001-10865 | 04-2742593 | |
(Commission File Number) | (IRS Employer Identification No.) |
1100 Winter St. | ||
Waltham, Massachusetts | 02451 | |
(Address of principal executive offices) | (Zip Code) |
Exhibit Number | Description | |
99.1 | Press release entitled “AMAG Pharmaceuticals Announces First Quarter 2017 Financial Results” issued by AMAG Pharmaceuticals, Inc. on May 2, 2017. | |
99.2 | Copy of AMAG Pharmaceuticals, Inc.’s presentation slides dated May 2, 2017. | |
99.3 | Press release entitled “AMAG Announces Positive Topline Data From Phase 3 Feraheme (ferumoxytol) Label Expansion Study” issued by AMAG Pharmaceuticals, Inc. on May 2, 2017. |
AMAG PHARMACEUTICALS, INC. | ||
By: | /s/ Joseph D. Vittiglio | |
Joseph D. Vittiglio General Counsel, Senior Vice President of Legal Affairs, Technical Operations and Quality and Secretary | ||
Date: May 2, 2017 |
Exhibit Number | Description | |
99.1 | Press release entitled “AMAG Pharmaceuticals Announces First Quarter 2017 Financial Results” issued by AMAG Pharmaceuticals, Inc. on May 2, 2017. | |
99.2 | Copy of AMAG Pharmaceuticals, Inc.’s presentation slides dated May 2, 2017. | |
99.3 | Press release entitled “AMAG Announces Positive Topline Data From Phase 3 Feraheme (ferumoxytol) Label Expansion Study” issued by AMAG Pharmaceuticals, Inc. on May 2, 2017. |
• | Generated strong revenues, including 33% growth in Makena sales and 7% growth in Feraheme sales over the first quarter of 2016 |
• | Increased Makena market share2 by 2% to 44% over the fourth quarter of 2016 |
• | Ended the quarter with $558.4 million of cash and investments |
• | Filed an sNDA with the U.S. Food and Drug Administration (FDA) in April 2017 for the Makena subcutaneous auto-injector, with an anticipated six month review timeline |
• | Announced positive Phase 3 clinical data evaluating the safety of Feraheme compared to Injectafer in adults with IDA (see separate press release dated May 2, 2017) |
• | Closed two licensing transactions in the women's health space for rights to Intrarosa and bremelanotide |
• | Initiated the hiring of a new ~150-person women's health commercial team to support the anticipated mid-2017 launch of Intrarosa |
• | Advanced ongoing clinical work with our partner Palatin for the submission of a new drug application for bremelanotide in early 2018 |
2017 GAAP Guidance | 2017 Non-GAAP Guidance | |||||
$ in millions | Previous | Updated | Previous3 | Updated3 | ||
Makena sales | $410 - $440 | $410 - $440 | $410 - $440 | $410 - $440 | ||
Feraheme and MuGard sales | $100 - $110 | $100 - $110 | $100 - $110 | $100 - $110 | ||
CBR revenue | $110 - $120 | $110 - $120 | $115 - $1254 | $115 - $1254 | ||
Intrarosa | — | $5 - $15 | — | $5 - $15 | ||
Total revenue | $620 - $670 | $625 - $685 | $625 - $675 | $630 - $690 | ||
Net income (loss) | $19 - $60 | ($88) - ($44) | N/A | N/A | ||
Operating income (loss) | $103 - $173 | ($72) - $1 | N/A | N/A | ||
Adjusted EBITDA | N/A | N/A | $270 - $340 | $210 - $260 |
Three Months Ended March 31, | |||||||
2017 | 2016 | ||||||
Revenues: | |||||||
Makena | $ | 86,455 | $ | 65,032 | |||
Feraheme/MuGard | 26,062 | 24,532 | |||||
Cord Blood Registry | 26,931 | 19,520 | |||||
License fee, collaboration and other revenues | 24 | 216 | |||||
Total revenues | 139,472 | 109,300 | |||||
Operating costs and expenses: | |||||||
Cost of product sales | 27,573 | 18,300 | |||||
Cost of services | 5,010 | 5,526 | |||||
Research and development expenses | 16,489 | 14,229 | |||||
Acquired in-process research and development | 60,000 | — | |||||
Selling, general and administrative expenses | 70,424 | 63,175 | |||||
Restructuring expenses | — | 622 | |||||
Total costs and expenses | 179,496 | 101,852 | |||||
Operating income (loss) | (40,024 | ) | 7,448 | ||||
Other income (expense): | |||||||
Interest expense | (18,300) | (18,443) | |||||
Interest and dividend income | 1,031 | 708 | |||||
Gains on investments, net | 27 | — | |||||
Other income (expense) | — | 220 | |||||
Total other income (expense) | (17,242 | ) | (17,515 | ) | |||
Loss before income taxes | (57,266 | ) | (10,067 | ) | |||
Income tax benefit | (20,706 | ) | (2,540 | ) | |||
Net loss | $ | (36,560 | ) | $ | (7,527 | ) | |
Net loss per share | |||||||
Basic | $ | (1.06 | ) | $ | (0.22 | ) | |
Diluted | $ | (1.06 | ) | $ | (0.22 | ) | |
Weighted average shares outstanding used to compute net loss per share: | |||||||
Basic | 34,378 | 34,739 | |||||
Diluted | 34,378 | 34,739 |
March 31, 2017 | December 31, 2016 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 252,854 | $ | 274,305 | |||
Investments | 305,541 | 304,781 | |||||
Accounts receivable, net | 85,233 | 92,375 | |||||
Inventories | 36,927 | 37,258 | |||||
Prepaid and other current assets | 8,316 | 9,839 | |||||
Total current assets | 688,871 | 718,558 | |||||
Property, plant and equipment, net | 22,708 | 24,460 | |||||
Goodwill | 639,484 | 639,484 | |||||
Intangible assets, net | 1,067,329 | 1,092,178 | |||||
Restricted cash | 2,493 | 2,593 | |||||
Other long-term assets | 1,025 | 1,153 | |||||
Total assets | $ | 2,421,910 | $ | 2,478,426 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 7,591 | $ | 3,684 | |||
Accrued expenses | 147,479 | 156,008 | |||||
Current portion of long-term debt | 20,455 | 21,166 | |||||
Current portion of acquisition-related contingent consideration | 97,515 | 97,068 | |||||
Deferred revenues | 34,899 | 34,951 | |||||
Total current liabilities | 307,939 | 312,877 | |||||
Long-term liabilities: | |||||||
Long-term debt, net | 783,333 | 785,992 | |||||
Convertible 2.5% notes, net | 181,566 | 179,363 | |||||
Acquisition-related contingent consideration | 51,440 | 50,927 | |||||
Deferred tax liabilities | 154,225 | 197,066 | |||||
Deferred revenues | 16,970 | 14,850 | |||||
Other long-term liabilities | 2,349 | 2,962 | |||||
Total liabilities | 1,497,822 | 1,544,037 | |||||
Total stockholders’ equity | 924,088 | 934,389 | |||||
Total liabilities and stockholders’ equity | $ | 2,421,910 | $ | 2,478,426 |
Three Months Ended March 31, | |||||||
2017 | 2016 | ||||||
Cash flows from operating activities: | |||||||
Net loss | $ | (36,560 | ) | $ | (7,527 | ) | |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||
Depreciation and amortization | 27,994 | 19,644 | |||||
Provision for bad debt expense | 590 | 2,209 | |||||
Amortization of premium/discount on purchased securities | 113 | 177 | |||||
Non-cash equity-based compensation expense | 5,778 | 6,160 | |||||
Amortization of debt discount and debt issuance costs | 3,209 | 2,937 | |||||
Gains on investments, net | (143 | ) | — | ||||
Change in fair value of contingent consideration | 1,043 | 5,056 | |||||
Deferred income taxes | (21,192 | ) | (1,469 | ) | |||
Changes in operating assets and liabilities: | |||||||
Accounts receivable, net | 6,553 | 715 | |||||
Inventories | (403 | ) | (2,157 | ) | |||
Receivable from collaboration | — | 246 | |||||
Prepaid and other current assets | 1,523 | (3,078 | ) | ||||
Accounts payable and accrued expenses | (4,622 | ) | (6,647 | ) | |||
Deferred revenues | 2,067 | 9,717 | |||||
Other assets and liabilities | (486 | ) | 593 | ||||
Net cash (used in) provided by operating activities | (14,536 | ) | 26,576 | ||||
Cash flows from investing activities: | |||||||
Proceeds from sales or maturities of investments | 128,512 | 25,500 | |||||
Purchase of investments | (129,241 | ) | (63,413 | ) | |||
Change in restricted cash | 100 | — | |||||
Capital expenditures | (658 | ) | (681 | ) | |||
Net cash used in investing activities | (1,287 | ) | (38,594 | ) | |||
Cash flows from financing activities: | |||||||
Long-term debt principal payments | (4,375 | ) | (4,375 | ) | |||
Payment of contingent consideration | (83 | ) | (65 | ) | |||
Payments for repurchases of common stock | — | (7,562 | ) | ||||
Proceeds from the exercise of stock options | 152 | 400 | |||||
Payments of employee tax withholding related to equity-based compensation | (1,322 | ) | (1,696 | ) | |||
Net cash used in financing activities | (5,628 | ) | (13,298 | ) | |||
Net decrease in cash and cash equivalents | (21,451 | ) | (25,316 | ) | |||
Cash and cash equivalents at beginning of the period | 274,305 | 228,705 | |||||
Cash and cash equivalents at end of the period | $ | 252,854 | $ | 203,389 | |||
Supplemental data for cash flow information: | |||||||
Cash paid for taxes | 208 | 2,400 | |||||
Cash paid for interest | 26,195 | 27,964 |
Revenue | Cost of product sales | Cost of services | Research & development | Acquired in-process research and development | Selling, general & administrative | Restructuring | Operating Income / Adjusted EBITDA | ||||||||||||||||||||||||
GAAP | $ | 139,472 | $ | 27,573 | $ | 5,010 | $ | 16,489 | $ | 60,000 | $ | 70,424 | $ | — | $ | (40,024 | ) | ||||||||||||||
Purchase accounting adjustments related to CBR deferred revenue | 1,366 | — | — | — | — | — | — | ||||||||||||||||||||||||
Depreciation and intangible asset amortization | — | (20,953 | ) | (390 | ) | (44 | ) | — | (5,873 | ) | — | ||||||||||||||||||||
Non-cash inventory step-up adjustments | — | (734 | ) | — | — | — | — | — | |||||||||||||||||||||||
Stock-based compensation | — | (129 | ) | — | (756 | ) | — | (4,893 | ) | — | |||||||||||||||||||||
Adjustments to contingent consideration | — | — | — | — | — | (1,043 | ) | — | |||||||||||||||||||||||
Transaction/Acquisition-related costs | — | — | — | — | — | (1,462 | ) | — | |||||||||||||||||||||||
Restructuring costs | — | — | — | — | — | — | — | ||||||||||||||||||||||||
License fee | — | — | — | — | (60,000 | ) | — | — | |||||||||||||||||||||||
Non-GAAP Adjusted | $ | 140,838 | $ | 5,757 | $ | 4,620 | $ | 15,689 | $ | — | $ | 57,153 | $ | — | $ | 57,619 |
Revenue | Cost of product sales | Cost of services | Research & development | Acquired in-process research and development | Selling, general & administrative | Restructuring | Operating Income / Adjusted EBITDA | ||||||||||||||||||||||||
GAAP | $ | 109,300 | $ | 18,300 | $ | 5,526 | $ | 14,229 | $ | — | $ | 63,175 | $ | 622 | $ | 7,448 | |||||||||||||||
Purchase accounting adjustments related to CBR deferred revenue | 8,561 | — | — | — | — | — | — | ||||||||||||||||||||||||
Depreciation and intangible asset amortization | — | (13,498 | ) | (351 | ) | (22 | ) | — | (4,974 | ) | — | ||||||||||||||||||||
Non-cash inventory step-up adjustments | — | (800 | ) | — | — | — | — | — | |||||||||||||||||||||||
Stock-based compensation | — | (311 | ) | (9 | ) | (752 | ) | — | (5,090 | ) | — | ||||||||||||||||||||
Adjustments to contingent consideration | — | — | — | — | — | (5,056 | ) | — | |||||||||||||||||||||||
Transaction/Acquisition-related costs | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Restructuring costs | — | — | — | — | — | — | (622 | ) | |||||||||||||||||||||||
License fee | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Non-GAAP Adjusted | $ | 117,861 | $ | 3,691 | $ | 5,166 | $ | 13,455 | $ | — | $ | 48,055 | $ | — | $ | 47,494 |
2017 Financial Guidance | |||||
Previous | Updated | ||||
Guidance | Guidance | ||||
GAAP Net Income | $19 - $60 | ($88) - ($44) | |||
Adjustments: | |||||
Interest expense, net | 71 | 71 | |||
Provision for income tax (benefit) | 13 - 42 | (55) - (26) | |||
Operating income (loss) | $103 - $173 | ($72) - $1 | |||
Purchase accounting adjustments related to CBR deferred revenue | 6 | 6 | |||
Depreciation and intangible asset amortization | 127 | 127 | |||
Non-cash inventory step-up adjustments | 2 | 2 | |||
Stock-based compensation | 27 | 27 | |||
Adjustments to contingent consideration | 5 | 5 | |||
Acquired IPR&D5 | — | 115 - 92 | |||
Non-GAAP adjusted EBITDA | $270 - $340 | $210 - $260 |
Three Months Ended March 31, | |||||||
2017 | 2016 | ||||||
Weighted average basic shares outstanding | 34.4 | 34.7 | |||||
Employee equity incentive awards | — | 6 | — | 6 | |||
Convertible notes | — | 6 | — | 6 | |||
Warrants | — | 6 | — | 6 | |||
GAAP diluted shares outstanding | 34.4 | 34.7 | |||||
Employee equity incentive awards | 0.6 | 7 | 0.4 | 7 | |||
Non-GAAP diluted shares outstanding | 35.0 | 35.1 |
XH'P>S+#_ MO\ ZO'^8%^K;3\&'DOHCF2Y,@MLB$ 0! $ 0! $ 0!
M$ 0! $ 0! $ 0! $ 0! $ 0! 0)PL,'F?CEKYU_U(VVT4N:&VO(YFG9\WWQ]
MPZ#XK\^_;#K;O+OT:C+U*;W^+[_V-JG'8P%#5MKJ5DHT K6MZT;B"E$S
M+8KX6SMW$#-:1U'+I:^05L>3R3,'W[#U'ZQ[ET^G7KL+A5<^KWF&LH](TE
M5%64L4\+Q)%*T/8X="#T7VNG4C5BIPX905E: @" ( @" ( @" ( @" ( @"
M( @" ( @" ( @" ( @" ( @" ( @" ( @" ("#O5*C+@'EOC+_&-=?=%^C:O
MSO\ :O\ -JO[?0Z%+V325Y$M" ( @" ( @" ( @" ( @" ( @" ( @" ( @"
M ( @" ( @" ( @" ( @" ( @" ( @" ( @" ( @(.]5WN*!\'LRP_P "V_\
MJ\?Y@7ZMM/P8>2^B.9+DR"VR(0! $ 0! $ 0! $ 0! $ 0! $ 0! $ 0! $
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M $ 0! $ 0! $ 0! $ 0$'>J[W% ^#V98?X%M_P#5X_S OU;:?@P\E]$ )D _6F4#$7'B%I:T.Y:[4MHHG>%17Q1GZW!$\F<,LF\6]#R'#-9Z? 7
M6 __ -:R949/A%_#KW350,Q:AM,@\65T1_\ ZE6ZD%S)$^QJ_H?R)G:YTXSU
MK_:V^^MB_P"98[6'ZD.QJ_H?R*;N(.EV]=26@>^OB_YD52'ZD.RJ_I?R+6;B
MKHJF'V[5]@B_IW. ?E>IJ47PR+A) "PV^XUI)QX+FR32O<[G;@YPB;[R=
M-MRW,VLFP^0A@( @" ( @))?N;O P8V4
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M#;Z:2>>1L<3 27..%A)]Q/!XRX\^5_$+C467338JQC<-=5EQ[('/(=5=Y'RUEWKJFKD."UKFMA'@.4;?!>CIT5!82)RBL%Q2
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M3: >YIV6M%&VGM@R%_;F@=X+8P5/DU<
M5#&AC&8 .Y"ORE#!;'8EH;4ZON':.;A@]4$+04'*615JZ(FU24<-%1. YT#>;.1XKWL'E'R^:PS(*PI"
M ( @" ( @" ( @!Z'W+#X9E 5J=.5*$L
M1ERO$S>E>*>N-$67Y(LNH:FCMHSR0 W)Y_[_4HGUBWA>4W#\.*TY\^_P#;"*G#N[<(.#FK]2W&
MTZKK;J^^TT[6$T;Q!11EW.(20WF>\N( .-@W?'?75M[VYA&,H8TX[^?B64+K
MIUG4G*%7.I/N>%\/,USAEK2Q4? 2GTI3:UJ.&FHH*\U-;<:6C?++6QDNV8YH
MZX+!C.1R ="MBXM:SN>T[/7'&RSP:MI?4%9JBJO9R3RWCDK\6.*^G-0\5^%F
MI[96U5UHK R-U<^6%S)P1(TGF! !?@$G&1GO2VL:T:%6G-8 \@C(^@K,O9((OZ"HCI:V2F>/2'JG'0 [
M?K53CE$UR37:5MKECGQB-LH#SW 1N>8]Q\0>]=O6<8N(IM^21H
M#B,;+*D89C*MI?"WT>9T>Q;XCN^I2U9*Y<%N'=@Z)SB" /I!_P"@LE)492N9
M(X[!H=Z.3U:=T!4+1#6-D&"QPCZ/K6&3B8N^M+*J1[AE[!EO\ 2\?H"(KJ
M&-DA,#II6M D: "Q++*%5*(F'?HM&I(Z-*GEHT'5=X;$QY+O'O7'K3V/34*1Q;45_[25^#D'V
MKCMY9Z"G#"-%NEW><@'JH: H[]6:.MVEI*]QL5NJ/.J6E;&QI
MBERX\P>!S=7N.Y[UE6E)5'52]9[,P[^M*E&@Y>JGE+X_4VQ_E \3"VD U*6O
MIN7$K:6$22X! $CN7TQN3@[9W*T_X5;;^KS\7_0Z'\=O=OYG'P7]?$>3Y?[9
MI7C#/JO4]Z-N8*>IEE>(W.-7+*1EA:QI[R7XP!EH5/4+66^,O\
M8UU]T7Z-J_._VK_-JO[?0Z%+V325Y$M" ( @" ( @" ( @" ( @" ( @" (
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M &K_ #:K^WT.A2]DTE>1+0@" ( @" ( @" ( @" ( @" ( @" ( @" ( @"
M( @" ( @" ( @" ( @" ( @" ( @" ( @" ("#O5=[B@?![,L/\ MO_ *O'
M^8%^K;3\&'DOHCF2Y,@MLB$ 0! $ 0! $ 0! $ 0! $ 0! $ 0! $ 0! $ 0
M! $ 0! $ 0! $ 0! $ 0! $ 0! $ 0! $ 0! $ 0! $ 0! $ 0! $ 0! $ 0
M! $ 0! $ 0! $!!WJE1EP#RWQE_C&NONB_1M7YW^U?YM5_;Z'0I>R:2O(EH0
M! $ 0! $ 0! $ 0! $ 0! $ 0! $ 0! $ 0! $ 0! $ 0! $ 0! $ 0! $ 0
M! $ 0! $ 0! $!!WJN]Q0/@]F6'^!;?_ %>/\P+]6VGX,/)?1',ER9!;9$(
M@" ( @" ( @" ( @" ( @" ( @" ( @" ( @" ( @" ( @" ( @" ( @" (
M@" ( @" ( @" ( @" ( @" ( @" ( @" ( @" ( @" ( @" ("#O5*C+@'EO
MC+_&-=?=%^C:OSO]J_S:K^WT.A2]DTE>1+0@" ( @" ( @" ( @" ( @" (
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MO5*C+@'EOC+_ !C77W1?HVK\[_:O\VJ_M]#H4O9-)7D2T( @" ( @" ( @"
M( @" ( @" ( @" ( @" ( @" ( @" ( @" ( @" ( @" ( @" ( @" ( @"
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MU;:?@P\E]$
'RBDS7FK1J:
M@U";Y.;U0TOF=-6.9&71PX(Y,
_;JLY7<9RR=[HY@.SE+3^!)M]"E%X*Y$A
M>]C2/ X(=W*Q21 INF;@[?\ V4U)$6BW?BF>"TYC(PK5,K:2$508W9:?1Z84
M]>45Y+\U@JHN60_"_N7]5QS)(Y>5K3D[CKWY[EKKI].A&4K>.)8:6[-U]5JW4HPNYY@FF\)9V+7B
MEKFHXHZZN%^EB\W@>!#2P'K'"W/*#_..23[3CN6U96OHM%4^_O\ ,TNI7KOK
MB5;&%PO)$^E^+6M]!VCY*T_>O,* 2NF$7FT4F'.]8YIP55+USI6\^REDT^ONE11T<]MY2_GF/,3OCV+3;:]4
M[T[:-1]M'C!DK-;(+A:1 Y@8SM0YP'HY*G!OQ/.U8XFTC W[0W/*YU,YU,YY
M]+H2[WE;L)M%#QPRUM'#.GDR9(>3)R][NK_CX*QU&RC&&=&MEMBH8FQ11-:&
M #IC.W542;?)?$I5?*P^D.HW]JUI&S'YKFI/!4]S6Y*A]+5]JUS0YIW!W^GV$)
MJ*<;[$+HUD98YGW%^[3U./#X?J35DQ@MG/%=3SPO(YB,''>?%03PS/*-:=))
M$XLZ2#T?B%>GDHDFN3(4L[:UK6G[\8!\#C*A(PBTK(R^$ X+V#(QXC/ZBH91
M+!9&I,-9%(#UV<.X@^D%+&4%LRX=-S7F8