Change 7.44% -21.49% -252.04%

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tbph Marketable Securities Average Contractual Maturity Period
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CY2020Q2 us-gaap Debt Securities Available For Sale Unrealized Loss Position
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us-gaap Use Of Estimates
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;min-height:12.0pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Use of Estimates</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:5pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;min-height:12.0pt;text-indent:36pt;margin:0pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures in the condensed consolidated financial statements and accompanying notes. Management bases its estimates on historical experience and on assumptions believed to be reasonable under the circumstances. Actual results could differ materially from those estimates.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="color:#ff0000;font-weight:bold;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="display:inline-block;text-indent:0pt;width:36pt;"/>Furthermore, the estimates used in the preparation of the Company’s condensed consolidated financial statements may change due to the uncertainty and disruption in the global economy and financial markets related to the novel coronavirus (“COVID-19”) pandemic. The full extent to which the COVID-19 pandemic will directly or indirectly impact the Company’s business, results of operations and financial condition, including revenue, expenses, clinical trials, and research and development costs, will depend on future developments that are highly uncertain and may be impacted by the emergence of new information concerning the COVID-19 pandemic and the actions taken to contain or treat the disease.</p>
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
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NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2020Q2 tbph Incremental Common Shares Attributable To Dilutive Effect Of Common Share Subject To Forfeiture Incremental Common Shares Attributable To Dilutive Effect Of Common Share Subject To Forfeiture
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CY2019Q2 tbph Incremental Common Shares Attributable To Dilutive Effect Of Common Share Subject To Forfeiture Incremental Common Shares Attributable To Dilutive Effect Of Common Share Subject To Forfeiture
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tbph Incremental Common Shares Attributable To Dilutive Effect Of Common Share Subject To Forfeiture Incremental Common Shares Attributable To Dilutive Effect Of Common Share Subject To Forfeiture
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tbph Incremental Common Shares Attributable To Dilutive Effect Of Common Share Subject To Forfeiture Incremental Common Shares Attributable To Dilutive Effect Of Common Share Subject To Forfeiture
IncrementalCommonSharesAttributableToDilutiveEffectOfCommonShareSubjectToForfeitureIncrementalCommonSharesAttributableToDilutiveEffectOfCommonShareSubjectToForfeiture
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CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2020Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.00
CY2019Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.72
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-2.39
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
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CY2020Q2 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
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CY2019Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
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CY2019Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
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CY2019Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
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CY2019Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
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CY2020Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2020Q2 tbph Collaborative Arrangements Revenue
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CollaborativeArrangementsRevenue
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tbph Collaborative Arrangements Revenue
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tbph Collaborative Arrangements Revenue
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CY2018Q1 tbph Profit Loss Percentage As Per Collaboration Agreement
ProfitLossPercentageAsPerCollaborationAgreement
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tbph Profit Loss Percentage As Per Collaboration Agreement
ProfitLossPercentageAsPerCollaborationAgreement
0.35
CY2020Q2 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
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us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
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us-gaap Proceeds From Sale Of Available For Sale Securities Debt
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CY2020Q2 tbph Collaborative Arrangement Research And Development Expenses Reimbursed To Entity
CollaborativeArrangementResearchAndDevelopmentExpensesReimbursedToEntity
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CY2019Q2 tbph Collaborative Arrangement Research And Development Expenses Reimbursed To Entity
CollaborativeArrangementResearchAndDevelopmentExpensesReimbursedToEntity
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tbph Collaborative Arrangement Research And Development Expenses Reimbursed To Entity
CollaborativeArrangementResearchAndDevelopmentExpensesReimbursedToEntity
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CY2020Q2 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2019Q2 us-gaap Restricted Cash
RestrictedCash
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CY2019Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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CY2020Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
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CY2020Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
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CY2020Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
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CY2019Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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CY2019Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
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CY2019Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
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CY2019Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
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tbph Marketable Securities Maximum Contractual Maturity Period
MarketableSecuritiesMaximumContractualMaturityPeriod
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CY2019Q2 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
0
CY2020Q2 tbph Percentage Of Note To Be Retained
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CY2020Q2 us-gaap Allocated Share Based Compensation Expense
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CY2019Q2 us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2020Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2020Q2 us-gaap Deferred Tax Liability Not Recognized Amount Of Unrecognized Deferred Tax Liability Undistributed Earnings Of Foreign Subsidiaries
DeferredTaxLiabilityNotRecognizedAmountOfUnrecognizedDeferredTaxLiabilityUndistributedEarningsOfForeignSubsidiaries
0
CY2020Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
5500000
CY2020Q1 us-gaap Share Price
SharePrice
27.00
CY2020Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
148500000

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