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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Eagle Pharmaceuticals Inc | NASDAQ:EGRX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.01 | 0.23% | 4.41 | 4.10 | 4.51 | 4.6023 | 4.24 | 4.42 | 51,307 | 05:00:08 |
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
|
2834
|
|
20-8179278
|
(State or Other Jurisdiction of
Incorporation or Organization)
|
|
(Primary Standard Industrial
Classification Code Number)
|
|
(I.R.S. Employer
Identification Number)
|
Large accelerated filer
x
|
|
Accelerated filer
o
|
|
Non-accelerated filer
o
|
|
Smaller reporting company
o
|
Emerging growth company
o
|
|
|
|
|
|
|
|
|
|
|
|
Page
|
Part I - Financial Information
|
||
|
|
|
Item 1.
|
Condensed Consolidated Financial Statements (unaudited)
|
|
|
Condensed Consolidated Balance Sheets as of September 30, 2018 and December 31, 2017
|
|
|
Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2018 and 2017
|
|
|
Condensed Consolidated Statement of Changes in Stockholders' Equity for the nine months ended September 30, 2018
|
|
|
Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2018 and 2017
|
|
|
Notes to Condensed Consolidated Financial Statements
|
|
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
|
|
|
Part II - Other Information
|
||
|
|
|
Item 1.
|
||
Item 1A.
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
Item 5.
|
||
Item 6.
|
||
|
|
|
|
|
||||
|
September 30, 2018
|
|
December 31, 2017
|
||||
|
(unaudited)
|
|
|
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
91,226
|
|
|
$
|
114,657
|
|
Accounts receivable, net
|
78,461
|
|
|
53,821
|
|
||
Inventory
|
7,273
|
|
|
5,118
|
|
||
Prepaid expenses and other current assets
|
20,810
|
|
|
15,101
|
|
||
Total current assets
|
197,770
|
|
|
188,697
|
|
||
Property and equipment, net
|
2,553
|
|
|
6,820
|
|
||
Intangible assets, net
|
18,702
|
|
|
23,322
|
|
||
Goodwill
|
39,743
|
|
|
39,743
|
|
||
Deferred tax asset, net
|
9,314
|
|
|
11,354
|
|
||
Other assets
|
706
|
|
|
124
|
|
||
Total assets
|
$
|
268,788
|
|
|
$
|
270,060
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
7,544
|
|
|
$
|
11,981
|
|
Accrued expenses
|
22,867
|
|
|
15,391
|
|
||
Current portion of contingent consideration
|
—
|
|
|
15,055
|
|
||
Current portion of long-term debt
|
5,000
|
|
|
4,875
|
|
||
Total current liabilities
|
35,411
|
|
|
47,302
|
|
||
Contingent consideration, less current portion
|
—
|
|
|
709
|
|
||
Long-term debt, less current portion
|
39,312
|
|
|
42,905
|
|
||
Commitments and contingencies
|
|
|
|
|
|
||
Stockholders' equity:
|
|
|
|
||||
Preferred stock, 1,500,000 shares authorized and no shares issued or outstanding as of September 30, 2018 and December 31, 2017
|
—
|
|
|
—
|
|
||
Common stock, $0.001 par value; 50,000,000 shares authorized; 16,503,283 and 16,089,439 shares issued as of September 30, 2018 and December 31, 2017, respectively
|
16
|
|
|
16
|
|
||
Additional paid in capital
|
251,875
|
|
|
233,639
|
|
||
Retained earnings
|
45,597
|
|
|
26,284
|
|
||
Treasury stock, at cost, 1,582,666 and 1,241,695 shares as of September 30, 2018 and December 31, 2017, respectively
|
(103,423
|
)
|
|
(80,795
|
)
|
||
Total stockholders' equity
|
194,065
|
|
|
179,144
|
|
||
Total liabilities and stockholders' equity
|
$
|
268,788
|
|
|
$
|
270,060
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Revenue:
|
|
|
|
|
|
|
|
||||||||
Product sales
|
$
|
16,163
|
|
|
$
|
6,905
|
|
|
$
|
50,042
|
|
|
$
|
34,895
|
|
Royalty revenue
|
35,174
|
|
|
43,616
|
|
|
107,216
|
|
|
117,527
|
|
||||
License and other revenue
|
—
|
|
|
12,500
|
|
|
—
|
|
|
37,500
|
|
||||
Total revenue
|
51,337
|
|
|
63,021
|
|
|
157,258
|
|
|
189,922
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Cost of product sales
|
8,621
|
|
|
4,815
|
|
|
29,919
|
|
|
24,490
|
|
||||
Cost of royalty revenue
|
4,370
|
|
|
6,850
|
|
|
13,440
|
|
|
18,990
|
|
||||
Research and development
|
5,975
|
|
|
8,954
|
|
|
38,560
|
|
|
23,163
|
|
||||
Selling, general and administrative
|
13,878
|
|
|
16,669
|
|
|
45,033
|
|
|
58,100
|
|
||||
Restructuring charge
|
91
|
|
|
—
|
|
|
7,479
|
|
|
—
|
|
||||
Asset impairment charge
|
—
|
|
|
7,235
|
|
|
2,704
|
|
|
7,235
|
|
||||
Change in fair value of contingent consideration
|
—
|
|
|
(6,452
|
)
|
|
(763
|
)
|
|
(5,604
|
)
|
||||
Total operating expenses
|
32,935
|
|
|
38,071
|
|
|
136,372
|
|
|
126,374
|
|
||||
Income from operations
|
18,402
|
|
|
24,950
|
|
|
20,886
|
|
|
63,548
|
|
||||
Interest income
|
9
|
|
|
35
|
|
|
36
|
|
|
52
|
|
||||
Interest expense
|
(743
|
)
|
|
(527
|
)
|
|
(2,118
|
)
|
|
(594
|
)
|
||||
Total other expense, net
|
(734
|
)
|
|
(492
|
)
|
|
(2,082
|
)
|
|
(542
|
)
|
||||
Income before income tax (provision) benefit
|
17,668
|
|
|
24,458
|
|
|
18,804
|
|
|
63,006
|
|
||||
Income tax (provision) benefit
|
(3,628
|
)
|
|
(9,027
|
)
|
|
509
|
|
|
(20,148
|
)
|
||||
Net Income
|
$
|
14,040
|
|
|
$
|
15,431
|
|
|
$
|
19,313
|
|
|
$
|
42,858
|
|
Earnings per share attributable to common stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic
|
$
|
0.94
|
|
|
$
|
1.03
|
|
|
$
|
1.30
|
|
|
$
|
2.82
|
|
Diluted
|
$
|
0.91
|
|
|
$
|
0.98
|
|
|
$
|
1.25
|
|
|
$
|
2.68
|
|
Weighted average number of common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic
|
15,011,159
|
|
|
15,047,917
|
|
|
14,903,945
|
|
|
15,174,426
|
|
||||
Diluted
|
15,483,037
|
|
|
15,764,360
|
|
|
15,482,768
|
|
|
16,015,051
|
|
|
Common Stock
|
|
Additional
Paid-In Capital
|
|
Treasury Stock
|
|
Retained Earnings
|
|
Total
Stockholders'
Equity
|
|||||||||||||
|
Number of
Shares
|
|
Amount
|
|
|
|
|
|||||||||||||||
Balance at December 31, 2017
|
16,089
|
|
|
$
|
16
|
|
|
$
|
233,639
|
|
|
$
|
(80,795
|
)
|
|
$
|
26,284
|
|
|
$
|
179,144
|
|
Stock-based compensation expense
|
—
|
|
|
—
|
|
|
14,512
|
|
|
—
|
|
|
—
|
|
|
14,512
|
|
|||||
Issuance of common stock upon exercise of stock option grants
|
414
|
|
|
—
|
|
|
8,601
|
|
|
—
|
|
|
—
|
|
|
8,601
|
|
|||||
Payments for employee net option exercises
|
|
|
|
|
(4,877
|
)
|
|
—
|
|
|
—
|
|
|
(4,877
|
)
|
|||||||
Common stock repurchases
|
—
|
|
|
—
|
|
|
—
|
|
|
(22,628
|
)
|
|
—
|
|
|
(22,628
|
)
|
|||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19,313
|
|
|
19,313
|
|
|||||
Balance at September 30, 2018
|
16,503
|
|
|
$
|
16
|
|
|
$
|
251,875
|
|
|
$
|
(103,423
|
)
|
|
$
|
45,597
|
|
|
$
|
194,065
|
|
|
Nine Months Ended September 30,
|
||||||
|
2018
|
|
2017
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
19,313
|
|
|
$
|
42,858
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Deferred income taxes
|
2,040
|
|
|
12,141
|
|
||
Depreciation expense
|
918
|
|
|
657
|
|
||
Amortization of intangible assets
|
1,916
|
|
|
2,135
|
|
||
Stock-based compensation
|
14,512
|
|
|
11,618
|
|
||
Change in fair value of contingent consideration
|
(763
|
)
|
|
(5,604
|
)
|
||
Amortization of debt issuance costs
|
282
|
|
|
128
|
|
||
Asset impairment charge
|
2,704
|
|
|
7,235
|
|
||
Non-cash restructuring charge
|
5,771
|
|
|
—
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
|||
Increase in accounts receivable
|
(24,640
|
)
|
|
(29,407
|
)
|
||
Increase in inventories
|
(4,525
|
)
|
|
(2,139
|
)
|
||
(Increase) decrease in prepaid expenses and other current assets
|
(5,709
|
)
|
|
3,227
|
|
||
(Increase) decrease in other assets
|
(582
|
)
|
|
12
|
|
||
Decrease in accounts payable
|
(4,437
|
)
|
|
(5,814
|
)
|
||
Increase (decrease) in accrued expenses and other liabilities
|
7,476
|
|
|
(4,049
|
)
|
||
Net cash provided by operating activities
|
14,276
|
|
|
32,998
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Purchase of property and equipment
|
(52
|
)
|
|
(1,706
|
)
|
||
Payment for intangible asset
|
—
|
|
|
(750
|
)
|
||
Net cash used in investing activities
|
(52
|
)
|
|
(2,456
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Proceeds from common stock option exercise
|
8,601
|
|
|
4,165
|
|
||
Payments for employee net option exercises
|
(4,877
|
)
|
|
—
|
|
||
Payment of debt financing costs
|
—
|
|
|
(1,192
|
)
|
||
Proceeds from long-term debt
|
—
|
|
|
50,000
|
|
||
Payment of contingent consideration
|
(15,001
|
)
|
|
—
|
|
||
Payment of debt
|
(3,750
|
)
|
|
—
|
|
||
Repurchases of common stock
|
(22,628
|
)
|
|
(38,790
|
)
|
||
Net cash (used in) provided by financing activities
|
(37,655
|
)
|
|
14,183
|
|
||
Net (decrease) increase in cash
|
(23,431
|
)
|
|
44,725
|
|
||
Cash and cash equivalents at beginning of period
|
114,657
|
|
|
52,820
|
|
||
Cash and cash equivalents at end of period
|
$
|
91,226
|
|
|
$
|
97,545
|
|
Supplemental disclosures of cash flow information:
|
|
|
|
||||
Cash paid during the period for:
|
|
|
|
|
|
||
Income taxes
|
$
|
1,887
|
|
|
$
|
8,845
|
|
Interest
|
1,540
|
|
|
—
|
|
•
|
Level 1: Quoted prices in active markets for identical assets or liabilities.
|
•
|
Level 2: Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
|
•
|
Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||
Net revenues
|
|
|
|
|
|
|
|
||||
Cephalon, Inc. (Teva) - See Revenue Recognition
|
74
|
%
|
|
67
|
%
|
|
75
|
%
|
|
78
|
%
|
Cardinal Health
|
10
|
%
|
|
2
|
%
|
|
6
|
%
|
|
2
|
%
|
SymBio Pharmaceuticals Limited
|
—
|
%
|
|
20
|
%
|
|
—
|
%
|
|
7
|
%
|
Other
|
16
|
%
|
|
11
|
%
|
|
19
|
%
|
|
13
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
September 30,
|
|
December 31,
|
||
|
2018
|
|
2017
|
||
Accounts receivable
|
|
|
|
||
Cephalon, Inc. (Teva)
|
64
|
%
|
|
74
|
%
|
Oncology Supply
|
14
|
%
|
|
—
|
%
|
Other
|
22
|
%
|
|
26
|
%
|
|
100
|
%
|
|
100
|
%
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||
Options
|
1,704,348
|
|
|
1,671,570
|
|
|
1,810,098
|
|
|
1,580,277
|
|
Total
|
1,704,348
|
|
|
1,671,570
|
|
|
1,810,098
|
|
|
1,580,277
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Numerator
|
|
|
|
|
|
|
|
||||||||
Numerator for basic and diluted earnings per share-net income
|
$
|
14,040
|
|
|
$
|
15,431
|
|
|
$
|
19,313
|
|
|
$
|
42,858
|
|
Denominator
|
|
|
|
|
|
|
|
||||||||
Basic weighted average common shares outstanding
|
15,011,159
|
|
|
15,047,917
|
|
|
14,903,945
|
|
|
15,174,426
|
|
||||
Dilutive effect of stock options
|
471,878
|
|
|
716,443
|
|
|
578,823
|
|
|
840,625
|
|
||||
Diluted weighted average common shares outstanding
|
15,483,037
|
|
|
15,764,360
|
|
|
15,482,768
|
|
|
16,015,051
|
|
||||
Basic net income per share
|
|
|
|
|
|
|
|
||||||||
Basic net income per share
|
$
|
0.94
|
|
|
$
|
1.03
|
|
|
$
|
1.30
|
|
|
$
|
2.82
|
|
Diluted net income per share
|
|
|
|
|
|
|
|
||||||||
Diluted net income per share
|
$
|
0.91
|
|
|
$
|
0.98
|
|
|
$
|
1.25
|
|
|
$
|
2.68
|
|
Closing Balance December 31, 2017
|
|
Changes in fair value
|
|
Payment of contingent consideration
|
|
Closing Balance September 30, 2018
|
||||||||
$
|
764
|
|
|
$
|
(763
|
)
|
|
$
|
(1
|
)
|
|
$
|
—
|
|
The aggregate consideration consisted of:
|
Preliminary fair value
|
||
Cash consideration paid
|
$
|
27,209
|
|
Common stock issued
(i)
|
3,046
|
|
|
Fair value of contingent consideration payable to seller (long term)
(ii)
|
16,100
|
|
|
Total consideration
|
$
|
46,355
|
|
(i)
|
Under the Arsia SPA, the number of common shares to be issued to the Seller is equal to
$2.7 million
divided by the average of the closing day price per share for the
thirty
(
30
) trading days prior to the Closing Date. The average price of the common stock of 30 days prior to closing was
$68.18
. Accordingly, the number of shares of common stock to be issued to the Seller
|
(ii)
|
Under the Arsia SPA, the contingent consideration includes
four
separate milestone payments which could aggregate to a total of
$48 million
payable to the Seller upon achievement of certain clinical, regulatory and development milestones. These milestone payments are also subject to acceleration under certain circumstances described in the Arsia SPA. In accordance with the provisions of ASC 805-30-25-5, each unit of contingent consideration is recognized at the acquisition date fair value. The acquisition date fair value of the contingent consideration is
$16.1 million
and has been classified as other liabilities within non-current liabilities. Such fair values are determined based on a probabilistic model with weights assigned on the likelihood of the Company achieving the clinical, regulatory and development milestones as well as an acceleration event in the future. Each unit of contingent consideration is classified as a liability in the balance sheet and would be subsequently measured at fair value on each reporting date. Any future change in fair value would be recognized in the statement of operations. As described above, on February 8, 2018, the Company entered into the Arsia Amendment, pursuant to which the Company’s obligations to make
four
separate milestone payments under the Arsia SPA were terminated in exchange for a single payment of
$15 million
to the Seller.
|
Closing Balance December 31, 2017
|
|
Changes in fair value
|
Payment of contingent consideration
|
|
Closing Balance September 30, 2018
|
||||||||
$
|
15,000
|
|
|
$
|
—
|
|
$
|
(15,000
|
)
|
|
$
|
—
|
|
|
September 30,
|
|
December 31,
|
||||
|
2018
|
|
2017
|
||||
Raw material
|
$
|
6,944
|
|
|
$
|
2,489
|
|
Work in process
|
—
|
|
|
931
|
|
||
Finished products
|
329
|
|
|
1,698
|
|
||
|
$
|
7,273
|
|
|
$
|
5,118
|
|
|
September 30,
|
|
December 31,
|
||||
|
2018
|
|
2017
|
||||
Advances to commercial manufacturers
|
$
|
5,012
|
|
|
$
|
2,389
|
|
Prepaid FDA user fee
|
1,240
|
|
|
1,369
|
|
||
Prepaid insurance
|
389
|
|
|
116
|
|
||
Prepaid income taxes
|
12,498
|
|
|
9,597
|
|
||
Prepaid research and development
|
—
|
|
|
1,069
|
|
||
All other
|
1,671
|
|
|
561
|
|
||
Total Prepaid expenses and other current assets
|
$
|
20,810
|
|
|
$
|
15,101
|
|
|
September 30,
|
|
December 31,
|
||||
|
2018
|
|
2017
|
||||
Royalties payable to commercial partners
|
$
|
6,335
|
|
|
$
|
4,310
|
|
Accrued research & development
|
3,160
|
|
|
936
|
|
||
Accrued professional fees
|
1,740
|
|
|
1,254
|
|
||
Accrued salary and other compensation
|
4,119
|
|
|
4,811
|
|
||
Accrued product costs
|
4,843
|
|
|
2,657
|
|
||
Accrued restructuring costs
|
1,600
|
|
|
—
|
|
||
Accrued other
|
1,070
|
|
|
1,423
|
|
||
Total Accrued expenses
|
$
|
22,867
|
|
|
$
|
15,391
|
|
|
|
|
September 30, 2018
|
||||||||||||||
|
Useful Life (In Years)
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Impairment Charge
|
|
Net Book Value
|
||||||||
Docetaxel product rights
|
10
|
|
$
|
11,220
|
|
|
$
|
(1,281
|
)
|
|
$
|
(9,939
|
)
|
|
$
|
—
|
|
Ryanodex intangible
|
20
|
|
15,000
|
|
|
(1,360
|
)
|
|
—
|
|
|
13,640
|
|
||||
Developed technology
|
5
|
|
8,100
|
|
|
(3,038
|
)
|
|
—
|
|
|
5,062
|
|
||||
Total
|
|
|
$
|
34,320
|
|
|
$
|
(5,679
|
)
|
|
$
|
(9,939
|
)
|
|
$
|
18,702
|
|
|
|
|
December 31, 2017
|
||||||||||||||
|
Useful Life (In Years)
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Impairment Charge
|
|
Net Book Value
|
||||||||
Docetaxel product rights
|
10
|
|
$
|
11,220
|
|
|
$
|
(1,164
|
)
|
|
$
|
(7,235
|
)
|
|
$
|
2,821
|
|
Ryanodex intangible
|
20
|
|
15,000
|
|
|
(777
|
)
|
|
—
|
|
|
14,223
|
|
||||
Developed technology
|
5
|
|
8,100
|
|
|
(1,822
|
)
|
|
—
|
|
|
6,278
|
|
||||
Total
|
|
|
$
|
34,320
|
|
|
$
|
(3,763
|
)
|
|
$
|
(7,235
|
)
|
|
$
|
23,322
|
|
|
Estimated Amortization Expense
|
||
|
|||
Year Ending December 31,
|
|
||
2018 (remainder)
|
$
|
599
|
|
2019
|
2,520
|
|
|
2020
|
2,666
|
|
|
2021
|
2,623
|
|
|
2022
|
1,369
|
|
|
Thereafter
|
8,925
|
|
|
Total estimated amortization expense
|
$
|
18,702
|
|
Shares of common stock repurchased
|
340,971
|
|
|
Value of common stock repurchased
|
$
|
22,628
|
|
|
Stock Options
|
|
RSUs
|
|
PSUs
|
|||
Outstanding at December 31, 2016
|
2,324,918
|
|
|
—
|
|
|
—
|
|
Granted
|
925,329
|
|
|
—
|
|
|
—
|
|
Options Exercised/RSUs Vested/PSUs Vested
|
(180,516
|
)
|
|
—
|
|
|
—
|
|
Forfeited or expired
|
(107,102
|
)
|
|
—
|
|
|
—
|
|
Outstanding at September 30, 2017
|
2,962,629
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|||
Outstanding at December 31, 2017
|
2,786,568
|
|
|
—
|
|
|
—
|
|
Granted
|
652,625
|
|
|
64,080
|
|
|
127,080
|
|
Options Exercised/RSUs Vested/PSUs Vested
|
(499,592
|
)
|
|
—
|
|
|
—
|
|
Forfeited or expired
|
(391,609
|
)
|
|
(9,861
|
)
|
|
(9,861
|
)
|
Outstanding at September 30, 2018
|
2,547,992
|
|
|
54,219
|
|
|
117,219
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Risk-free interest rate
|
2.72% - 2.90%
|
|
1.79% - 2.18%
|
|
2.30% - 2.94%
|
|
1.79% - 2.42%
|
Volatility
|
43.76%
|
|
34.35%
|
|
43.76%
|
|
36.97%
|
Expected term (in years)
|
6.08 years
|
|
5.50 - 7.00 years
|
|
5.50 - 6.08 years
|
|
5.50 - 7.00 years
|
Expected dividend yield
|
0.0%
|
|
0.0%
|
|
0.0%
|
|
0.0%
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Stock options
|
$
|
3,514
|
|
|
$
|
3,728
|
|
|
$
|
11,725
|
|
|
$
|
11,618
|
|
RSUs
|
176
|
|
|
—
|
|
|
513
|
|
|
—
|
|
||||
PSUs
|
782
|
|
|
—
|
|
|
2,274
|
|
|
—
|
|
||||
Stock-based compensation expense
|
$
|
4,472
|
|
|
$
|
3,728
|
|
|
$
|
14,512
|
|
|
$
|
11,618
|
|
|
|
|
|
|
|
|
|
||||||||
Selling, general and administrative
|
$
|
3,641
|
|
|
$
|
2,795
|
|
|
$
|
11,418
|
|
|
$
|
8,662
|
|
Research and development
|
831
|
|
|
933
|
|
|
3,094
|
|
|
2,956
|
|
||||
Stock-based compensation expense
|
$
|
4,472
|
|
|
$
|
3,728
|
|
|
$
|
14,512
|
|
|
$
|
11,618
|
|
Obligations
|
|
Total
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
Beyond
|
||||||||||||||
Operating leases (1)
|
|
$
|
4,904
|
|
|
$
|
265
|
|
|
$
|
1,256
|
|
|
$
|
978
|
|
|
$
|
699
|
|
|
$
|
703
|
|
|
$
|
1,003
|
|
Credit facility
|
|
45,000
|
|
|
1,250
|
|
|
5,000
|
|
|
38,750
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Purchase obligations (2)
|
|
30,974
|
|
|
6,195
|
|
|
24,779
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Total obligations
|
|
$
|
80,878
|
|
|
$
|
7,710
|
|
|
$
|
31,035
|
|
|
$
|
39,728
|
|
|
$
|
699
|
|
|
$
|
703
|
|
|
$
|
1,003
|
|
Debt Maturities
|
as of September 30, 2018
|
||
2018 (remainder)
|
$
|
1,250
|
|
2019
|
5,000
|
|
|
2020
|
38,750
|
|
|
Total debt
|
$
|
45,000
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Income tax (provision) benefit
|
$
|
(3,628
|
)
|
|
$
|
(9,027
|
)
|
|
$
|
509
|
|
|
$
|
(20,148
|
)
|
Effective tax rate
|
21
|
%
|
|
37
|
%
|
|
(3
|
)%
|
|
32
|
%
|
•
|
the level of orders submitted by our commercial partner, Teva;
|
•
|
the rate at which Teva can convert the current market to Bendeka;
|
•
|
the level of institutional demand for Bendeka;
|
•
|
unit sales prices charged by our commercial partner, net of any sales reserves; and
|
•
|
the level of orders submitted by wholesalers, hospitals and surgery centers.
|
•
|
the level of orders submitted by our commercial partners, Sandoz and Chiesi;
|
•
|
the level of institutional demand for Argatroban; and
|
•
|
unit sales prices charged by our commercial partners, net of any sales reserves.
|
•
|
the effectiveness of our sales force;
|
•
|
the level of orders submitted by wholesalers, hospitals and surgery centers;
|
•
|
the level of institutional demand for our products; and
|
•
|
unit sales prices, net of any sales reserves.
|
|
Three Months Ended
September 30, |
|
Increase/(Decrease)
|
||||||||
|
2018
|
|
2017
|
|
|||||||
|
(in thousands)
|
||||||||||
Product sales
|
$
|
16,163
|
|
|
$
|
6,905
|
|
|
$
|
9,258
|
|
Royalty revenue
|
35,174
|
|
|
43,616
|
|
|
(8,442
|
)
|
|||
License and other revenue
|
—
|
|
|
12,500
|
|
|
(12,500
|
)
|
|||
Total revenue
|
$
|
51,337
|
|
|
$
|
63,021
|
|
|
$
|
(11,684
|
)
|
|
Three Months Ended
September 30, |
|
Increase/(Decrease)
|
||||||||
|
2018
|
|
2017
|
|
|||||||
|
(in thousands)
|
||||||||||
Cost of product sales
|
$
|
8,621
|
|
|
$
|
4,815
|
|
|
$
|
3,806
|
|
Cost of royalty revenue
|
4,370
|
|
|
6,850
|
|
|
(2,480
|
)
|
|||
Total cost of revenue
|
$
|
12,991
|
|
|
$
|
11,665
|
|
|
$
|
1,326
|
|
|
Three Months Ended
September 30, |
|
Decrease
|
||||||||
|
2018
|
|
2017
|
|
|||||||
|
(in thousands)
|
||||||||||
Research and development
|
$
|
5,975
|
|
|
$
|
8,954
|
|
|
$
|
(2,979
|
)
|
|
Three Months Ended
September 30, |
|
Decrease
|
||||||||
|
2018
|
|
2017
|
|
|||||||
|
(in thousands)
|
||||||||||
Selling, general and administrative
|
$
|
13,878
|
|
|
$
|
16,669
|
|
|
$
|
(2,791
|
)
|
|
Three Months Ended
September 30, |
|
Decrease / Increase
|
||||||||
|
2018
|
|
2017
|
|
|||||||
|
(in thousands)
|
||||||||||
Interest income
|
$
|
9
|
|
|
$
|
35
|
|
|
$
|
(26
|
)
|
Interest expense
|
(743
|
)
|
|
(527
|
)
|
|
(216
|
)
|
|||
Total other expense, net
|
$
|
(734
|
)
|
|
$
|
(492
|
)
|
|
$
|
(242
|
)
|
|
Three Months Ended September 30,
|
||||||
|
2018
|
|
2017
|
||||
|
(in thousands)
|
||||||
Provision for income taxes
|
$
|
(3,628
|
)
|
|
$
|
(9,027
|
)
|
Effective tax rate
|
21
|
%
|
|
37
|
%
|
|
Nine Months Ended September 30,
|
|
Increase/ (Decrease)
|
||||||||
|
2018
|
|
2017
|
|
|||||||
|
(in thousands)
|
||||||||||
Product sales
|
$
|
50,042
|
|
|
$
|
34,895
|
|
|
$
|
15,147
|
|
Royalty revenue
|
107,216
|
|
|
117,527
|
|
|
(10,311
|
)
|
|||
License and other revenue
|
—
|
|
|
37,500
|
|
|
(37,500
|
)
|
|||
Total revenue
|
$
|
157,258
|
|
|
$
|
189,922
|
|
|
$
|
(32,664
|
)
|
|
Nine Months Ended September 30,
|
|
Increase/
(Decrease)
|
||||||||
|
2018
|
|
2017
|
|
|||||||
|
(in thousands)
|
||||||||||
Cost of product sales
|
29,919
|
|
|
24,490
|
|
|
$
|
5,429
|
|
||
Cost of royalty revenue
|
13,440
|
|
|
18,990
|
|
|
(5,550
|
)
|
|||
Total cost of revenue
|
$
|
43,359
|
|
|
$
|
43,480
|
|
|
$
|
(121
|
)
|
|
Nine Months Ended September 30,
|
|
Increase
|
||||||
|
2018
|
|
2017
|
|
|||||
|
(in thousands)
|
||||||||
Research and development
|
38,560
|
|
|
23,163
|
|
|
$
|
15,397
|
|
|
Nine Months Ended September 30,
|
|
Decrease
|
||||||||
|
2018
|
|
2017
|
|
|||||||
|
(in thousands)
|
||||||||||
Selling, general and administrative
|
$
|
45,033
|
|
|
$
|
58,100
|
|
|
$
|
(13,067
|
)
|
|
Nine Months Ended September 30,
|
|
Increase
|
||||||||
|
2018
|
|
2017
|
|
|||||||
|
(in thousands)
|
||||||||||
Interest income
|
$
|
36
|
|
|
$
|
52
|
|
|
$
|
(16
|
)
|
Interest expense
|
(2,118
|
)
|
|
(594
|
)
|
|
(1,524
|
)
|
|||
Total other income (expense), net
|
$
|
(2,082
|
)
|
|
$
|
(542
|
)
|
|
$
|
(1,540
|
)
|
|
Nine Months Ended September 30,
|
||||||
|
2018
|
|
2017
|
||||
|
(in thousands)
|
||||||
Income tax (benefit) provision
|
$
|
509
|
|
|
$
|
(20,148
|
)
|
Effective tax rate
|
(3
|
)%
|
|
32
|
%
|
Obligations
|
|
Total
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
Beyond
|
||||||||||||||
Operating leases (1)
|
|
$
|
4,904
|
|
|
$
|
265
|
|
|
$
|
1,256
|
|
|
$
|
978
|
|
|
$
|
699
|
|
|
$
|
703
|
|
|
$
|
1,003
|
|
Credit facility
|
|
45,000
|
|
|
1,250
|
|
|
5,000
|
|
|
38,750
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Purchase obligations (2)
|
|
30,974
|
|
|
6,195
|
|
|
24,779
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Total obligations
|
|
$
|
80,878
|
|
|
$
|
7,710
|
|
|
$
|
31,035
|
|
|
$
|
39,728
|
|
|
$
|
699
|
|
|
$
|
703
|
|
|
$
|
1,003
|
|
|
|
Period
|
Total Number of Shares Purchased (1)(2)(3)(4)(5)
|
|
Average Price Paid per Share
|
|
Total Number of Shares Purchased as Part Publicly Announced Plans or Programs
|
|
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Programs
|
||||||
|
|
|
|
|
|
|
(dollars in thousands)
|
||||||
July 1, 2018 to July 31, 2018
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
88,669
|
|
August 1, 2018 to August 31, 2018
|
153,797
|
|
|
$
|
72.28
|
|
|
153,797
|
|
|
77,553
|
|
|
September 1, 2018 to September 30, 2018
|
14,885
|
|
|
$
|
67.15
|
|
|
14,885
|
|
|
76,553
|
|
|
Total
|
168,682
|
|
|
$
|
71.83
|
|
|
168,682
|
|
|
|
|
Exhibit
Number
|
|
Description of Exhibit
|
|
|
|
|
3.1
|
|
|
|
|
|
|
3.2
|
|
|
|
|
|
|
31.1
|
(1)
|
|
|
|
|
|
31.2
|
(1)
|
|
|
|
|
|
32.1
|
(1)
|
|
|
|
|
|
101.INS
|
|
XBRL Instance Document
|
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Definition Linkbase Document
|
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
|
|
|
|
|
|
|
|
|
EAGLE PHARMACEUTICALS, INC.
|
|
|
|
|
|
DATED: November 1, 2018
|
|
By:
|
/s/ Scott Tarriff
|
|
|
|
Scott Tarriff
|
|
|
|
Chief Executive Officer and Director
(Principal Executive Officer)
|
|
|
|
|
DATED: November 1, 2018
|
|
By:
|
/s/ Pete A. Meyers
|
|
|
|
Pete A. Meyers
|
|
|
|
Chief Financial Officer
(Principal Accounting and Financial Officer)
|
1 Year Eagle Pharmaceuticals Chart |
1 Month Eagle Pharmaceuticals Chart |
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