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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Alexion Pharmaceuticals Inc | NASDAQ:ALXN | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 182.50 | 183.00 | 185.00 | 0 | 01:00:00 |
Alexion Pharmaceuticals, Inc. (NASDAQ:ALXN) today announced financial results for the second quarter of 2020. Total revenues in the second quarter were $1,444.6 million, a 20 percent increase compared to the same period in 2019. The negative impact of foreign currency on total revenues year-over-year was 1 percent, or $15.9 million, inclusive of hedging activities. On a GAAP basis, diluted EPS in the quarter was $(4.84), compared to $2.04 in the prior year. The second quarter of 2020 includes impairment charges of $2,053.3 million primarily relating to the KANUMA intangible asset as a result of the Company's revised strategic view of KANUMA. Non-GAAP diluted EPS for the second quarter of 2020 was $3.11, an 18 percent increase versus the second quarter of 2019.
"Our teams have demonstrated remarkable resilience and agility in their successful navigation of the uncertain COVID-19 pandemic environment. Despite these challenges, we have delivered another strong quarter and continue to advance our LEAD-EXPAND-DIVERSIFY strategy for long-term value creation," said Ludwig Hantson, Ph.D., Chief Executive Officer of Alexion. "As a result of execution and delivery against our objectives, we have entered a new phase of company growth and diversification, which enables us to adjust our capital allocation priorities and return value to shareholders through an expanded stock buyback program. I am incredibly proud of what we have accomplished so far and am confident that we are well positioned to build on this momentum in the second half of the year."
Second Quarter 2020 Financial Highlights
COVID-19
We continue to take steps to proactively respond to the evolving COVID-19 pandemic and to plan for related uncertainties. We remain focused on continuing to serve patients, protecting the health and safety of our employees and the communities in which we live and work, and supporting patients in clinical trials. We are also focused on minimizing potential interactions that could contribute to the spread of the virus and put additional strain on healthcare systems through the use of innovative virtual means where possible.
Research and Development
PHASE 3/4
PHASE 1/2
2020 Financial Guidance
Alexion is increasing total revenues and non-GAAP EPS guidance and decreasing operating margin guidance. GAAP EPS guidance is negatively impacted by the impairment charges recorded during the second quarter 2020. Full guidance updates are outlined below.
Previous
Updated
Total revenues
$5,230 to $5,330 million
$5,550 to $5,600 million
SOLIRIS/ULTOMIRIS revenues
$4,495 to $4,570 million
$4,725 to $4,755 million
Metabolic revenues
$735 to $760 million
$785 to $800 million
ANDEXXA/ONDEXXYA revenues
—
$40 to $45 million
R&D (% total revenues)
GAAP
17.5% to 18.6%
18.1% to 19.2%
Non-GAAP
16.0% to 17.0%
16.5% to 17.5%
SG&A (% total revenues)
GAAP
22.2% to 23.5%
24.5% to 25.7%
Non-GAAP
18.5% to 19.5%
21.0% to 22.0%
Operating margin
GAAP
42.4% to 43.8%
3.8% to 5.4%
Non-GAAP
55.0% to 56.0%
53.0% to 54.0%
Earnings per share
GAAP
$8.14 to $8.47
$0.96 to $1.30
Non-GAAP
$10.45 to $10.75
$10.65 to $10.95
Updated 2020 financial guidance assumes a GAAP effective tax rate of (27.0) to (26.0) percent and a non-GAAP effective tax rate of 15.5 to 16.5 percent. The 2020 GAAP and non-GAAP tax rates do not benefit from one-time events that benefited the tax rates in 2019.
Updated 2020 financial guidance includes the impact of the July 2, 2020 acquisition of Portola but excludes the impact of certain GAAP-only purchase accounting items related to the Portola acquisition, including amortization of purchased intangible assets, fair value adjustment of inventory acquired and the related tax effects.
Alexion’s financial guidance is based on current foreign exchange rates net of hedging activities and does not include the effect of acquisitions, license and other strategic agreements, intangible asset impairments, litigation charges, changes in fair value of contingent consideration, gains or losses related to strategic equity investments or restructuring and related activity outside of the previously announced activities that may occur after the issuance of this press release.
Conference Call/Webcast Information:
Alexion will host a conference call/audio webcast to discuss the second quarter 2020 results today at 8:00 a.m. Eastern Time. To participate in the call, dial 866-762-3111 (USA) or 210-874-7712 (International), conference ID 6053185 shortly before 8:00 a.m. Eastern Time. A replay of the call will be available for a limited period following the call. The audio webcast can be accessed on the Investor page of Alexion’s website at: http://ir.alexion.com.
About Alexion
Alexion is a global biopharmaceutical company focused on serving patients and families affected by rare diseases and devastating conditions through the discovery, development and commercialization of life-changing medicines. As a leader in rare diseases for more than 25 years, Alexion has developed and commercializes two approved complement inhibitors to treat patients with paroxysmal nocturnal hemoglobinuria (PNH) and atypical hemolytic uremic syndrome (aHUS), as well as the first and only approved complement inhibitor to treat anti-acetylcholine receptor (AchR) antibody-positive generalized myasthenia gravis (gMG) and neuromyelitis optica spectrum disorder (NMOSD). Alexion also has two highly innovative enzyme replacement therapies for patients with life-threatening and ultra-rare metabolic disorders, hypophosphatasia (HPP) and lysosomal acid lipase deficiency (LAL-D) as well as the first and only approved Factor Xa inhibitor reversal agent. In addition, the company is developing several mid-to-late-stage therapies, including a copper-binding agent for Wilson disease, an anti-neonatal Fc receptor (FcRn) antibody for rare Immunoglobulin G (IgG)-mediated diseases and an oral Factor D inhibitor as well as several early-stage therapies, including one for light chain (AL) amyloidosis, a second oral Factor D inhibitor and a third complement inhibitor. Alexion focuses its research efforts on novel molecules and targets in the complement cascade and its development efforts on the core therapeutic areas of hematology, nephrology, neurology, metabolic disorders and cardiology. Headquartered in Boston, Massachusetts, Alexion has offices around the globe and serves patients in more than 50 countries. This press release and further information about Alexion can be found at: www.alexion.com.
[ALXN-E]
Forward-Looking Statement
This press release contains forward-looking statements, including statements related to: guidance regarding anticipated financial results for 2020 (and the assumptions related to such guidance); our expectations regarding the affects COVID-19 will have on our business and operations, including clinical trials and product supply; the strength of our business and continued growth; the Company's capital allocation strategy; plans to expand the Company's pipeline; future plans for, and the timing for, the commencement of future clinical trials and the expected timing of the receipt of results of certain clinical trials and studies, including clinical programs for ULTOMIRIS, a higher concentration formulation of ULTOMIRIS, a subcutaneous administration of ULTOMIRIS, SOLIRIS, ALXN1840, CAEL-101, AG10, ALXN2040, ALXN2050, ALXN1720, ALXN1830, ANDEXXA and CERDULATINIB; potential benefits of current products and products under development and in clinical trials; plans for development programs with third parties; and Alexion's future clinical, regulatory, and commercial plans for ULTOMIRIS and other products and product candidates. Forward-looking statements are subject to factors that may cause Alexion's results and plans to differ materially from those forward-looking statements, including for example: our dependence on sales from our principal product (SOLIRIS); our ability to facilitate the timely conversion from SOLIRIS to ULTOMIRIS; payer, physician and patient acceptance of ULTOMIRIS as an alternative to SOLIRIS; the impact of the COVID-19 pandemic on Alexion’s business, including its sales, clinical trials, operations and supply chain; appropriate pricing for ULTOMIRIS; future competition from biosimilars and novel products; decisions of regulatory authorities regarding the adequacy of our research, marketing approval or material limitations on the marketing of our products; delays or failure of product candidates to obtain regulatory approval; delays or the inability to launch product candidates due to regulatory restrictions, anticipated expense or other matters; interruptions or failures in the manufacture and supply of our products and our product candidates; failure to satisfactorily address matters raised by the FDA and other regulatory agencies; results in early stage clinical trials may not be indicative of full results or results from later stage or larger clinical trials (or broader patient populations) and do not ensure regulatory approval; the possibility that results of clinical trials are not predictive of safety and efficacy and potency of our products (or we fail to adequately operate or manage our clinical trials) which could cause us to halt trials, delay or prevent us from making regulatory approval filings or result in denial of approval of our product candidates; unexpected delays in clinical trials; unexpected concerns that may arise from additional data or analysis obtained during clinical trials; future product improvements may not be realized due to expense or feasibility or other factors; uncertainty of long-term success in developing, licensing or acquiring other product candidates or additional indications for existing products; inability to complete planned acquisitions due to failure of regulatory approval or material changes in target or otherwise; inability to complete acquisitions and investments due to increased competition for technology; the possibility that current rates of adoption of our products are not sustained; the adequacy of our pharmacovigilance and drug safety reporting processes; failure to protect and enforce our data, intellectual property and proprietary rights and the risks and uncertainties relating to intellectual property claims, lawsuits and challenges against us (including intellectual property lawsuits relating to ULTOMIRIS brought by third parties against Alexion and inter partes review petitions submitted by third parties); the risk that third party payors (including governmental agencies) will not reimburse or continue to reimburse for the use of our products at acceptable rates or at all; failure to realize the benefits and potential of investments, collaborations, licenses and acquisitions, including the acquisition of Portola Pharmaceuticals, Inc.; the possibility that expected tax benefits will not be realized; assessment of impact of recent accounting pronouncements; potential declines in sovereign credit ratings or sovereign defaults in countries where we sell our products; delay of collection or reduction in reimbursement due to adverse economic conditions or changes in government and private insurer regulations and approaches to reimbursement; uncertainties surrounding legal proceedings, company investigations and government investigations; the risk that estimates regarding the number of patients with PNH, aHUS, gMG, NMOSD, HPP and LAL-D and other indications we are pursuing are inaccurate; the risks of changing foreign exchange rates; risks relating to the potential effects of the Company's restructuring; risks related to the acquisition of companies and co-development and collaboration efforts; and a variety of other risks set forth from time to time in Alexion's filings with the SEC, including but not limited to the risks discussed in Alexion's Quarterly Report on Form 10-Q for the period ended March 31, 2020 and in our other filings with the SEC. Alexion disclaims any obligation to update any of these forward-looking statements to reflect events or circumstances after the date hereof, except when a duty arises under law.
In addition to financial information prepared in accordance with GAAP, this press release also contains non-GAAP financial measures that Alexion believes, when considered together with the GAAP information, provide investors and management with supplemental information relating to performance, trends and prospects that promote a more complete understanding of our operating results and financial position during different periods. Alexion also uses these non-GAAP financial measures to establish budgets, set operational goals and to evaluate the performance of the business. The non-GAAP results, determined in accordance with our internal policies, exclude the impact of the following GAAP items (see reconciliation tables below for additional information): share-based compensation expense, fair value adjustment of inventory acquired, amortization of purchased intangible assets, changes in fair value of contingent consideration, restructuring and related expenses, upfront payments related to licenses and other strategic agreements, acquired in-process research and development, impairment of purchased intangible assets, gains and losses related to strategic equity investments, litigation charges, gain or loss on sale of a business or asset, gain or loss related to purchase options, contingent milestone payments associated with acquisitions of legal entities accounted for as asset acquisitions, acquisition-related costs and certain adjustments to income tax expense. These non-GAAP financial measures are not intended to be considered in isolation or as a substitute for, or superior to, the financial measures prepared and presented in accordance with GAAP, and should be reviewed in conjunction with the relevant GAAP financial measures. Please refer to the attached Reconciliations of GAAP to non-GAAP Financial Results and GAAP to non-GAAP 2020 Financial Guidance for explanations of the amounts adjusted to arrive at non-GAAP net income and non-GAAP earnings per share amounts for the three and six month periods ended June 30, 2020 and 2019 and projected twelve months ending December 31, 2020.
(Tables Follow)
ALEXION PHARMACEUTICALS, INC.
TABLE 1: CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share amounts)
(unaudited)
Three months ended
Six months ended
June 30,
June 30,
2020
2019
2020
2019
Net product sales
$
1,444.5
$
1,202.5
$
2,889.1
$
2,342.7
Other revenue
0.1
0.8
0.3
1.0
Total revenues
1,444.6
1,203.3
2,889.4
2,343.7
Costs and expenses:
Cost of sales (exclusive of amortization of purchased intangible assets)
144.9
99.2
256.6
185.0
Research and development
221.1
187.6
422.0
383.5
Selling, general and administrative
301.4
299.3
621.3
580.8
Acquired in-process research and development
—
(4.1
)
—
(4.1
)
Amortization of purchased intangible assets
73.7
80.1
147.4
160.1
Change in fair value of contingent consideration
15.8
6.1
21.6
(22.6
)
Acquisition-related costs
4.6
—
42.7
—
Restructuring expenses
—
2.5
(0.8
)
11.6
Impairment of intangible assets
2,053.3
—
2,053.3
—
Total costs and expenses
2,814.8
670.7
3,564.1
1,294.3
Operating (loss) income
(1,370.2
)
532.6
(674.7
)
1,049.4
Other income and expense:
Investment income (expense)
41.5
(14.9
)
36.3
27.6
Interest expense
(23.6
)
(18.3
)
(49.4
)
(38.2
)
Other income and (expense)
0.2
0.1
(0.7
)
2.5
(Loss) income before income taxes
(1,352.1
)
499.5
(688.5
)
1,041.3
Income tax (benefit) expense
(284.0
)
39.7
(178.0
)
(6.4
)
Net (loss) income
$
(1,068.1
)
$
459.8
$
(510.5
)
$
1,047.7
Earnings (loss) per common share
Basic
$
(4.84
)
$
2.05
$
(2.31
)
$
4.68
Diluted
$
(4.84
)
$
2.04
$
(2.31
)
$
4.64
Shares used in computing earnings (loss) per common share
Basic
220.6
224.2
221.1
224.0
Diluted
220.6
225.6
221.1
225.7
ALEXION PHARMACEUTICALS, INC.
TABLE 2: RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL RESULTS
(in millions, except per share amounts)
(unaudited)
Three months ended
Six months ended
June 30,
June 30,
2020
2019
2020
2019
GAAP net (loss) income
$
(1,068.1
)
$
459.8
$
(510.5
)
$
1,047.7
Before tax adjustments:
Cost of sales:
Share-based compensation
3.1
3.5
6.2
7.3
Research and development expense:
Share-based compensation
16.5
13.9
31.7
29.2
Upfront payments related to licenses and other strategic agreements (1)
—
25.0
—
46.2
Selling, general and administrative expense:
Share-based compensation
47.8
43.5
87.1
81.2
Litigation charges (2)
—
—
21.5
0.1
Acquired in-process research and development
—
(4.1
)
—
(4.1
)
Amortization of purchased intangible assets
73.7
80.1
147.4
160.1
Change in fair value of contingent consideration (3)
15.8
6.1
21.6
(22.6
)
Acquisition-related costs (4)
4.6
—
42.7
—
Restructuring expenses
—
2.5
(0.8
)
11.6
Impairment of intangible assets(5)
2,053.3
—
2,053.3
—
Investment income (expense):
(Gains) and losses related to strategic equity investments
(35.0
)
25.2
(25.8
)
(8.6
)
Other income and (expense):
Adjustments to income tax expense (6)
(409.5
)
(50.5
)
(444.7
)
(197.5
)
Non-GAAP net income
$
702.2
$
605.0
$
1,429.7
$
1,150.6
GAAP earnings (loss) per common share - diluted
$
(4.84
)
$
2.04
$
(2.31
)
$
4.64
Non-GAAP earnings per common share - diluted
$
3.11
$
2.64
$
6.33
$
5.04
Shares used in computing diluted earnings (loss) per common share (GAAP)
220.6
225.6
221.1
225.7
Shares used in computing diluted earnings per common share (non-GAAP)
225.7
228.9
225.9
228.5
(1) During the three months ended June 30, 2019, we recorded expense of $25.0 million in connection with an upfront payment on a strategic agreement that we entered into with Affibody AB (Affibody). During the six months ended June 30, 2019, we recorded expense of $46.2 million in connection with upfront payments on strategic agreements that we entered into with Affibody and Zealand Pharma A/S.
(2) During the six months ended June 30, 2020, we recorded $21.5 million in litigation charges in connection with legal proceedings.
(3) Changes in the fair value of contingent consideration expense for the three and six months ended June 30, 2020 as well as the six months ended June 30, 2019 include the impact of changes in the expected timing of achieving contingent milestones, in addition to the interest component related to the passage of time. For the three months ended June 30, 2019, changes in fair value of contingent consideration expense reflected only the interest component of contingent consideration related to the passage of time.
(4) For the three and six months ended June 30, 2020, we recorded $4.6 million and $42.7 million, respectively, of acquisition-related costs in connection with the Achillion Pharmaceuticals, Inc. and Portola Pharmaceuticals, Inc. acquisitions. Acquisition-related costs primarily consist of Achillion and Portola transaction costs, costs associated with the accelerated vesting of stock options previously granted to Achillion employees and Achillion restructuring-related costs.
(5) In the second quarter 2020, we recognized impairment charges of $2,053.3 million, primarily related to our KANUMA intangible asset.
(6) Alexion's non-GAAP income tax expense for the three and six months ended June 30, 2020 and 2019 excludes the tax effect of pre-tax adjustments to GAAP profit. Non-GAAP income tax expense for the six months ended June 30, 2019 also excludes certain one-time tax benefits of $95.7 million and $30.3 million associated with a tax election made with respect to intellectual property of Wilson and a release of an existing valuation allowance, respectively.
ALEXION PHARMACEUTICALS, INC.
TABLE 3: RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL GUIDANCE
(in millions, except per share amounts and percentages)
(unaudited)
Twelve months ending
December 31, 2020
Low
High
GAAP net income
$
214
$
290
Before tax adjustments:
Share-based compensation
295
282
Impairment of intangible assets
2,053
2,053
Amortization of purchased intangible assets
202
202
Acquisition-related costs
131
131
Change in fair value of contingent consideration
31
31
Restructuring expenses
(1
)
(1
)
(Gains) and losses related to strategic equity investments
(26
)
(26
)
Litigation charges
22
22
Adjustments to income tax expense
(519
)
(515
)
Non-GAAP net income
$
2,402
$
2,469
Diluted GAAP earnings per common share
$
0.96
$
1.30
Diluted non-GAAP earnings per common share
$
10.65
$
10.95
Costs and expenses and margin (% total revenues)
GAAP research and development expense
19.2
%
18.1
%
Share-based compensation
1.7
%
1.6
%
Restructuring related expenses
0.0
%
0.0
%
Non-GAAP research and development expense
17.5
%
16.5
%
GAAP selling, general and administrative expense
25.7
%
24.5
%
Share-based compensation
3.3
%
3.1
%
Restructuring related expenses
0.0
%
0.0
%
Litigation charges
0.4
%
0.4
%
Non-GAAP selling, general and administrative expense
22.0
%
21.0
%
GAAP operating margin
3.8
%
5.4
%
Share-based compensation
5.3
%
5.0
%
Litigation charges
0.4
%
0.4
%
Impairment of intangible assets
37.0
%
36.7
%
Amortization of purchased intangible assets
3.6
%
3.6
%
Acquisition-related costs
2.4
%
2.3
%
Change in fair value of contingent consideration
0.6
%
0.6
%
Restructuring expenses
0.0
%
0.0
%
Non-GAAP operating margin
53.0
%
54.0
%
Income tax expense (% of income before income taxes)
GAAP income tax expense (benefit)
(26.0
)
%
(27.0
)
%
Tax effect of pre-tax adjustments to GAAP net income
42.5
%
42.5
%
Non-GAAP income tax expense
16.5
%
15.5
%
Amounts may not foot due to rounding.
ALEXION PHARMACEUTICALS, INC.
TABLE 4: NET PRODUCT SALES BY GEOGRAPHY
(in millions)
(unaudited)
Three months ended
Six months ended
June 30,
June 30,
2020
2019
2020
2019
SOLIRIS
United States
$
553.3
$
496.3
$
1,109.5
$
960.0
Europe
247.9
280.2
511.4
544.7
Asia Pacific
82.4
110.3
169.5
211.2
Rest of World
91.9
94.0
208.0
226.9
Total SOLIRIS
$
975.5
$
980.8
$
1,998.4
$
1,942.8
ULTOMIRIS
United States
$
158.1
$
54.2
$
289.6
$
78.8
Europe
32.0
—
65.8
—
Asia Pacific
59.6
—
116.7
—
Rest of World
1.4
—
1.8
—
Total ULTOMIRIS
$
251.1
$
54.2
$
473.9
$
78.8
STRENSIQ
United States
$
140.7
$
106.2
$
268.8
$
205.7
Europe
18.3
19.5
42.3
37.0
Asia Pacific
15.0
12.1
28.6
22.0
Rest of World
10.3
3.5
16.8
6.7
Total STRENSIQ
$
184.3
$
141.3
$
356.5
$
271.4
KANUMA
United States
$
15.4
$
15.3
$
31.8
$
29.1
Europe
8.4
6.8
15.9
13.1
Asia Pacific
0.9
1.3
1.8
2.1
Rest of World
8.9
2.8
10.8
5.4
Total KANUMA
$
33.6
$
26.2
$
60.3
$
49.7
Net Product Sales
United States
$
867.5
$
672.0
$
1,699.7
$
1,273.6
Europe
306.6
306.5
635.4
594.8
Asia Pacific
157.9
123.7
316.6
235.3
Rest of World
112.5
100.3
237.4
239.0
Total Net Product Sales
$
1,444.5
$
1,202.5
$
2,889.1
$
2,342.7
ALEXION PHARMACEUTICALS, INC.
TABLE 5: CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions)
(unaudited)
June 30,
December 31,
2020
2019
Cash and cash equivalents
$
2,825.0
$
2,685.5
Marketable securities
26.8
64.0
Trade accounts receivable, net
1,372.2
1,243.2
Inventories
577.7
627.6
Prepaid expenses and other current assets
566.2
456.1
Property, plant and equipment, net
1,196.4
1,163.3
Intangible assets, net
2,059.7
3,344.3
Goodwill
5,075.2
5,037.4
Right of use operating assets
209.9
204.0
Deferred tax assets
2,332.4
2,290.2
Other assets
461.7
429.0
Total assets
$
16,703.2
$
17,544.6
Accounts payable and accrued expenses
$
861.6
$
966.7
Current portion of long-term debt
126.8
126.7
Other current liabilities
131.7
100.9
Long-term debt, less current portion
2,311.6
2,375.0
Contingent consideration
374.7
192.4
Deferred tax liabilities
1,946.8
2,081.4
Noncurrent operating lease liabilities
169.4
164.1
Other liabilities
289.8
265.6
Total liabilities
6,212.4
6,272.8
Total stockholders' equity
10,490.8
11,271.8
Total liabilities and stockholders' equity
$
16,703.2
$
17,544.6
ALEXION PHARMACEUTICALS, INC.
TABLE 6: CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(in millions)(unaudited)
Six months ended June 30,
2020
2019
Cash flows from operating activities:
Net (loss) income
$
(510.5
)
$
1,047.7
Adjustments to reconcile net (loss) income to net cash flows from operating activities:
Depreciation and amortization
179.1
193.7
Change in fair value of contingent consideration
21.6
(22.6
)
Share-based compensation expense
125.0
117.6
Deferred taxes (benefit)
(226.6
)
(40.8
)
Unrealized foreign currency loss (gain)
3.3
(4.1
)
Unrealized (gain) loss on forward contracts
(11.5
)
11.3
Unrealized gain on strategic equity investments
(25.8
)
(8.6
)
Inventory obsolescence charge
17.2
—
Impairment of intangible assets
2,053.3
—
Other
10.5
(2.3
)
Changes in operating assets and liabilities, excluding the effect of acquisitions:
Accounts receivable
(137.6
)
(196.4
)
Inventories
(15.1
)
(24.0
)
Prepaid expenses, right of use operating assets and other assets
(54.8
)
(126.8
)
Accounts payable, accrued expenses, lease liabilities and other liabilities
(88.5
)
23.6
Net cash provided by operating activities
1,339.6
968.3
Cash flows from investing activities:
Purchases of available-for-sale debt securities
(19.4
)
(41.1
)
Proceeds from maturity or sale of available-for-sale debt securities
166.3
139.3
Purchases of mutual funds related to nonqualified deferred compensation plan
(9.5
)
(10.9
)
Proceeds from sale of mutual funds related to nonqualified deferred compensation plan
5.3
9.0
Purchases of property, plant and equipment
(18.4
)
(82.8
)
Payment for acquisition of business, net of cash acquired
(837.7
)
—
Purchases of strategic equity investments and options
(38.1
)
(43.8
)
Purchase of intangible assets
—
(8.0
)
Other
—
0.2
Net cash used in investing activities
(751.5
)
(38.1
)
Cash flows from financing activities:
Payments on term loan
(65.3
)
(32.7
)
Payments on revolving credit facility
—
(250.0
)
Repurchases of common stock
(360.8
)
(48.9
)
Net proceeds from issuance of common stock under share-based compensation arrangements
12.9
20.5
Other
(17.5
)
(2.4
)
Net cash used in financing activities
(430.7
)
(313.5
)
Effect of exchange rate changes on cash and cash equivalents and restricted cash
(8.1
)
0.7
Net change in cash and cash equivalents and restricted cash
149.3
617.4
Cash and cash equivalents and restricted cash at beginning of period
2,723.6
1,367.3
Cash and cash equivalents and restricted cash at end of period
$
2,872.9
$
1,984.7
View source version on businesswire.com: https://www.businesswire.com/news/home/20200730005199/en/
Alexion: Media Megan Goulart, 857-338-8634 Executive Director, Corporate Communications
Investors Chris Stevo, 857-338-9309 Head of Investor Relations
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