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Share Name | Share Symbol | Market | Type |
---|---|---|---|
AMAG Pharmaceuticals Inc | NASDAQ:AMAG | 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% | 13.75 | 13.04 | 13.90 | 0 | 01:00:00 |
“Our financial results reported today reflect the successes and challenges of 2019. While we achieved record revenue for Feraheme and gained our third FDA approval in two years, we faced some challenges, namely the readout of the PROLONG study and the October Advisory Committee for Makena,” said William Heiden, AMAG’s president and chief executive officer. “We acknowledged the Makena challenges in our recently-completed strategic review, resulting in our decision to divest Intrarosa and Vyleesi®. We believe this decision will position the company well to focus on the continuing development of ciraparantag and AMAG-423, drive continued growth of Feraheme, and continue our work to retain patient access to Makena. Preparing for the future, the board of directors has initiated a search for my successor to lead the company on the next leg of the AMAG journey, serving shareholders and patients with unmet medical needs.”
FINANCIAL RESULTS FOR THE PERIODS ENDED DECEMBER 31Fourth Quarter Financial Results
($M) | Three Months Ended December 31, | ||||||
2019 | 2018 | ||||||
Revenues | $ | 89.7 | $ | 88.1 | |||
Feraheme | 41.7 | 35.2 | |||||
Makena | 25.6 | 46.9 | |||||
Intrarosa | 6.5 | 5.9 | |||||
Other product revenue | (0.4 | ) | 0.1 | ||||
Collaboration revenue | 16.3 | — | |||||
Costs and expenses | $ | 283.6 | $ | 106.9 | |||
Cost of product sales | 43.3 | 28.7 | |||||
Research and development | 16.5 | 12.2 | |||||
Selling, general and administrative expenses | 68.8 | 66.0 | |||||
Impairment of assets | 155.0 | — | |||||
Operating loss | $ | (193.9 | ) | $ | (18.8 | ) | |
Adjusted EBITDA1 | $ | (5.8 | ) | $ | 1.5 |
____________________________1 See summaries of GAAP to non-GAAP adjustments at conclusion of this press release.
RevenuesDuring the fourth quarter ended December 31, 2019 revenue totaled $89.7 million, compared with $88.1 million for the same period in 2018.
Costs and ExpensesCosts and expenses in the fourth quarter ended December 31, 2019 totaled $283.6 million, compared with $107.0 million in the same period in 2018.
Operating Loss and Adjusted EBITDA
Full Year Financial Results | |||||||
($M) | Twelve Months Ended December 31, | ||||||
2019 | 2018 | ||||||
Revenues | $ | 327.8 | $ | 474.0 | |||
Feraheme | 167.9 | 135.0 | |||||
Makena | 122.1 | 322.3 | |||||
Intrarosa | 21.4 | 16.2 | |||||
Other product revenue | (0.2 | ) | 0.4 | ||||
Collaboration and other revenue | 16.6 | 0.1 | |||||
Costs and expenses | $ | 773.3 | $ | 521.0 | |||
Cost of product sales | 107.2 | 215.9 | |||||
Research and development | 64.9 | 44.8 | |||||
Acquired in-process research and development | 74.9 | 32.5 | |||||
Selling, general and administrative expenses | 286.6 | 227.8 | |||||
Impairment of assets | 232.3 | — | |||||
Restructuring | 7.4 | — | |||||
Operating loss | $ | (445.5 | ) | $ | (47.0 | ) | |
Adjusted EBITDA1 | $ | (65.0 | ) | $ | 120.8 |
RevenuesRevenues totaled $327.8 million in 2019, compared with $474.0 million in 2018.
Costs and ExpensesCosts and expenses in 2019 totaled $773.3 million, compared with $521.0 million in 2018. This increase includes i) impairment charges of $232.3 million related to second quarter impairment charges of $77.4 million and the fourth quarter impairment charges described earlier, ii) a $74.9 million acquired in-process research and development charge related to the acquisition of Perosphere Pharmaceuticals, which closed in the first quarter of 2019, and iii) a restructuring charge of $7.4 million related to combining the Maternal Health and Women's Health sales forces in the first quarter of 2019.
Operating Loss and Adjusted EBITDA
Balance Sheet
“Despite the challenges that the company faced throughout 2019, the growth in Feraheme revenues emerged as a bright spot for the year. Even with a soft fourth quarter for Makena, we managed our spend to achieve our adjusted EBITDA financial guidance for the year,” said Ted Myles, AMAG’s chief operating officer and chief financial officer. “For 2020, we have guided to a return to profitability based on revenues of $255 million at the midpoint. We believe that our capital allocation strategy, which includes the divestiture of Intrarosa and Vyleesi and associated expense reductions, positions us well to focus on our core value drivers. AMAG's unique portfolio combines the opportunity to generate positive cash flows from commercial products while advancing a potentially exciting pipeline of development products.”
2020 FINANCIAL GUIDANCE2The company reaffirms the following financial guidance for 2020.
($M) | 2020 Financial Guidance |
Total revenue | $230 - $280 |
Operating income | $2 - $32 |
Non-GAAP adjusted EBITDA | $20 - $50 |
2 See reconciliation of 2020 GAAP to non-GAAP financial guidance at conclusion of this press release.
2020 KEY PRIORITIES
CONFERENCE CALL AND WEBCAST ACCESSAMAG Pharmaceuticals, Inc. will host a conference call and webcast today at 8:00 a.m. EST to discuss the company's fourth quarter and full year 2019 financial results.
DIAL-IN NUMBERU.S./Canada Dial-in Number: (877) 412-6083International Dial-in Number: (702) 495-1202Conference ID: 5865557
Replay Dial-in Number: (855) 859-2056Replay International Dial-in Number: (404) 537-3406Conference ID: 5865557
A telephone replay will be available from approximately 11:00 a.m. ET on March 4, 2020 through midnight on March 11, 2020.
The webcast with slides will be accessible through the Investors section of AMAG’s website at www.amagpharma.com. A replay of the webcast will be archived on the website for 30 days.
USE OF NON-GAAP FINANCIAL MEASURESAMAG has presented certain non-GAAP financial measures, including non-GAAP adjusted EBITDA (earnings before income taxes, depreciation and amortization). These non-GAAP financial measures exclude certain amounts, expenses or income, from the corresponding financial measures determined in accordance with accounting principles generally accepted in the U.S. (GAAP). Management believes this non-GAAP information is useful for investors, taken in conjunction with AMAG’s GAAP financial statements, because it provides greater transparency regarding AMAG’s operating performance. Management uses these measures, among other factors, to assess and analyze operational results and trends and to make financial and operational decisions. Non-GAAP information is not prepared under a comprehensive set of accounting rules and should only be used to supplement an understanding of AMAG’s operating results as reported under GAAP, not as a substitute for GAAP. In addition, these non-GAAP financial measures are unlikely to be comparable with non-GAAP information provided by other companies. The determination of the amounts that are excluded from non-GAAP financial measures is a matter of management judgment and depends upon, among other factors, the nature of the underlying expense or income amounts. Reconciliations between these non-GAAP financial measures and the most comparable GAAP financial measures are included in the tables accompanying this press release.
ABOUT AMAGAMAG is a pharmaceutical company focused on bringing innovative products to patients with unmet medical needs. The company does this by leveraging our development and commercial expertise to invest in and grow its pharmaceutical products across a range of therapeutic areas, including women’s health. For additional company information, please visit www.amagpharma.com.
FORWARD-LOOKING STATEMENTSThis press release contains forward-looking information about AMAG Pharmaceuticals, Inc. within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Any statements contained herein which do not describe historical facts, including, among others, beliefs about the performance of AMAG’s commercially available products; beliefs regarding AMAG’s ability to drive continued Feraheme growth; expectations for ciraparantag and AMAG-423 studies, including development timelines; AMAG’s expectations regarding its ability to successfully divest Intrarosa and Vyleesi and the effect and amount of associated expense reductions; AMAG’s expectations regarding its ability to ensure continued patient access to Makena and the associated effect on cash flow; beliefs regarding AMAG’s ability to return to profitability; expectations that AMAG remains on track to return to positive adjusted EBITDA in 2020 and other 2020 financial guidance; plans to search for a successor to AMAG’s president and chief executive officer, and the ability to affect a smooth transition William Heiden and the ability to effect a successful transition; plans to pursue ex-U.S. portfolio partnering opportunities; 2020 financial guidance, including forecasted GAAP revenue and operating loss and non-GAAP adjusted EBITDA; and beliefs regarding AMAG's ability to optimize the value of its portfolio to maximize shareholder value are based on management’s current expectations and beliefs and are forward-looking statements which involve risks and uncertainties that could cause actual results to differ materially from those discussed in such forward-looking statements.
Such risks and uncertainties include, among others, risks that the FDA will withdraw approval of Makena in line with the recommendation of the Advisory Committee; the FDA could take other adverse action related to Makena given the findings and recommendation of the Advisory Committee; AMAG may not be able to generate additional efficacy data that will be satisfactory to the FDA (if the FDA permits AMAG to submit additional data to support or as a condition to the continued commercialization of Makena); healthcare providers may be reluctant to continue to prescribe the Makena auto-injector or the FDA may require that the Makena label include information on the PROLONG study, restrictions to the current indication or the insertion of new warnings or precautions; AMAG is unable to generate sufficient cash to satisfy its debt obligations and could face challenges undertaking fundraising, restructuring or strategic transactions in order to meet these obligations, including under convertible notes due June 1, 2022; AMAG will be significantly dependent on sales of Feraheme to support its ongoing operations, including its development pipeline, and Feraheme could face increased competition in the near term, including as a result of the recent approval of Monoferric® or if Sandoz’s ANDA is approved; that AMAG will face difficulties or delays in appointing a chief executive officer to succeed Mr. Heiden or otherwise be unable to successfully transition to a new CEO; AMAG will not be able to divest Intrarosa or Vyleesi in the expected timeframe, or at all, or that any transaction will be on terms that are favorable to AMAG or that yield any value for its shareholders; that the anticipated benefits of such a divestiture, including anticipated expense reductions, will not be realized at expected levels, or at all; that AMAG may be unable to gain approval of its product candidates, including AMAG-423 and ciraparantag, on a timely basis, or at all; that such approvals, if obtained, will include unanticipated restrictions or warnings and that the costs and time investments for AMAG’s development efforts will be higher than anticipated, or that AMAG has over-estimated the market and potential revenues for its products and product candidates, if approved, including AMAG-423 and ciraparantag; that AMAG will be unable to successfully identify and enter into partnerships with out-licensees for its product candidates in ex-U.S. territories, which could delay the commercialization of those product candidates in certain geographies, as well as those risks identified in AMAG’s filings with the U.S. Securities and Exchange Commission (SEC), including its Annual Report on Form 10-K for the year ended December 31, 2018, its Quarterly Report on Form 10-Q for the quarters ended March 31, 2019, June 30, 2019 and September 30, 2019, and subsequent filings with the SEC (including its upcoming Annual Report on Form 10-K for the year ended December 31, 2019), which are available at the SEC’s website at www.sec.gov. Any such risks and uncertainties could materially and adversely affect AMAG’s results of operations, its profitability and its cash flows, which would, in turn, have a significant and adverse impact on AMAG’s stock price. AMAG cautions you not to place undue reliance on any forward-looking statements, which speak only as of the date they are made.
AMAG disclaims any obligation to publicly update or revise any such statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements. AMAG Pharmaceuticals®, the logo and designs, Feraheme® and Vyleesi ® are registered trademarks of AMAG Pharmaceuticals, Inc. Makena® is a registered trademark of AMAG Pharma USA, Inc. Intrarosa® is a registered trademark of Endoceutics, Inc. Other trademarks referred to in this report are the property of their respective owners.
- Tables Follow -
AMAG Pharmaceuticals, Inc.Condensed Consolidated Statements of Operations(unaudited, amounts in thousands, except for per share data)
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Revenues: | |||||||||||||||
Feraheme | $ | 41,653 | $ | 35,204 | $ | 167,947 | $ | 135,001 | |||||||
Makena | 25,601 | 46,888 | 122,064 | 322,265 | |||||||||||
Intrarosa | 6,520 | 5,888 | 21,417 | 16,218 | |||||||||||
Other | (395 | ) | 67 | (238 | ) | 368 | |||||||||
Total product sales, net | 73,379 | 88,047 | 311,190 | 473,852 | |||||||||||
Collaboration revenue | 16,299 | — | 16,400 | — | |||||||||||
Other revenue | 31 | 75 | 161 | 150 | |||||||||||
Total revenues | 89,709 | 88,122 | 327,751 | 474,002 | |||||||||||
Costs and expenses: | |||||||||||||||
Cost of product sales | 43,322 | 28,716 | 107,193 | 215,892 | |||||||||||
Research and development expenses | 16,476 | 12,211 | 64,853 | 44,846 | |||||||||||
Acquired in-process research and development | — | — | 74,856 | 32,500 | |||||||||||
Selling, general and administrative expenses | 68,873 | 66,030 | 286,600 | 227,810 | |||||||||||
Impairment of assets | 154,978 | — | 232,336 | — | |||||||||||
Restructuring expenses | — | — | 7,420 | — | |||||||||||
Total costs and expenses | 283,649 | 106,957 | 773,258 | 521,048 | |||||||||||
Operating loss | (193,940 | ) | (18,835 | ) | (445,507 | ) | (47,046 | ) | |||||||
Other income (expense): | |||||||||||||||
Interest expense | (6,510 | ) | (6,571 | ) | (25,709 | ) | (51,971 | ) | |||||||
Loss on debt extinguishment | — | — | — | (35,922 | ) | ||||||||||
Interest and dividend income | 636 | 2,120 | 4,285 | 5,328 | |||||||||||
Other (expense) income | (134 | ) | (10 | ) | 428 | (74 | ) | ||||||||
Total other expense, net | (6,008 | ) | (4,461 | ) | (20,996 | ) | (82,639 | ) | |||||||
Loss from continuing operations before income taxes | (199,948 | ) | (23,296 | ) | (466,503 | ) | (129,685 | ) | |||||||
Income tax (benefit) expense | (21 | ) | (2,550 | ) | (47 | ) | 39,654 | ||||||||
Net loss from continuing operations | (199,927 | ) | (20,746 | ) | (466,456 | ) | (169,339 | ) | |||||||
Discontinued operations: | |||||||||||||||
Income from discontinued operations | — | — | — | 18,873 | |||||||||||
Gain on sale of CBR business | — | (2,506 | ) | — | 87,076 | ||||||||||
Income tax expense | — | (975 | ) | — | 2,371 | ||||||||||
Net (loss) income from discontinued operations | — | (1,531 | ) | — | 103,578 | ||||||||||
Net loss | $ | (199,927 | ) | $ | (22,277 | ) | $ | (466,456 | ) | $ | (65,761 | ) | |||
Basic and diluted earnings per share: | |||||||||||||||
Loss from continuing operations | $ | (5.89 | ) | $ | (0.60 | ) | $ | (13.71 | ) | $ | (4.92 | ) | |||
Income from discontinued operations | — | (0.04 | ) | — | 3.01 | ||||||||||
Total | $ | (5.89 | ) | $ | (0.64 | ) | $ | (13.71 | ) | $ | (1.91 | ) | |||
Weighted average shares outstanding used to compute earnings per share (basic and diluted): | 33,945 | 34,560 | 34,030 | 34,394 | |||||||||||
AMAG Pharmaceuticals, Inc.Condensed Consolidated Balance Sheets(unaudited, amounts in thousands)
December 31, 2019 | December 31, 2018 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 113,009 | $ | 253,256 | |||
Marketable securities | 58,742 | 140,915 | |||||
Accounts receivable, net | 94,163 | 75,347 | |||||
Inventories | 31,553 | 26,691 | |||||
Prepaid and other current assets | 19,100 | 18,961 | |||||
Note receivable | — | 10,000 | |||||
Total current assets | 316,567 | 525,170 | |||||
Property and equipment, net | 4,116 | 7,521 | |||||
Goodwill | 422,513 | 422,513 | |||||
Intangible assets, net | 23,620 | 217,033 | |||||
Operating lease right-of-use asset | 23,286 | — | |||||
Deferred tax assets | 630 | 1,260 | |||||
Restricted cash | 495 | 495 | |||||
Other long-term assets | — | 1,467 | |||||
Total assets | $ | 791,227 | $ | 1,175,459 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 27,021 | $ | 14,487 | |||
Accrued expenses | 177,079 | 129,537 | |||||
Current portion of convertible notes, net | — | 21,276 | |||||
Current portion of operating lease liability | 4,077 | — | |||||
Current portion of acquisition-related contingent consideration | 17 | 144 | |||||
Total current liabilities | 208,194 | 165,444 | |||||
Long-term liabilities: | |||||||
Convertible notes, net | 277,034 | 261,933 | |||||
Long-term operating lease liability | 19,791 | — | |||||
Long-term acquisition-related contingent consideration | — | 215 | |||||
Other long-term liabilities | 89 | 1,212 | |||||
Total liabilities | 505,108 | 428,804 | |||||
Commitments and Contingencies (Note P) | |||||||
Stockholders’ equity: | |||||||
Preferred stock, par value $0.01 per share, 2,000,000 shares authorized; none issued | — | — | |||||
Common stock, par value $0.01 per share, 117,500,000 shares authorized; 33,999,081 and 34,606,760 shares issued and outstanding at December 31, 2019 and December 31, 2018, respectively | 339 | 346 | |||||
Additional paid-in capital | 1,297,917 | 1,292,736 | |||||
Accumulated other comprehensive loss | (3,239 | ) | (3,985 | ) | |||
Accumulated deficit | (1,008,898 | ) | (542,442 | ) | |||
Total stockholders’ equity | 286,119 | 746,655 | |||||
Total liabilities and stockholders’ equity | $ | 791,227 | $ | 1,175,459 |
AMAG Pharmaceuticals, Inc.Condensed Consolidated Statements of Cash Flows(unaudited, amounts in thousands, except for per share data)
Years Ended December 31, | |||||||
2019 | 2018 | ||||||
Cash flows from operating activities: | |||||||
Net loss | $ | (466,456 | ) | $ | (65,761 | ) | |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | |||||||
Depreciation and amortization | 27,324 | 172,223 | |||||
Impairment of long-lived assets | 232,336 | — | |||||
Provision for bad debt expense | — | 678 | |||||
Amortization of premium/discount on purchased securities | (95 | ) | 87 | ||||
Write-down of inventory | 19,767 | 5,176 | |||||
(Gain) loss on disposal of fixed assets | — | (99 | ) | ||||
Non-cash equity-based compensation expense | 19,198 | 19,916 | |||||
Non-cash IPR&D expense | 18,029 | — | |||||
Loss on debt extinguishment | — | 35,922 | |||||
Amortization of debt discount and debt issuance costs | 15,242 | 15,658 | |||||
(Gain) loss on sale of marketable securities, net | (265 | ) | (1 | ) | |||
Change in fair value of contingent consideration | (270 | ) | (49,607 | ) | |||
Deferred income taxes | 404 | 41,166 | |||||
Non-cash lease expense | 2,725 | — | |||||
Gain on sale of the CBR business | — | (87,076 | ) | ||||
Transaction costs | — | (14,111 | ) | ||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable, net | (18,816 | ) | 16,995 | ||||
Inventories | (19,253 | ) | (454 | ) | |||
Prepaid and other current assets | (113 | ) | (6,097 | ) | |||
Accounts payable and accrued expenses | 52,747 | (32,568 | ) | ||||
Deferred revenues | (6,400 | ) | 8,658 | ||||
Other assets and liabilities | (1,800 | ) | 95 | ||||
Net cash (used in) provided by operating activities | (125,696 | ) | 60,800 | ||||
Cash flows from investing activities: | |||||||
Proceeds from sales or maturities of marketable securities | 98,321 | 85,342 | |||||
Purchases of marketable securities | (14,815 | ) | (89,956 | ) | |||
Milestone payment for Vyleesi developed technology | (60,000 | ) | — | ||||
Proceeds from the sale of the CBR business | — | 519,303 | |||||
Note receivable | — | (10,000 | ) | ||||
Capital expenditures | (2,544 | ) | (2,534 | ) | |||
Net cash provided by investing activities | 20,962 | 502,155 | |||||
Cash flows from financing activities: | |||||||
Long-term debt principal payments | — | (475,000 | ) | ||||
Payments to repurchase 2019 Convertible Notes | (21,417 | ) | — | ||||
Payment of premium on debt extinguishment | — | (28,054 | ) | ||||
Payment of contingent consideration | (72 | ) | (119 | ) | |||
Payments for repurchases of common stock | (13,730 | ) | — | ||||
Proceeds from the issuance of common stock under the ESPP | 1,506 | — | |||||
Proceeds from the exercise of common stock options | 30 | 3,881 | |||||
Payments of employee tax withholding related to equity-based compensation | (1,830 | ) | (2,682 | ) | |||
Net cash used in financing activities | (35,513 | ) | (501,974 | ) | |||
Net (decrease) increase in cash, cash equivalents and restricted cash | (140,247 | ) | 60,981 | ||||
Cash, cash equivalents and restricted cash at beginning of the year | 253,751 | 192,770 | |||||
Cash, cash equivalents and restricted cash at end of the year | $ | 113,504 | $ | 253,751 | |||
Supplemental data of cash flow information: | |||||||
Cash (refunded) paid for taxes | $ | (202 | ) | $ | 5,345 | ||
Cash paid for interest | $ | 10,667 | $ | 48,757 | |||
Non-cash investing and financing activities: | |||||||
Right-of-use assets obtained in exchange for lease obligations | $ | 18,455 | $ | — | |||
Settlement of note receivable in connection with Perosphere acquisition | $ | 10,000 | $ | — |
AMAG Pharmaceuticals, Inc.Reconciliation of Condensed Consolidated Statements of Operations to Non-GAAP Statements of OperationsThree Months Ended December 31, 2019(unaudited, amounts in thousands)
Revenue | Cost of product sales | Research & development | Selling, general & administrative | Asset impairment charges | Operating Loss / Adjusted EBITDA | ||||||||||||||||||
GAAP | $ | 89,709 | $ | 43,322 | $ | 16,476 | $ | 68,873 | $ | 154,978 | $ | (193,940 | ) | ||||||||||
Depreciation and intangible asset amortization | — | (12,666 | ) | (101 | ) | (684 | ) | — | |||||||||||||||
Stock-based compensation | — | (245 | ) | (793 | ) | (3,779 | ) | — | |||||||||||||||
Charges related to impairment | — | (14,893 | ) | — | — | (154,978 | ) | ||||||||||||||||
Non-GAAP Adjusted | $ | 89,709 | $ | 15,518 | $ | 15,582 | $ | 64,410 | $ | — | $ | (5,801 | ) |
AMAG Pharmaceuticals, Inc.Reconciliation of Condensed Consolidated Statements of Operations to Non-GAAP Statements of OperationsThree Months Ended December 31, 2018(unaudited, amounts in thousands)
Revenue | Cost of product sales | Research & development | Selling, general & administrative | Operating Loss / Adjusted EBITDA | |||||||||||||||
GAAP | $ | 88,122 | $ | 28,716 | $ | 12,211 | $ | 66,030 | $ | (18,835 | ) | ||||||||
Depreciation and intangible asset amortization | — | (13,714 | ) | (9 | ) | (372 | ) | ||||||||||||
Non-cash inventory step-up adjustments | — | (126 | ) | — | — | ||||||||||||||
Stock-based compensation | — | (215 | ) | (637 | ) | (4,465 | ) | ||||||||||||
Adjustments to contingent consideration | — | — | — | 432 | |||||||||||||||
Acquisition related costs | — | — | — | (1,257 | ) | ||||||||||||||
Non-GAAP Adjusted | $ | 88,122 | $ | 14,661 | $ | 11,565 | $ | 60,368 | $ | 1,528 |
AMAG Pharmaceuticals, Inc.Reconciliation of Condensed Consolidated Statements of Operations to Non-GAAP Statements of OperationsTwelve Months Ended December 31, 2019(unaudited, amounts in thousands)
Revenue | Cost of product sales | Research & development | Selling, general & administrative | Asset impairment charges | Acquired IPR&D | Restructuring | Operating Loss / Adjusted EBITDA | ||||||||||||||||||||||||
GAAP | $ | 327,751 | $ | 107,193 | $ | 64,853 | $ | 286,600 | $ | 232,336 | $ | 74,856 | $ | 7,420 | $ | (445,507 | ) | ||||||||||||||
Depreciation and intangible asset amortization | — | (24,764 | ) | (572 | ) | (1,988 | ) | — | — | — | |||||||||||||||||||||
Stock-based compensation | — | (871 | ) | (2,844 | ) | (14,818 | ) | — | — | — | |||||||||||||||||||||
Acquired IPR&D | — | — | — | — | — | (74,856 | ) | — | |||||||||||||||||||||||
Charges related to impairment | — | (19,729 | ) | — | — | (232,336 | ) | — | — | ||||||||||||||||||||||
Restructuring charges | — | — | — | — | — | — | (7,420 | ) | |||||||||||||||||||||||
Acquisition related costs | — | — | — | (270 | ) | — | — | — | |||||||||||||||||||||||
Non-GAAP Adjusted | $ | 327,751 | $ | 61,829 | $ | 61,437 | $ | 269,524 | $ | — | $ | — | $ | — | $ | (65,039 | ) |
AMAG Pharmaceuticals, Inc.Reconciliation of Condensed Consolidated Statements of Operations to Non-GAAP Statements of OperationsTwelve Months Ended December 31, 2018(unaudited, amounts in thousands)
Revenue | Cost of product sales | Research & development | Selling, general & administrative | Acquired IPR&D | Operating Loss / Adjusted EBITDA | ||||||||||||||||||
GAAP | $ | 474,002 | $ | 215,892 | $ | 44,846 | $ | 227,810 | $ | 32,500 | $ | (47,046 | ) | ||||||||||
Depreciation and intangible asset amortization | — | (158,446 | ) | (21 | ) | (1,592 | ) | — | |||||||||||||||
Non-cash inventory step-up adjustments | — | (3,728 | ) | — | — | — | |||||||||||||||||
Stock-based compensation | — | (802 | ) | (2,533 | ) | (16,614 | ) | — | |||||||||||||||
Adjustments to contingent consideration | — | — | — | 49,607 | — | ||||||||||||||||||
Acquired IPR&D | — | — | — | — | (32,500 | ) | |||||||||||||||||
Acquisition related costs | — | — | — | (1,257 | ) | — | |||||||||||||||||
Non-GAAP Adjusted | $ | 474,002 | $ | 52,916 | $ | 42,292 | $ | 257,954 | $ | — | $ | 120,840 |
AMAG Pharmaceuticals, Inc.Reconciliation of 2019 Financial Guidance of Non-GAAP Adjusted EBITDA(Unaudited, amounts in millions)
Operating income | $2 - $32 |
Depreciation | 2 |
Stock-based compensation | 16 |
Adjusted EBITDA | $20 - $50 |
AMAG Pharmaceuticals, Inc.Share Count Reconciliation(unaudited, amounts in millions)
Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||
Weighted average basic shares outstanding | 33.9 | 34.6 | 34.0 | 34.4 | ||||||||
Employee equity incentive awards | — | 3 | — | 3 | — | 3 | — | 3 | ||||
GAAP diluted shares outstanding | 33.9 | 34.6 | 34.0 | 34.4 | ||||||||
Employee equity incentive awards | — | 4 | 0.3 | 4 | — | 4 | 0.3 | 4 | ||||
Non-GAAP diluted shares outstanding | 33.9 | 34.9 | 34.0 | 34.7 |
3 Employee equity incentive awards would be anti-dilutive in this period.4 Reflects the non-GAAP dilutive impact of employee equity incentive awards.
CONTACTS:Investors:Linda Lennox908-627-3424
Media:Sarah Connors781-296-0722
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