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0000950153-08-000408.txt : 20080227
0000950153-08-000408.hdr.sgml : 20080227
20080227161206
ACCESSION NUMBER: 0000950153-08-000408
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 3
CONFORMED PERIOD OF REPORT: 20080227
ITEM INFORMATION: Results of Operations and Financial Condition
ITEM INFORMATION: Financial Statements and Exhibits
FILED AS OF DATE: 20080227
DATE AS OF CHANGE: 20080227
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: MEDICIS PHARMACEUTICAL CORP
CENTRAL INDEX KEY: 0000859368
STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834]
IRS NUMBER: 521574808
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 8-K
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-14471
FILM NUMBER: 08646729
BUSINESS ADDRESS:
STREET 1: 8125 NORTH HAYDEN ROAD
CITY: SCOTTSDALE
STATE: AZ
ZIP: 85258
BUSINESS PHONE: 2125992000
MAIL ADDRESS:
STREET 1: 8125 NORTH HAYDEN ROAD
CITY: SCOTTSDALE
STATE: AZ
ZIP: 85258
8-K
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p75049e8vk.htm
8-K
e8vk
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 27, 2008
Medicis Pharmaceutical Corporation
(Exact name of registrant as specified in its charter)
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Delaware
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0-18443
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52-1574808 |
(State of Incorporation)
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(Commission File Number)
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(IRS Employer
Identification Number) |
8125 North Hayden Road
Scottsdale, Arizona 85258-2463
(Address of principal executive offices) (Zip Code)
(602) 808-8800
(Registrants telephone number, including area code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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o |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c)) |
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Item 2.02 |
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Results of Operations and Financial Condition. |
On February 27, 2008, Medicis Pharmaceutical Corporation issued a press release announcing its
financial results for the quarter and year ended December 31, 2007. A copy of the press release is
furnished herewith as Exhibit 99.1 and is incorporated by reference herein.
The information in this Current Report, including the accompanying exhibit, is being furnished
and shall not be deemed filed for the purposes of Section 18 of the Securities Exchange Act of
1934, as amended, or otherwise subject to the liabilities of that Section. The information in this
Current Report shall not be incorporated by reference into any registration statement or other
document filed pursuant to the Securities Act of 1933, as amended, regardless of any general
incorporation language in such filing.
Item 9.01 Exhibits.
(c) Exhibits
99.1 Press Release dated February 27, 2008
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Dated: February 27, 2008
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Medicis
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Pharmaceutical Corporation |
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By: |
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/s/ Mark A. Prygocki |
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Mark A. Prygocki, Sr.
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Executive Vice President, Chief Financial |
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Officer and Treasurer |
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Exhibit Index
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Exhibit Number
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Description |
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99.1
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Press Release dated February 27, 2008 |
EX-99.1
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p75049exv99w1.htm
EX-99.1
exv99w1
Exhibit 99.1
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CONTACT:
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8125 N. Hayden Road |
Kara Stancell, Investor Relations & Corporate Communications,
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Scottsdale, AZ 85258 |
(602) 808-3854
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(602) 808-8800 |
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www.medicis.com |
MEDICIS REPORTS FOURTH QUARTER AND YEAR END 2007 FINANCIAL RESULTS
COMPANY RECORDS RECORD REVENUES AND CASH FLOW
SCOTTSDALE, Ariz. February 27, 2008Medicis (NYSE:MRX) today announced revenues for the
three months ended December 31, 2007 of approximately $140.3 million, compared to approximately
$99.1 million for the three months ended December 31, 2006, representing an increase of
approximately 42%. This increase was primarily due to strength in prescriptions of our core acne
products, which include SOLODYN®, TRIAZ® and ZIANA®. Medicis net
income in accordance with U.S. generally accepted accounting principles (GAAP) for the three
months ended December 31, 2007 was approximately $27.5 million, or approximately $0.41 per diluted
share, compared to net income in accordance with GAAP of $17.9 million, or approximately $0.27 per
share, for the three months ended December 31, 2006. Non-GAAP net income for the three months
ended December 31, 2007 was approximately $36.8 million, or approximately $0.54 per diluted share,
compared to GAAP and non-GAAP net income of $17.9 million, or $0.27 per diluted share, for the
three months ended December 31, 2006. There were no non-GAAP adjustments for the three months
ended December 31, 2006.
Non-GAAP net income and earnings per share for the three months ended December 31, 2007 include
adjustments only for $8.0 million of research and development expenses and $1.3 million of selling,
general and administrative expenses related to the Companys strategic collaboration agreement with
Revance Therapeutics, Inc. (Revance). These adjustments totaled $9.3 million pre-tax and net of
tax, as the expenses did not generate related income tax benefits.
The Companys achievement of $140 million in revenues and non-GAAP earnings of $0.54 per diluted
share compares favorably to the Companys published guidance of approximately $130 million in
revenues and approximately $0.43 in non-GAAP earnings per diluted share for the three months ended
December 31, 2007.
We are pleased to announce an exciting and eventful 2007, said Jonah Shacknai, Chairman and Chief
Executive Officer of Medicis. During 2007, our revenues and cash flow reached record levels.
Additionally, we launched ZIANA® and PERLANE®, focused vigorously on
strategies to protect the SOLODYN® franchise, expanded our aesthetic sales force,
successfully launched our direct-to-consumer ad campaign for RESTYLANE® and submitted
the Biologics License Application (BLA) for RELOXIN® in aesthetics to the U.S. Food
and Drug Administration (FDA), and at present we are working actively with FDA to address and
resolve certain questions related to this submission. As we celebrate our 20th anniversary in
2008, the preservation of SOLODYN®, seeking approval of our RELOXIN® BLA and
continued business development opportunities are our paramount focus. We thank our physicians and
patients for
1
their support, and our shareholders for their loyalty as we remain committed to enhancing long-term
value.
Revenues for the twelve months ended December 31, 2007 were approximately $464.7 million, compared
to $349.2 million for the twelve months ended December 31, 2006, representing a year-over-year
increase of approximately 33%. GAAP net income for the twelve months ended December 31, 2007 was
$75.1 million, or $1.14 per diluted share, compared to a GAAP net loss of $75.8 million, or $1.39
per share for the twelve months ended December 31, 2006. Non-GAAP net income for the twelve months
ended December 31, 2007 was approximately $88.3 million, or approximately $1.33 per diluted share,
compared to non-GAAP net income of $53.0 million, or $0.85 per diluted share, for the twelve months
ended December 31, 2006.
Non-GAAP net income and earnings per share for the twelve months ended December 31, 2007 include
adjustments for $8.0 million of research and development expenses and $1.3 million of selling,
general and administrative expenses related to the Companys investment in Revance, a $4.1 million
charge ($2.6 million tax-effected) for the impairment of an intangible asset, and $2.2 million
($1.4 million tax-effected) of professional fees related to the Companys collaboration agreement
with Hyperion Therapeutics, Inc. Non-GAAP net income and earnings per share for the twelve months
ended December 31, 2006 include adjustments for research and development expenses related to the
strategic collaboration with Ipsen for the development of RELOXIN®, professional fees
and other selling, general and administrative expenses related to the strategic collaboration
agreement with Ipsen for the development of RELOXIN®, the impairment of intangible
assets and legal settlements.
The Companys achievement of $464.7 million in revenues and non-GAAP earnings of $1.33 per diluted
share compares favorably to the Companys most recent published guidance of approximately $454
million in revenues and approximately $1.22 in non-GAAP earnings per diluted share for the twelve
months ended December 31, 2007. The Companys non-GAAP earnings per diluted share guidance at the
beginning of 2007 was $1.12.
Medicis provides non-GAAP financial information which has been adjusted for items such as research
and development milestone and contract payments, certain transaction-related professional fees,
impairment of intangible assets and litigation reserves. Adjusted financial information is
referred to as non-GAAP. Further discussion of the non-GAAP financial information, as well as a
reconciliation of the non-GAAP financial results to Medicis GAAP financial results can be found
below.
Acne Products
Medicis recorded revenues of approximately $79.5 million from sales of its acne products in the
three months ended December 31, 2007, which is a $14.5 million, or 22.3% increase in acne product
sales, compared to the three months ended December 31, 2006. Medicis core acne products include
SOLODYN®, TRIAZ® and ZIANA®.
Non-Acne Products
Medicis recorded revenues of approximately $46.9 million from sales of its non-acne products in the
three months ended December 31, 2007, which is a $20.9 million, or 80.1% increase in non-acne
product sales, compared to the three months ended December 31, 2006. Revenues for the three months
ended December 31, 2006 are net of an $8.9 million increase in sales returns reserves, for
VANOS®. Medicis non-acne products include primarily PERLANE®,
RESTYLANE®, LOPROX® and VANOS®.
2
Other Non-Dermatological Products
Medicis recorded revenues of approximately $13.8 million associated with its other
non-dermatological products during the three months ended December 31, 2007, which represented an
increase of $5.8 million, or 72.3%, compared to the three months ended December 31, 2006. The
increase in other non-dermatological products compared to the three months ended December 31, 2006
was due to increased revenues associated with sales of AMMONUL® and
BUPHENYL®, contract revenues associated with the collaboration agreement consummated
during the third quarter of 2007 with Hyperion, and authorized generics. Medicis other
non-dermatological products category includes primarily AMMONUL®, BUPHENYL®
and contract revenue.
Other Income Statement Items
Gross Profit Margins
Gross profit margin for the three months ended December 31, 2007 was approximately 93.6%, compared
to approximately 88.3% for the three months ended December 31, 2006. The increase of 5.3
percentage points was due primarily to the mix of products sold during the three months ended
December 31, 2007 as compared to the three months ended December 31, 2006. The increase was driven
by sales of high gross margin products such as SOLODYN®, ZIANA®,
RESTYLANE® and PERLANE®.
Selling, General and Administrative Expenses
GAAP selling, general and administrative (SG&A) expenses for the three months ended December 31,
2007 were approximately $65.5 million, or approximately 46.7% of revenues, compared to
approximately $50.9 million, or approximately 51.4% of revenue, for the three months ended December
31, 2006. The decrease in SG&A as a percentage of revenue was primarily due to the increase in
revenue (approximately 42%) outpacing the increase in SG&A. The increase in SG&A as compared to
the same period last year was primarily due to personnel costs associated with the aesthetic sales
force expansion and annual salary increases, increased professional and consulting expenses,
including $1.3 million of professional fees related to our strategic collaboration with and
investment in Revance, promotional programs for RESTYLANE®, and costs related to the
development and implementation of our new ERP system. Approximately $5.4 million was recorded in
SG&A related to FAS 123R share-based compensation expense for the three months ended December 31,
2007 as compared to $4.8 million for the three months ended December 31, 2006.
Research and Development Expenses
GAAP research and development expenses (R&D) for the three months ended December 31, 2007 were
approximately $16.9 million, or approximately 12.1% of revenue, compared to approximately $11.9
million, or approximately 12.0% of revenue, for the three months ended December 31, 2006. GAAP R&D
expenses for the three months ended December 31, 2007 included $8.0 million related to the
Companys strategic collaboration with Revance. R&D expenses for the three months ended December
31, 2007 and three months ended December 31, 2006 consisted of ongoing expenses related to various
R&D projects.
Cash Flow
The Companys cash flow from operations was nearly $159 million for the twelve months ended
December 31, 2007. This includes cash payments of approximately $9 million related to our
strategic collaboration with and investment in Revance during the three months ended December 31,
2007. The additional $12 million paid to Revance under the strategic collaboration agreement was
reflected in cash flow used in investing activities.
3
2008 Guidance
Based upon information available currently to the Companys management, the Companys financial
guidance for 2008 is anticipated as follows:
Calendar 2008
(in millions, except per share amounts)
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First |
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Second |
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Third |
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Fourth |
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Calendar |
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Quarter |
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Quarter |
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Quarter |
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Quarter |
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Year End |
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(3/31/08) |
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(6/30/08) |
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(9/30/08) |
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(12/31/08) |
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2008 |
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Estimated |
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Estimated |
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Estimated |
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Estimated |
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Estimated |
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Revenue Objective |
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130-$133 |
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$ |
132-$135 |
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$ |
132-$135 |
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$ |
134-$137 |
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$ |
528-$540 |
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Non-GAAP diluted
earnings per share
objectives |
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0.32-$0.35 |
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0.32-$0.35 |
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$ |
0.37-$0.40 |
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$ |
0.42-$0.45 |
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$ |
1.43-$1.56 |
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Other annual 2008 guidance:
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gross profit margins of approximately 90% of revenues; |
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SG&A expenses of approximately 51-52% of revenues; |
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R&D expenses of approximately 8% of revenues; |
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depreciation and amortization of approximately $27-$28 million for the year; |
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effective tax rate of approximately 38-39%; |
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diluted earnings per share of $1.43-$1.56; |
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the non-GAAP diluted earnings per share figures above reflect the impact of FAS 123R,
totaling approximately $17-$18 million for the year; and |
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fully diluted weighted average shares outstanding of approximately 71-73 million shares. |
The above guidance excludes certain potential special charges associated with R&D milestones or
contract payments, the financial impact of changes in accounting or governmental pronouncements,
the impact of a potential generic launch to SOLODYN®, revenue associated with a
RELOXIN® approval, and charges related to the accounting for the Revance transaction.
At the time of this disclosure, Medicis believes these objectives are attainable based upon
information currently available to the Companys management.
4
Diluted Earnings Per Share
Diluted earnings per share amounts are calculated using the if-converted method of accounting
regardless of whether the Companys outstanding convertible bonds meet the criteria for conversion
and regardless of whether the bondholders actually convert their bonds into shares.
Use of Non-GAAP Financial Information
The Company has disclosed non-GAAP financial information in this press release to provide
meaningful supplemental information regarding its operational performance and to enhance its
investors overall understanding of its core financial performance. Management measures the
Companys performance using non-GAAP financial measures such as those that are disclosed in this
press release. This information facilitates managements internal comparisons to the Companys
historical core operating results, comparisons to competitors core operating results and is a
basis for financial decision making. Management believes that Medicis investors benefit from
seeing the Companys results on the same basis as management, in addition to the GAAP presentation.
In our view, the non-GAAP financial measures are informative to investors, allowing them to focus
on the ongoing operations and the core results of Medicis business. Historically, Medicis has
reported similar non-GAAP information to its investors and believes that the inclusion of
comparative numbers provides consistency in the Companys financial disclosures. This information
is not in accordance with, or an alternative for, information prepared using GAAP. It excludes
items, such as special charges for R&D, transaction costs, the impairment of long-lived assets, and
litigation reserves that may have a material effect on the Companys net income and diluted net
income per common share calculated in accordance with GAAP. The Company excludes such charges and
the related tax benefits when analyzing its financial results as the items are distinguishable
events. Management believes that by viewing the Companys results of operations excluding these
charges, investors are given an indication of the ongoing results of the Companys operations.
About Medicis
Medicis is the leading independent specialty pharmaceutical company in the United States focusing
primarily on the treatment of dermatological and aesthetic conditions. The Company is dedicated to
helping patients attain a healthy and youthful appearance and self-image. Medicis has leading
branded prescription products in a number of therapeutic and aesthetic categories. The Companys
products have earned wide acceptance by both physicians and patients due to their clinical
effectiveness, high quality and cosmetic elegance.
The Companys products include the prescription brands RESTYLANE® (hyaluronic acid),
PERLANE® (hyaluronic acid), DYNACIN® (minocycline HCl), LOPROX®
(ciclopirox), PLEXION® (sodium sulfacetamide/sulfur), SOLODYN® (minocycline
HCl, USP) Extended Release Tablets, TRIAZ® (benzoyl peroxide), LIDEX®
(fluocinonide) Cream, 0.05%, VANOS® (fluocinonide) Cream, 0.1%, and ZIANA®
(clindamycin phosphate 1.2% and tretinoin 0.025%) Gel, BUPHENYL® (sodium phenylbutyrate)
and AMMONUL® (sodium phenylacetate/sodium benzoate), prescription products indicated in
the treatment of Urea Cycle Disorder, and the over-the-counter brand ESOTERICA®. For
more information about Medicis, please visit the Companys website at www.medicis.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private
Securities Litigation Reform Act. All statements included in this press release that address
activities, events or developments that Medicis expects, believes or anticipates will or may occur
in the future are forward-looking statements, including:
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Medicis future prospects; |
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revenues, gross profit margin, expense, tax rate and earnings guidance; |
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information regarding business development activities and future regulatory approval of the
Companys products; |
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the commercial success of PERLANE®, SOLODYN® and ZIANA®; |
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the patentability of certain intellectual property; |
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the potential for generic competition to SOLODYN®; |
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the future expansion of the aesthetics market; and |
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expectations relating to the Companys product development pipeline, including the timing
associated with the re-submission to, or acceptance by, the FDA of our Biologics License
Application for RELOXIN®. |
These statements are based on certain assumptions made by Medicis based on its experience and
perception of historical trends, current conditions, expected future developments and other factors
it believes are appropriate in the circumstances. No assurances can be given, however, that these
activities, events or developments will occur or that such results will be achieved. Such
statements are subject to a number of assumptions, risks and uncertainties, many of which are
beyond the control of Medicis. The Companys business is subject to all risk factors outlined in
the Companys most recent annual report on Form 10-K for the year ended December 31, 2006, and
other documents we file with the Securities and Exchange Commission. At the time of this press
release, the Company cannot, among other things, assess the likelihood, timing or forthcoming
results of R&D projects, the risks associated with the FDA approval process and risks associated
with significant competition within the Companys industry, nor can the Company validate its
assumptions of the full impact on its business of the approval of competitive generic versions of
the Companys primary brands, and any future competitive product approvals that may affect the
Companys brands, including the RESTYLANE® franchise. The RESTYLANE®
franchise currently includes PERLANE® and RESTYLANE®.
Additionally, Medicis may acquire and/or license products or technologies from third parties to
enter into new strategic markets. The Company periodically makes up-front, non-refundable payments
to third parties for R&D work that has been completed and periodically makes additional
non-refundable payments for the achievement of various milestones. There can be no certainty about
the periods in which these potential payments could be made, nor if any payments such as these will
be made at all. Any estimated future guidance does not include, among other things, the potential
payments associated with any such transactions.
There are a number of additional important factors that could cause actual results to differ
materially from those projected, including:
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the anticipated size of the markets and demand for Medicis products; |
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the availability of product supply or changes in the costs of raw materials; |
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the receipt of required regulatory approvals; |
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competitive developments affecting our products, such as the recent FDA approvals of
ARTEFILL®, RADIESSE®, ELEVESS, JUVEDERM Ultra and JUVEDERM Ultra
Plus, competitors to RESTYLANE® and PERLANE®, and generic forms of our
DYNACIN® Tablets, LOPROX®, PLEXION®, SOLODYN® or
TRIAZ® products; |
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product liability claims; |
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the introduction of federal and/or state regulations relating to the Companys business; |
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dependence on sales of key products; |
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changes in the treatment practices of physicians that currently prescribe the Medicis
products, including prescription levels; |
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the uncertainty of future financial results and fluctuations in operating results, and the
factors that may attribute to such fluctuations as set forth in our SEC filings; |
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dependence on Medicis strategy (including the uncertainty of license payments and/or other
payments due from third parties); |
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changes in reimbursement policies of health plans and other health insurers; |
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the timing and success of new product development by Medicis or third parties; |
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the inability to secure patent protection from filed patent applications,
inadequate protection of Medicis intellectual property or challenges to the validity or
enforceability of the Medicis proprietary rights; |
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the risks of pending and future litigation or government investigations; and |
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other risks described from time to time in Medicis filings with the Securities and
Exchange Commission. |
Forward-looking statements represent the judgment of Medicis management as of the date of this
release and Medicis disclaims any intent or obligation to update any forward-looking statements
contained herein, which speak as of the date hereof.
NOTE: Full prescribing information for any of Medicis prescription products is available by
contacting the Company. RESTYLANE® and PERLANE® are trademarks of HA North
American Sales AB, a subsidiary of Medicis Pharmaceutical Corporation. All other trademarks are
the property of their respective owners.
7
Medicis Pharmaceutical Corporation
Summary Statements of Operations (Unaudited)
(in thousands, except per share data)
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Three months ended |
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Twelve months ended |
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December 31, |
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December 31, |
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2007 |
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2006 |
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2007 |
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2006 |
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Product revenues |
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$ |
134,319 |
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$ |
95,704 |
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$ |
449,125 |
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$ |
333,626 |
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Contract revenues |
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5,932 |
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3,363 |
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15,526 |
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15,617 |
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Total revenues |
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140,251 |
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99,067 |
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464,651 |
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349,243 |
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Cost of revenues |
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8,998 |
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11,626 |
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50,968 |
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41,742 |
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Gross profit |
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131,253 |
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87,441 |
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413,683 |
|
|
|
307,501 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative |
|
|
65,477 |
|
|
|
50,893 |
|
|
|
247,917 |
|
|
|
206,822 |
|
Impairment of intangible
assets |
|
|
|
|
|
|
|
|
|
|
4,067 |
|
|
|
52,586 |
|
Research and
development |
|
|
16,921 |
|
|
|
11,869 |
|
|
|
39,428 |
|
|
|
161,837 |
|
Depreciation and
amortization |
|
|
6,755 |
|
|
|
5,538 |
|
|
|
24,548 |
|
|
|
23,048 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses |
|
|
89,153 |
|
|
|
68,300 |
|
|
|
315,960 |
|
|
|
444,293 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
|
42,100 |
|
|
|
19,141 |
|
|
|
97,723 |
|
|
|
(136,792 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income, net |
|
|
7,894 |
|
|
|
5,918 |
|
|
|
28,372 |
|
|
|
20,147 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense (benefit) |
|
|
22,515 |
|
|
|
7,207 |
|
|
|
51,044 |
|
|
|
(40,795 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
27,479 |
|
|
$ |
17,852 |
|
|
$ |
75,051 |
|
|
$ |
(75,850 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income (loss) per common share |
|
$ |
0.49 |
|
|
$ |
0.32 |
|
|
$ |
1.34 |
|
|
$ |
(1.39 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income (loss) per common share |
|
$ |
0.41 |
|
|
$ |
0.27 |
|
|
$ |
1.14 |
|
|
$ |
(1.39 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in basic net income (loss) per common share |
|
|
56,263 |
|
|
|
55,139 |
|
|
|
55,988 |
|
|
|
54,688 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in diluted net income (loss) per common share |
|
|
70,980 |
|
|
|
71,314 |
|
|
|
71,246 |
|
|
|
54,688 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow from (used in) operations |
|
$ |
31,406 |
|
|
$ |
33,776 |
|
|
$ |
158,944 |
|
|
$ |
(40,963 |
) |
8
Medicis Pharmaceutical Corporation
Balance Sheets
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2007 |
|
|
2006 |
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents & short-term
investments |
|
$ |
794,680 |
|
|
$ |
554,261 |
|
|
|
|
|
|
|
|
|
|
Accounts receivable, net |
|
|
12,377 |
|
|
|
36,370 |
|
|
|
|
|
|
|
|
|
|
Inventory, net |
|
|
29,973 |
|
|
|
27,016 |
|
|
|
|
|
|
|
|
|
|
Other current assets |
|
|
18,049 |
|
|
|
15,990 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current assets |
|
|
855,079 |
|
|
|
633,637 |
|
|
|
|
|
|
|
|
|
|
Property & equipment, net |
|
|
13,850 |
|
|
|
6,576 |
|
|
|
|
|
|
|
|
|
|
Intangible assets, net |
|
|
236,561 |
|
|
|
232,314 |
|
|
|
|
|
|
|
|
|
|
Deferred tax asset |
|
|
59,445 |
|
|
|
65,234 |
|
|
|
|
|
|
|
|
|
|
Long-term investments |
|
|
17,072 |
|
|
|
130,290 |
|
|
|
|
|
|
|
|
|
|
Other assets |
|
|
12,622 |
|
|
|
2,181 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
1,194,629 |
|
|
$ |
1,070,232 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and stockholders equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contingent convertible senior notes 2.5%,
due 2032 |
|
$ |
|
|
|
$ |
169,155 |
|
|
|
|
|
|
|
|
|
|
Contingent convertible senior notes 1.5%,
due 2033 |
|
|
283,910 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other current liabilities |
|
|
111,090 |
|
|
|
107,608 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities |
|
|
395,000 |
|
|
|
276,763 |
|
|
|
|
|
|
|
|
|
|
Contingent convertible senior notes 2.5%,
due 2032 |
|
|
169,145 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contingent convertible senior notes 1.5%,
due 2033 |
|
|
|
|
|
|
283,910 |
|
|
|
|
|
|
|
|
|
|
Other liabilities |
|
|
8,529 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders equity |
|
|
621,955 |
|
|
|
509,559 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders equity |
|
$ |
1,194,629 |
|
|
$ |
1,070,232 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Working capital |
|
$ |
460,079 |
|
|
$ |
356,874 |
|
|
|
|
|
|
|
|
9
Medicis Pharmaceutical Corporation
Unaudited Reconciliation of Non-GAAP Adjustments
(in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
Year ended |
|
|
|
December 31, 2007 |
|
|
December 31, 2007 |
|
|
|
Dollar Value |
|
|
EPS Impact |
|
|
Dollar Value |
|
|
EPS Impact |
|
GAAP net income |
|
$ |
27,479 |
|
|
$ |
0.49 |
|
|
$ |
75,051 |
|
|
$ |
1.34 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense and associated
bond offering costs (tax-effected) |
|
|
1,505{a} |
|
|
|
|
|
|
|
6,306{a} |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP if-converted net income and diluted EPS |
|
$ |
28,984 |
|
|
$ |
0.41 |
|
|
$ |
81,357 |
|
|
$ |
1.14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
expense related to strategic
collaboration with Revance |
|
|
8,043 |
|
|
|
0.11 |
|
|
|
8,043 |
|
|
|
0.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Professional fees related to
Revance strategic
collaboration agreement |
|
|
1,277 |
|
|
|
0.02 |
|
|
|
1,277 |
|
|
|
0.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment of intangible assets |
|
|
|
|
|
|
|
|
|
|
4,067 |
|
|
|
0.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Professional fees related to
Hyperion strategic
collaboration agreement |
|
|
|
|
|
|
|
|
|
|
2,150 |
|
|
|
0.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax effects |
|
|
|
|
|
|
|
|
|
|
(2,257 |
) |
|
|
(0.03 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP if-converted net income and diluted EPS |
|
$ |
38,304 |
|
|
$ |
0.54 |
|
|
$ |
94,637 |
|
|
$ |
1.33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in basic net
income per common share |
|
|
|
|
|
|
56,263 |
|
|
|
|
|
|
|
55,988 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in diluted net
income per common share |
|
|
|
|
|
|
70,980 |
|
|
|
|
|
|
|
71,246 |
|
|
|
|
{a} |
|
In order to determine if-converted net income, the tax-effected net interest on the 2.5%
and 1.5% contingent convertible notes and the associated bond offering costs of $1.5 million
and $6.3 million are added back to GAAP net income for the three months and year ended
December 31, 2007, respectively. |
10
Medicis Pharmaceutical Corporation
Unaudited Reconciliation of Non-GAAP Adjustments
(in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
Year ended |
|
|
|
December 31, 2006 |
|
|
December 31, 2006 |
|
|
|
Dollar Value |
|
|
EPS Impact |
|
|
Dollar Value |
|
|
EPS Impact |
|
GAAP net income (loss) |
|
$ |
17,852 |
|
|
$ |
0.32 |
|
|
$ |
(75,850 |
) |
|
$ |
(1.39 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense and associated
bond offering costs (tax-effected) |
|
|
1,674{a} |
|
|
|
|
|
|
|
6,703{a} |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP if-converted net income (loss) and diluted EPS |
|
$ |
19,526 |
|
|
$ |
0.27 |
|
|
$ |
(69,147 |
) |
|
$ |
(0.99 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
expense related to strategic
collaboration with Ipsen for
the development of Reloxin |
|
|
|
|
|
|
|
|
|
|
129,191 |
|
|
|
1.84 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Professional fees and other
selling, general and
administrative expenses
related to collaboration
agreement with Ipsen for the
development of Reloxin |
|
|
|
|
|
|
|
|
|
|
1,024 |
|
|
|
0.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment of intangible assets |
|
|
|
|
|
|
|
|
|
|
52,586 |
|
|
|
0.75 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Legal settlements |
|
|
|
|
|
|
|
|
|
|
7,833 |
|
|
|
0.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax effects |
|
|
|
|
|
|
|
|
|
|
(61,783 |
) |
|
|
(0.88 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP if-converted net income and diluted EPS |
|
$ |
19,526 |
|
|
$ |
0.27 |
|
|
$ |
59,704 |
|
|
$ |
0.85 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in basic net
income per common share |
|
|
|
|
|
|
55,139 |
|
|
|
|
|
|
|
54,688 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in diluted net
income per common share |
|
|
|
|
|
|
71,314 |
|
|
|
|
|
|
|
70,064 |
|
|
|
|
{a} |
|
In order to determine if-converted net income, the tax-effected net interest on the 2.5%
and 1.5% contingent convertible notes and the associated bond offering costs of $1.7 million
and $6.7 million are added back to GAAP net income for the three months and year ended
December 31, 2006, respectively. |
11
The following table represents a reconciliation of the GAAP effective tax rate to the non-GAAP
effective tax rate for the three months and year ended December 31, 2007. All numbers are shown in
thousands, except percentages.
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Year Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2007 |
|
|
2007 |
|
|
|
|
GAAP
Effective Tax Rate: |
|
|
|
|
|
|
|
|
GAAP net income before income tax expense |
|
$ |
49,994 |
|
|
$ |
126,095 |
|
GAAP income tax expense |
|
$ |
22,515 |
|
|
$ |
51,044 |
|
GAAP effective tax rate |
|
|
45.0 |
% |
|
|
40.5 |
% |
|
|
|
|
|
|
|
|
|
Non-GAAP
Effective Tax Rate: |
|
|
|
|
|
|
|
|
GAAP net income before income tax expense |
|
$ |
49,994 |
|
|
$ |
126,095 |
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development expense related to strategic
collaboration with Revance |
|
$ |
8,043 |
|
|
$ |
8,043 |
|
Professional fees related to Revance strategic collaboration
agreement |
|
$ |
1,277 |
|
|
$ |
1,277 |
|
Impairment of intangible assets |
|
$ |
|
|
|
$ |
4,067 |
|
Professional fees related to Hyperion strategic collaboration
agreement |
|
$ |
|
|
|
$ |
2,150 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income before income tax expense |
|
$ |
59,314 |
|
|
$ |
141,632 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP income tax expense |
|
$ |
22,515 |
|
|
$ |
51,044 |
|
|
|
|
|
|
|
|
|
|
Non-GAAP
adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax benefit related to research and development expense
related to strategic collaboration with Revance |
|
$ |
|
|
|
$ |
|
|
Income tax benefit related to professional fees related to Revance
strategic collaboration agreement |
|
$ |
|
|
|
$ |
|
|
Income tax benefit related to impairment of intangible assets |
|
$ |
|
|
|
$ |
1,477 |
|
Income tax
benefit related to professional fees related to Hyperion Strategic
collaboration agreement |
|
$ |
|
|
|
$ |
780 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP income tax expense |
|
$ |
22,515 |
|
|
$ |
53,301 |
|
|
|
|
|
|
|
|
Non-GAAP effective tax rate |
|
|
38.0 |
% |
|
|
37.6 |
% |
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end
-----END PRIVACY-ENHANCED MESSAGE-----