– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
DUBLIN, Aug. 9, 2022 /PRNewswire/ -- Endo International plc (NASDAQ: ENDP) today reported financial results for the second-quarter ended June 30, 2022.
SECOND-QUARTER FINANCIAL PERFORMANCE
(in thousands, except per share amounts)
Three Months Ended June 30, |
Six Months Ended June 30, |
||||||||||
2022 |
2021 |
Change |
2022 |
2021 |
Change |
||||||
Total Revenues, Net |
$ 569,114 |
$ 713,830 |
(20) % |
$ 1,221,373 |
$ 1,431,749 |
(15) % |
|||||
Reported (Loss) Income from |
$ (1,880,883) |
$ (10,184) |
NM |
$ (1,946,183) |
$ 36,875 |
NM |
|||||
Reported Diluted Weighted Average |
235,117 |
233,331 |
1 % |
234,498 |
237,043 |
(1) % |
|||||
Reported Diluted Net (Loss) Income |
$ (8.00) |
$ (0.04) |
NM |
$ (8.30) |
$ 0.16 |
NM |
|||||
Reported Net (Loss) Income |
$ (1,885,427) |
$ (15,500) |
NM |
$ (1,957,401) |
$ 26,024 |
NM |
|||||
Adjusted Income from Continuing |
$ 6,532 |
$ 147,121 |
(96) % |
$ 162,471 |
$ 322,038 |
(50) % |
|||||
Adjusted Diluted Weighted Average |
236,217 |
235,416 |
— % |
236,466 |
237,043 |
— % |
|||||
Adjusted Diluted Net Income per |
$ 0.03 |
$ 0.62 |
(95) % |
$ 0.69 |
$ 1.36 |
(49) % |
|||||
Adjusted EBITDA (2)(3) |
$ 160,206 |
$ 337,700 |
(53) % |
$ 471,132 |
$ 702,415 |
(33) % |
|||||
(1) |
Reported Diluted Net (Loss) Income per Share from Continuing Operations is computed based on weighted average shares outstanding and, if there is |
(2) |
The information presented in the table above includes non-GAAP financial measures such as Adjusted Income from Continuing Operations, Adjusted |
(3) |
Effective January 1, 2022, these non-GAAP financial measures now include acquired in-process research and development charges which were previously |
CONSOLIDATED RESULTS
Total revenues were $569 million in second-quarter 2022, a decrease of 20% compared to $714 million in second-quarter 2021. This decrease was primarily attributable to decreased revenues from our Sterile Injectables segment, partially offset by increased revenues from our Generic Pharmaceuticals segment.
Reported loss from continuing operations in second-quarter 2022 was $1,881 million compared to $10 million in second-quarter 2021. This result was primarily due to higher asset impairment charges as well as decreased revenues and increased acquired in-process research and development charges related to the transactions announced during the quarter to acquire six sterile injectable product candidates and a Phase 3 injectable compound for the treatment of osteoarthritis knee pain. Reported diluted net loss per share from continuing operations in second-quarter 2022 was $8.00 compared to $0.04 in second-quarter 2021.
Adjusted income from continuing operations in second-quarter 2022 was $7 million compared to $147 million in second-quarter 2021. Adjusted diluted net income per share from continuing operations in second-quarter 2022 was $0.03 compared to $0.62 in second-quarter 2021. These results reflect decreased revenues and increased acquired in-process research and development charges.
BRANDED PHARMACEUTICALS SEGMENT
Second-quarter 2022 Branded Pharmaceuticals segment revenues were $219 million, a decrease of 4% compared to $228 million during second-quarter 2021.
Specialty Products revenues decreased 2% to $164 million in second-quarter 2022 compared to $167 million in second-quarter 2021, with sales of XIAFLEX® increasing 8% to $121 million compared to $111 million in second-quarter 2021. Established Products revenues decreased 10% to $55 million in second-quarter 2022 compared to $61 million in second-quarter 2021, driven primarily by ongoing generic competition.
STERILE INJECTABLES SEGMENT
Second-quarter 2022 Sterile Injectables segment revenues were $123 million, a decrease of 58% compared to $295 million during second-quarter 2021. This was primarily attributable to decreased VASOSTRICT® revenues due to lower price and market share resulting from generic competition, channel inventory destocking and lower overall market volumes as COVID-19 related hospitalizations decline.
GENERIC PHARMACEUTICALS SEGMENT
Second-quarter 2022 Generic Pharmaceuticals segment revenues were $203 million, an increase of 22% compared to $167 million during second-quarter 2021. This increase was primarily attributable to revenues from varenicline tablets, the only FDA-approved generic version of Chantix®, which launched during third-quarter 2021, partially offset by competitive pressure on certain other generic products.
INTERNATIONAL PHARMACEUTICALS SEGMENT
Second-quarter 2022 International Pharmaceuticals segment revenues were $24 million compared to $24 million during second-quarter 2021.
BALANCE SHEET, LIQUIDITY AND OTHER UPDATES
As of June 30, 2022, the Company had approximately $1.2 billion in unrestricted cash; $8.1 billion of debt; and a net debt to adjusted EBITDA ratio of 5.6. These amounts reflect the Company's payment of $35 million to acquire 6 sterile injectable product candidates and a $30 million upfront payment related to a Phase 3 injectable compound for the treatment of osteoarthritis knee pain.
Second-quarter 2022 net cash used in operating activities was $133 million compared to $155 million provided by operating activities during the second-quarter 2021. This change was primarily attributable to decreased revenues.
The Company remains in constructive negotiations with an ad hoc group of first lien creditors, among other parties. In light of the progress to date, the Company expects that these negotiations will likely result in a pre-arranged filing under Chapter 11 of the U.S. Bankruptcy Code by Endo International plc and substantially all of its subsidiaries, which could occur imminently.
Chantix® is a registered trademark of Pfizer Inc.
FINANCIAL SCHEDULES
The following table presents Endo's unaudited Total revenues, net for the three and six months ended June 30, 2022 and 2021 (dollars in thousands):
Three Months Ended June 30, |
Percent |
Six Months Ended June 30, |
Percent |
||||||||
2022 |
2021 |
2022 |
2021 |
||||||||
Branded Pharmaceuticals: |
|||||||||||
Specialty Products: |
|||||||||||
XIAFLEX® |
$ 120,878 |
$ 111,487 |
8 % |
$ 220,362 |
$ 206,757 |
7 % |
|||||
SUPPRELIN® LA |
24,739 |
27,568 |
(10) % |
53,569 |
55,596 |
(4) % |
|||||
Other Specialty (1) |
18,246 |
28,036 |
(35) % |
38,990 |
48,068 |
(19) % |
|||||
Total Specialty Products |
$ 163,863 |
$ 167,091 |
(2) % |
$ 312,921 |
$ 310,421 |
1 % |
|||||
Established Products: |
|||||||||||
PERCOCET® |
$ 26,256 |
$ 26,156 |
— % |
$ 52,431 |
$ 51,781 |
1 % |
|||||
TESTOPEL® |
10,021 |
9,439 |
6 % |
18,901 |
20,628 |
(8) % |
|||||
Other Established (2) |
18,812 |
25,354 |
(26) % |
39,560 |
51,845 |
(24) % |
|||||
Total Established Products |
$ 55,089 |
$ 60,949 |
(10) % |
$ 110,892 |
$ 124,254 |
(11) % |
|||||
Total Branded Pharmaceuticals (3) |
$ 218,952 |
$ 228,040 |
(4) % |
$ 423,813 |
$ 434,675 |
(2) % |
|||||
Sterile Injectables: |
|||||||||||
VASOSTRICT® |
$ 35,630 |
$ 197,121 |
(82) % |
$ 191,520 |
$ 421,067 |
(55) % |
|||||
ADRENALIN® |
26,774 |
29,977 |
(11) % |
60,597 |
59,414 |
2 % |
|||||
Other Sterile Injectables (4) |
60,767 |
67,502 |
(10) % |
111,082 |
122,864 |
(10) % |
|||||
Total Sterile Injectables (3) |
$ 123,171 |
$ 294,600 |
(58) % |
$ 363,199 |
$ 603,345 |
(40) % |
|||||
Total Generic Pharmaceuticals (5) |
$ 203,377 |
$ 167,272 |
22 % |
$ 389,321 |
$ 348,145 |
12 % |
|||||
Total International Pharmaceuticals |
$ 23,614 |
$ 23,918 |
(1) % |
$ 45,040 |
$ 45,584 |
(1) % |
|||||
Total revenues, net |
$ 569,114 |
$ 713,830 |
(20) % |
$ 1,221,373 |
$ 1,431,749 |
(15) % |
|||||
(1) |
Products included within Other Specialty include NASCOBAL® Nasal Spray, AVEED® and QWO®. |
(2) |
Products included within Other Established include, but are not limited to, EDEX®. |
(3) |
Individual products presented above represent the top two performing products in each product category for either the three or six months ended June 30, |
(4) |
Products included within Other Sterile Injectables include ertapenem for injection, APLISOL® and others. |
(5) |
The Generic Pharmaceuticals segment is comprised of a portfolio of products that are generic versions of branded products, are distributed primarily |
(6) |
The International Pharmaceuticals segment, which accounted for less than 5% of consolidated total revenues for each of the periods presented, includes a |
The following table presents unaudited Condensed Consolidated Statement of Operations data for the three and six months ended June 30, 2022 and 2021 (in thousands, except per share data):
Three Months Ended June 30, |
Six Months Ended June 30, |
||||||
2022 |
2021 |
2022 |
2021 |
||||
TOTAL REVENUES, NET |
$ 569,114 |
$ 713,830 |
$ 1,221,373 |
$ 1,431,749 |
|||
COSTS AND EXPENSES: |
|||||||
Cost of revenues |
263,786 |
318,480 |
537,001 |
623,773 |
|||
Selling, general and administrative |
180,830 |
177,619 |
407,991 |
364,793 |
|||
Research and development |
29,788 |
29,669 |
65,918 |
59,408 |
|||
Acquired in-process research and development |
65,000 |
5,000 |
67,900 |
5,000 |
|||
Litigation-related and other contingencies, net |
208 |
35,195 |
25,362 |
35,832 |
|||
Asset impairment charges |
1,781,063 |
4,929 |
1,801,016 |
8,238 |
|||
Acquisition-related and integration items, net |
1,825 |
97 |
448 |
(4,925) |
|||
Interest expense, net |
139,784 |
141,553 |
274,733 |
275,894 |
|||
Loss on extinguishment of debt |
— |
— |
— |
13,753 |
|||
Other (income) expense, net |
(19,438) |
372 |
(18,149) |
1,284 |
|||
(LOSS) INCOME FROM CONTINUING OPERATIONS |
$ (1,873,732) |
$ 916 |
$ (1,940,847) |
$ 48,699 |
|||
INCOME TAX EXPENSE |
7,151 |
11,100 |
5,336 |
11,824 |
|||
(LOSS) INCOME FROM CONTINUING OPERATIONS |
$ (1,880,883) |
$ (10,184) |
$ (1,946,183) |
$ 36,875 |
|||
DISCONTINUED OPERATIONS, NET OF TAX |
(4,544) |
(5,316) |
(11,218) |
(10,851) |
|||
NET (LOSS) INCOME |
$ (1,885,427) |
$ (15,500) |
$ (1,957,401) |
$ 26,024 |
|||
NET (LOSS) INCOME PER SHARE—BASIC: |
|||||||
Continuing operations |
$ (8.00) |
$ (0.04) |
$ (8.30) |
$ 0.16 |
|||
Discontinued operations |
(0.02) |
(0.03) |
(0.05) |
(0.05) |
|||
Basic |
$ (8.02) |
$ (0.07) |
$ (8.35) |
$ 0.11 |
|||
NET (LOSS) INCOME PER SHARE—DILUTED: |
|||||||
Continuing operations |
$ (8.00) |
$ (0.04) |
$ (8.30) |
$ 0.16 |
|||
Discontinued operations |
(0.02) |
(0.03) |
(0.05) |
(0.05) |
|||
Diluted |
$ (8.02) |
$ (0.07) |
$ (8.35) |
$ 0.11 |
|||
WEIGHTED AVERAGE SHARES: |
|||||||
Basic |
235,117 |
233,331 |
234,498 |
231,941 |
|||
Diluted |
235,117 |
233,331 |
234,498 |
237,043 |
|||
The following table presents unaudited Condensed Consolidated Balance Sheet data at June 30, 2022 and December 31, 2021 (in thousands):
June 30, 2022 |
December 31, |
||
ASSETS |
|||
CURRENT ASSETS: |
|||
Cash and cash equivalents |
$ 1,191,572 |
$ 1,507,196 |
|
Restricted cash and cash equivalents |
113,493 |
124,114 |
|
Accounts receivable |
491,492 |
592,019 |
|
Inventories, net |
287,756 |
283,552 |
|
Assets held for sale |
11,080 |
— |
|
Other current assets |
104,511 |
207,705 |
|
Total current assets |
$ 2,199,904 |
$ 2,714,586 |
|
TOTAL NON-CURRENT ASSETS |
4,162,358 |
6,052,829 |
|
TOTAL ASSETS |
$ 6,362,262 |
$ 8,767,415 |
|
LIABILITIES AND SHAREHOLDERS' DEFICIT |
|||
CURRENT LIABILITIES: |
|||
Accounts payable and accrued expenses, including legal settlement accruals |
$ 1,140,654 |
$ 1,417,892 |
|
Other current liabilities |
41,018 |
212,070 |
|
Total current liabilities |
$ 1,181,672 |
$ 1,629,962 |
|
LONG-TERM DEBT, LESS CURRENT PORTION, NET |
8,039,178 |
8,048,980 |
|
OTHER LIABILITIES |
339,484 |
332,459 |
|
SHAREHOLDERS' DEFICIT |
(3,198,072) |
(1,243,986) |
|
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT |
$ 6,362,262 |
$ 8,767,415 |
The following table presents unaudited Condensed Consolidated Statement of Cash Flow data for the six months ended June 30, 2022 and 2021 (in thousands):
Six Months Ended June 30, |
|||
2022 |
2021 |
||
OPERATING ACTIVITIES: |
|||
Net (loss) income |
$ (1,957,401) |
$ 26,024 |
|
Adjustments to reconcile Net (loss) income to Net cash provided by operating activities: |
|||
Depreciation and amortization |
206,224 |
237,703 |
|
Asset impairment charges |
1,801,016 |
8,238 |
|
Other, including cash payments to claimants from Qualified Settlement Funds |
18,064 |
126,851 |
|
Net cash provided by operating activities |
$ 67,903 |
$ 398,816 |
|
INVESTING ACTIVITIES: |
|||
Capital expenditures, excluding capitalized interest |
$ (47,559) |
$ (41,345) |
|
Acquisitions, including in-process research and development, net of cash and restricted |
(89,520) |
— |
|
Proceeds from sale of business and other assets, net |
21,133 |
1,343 |
|
Other |
4,200 |
(5,048) |
|
Net cash used in investing activities |
$ (111,746) |
$ (45,050) |
|
FINANCING ACTIVITIES: |
|||
Payments on borrowings, net |
$ (193,312) |
$ (43,166) |
|
Other |
(3,638) |
(22,581) |
|
Net cash used in financing activities |
$ (196,950) |
$ (65,747) |
|
Effect of foreign exchange rate |
(452) |
711 |
|
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, RESTRICTED CASH |
$ (241,245) |
$ 288,730 |
|
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH |
1,631,310 |
1,385,000 |
|
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH |
$ 1,390,065 |
$ 1,673,730 |
|
SUPPLEMENTAL FINANCIAL INFORMATION
To supplement the financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), the Company uses certain non-GAAP financial measures. For additional information on the Company's use of such non-GAAP financial measures, refer to Endo's Current Report on Form 8-K furnished today to the U.S. Securities and Exchange Commission, which includes an explanation of the Company's reasons for using non-GAAP measures.
The tables below provide reconciliations of certain of the Company's non-GAAP financial measures to their most directly comparable GAAP amounts. Refer to the "Notes to the Reconciliations of GAAP and Non-GAAP Financial Measures" section below for additional details regarding the adjustments to the non-GAAP financial measures detailed throughout this Supplemental Financial Information section.
As previously communicated, in response to views expressed by the U.S. Securities and Exchange Commission, the Company has, effective January 1, 2022, revised its definition of its adjusted financial measures to no longer exclude Acquired in-process research and development charges (representing the research and development costs it had previously labeled as "Upfront and milestone payments to partners"). As a result of this change, the Company's adjusted financial measures now reflect the impact of those transactions. The inclusion of the impact of these transactions, which may occur from time to time, could result in significant, but temporary, fluctuations in both our GAAP and Non-GAAP financial measures in the period(s) in which they are incurred. These charges also are not indicative of the underlying performance of our operations during the period. This change was applied retrospectively to all periods presented herein. Refer to footnote (14) in the "Notes to the Reconciliations of GAAP and Non-GAAP Financial Measures" section below for additional discussion.
Reconciliation of EBITDA and Adjusted EBITDA (non-GAAP)
The following table provides a reconciliation of Net (loss) income (GAAP) to Adjusted EBITDA (non-GAAP) for the three and six months ended June 30, 2022 and 2021 (in thousands):
Three Months Ended June 30, |
Six Months Ended June 30, |
||||||
2022 |
2021 |
2022 |
2021 |
||||
Net (loss) income (GAAP) |
$ (1,885,427) |
$ (15,500) |
$ (1,957,401) |
$ 26,024 |
|||
Income tax expense |
7,151 |
11,100 |
5,336 |
11,824 |
|||
Interest expense, net |
139,784 |
141,553 |
274,733 |
275,894 |
|||
Depreciation and amortization (1) |
99,762 |
110,145 |
202,400 |
221,724 |
|||
EBITDA (non-GAAP) |
$ (1,638,730) |
$ 247,298 |
$ (1,474,932) |
$ 535,466 |
|||
Amounts related to continuity and separation benefits, |
37,347 |
15,083 |
94,996 |
38,803 |
|||
Certain litigation-related and other contingencies, net (3) |
208 |
35,195 |
25,362 |
35,832 |
|||
Certain legal costs (4) |
(9,462) |
24,843 |
23,270 |
44,119 |
|||
Asset impairment charges (5) |
1,781,063 |
4,929 |
1,801,016 |
8,238 |
|||
Acquisition-related and integration costs (6) |
— |
(20) |
— |
411 |
|||
Fair value of contingent consideration (7) |
1,825 |
117 |
448 |
(5,336) |
|||
Loss on extinguishment of debt (8) |
— |
— |
— |
13,753 |
|||
Share-based compensation (1) |
2,721 |
4,444 |
7,650 |
14,437 |
|||
Other (income) expense, net (9) |
(19,438) |
372 |
(18,149) |
1,284 |
|||
Other (10) |
128 |
123 |
253 |
4,557 |
|||
Discontinued operations, net of tax (11) |
4,544 |
5,316 |
11,218 |
10,851 |
|||
Adjusted EBITDA (non-GAAP) (14) |
$ 160,206 |
$ 337,700 |
$ 471,132 |
$ 702,415 |
|||
Reconciliation of Adjusted Income from Continuing Operations (non-GAAP)
The following table provides a reconciliation of the Company's (Loss) income from continuing operations (GAAP) to Adjusted income from continuing operations (non-GAAP) for the three and six months ended June 30, 2022 and 2021 (in thousands):
Three Months Ended June 30, |
Six Months Ended June 30, |
||||||
2022 |
2021 |
2022 |
2021 |
||||
(Loss) income from continuing operations (GAAP) |
$ (1,880,883) |
$ (10,184) |
$ (1,946,183) |
$ 36,875 |
|||
Non-GAAP adjustments: |
|||||||
Amortization of intangible assets (12) |
87,568 |
94,070 |
177,802 |
189,200 |
|||
Amounts related to continuity and separation benefits, |
37,347 |
15,083 |
94,996 |
38,803 |
|||
Certain litigation-related and other contingencies, net |
208 |
35,195 |
25,362 |
35,832 |
|||
Certain legal costs (4) |
(9,462) |
24,843 |
23,270 |
44,119 |
|||
Asset impairment charges (5) |
1,781,063 |
4,929 |
1,801,016 |
8,238 |
|||
Acquisition-related and integration costs (6) |
— |
(20) |
— |
411 |
|||
Fair value of contingent consideration (7) |
1,825 |
117 |
448 |
(5,336) |
|||
Loss on extinguishment of debt (8) |
— |
— |
— |
13,753 |
|||
Other (10) |
(19,170) |
1,480 |
(17,847) |
7,062 |
|||
Tax adjustments (13) |
8,036 |
(18,392) |
3,607 |
(46,919) |
|||
Adjusted income from continuing operations (non-GAAP) |
$ 6,532 |
$ 147,121 |
$ 162,471 |
$ 322,038 |
|||
Reconciliation of Other Adjusted Income Statement Data (non-GAAP)
The following tables provide detailed reconciliations of various other income statement data between the GAAP and non-GAAP amounts for the three and six months ended June 30, 2022 and 2021 (in thousands, except per share data):
Three Months Ended June 30, 2022 |
|||||||||||||||||||||||||||||||
Total |
Cost of |
Gross |
Gross |
Total |
Operating |
Operating |
Operating |
Other non- |
(Loss) |
Income tax |
Effective |
(Loss) |
Discontinued |
Net (loss) |
Diluted net |
||||||||||||||||
Reported (GAAP) |
$ 569,114 |
$ 263,786 |
$ 305,328 |
53.6 % |
$ 2,058,714 |
361.7 % |
$ (1,753,386) |
(308.1) % |
$ 120,346 |
$ (1,873,732) |
$ 7,151 |
(0.4) % |
$ (1,880,883) |
$ (4,544) |
$ (1,885,427) |
$ (8.00) |
|||||||||||||||
Items impacting comparability: |
|||||||||||||||||||||||||||||||
Amortization of intangible |
— |
(87,568) |
87,568 |
— |
87,568 |
— |
87,568 |
— |
87,568 |
— |
87,568 |
||||||||||||||||||||
Amounts related to continuity |
— |
(5,107) |
5,107 |
(32,240) |
37,347 |
— |
37,347 |
— |
37,347 |
— |
37,347 |
||||||||||||||||||||
Certain litigation-related and |
— |
— |
— |
(208) |
208 |
— |
208 |
— |
208 |
— |
208 |
||||||||||||||||||||
Certain legal costs (4) |
— |
— |
— |
9,462 |
(9,462) |
— |
(9,462) |
— |
(9,462) |
— |
(9,462) |
||||||||||||||||||||
Asset impairment charges (5) |
— |
— |
— |
(1,781,063) |
1,781,063 |
— |
1,781,063 |
— |
1,781,063 |
— |
1,781,063 |
||||||||||||||||||||
Fair value of contingent |
— |
— |
— |
(1,825) |
1,825 |
— |
1,825 |
— |
1,825 |
— |
1,825 |
||||||||||||||||||||
Other (10) |
— |
(125) |
125 |
— |
125 |
19,295 |
(19,170) |
— |
(19,170) |
— |
(19,170) |
||||||||||||||||||||
Tax adjustments (13) |
— |
— |
— |
— |
— |
— |
— |
(8,036) |
8,036 |
— |
8,036 |
||||||||||||||||||||
Discontinued operations, net |
— |
— |
— |
— |
— |
— |
— |
— |
— |
4,544 |
4,544 |
||||||||||||||||||||
After considering items (non- |
$ 569,114 |
$ 170,986 |
$ 398,128 |
70.0 % |
$ 252,840 |
44.4 % |
$ 145,288 |
25.5 % |
$ 139,641 |
$ 5,647 |
$ (885) |
(15.7) % |
$ 6,532 |
$ — |
$ 6,532 |
$ 0.03 |
|||||||||||||||
Three Months Ended June 30, 2021 |
|||||||||||||||||||||||||||||||
Total |
Cost of |
Gross |
Gross |
Total |
Operating |
Operating |
Operating |
Other non- |
Income |
Income tax |
Effective |
(Loss) |
Discontinued |
Net (loss) |
Diluted net |
||||||||||||||||
Reported (GAAP) |
$ 713,830 |
$ 318,480 |
$ 395,350 |
55.4 % |
$ 252,509 |
35.4 % |
$ 142,841 |
20.0 % |
$ 141,925 |
$ 916 |
$ 11,100 |
1,211.8 % |
$ (10,184) |
$ (5,316) |
$ (15,500) |
$ (0.04) |
|||||||||||||||
Items impacting comparability: |
|||||||||||||||||||||||||||||||
Amortization of intangible |
— |
(94,070) |
94,070 |
— |
94,070 |
— |
94,070 |
— |
94,070 |
— |
94,070 |
||||||||||||||||||||
Amounts related to continuity |
— |
(4,970) |
4,970 |
(10,113) |
15,083 |
— |
15,083 |
— |
15,083 |
— |
15,083 |
||||||||||||||||||||
Certain litigation-related and |
— |
— |
— |
(35,195) |
35,195 |
— |
35,195 |
— |
35,195 |
— |
35,195 |
||||||||||||||||||||
Certain legal costs (4) |
— |
— |
— |
(24,843) |
24,843 |
— |
24,843 |
— |
24,843 |
— |
24,843 |
||||||||||||||||||||
Asset impairment charges (5) |
— |
— |
— |
(4,929) |
4,929 |
— |
4,929 |
— |
4,929 |
— |
4,929 |
||||||||||||||||||||
Acquisition-related and |
— |
— |
— |
20 |
(20) |
— |
(20) |
— |
(20) |
— |
(20) |
||||||||||||||||||||
Fair value of contingent |
— |
— |
— |
(117) |
117 |
— |
117 |
— |
117 |
— |
117 |
||||||||||||||||||||
Other (10) |
— |
(125) |
125 |
— |
125 |
(1,355) |
1,480 |
— |
1,480 |
— |
1,480 |
||||||||||||||||||||
Tax adjustments (13) |
— |
— |
— |
— |
— |
— |
— |
18,392 |
(18,392) |
— |
(18,392) |
||||||||||||||||||||
Discontinued operations, net |
— |
— |
— |
— |
— |
— |
— |
— |
— |
5,316 |
5,316 |
||||||||||||||||||||
After considering items (non- |
$ 713,830 |
$ 219,315 |
$ 494,515 |
69.3 % |
$ 177,332 |
24.8 % |
$ 317,183 |
44.4 % |
$ 140,570 |
$ 176,613 |
$ 29,492 |
16.7 % |
$ 147,121 |
$ — |
$ 147,121 |
$ 0.62 |
|||||||||||||||
Six Months Ended June 30, 2022 |
|||||||||||||||||||||||||||||||
Total |
Cost of |
Gross |
Gross |
Total |
Operating |
Operating |
Operating |
Other non- |
(Loss) |
Income tax |
Effective |
(Loss) |
Discontinued |
Net (loss) |
Diluted net |
||||||||||||||||
Reported (GAAP) |
$ 1,221,373 |
$ 537,001 |
$ 684,372 |
56.0 % |
$ 2,368,635 |
193.9 % |
$ (1,684,263) |
(137.9) % |
$ 256,584 |
$ (1,940,847) |
$ 5,336 |
(0.3) % |
$ (1,946,183) |
$ (11,218) |
$ (1,957,401) |
$ (8.30) |
|||||||||||||||
Items impacting comparability: |
|||||||||||||||||||||||||||||||
Amortization of intangible |
— |
(177,802) |
177,802 |
— |
177,802 |
— |
177,802 |
— |
177,802 |
— |
177,802 |
||||||||||||||||||||
Amounts related to continuity |
— |
(20,844) |
20,844 |
(74,152) |
94,996 |
— |
94,996 |
— |
94,996 |
— |
94,996 |
||||||||||||||||||||
Certain litigation-related and |
— |
— |
— |
(25,362) |
25,362 |
— |
25,362 |
— |
25,362 |
— |
25,362 |
||||||||||||||||||||
Certain legal costs (4) |
— |
— |
— |
(23,270) |
23,270 |
— |
23,270 |
— |
23,270 |
— |
23,270 |
||||||||||||||||||||
Asset impairment charges (5) |
— |
— |
— |
(1,801,016) |
1,801,016 |
— |
1,801,016 |
— |
1,801,016 |
— |
1,801,016 |
||||||||||||||||||||
Fair value of contingent |
— |
— |
— |
(448) |
448 |
— |
448 |
— |
448 |
— |
448 |
||||||||||||||||||||
Other (10) |
— |
(250) |
250 |
— |
250 |
18,097 |
(17,847) |
— |
(17,847) |
— |
(17,847) |
||||||||||||||||||||
Tax adjustments (13) |
— |
— |
— |
— |
— |
— |
— |
(3,607) |
3,607 |
— |
3,607 |
||||||||||||||||||||
Discontinued operations, net |
— |
— |
— |
— |
— |
— |
— |
— |
— |
11,218 |
11,218 |
||||||||||||||||||||
After considering items (non- |
$ 1,221,373 |
$ 338,105 |
$ 883,268 |
72.3 % |
$ 444,387 |
36.4 % |
$ 438,881 |
35.9 % |
$ 274,681 |
$ 164,200 |
$ 1,729 |
1.1 % |
$ 162,471 |
$ — |
$ 162,471 |
$ 0.69 |
|||||||||||||||
Six Months Ended June 30, 2021 |
|||||||||||||||||||||||||||||||
Total |
Cost of |
Gross |
Gross |
Total |
Operating |
Operating |
Operating |
Other non- |
Income |
Income tax |
Effective |
Income |
Discontinued |
Net income |
Diluted net |
||||||||||||||||
Reported (GAAP) |
$ 1,431,749 |
$ 623,773 |
$ 807,976 |
56.4 % |
$ 468,346 |
32.7 % |
$ 339,630 |
23.7 % |
$ 290,931 |
$ 48,699 |
$ 11,824 |
24.3 % |
$ 36,875 |
$ (10,851) |
$ 26,024 |
$ 0.16 |
|||||||||||||||
Items impacting comparability: |
|||||||||||||||||||||||||||||||
Amortization of intangible |
— |
(189,200) |
189,200 |
— |
189,200 |
— |
189,200 |
— |
189,200 |
— |
189,200 |
||||||||||||||||||||
Amounts related to continuity |
— |
(20,266) |
20,266 |
(18,537) |
38,803 |
— |
38,803 |
— |
38,803 |
— |
38,803 |
||||||||||||||||||||
Certain litigation-related and |
— |
— |
— |
(35,832) |
35,832 |
— |
35,832 |
— |
35,832 |
— |
35,832 |
||||||||||||||||||||
Certain legal costs (4) |
— |
— |
— |
(44,119) |
44,119 |
— |
44,119 |
— |
44,119 |
— |
44,119 |
||||||||||||||||||||
Asset impairment charges (5) |
— |
— |
— |
(8,238) |
8,238 |
— |
8,238 |
— |
8,238 |
— |
8,238 |
||||||||||||||||||||
Acquisition-related and |
— |
— |
— |
(411) |
411 |
— |
411 |
— |
411 |
— |
411 |
||||||||||||||||||||
Fair value of contingent |
— |
— |
— |
5,336 |
(5,336) |
— |
(5,336) |
— |
(5,336) |
— |
(5,336) |
||||||||||||||||||||
Loss on extinguishment of |
— |
— |
— |
— |
— |
(13,753) |
13,753 |
— |
13,753 |
— |
13,753 |
||||||||||||||||||||
Other (10) |
— |
(651) |
651 |
(3,909) |
4,560 |
(2,502) |
7,062 |
— |
7,062 |
— |
7,062 |
||||||||||||||||||||
Tax adjustments (13) |
— |
— |
— |
— |
— |
— |
— |
46,919 |
(46,919) |
— |
(46,919) |
||||||||||||||||||||
Discontinued operations, net |
— |
— |
— |
— |
— |
— |
— |
— |
— |
10,851 |
10,851 |
||||||||||||||||||||
After considering items (non- |
$ 1,431,749 |
$ 413,656 |
$ 1,018,093 |
71.1 % |
$ 362,636 |
25.3 % |
$ 655,457 |
45.8 % |
$ 274,676 |
$ 380,781 |
$ 58,743 |
15.4 % |
$ 322,038 |
$ — |
$ 322,038 |
$ 1.36 |
|||||||||||||||
Notes to the Reconciliations of GAAP and Non-GAAP Financial Measures
Notes to certain line items included in the reconciliations of the GAAP financial measures to the non-GAAP financial measures for the three and six months ended June 30, 2022 and 2021 are as follows:
(1) |
Depreciation and amortization and Share-based compensation amounts per the Adjusted EBITDA reconciliations do not include |
(2) |
Adjustments for amounts related to continuity and separation benefits, cost reductions and strategic review initiatives included the |
Three Months Ended June 30, |
|||||||
2022 |
2021 |
||||||
Cost of revenues |
Operating expenses |
Cost of revenues |
Operating expenses |
||||
Continuity and separation benefits |
$ 4,846 |
$ 6,898 |
$ (2,913) |
$ 4,485 |
|||
Accelerated depreciation |
— |
147 |
7,140 |
1,932 |
|||
Other, including strategic review initiatives |
261 |
25,195 |
743 |
3,696 |
|||
Total |
$ 5,107 |
$ 32,240 |
$ 4,970 |
$ 10,113 |
|||
Six Months Ended June 30, |
|||||||
2022 |
2021 |
||||||
Cost of revenues |
Operating expenses |
Cost of revenues |
Operating expenses |
||||
Continuity and separation benefits |
$ 10,098 |
$ 33,973 |
$ 2,279 |
$ 7,837 |
|||
Accelerated depreciation |
2,164 |
1,660 |
12,194 |
3,785 |
|||
Other, including strategic review initiatives |
8,582 |
38,519 |
5,793 |
6,915 |
|||
Total |
$ 20,844 |
$ 74,152 |
$ 20,266 |
$ 18,537 |
|||
The amounts in the tables above include adjustments related to previously announced restructuring activities, certain continuity and |
|
(3) |
To exclude adjustments to accruals for litigation-related settlement charges. |
(4) |
To exclude amounts related to opioid-related legal expenses. The amount during the second quarter of 2022 reflects the recovery of |
(5) |
Adjustments for asset impairment charges included the following (in thousands): |
Three Months Ended June 30, |
Six Months Ended June 30, |
||||||
2022 |
2021 |
2022 |
2021 |
||||
Goodwill impairment charges |
$ 1,748,000 |
$ — |
$ 1,748,000 |
$ — |
|||
Other intangible asset impairment charges |
30,000 |
4,929 |
49,953 |
7,811 |
|||
Property, plant and equipment impairment charges |
3,063 |
— |
3,063 |
427 |
|||
Total |
$ 1,781,063 |
$ 4,929 |
$ 1,801,016 |
$ 8,238 |
|||
(6) |
To exclude integration costs. |
(7) |
To exclude the impact of changes in the fair value of contingent consideration liabilities resulting from changes to estimates regarding |
(8) |
To exclude the loss on the extinguishment of debt associated with the Company's March 2021 refinancing transactions. |
(9) |
To exclude Other (income) expense, net per the Condensed Consolidated Statements of Operations. |
(10) |
The "Other" rows included in each of the above reconciliations of GAAP financial measures to non-GAAP financial measures (except |
Three Months Ended June 30, |
|||||||||||
2022 |
2021 |
||||||||||
Cost of revenues |
Operating |
Other non- |
Cost of revenues |
Operating |
Other non- |
||||||
Foreign currency impact |
$ — |
$ — |
$ (2,092) |
$ — |
$ — |
$ 1,355 |
|||||
Other miscellaneous |
125 |
— |
(17,203) |
125 |
— |
— |
|||||
Total |
$ 125 |
$ — |
$ (19,295) |
$ 125 |
$ — |
$ 1,355 |
|||||
Six Months Ended June 30, |
|||||||||||
2022 |
2021 |
||||||||||
Cost of revenues |
Operating |
Other non- |
Cost of revenues |
Operating |
Other non- |
||||||
Foreign currency impact |
$ — |
$ — |
$ (894) |
$ — |
$ — |
$ 2,502 |
|||||
Debt modification costs |
— |
— |
— |
— |
3,879 |
— |
|||||
Other miscellaneous |
250 |
— |
(17,203) |
651 |
30 |
— |
|||||
Total |
$ 250 |
$ — |
$ (18,097) |
$ 651 |
$ 3,909 |
$ 2,502 |
|||||
The "Other" row included in the reconciliations of Net (loss) income (GAAP) to Adjusted EBITDA (non-GAAP) primarily relates to |
|
(11) |
To exclude the results of the businesses reported as discontinued operations, net of tax. |
(12) |
To exclude amortization expense related to intangible assets. |
(13) |
Adjusted income taxes are calculated by tax effecting adjusted pre-tax income and permanent book-tax differences at the applicable |
(14) |
Effective January 1, 2022, these non-GAAP financial measures now include acquired in-process research and development charges |
Three Months Ended June 30, |
Six Months Ended June 30, |
Twelve Months |
|||||||
2022 |
2021 |
2022 |
2021 |
2022 |
|||||
Acquired in-process research and |
$ 65,000 |
$ 5,000 |
$ 67,900 |
$ 5,000 |
$ 88,020 |
||||
(15) |
Calculated as income or loss from continuing operations divided by the applicable weighted average share number. The applicable |
Three Months Ended June 30, |
Six Months Ended June 30, |
||||||
2022 |
2021 |
2022 |
2021 |
||||
GAAP |
235,117 |
233,331 |
234,498 |
237,043 |
|||
Non-GAAP Adjusted |
236,217 |
235,416 |
236,466 |
237,043 |
|||
Reconciliation of Net Debt Leverage Ratio (non-GAAP)
The following table provides a reconciliation of Net loss (GAAP) to Adjusted EBITDA (non-GAAP) for the twelve months ended June 30, 2022 (in thousands) and the calculation of the Company's Net Debt Leverage Ratio (non-GAAP):
Twelve Months |
|
Net loss (GAAP) |
$ (2,596,670) |
Income tax expense |
15,990 |
Interest expense, net |
561,192 |
Depreciation and amortization (1) |
413,056 |
EBITDA (non-GAAP) |
$ (1,606,432) |
Amounts related to continuity and separation benefits, cost reductions and strategic review initiatives |
147,105 |
Certain litigation-related and other contingencies, net |
335,025 |
Certain legal costs |
115,299 |
Asset impairment charges |
2,207,755 |
Acquisition-related and integration costs |
3 |
Fair value of contingent consideration |
(3,009) |
Share-based compensation (1) |
22,440 |
Other income, net |
(39,207) |
Other |
909 |
Discontinued operations, net of tax |
44,531 |
Adjusted EBITDA (non-GAAP) (14) |
$ 1,224,419 |
Calculation of Net Debt: |
|
Debt |
$ 8,065,297 |
Cash (excluding Restricted Cash) |
1,191,572 |
Net Debt (non-GAAP) |
$ 6,873,725 |
Calculation of Net Debt Leverage: |
|
Net Debt Leverage Ratio (non-GAAP) (a) |
5.6 |
(a) |
As further discussed in footnote (14) in the "Notes to the Reconciliations of GAAP and Non-GAAP Financial Measures" section, effective January 1, 2022, Adjusted EBITDA now includes acquired in-process research and development charges which were previously excluded under our legacy non-GAAP policy. The inclusion of these amounts resulted in an increase of 0.4 to the Net Debt Leverage Ratio for the twelve-month period ended June 30, 2022. To the extent we incur additional acquired in-process research and development charges in the future, it could result in further increases to this ratio. |
Non-GAAP Financial Measures
The Company utilizes certain financial measures that are not prescribed by or prepared in accordance with accounting principles generally accepted in the U.S. (GAAP). These non-GAAP financial measures are not, and should not be viewed as, substitutes for GAAP net income and its components and diluted net income per share amounts. Despite the importance of these measures to management in goal setting and performance measurement, the company stresses that these are non-GAAP financial measures that have no standardized meaning prescribed by GAAP and, therefore, have limits in their usefulness to investors. Because of the non-standardized definitions, non-GAAP adjusted EBITDA and non-GAAP adjusted net income from continuing operations and its components (unlike GAAP net income from continuing operations and its components) may not be comparable to the calculation of similar measures of other companies. These non-GAAP financial measures are presented solely to permit investors to more fully understand how management assesses performance.
Investors are encouraged to review the reconciliations of the non-GAAP financial measures used in this press release to their most directly comparable GAAP financial measures. However, the Company does not provide reconciliations of projected non-GAAP financial measures to GAAP financial measures, nor does it provide comparable projected GAAP financial measures for such projected non-GAAP financial measures. The Company is unable to provide such reconciliations without unreasonable efforts due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations, including adjustments that could be made for asset impairments, contingent consideration adjustments, legal settlements, gain / loss on extinguishment of debt, adjustments to inventory and other charges reflected in the reconciliation of historic numbers, the amounts of which could be significant.
See Endo's Current Report on Form 8-K furnished today to the U.S. Securities and Exchange Commission for an explanation of Endo's non-GAAP financial measures.
About Endo International plc
Endo (NASDAQ: ENDP) is a specialty pharmaceutical company committed to helping everyone we serve live their best life through the delivery of quality, life-enhancing therapies. Our decades of proven success come from passionate team members around the globe collaborating to bring the best treatments forward. Together, we boldly transform insights into treatments benefiting those who need them, when they need them. Learn more at www.endo.com or connect with us on LinkedIn.
Cautionary Note Regarding Forward-Looking Statements
Certain information in this press release may be considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and any applicable Canadian securities legislation, including, but not limited to, statements regarding Endo's discussions with creditors, its evaluation of strategic alternatives, potential Chapter 11 filing and any other statements that refer to our expected, estimated or anticipated future results or that do not relate solely to historical facts. Statements including words or phrases such as "believe," "expect," "anticipate," "intend," "estimate," "plan," "will," "may," "look forward," "intend," "guidance," "future," "potential" or similar expressions are forward-looking statements. Because forecasts are inherently estimates that cannot be made with precision, Endo's performance at times differs materially from its estimates and targets, and Endo often does not know what the actual results will be until after the end of the applicable reporting period. Therefore, Endo will not report or comment on its progress during a current quarter except through public announcement. Any statement made by others with respect to progress during a current quarter cannot be attributed to Endo. All forward-looking statements in this press release reflect Endo's current analysis of existing trends and information and represent Endo's judgment only as of the date of this press release. Actual results may differ materially and adversely from current expectations based on a number of factors affecting Endo's businesses, including, among other things, the following: the outcome of our strategic review, contingency planning and any potential restructuring or bankruptcy filing; the timing, impact or results of any pending or future litigation, investigations, proceedings or claims, including opioid, tax and antitrust related matters; actual or contingent liabilities; settlement discussions or negotiations; the impact of competition, including the loss of exclusivity and generic competition for VASOSTRICT®; our ability to satisfy judgments or settlements or pursue appeals including bonding requirements; our ability to adjust to changing market conditions; our ability to attract and retain key personnel; our inability to maintain compliance with financial covenants and operating obligations which would expose us to potential events of default under our outstanding indebtedness; our ability to incur additional debt or equity financing for working capital, capital expenditures, business development, debt service requirements, acquisitions or general corporate or other purposes; our ability to refinance our indebtedness; a significant reduction in our short-term or long-term revenues which could cause us to be unable to fund our operations and liquidity needs or repay indebtedness; supply chain interruptions or difficulties; changes in competitive or market conditions; changes in legislation or regulatory developments; our ability to obtain and maintain adequate protection for our intellectual property rights; the timing and uncertainty of the results of both the research and development and regulatory processes, including regulatory decisions, product recalls, withdrawals and other unusual items; domestic and foreign health care and cost containment reforms, including government pricing, tax and reimbursement policies; technological advances and patents obtained by competitors; the performance, including the approval, introduction, and consumer and physician acceptance of new products and the continuing acceptance of currently marketed products; our ability to integrate any newly acquired products into our portfolio and achieve any financial or commercial expectations; the impact that known and unknown side effects may have on market perception and consumer preference for our products; the effectiveness of advertising and other promotional campaigns; the timely and successful implementation of any strategic initiatives; unfavorable publicity regarding the misuse of opioids; the uncertainty associated with the identification of and successful consummation and execution of external corporate development initiatives and strategic partnering transactions; our ability to advance our strategic priorities, develop our product pipeline and continue to develop the market for QWO® and other products; and our ability to obtain and successfully manufacture, maintain and distribute a sufficient supply of products to meet market demand in a timely manner. In addition, U.S. and international economic conditions, including consumer confidence and debt levels, taxation, changes in interest and currency exchange rates, international relations, capital and credit availability, the status of financial markets and institutions, the impact of and response to the ongoing COVID-19 pandemic and the impact of continued economic volatility, can materially affect our results. The occurrence or possibility of any such result has caused us to engage, and may result in further engagement in strategic reviews that ultimately may result in our pursuing one or more significant corporate transactions or other remedial measures, including on a preventative or proactive basis. Those remedial measures could include a potential bankruptcy filing (which, if it occurred, would subject us to additional risks and uncertainties that could adversely affect our business prospects and ability to continue as a going concern), corporate reorganization or restructuring activities involving all or a portion of our business, asset sales or other divestitures, cost-saving initiatives or other corporate realignments, seeking strategic partnerships and exiting certain product or geographic markets. Some of these measures could take significant time to implement and others may require judicial or other third-party approval. Any such actions may be complex, could entail significant costs and charges or could otherwise negatively impact shareholder value, and there can be no assurance that we will be able to accomplish any of these alternatives on terms acceptable to us, or at all, or that they will result in their intended benefits. Therefore, the reader is cautioned not to rely on these forward-looking statements. Endo expressly disclaims any intent or obligation to update these forward-looking statements, except as required to do so by law.
Additional information concerning risk factors, including those referenced above, can be found in press releases issued by Endo, as well as Endo's public periodic filings with the U.S. Securities and Exchange Commission and with securities regulators in Canada, including the discussion under the heading "Risk Factors" in Endo's most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q or other filings with the U.S. Securities and Exchange Commission. Copies of Endo's press releases and additional information about Endo are available at www.endo.com or you can contact the Endo Investor Relations Department at [email protected].
SOURCE Endo International plc
ДУБЛИН, 9 августа 2022 г. /PRNewswire/ -- Endo International PLC (NASDAQ: ENDP) сегодня сообщила о финансовых результатах за второй квартал, закончившийся 30 июня 2022 г.
финансовые показатели за второй квартал
(в тысячах, за исключением сумм на акцию)
Three Months Ended June 30, |
Six Months Ended June 30, |
||||||||||
2022 |
2021 |
Change |
2022 |
2021 |
Change |
||||||
Total Revenues, Net |
$ 569,114 |
$ 713,830 |
(20) % |
$ 1,221,373 |
$ 1,431,749 |
(15) % |
|||||
Reported (Loss) Income from |
$ (1,880,883) |
$ (10,184) |
NM |
$ (1,946,183) |
$ 36,875 |
NM |
|||||
Reported Diluted Weighted Average |
235,117 |
233,331 |
1 % |
234,498 |
237,043 |
(1) % |
|||||
Reported Diluted Net (Loss) Income |
$ (8.00) |
$ (0.04) |
NM |
$ (8.30) |
$ 0.16 |
NM |
|||||
Reported Net (Loss) Income |
$ (1,885,427) |
$ (15,500) |
NM |
$ (1,957,401) |
$ 26,024 |
NM |
|||||
Adjusted Income from Continuing |
$ 6,532 |
$ 147,121 |
(96) % |
$ 162,471 |
$ 322,038 |
(50) % |
|||||
Adjusted Diluted Weighted Average |
236,217 |
235,416 |
— % |
236,466 |
237,043 |
— % |
|||||
Adjusted Diluted Net Income per |
$ 0.03 |
$ 0.62 |
(95) % |
$ 0.69 |
$ 1.36 |
(49) % |
|||||
Adjusted EBITDA (2)(3) |
$ 160,206 |
$ 337,700 |
(53) % |
$ 471,132 |
$ 702,415 |
(33) % |
|||||
(1) |
Reported Diluted Net (Loss) Income per Share from Continuing Operations is computed based on weighted average shares outstanding and, if there is |
(2) |
The information presented in the table above includes non-GAAP financial measures such as Adjusted Income from Continuing Operations, Adjusted |
(3) |
Effective January 1, 2022, these non-GAAP financial measures now include acquired in-process research and development charges which were previously |
консолидированные результаты
Общая выручка во втором квартале 2022 года составила 569 миллионов долларов, что на 20% меньше по сравнению с 714 миллионами долларов во втором квартале 2021 года. Это снижение было в первую очередь связано с уменьшением выручки от нашего сегмента стерильных инъекционных препаратов, что частично компенсировалось увеличением выручки от нашего сегмента непатентованных лекарственных средств.
Заявленный убыток от продолжающейся деятельности во втором квартале 2022 года составил $1,881 млн по сравнению с $10 млн во втором квартале 2021 года. Этот результат был в первую очередь обусловлен более высокими расходами на обесценение активов, а также снижением выручки и увеличением расходов на исследования и разработки в процессе приобретения, связанных с объявленными в течение квартала сделками по приобретению шести кандидатов на стерильные инъекционные препараты и инъекционного соединения фазы 3 для лечения боли в колене при остеоартрите. Заявленный разводненный чистый убыток на акцию от продолжающейся деятельности во втором квартале 2022 года составил $8,00 по сравнению с $0,04 во втором квартале 2021 года.
Скорректированный доход от продолжающейся деятельности во втором квартале 2022 года составил 7 миллионов долларов по сравнению со 147 миллионами долларов во втором квартале 2021 года. Скорректированная разводненная чистая прибыль на акцию от продолжающейся деятельности во втором квартале 2022 года составила $0,03 по сравнению с $0,62 во втором квартале 2021 года. Эти результаты отражают снижение доходов и увеличение приобретенных затрат на исследования и разработки в процессе производства.
сегмент фирменных фармацевтических препаратов
Выручка сегмента фирменных фармацевтических препаратов во втором квартале 2022 года составила 219 миллионов долларов, что на 4% меньше по сравнению с 228 миллионами долларов во втором квартале 2021 года.
Выручка от продажи специализированных продуктов снизилась на 2% до 164 миллионов долларов во втором квартале 2022 года по сравнению со 167 миллионами долларов во втором квартале 2021 года, при этом продажи XIAFLEX® выросли на 8% до 121 миллиона долларов по сравнению со 111 миллионами долларов во втором квартале 2021 года. Выручка от продажи известных продуктов снизилась на 10% до 55 миллионов долларов во втором квартале 2022 года по сравнению с 61 миллионом долларов во втором квартале 2021 года, что обусловлено главным образом продолжающейся конкуренцией дженериков.
сегмент стерильных инъекционных препаратов
Выручка сегмента стерильных инъекционных препаратов во втором квартале 2022 года составила 123 миллиона долларов, что на 58% меньше по сравнению с 295 миллионами долларов во втором квартале 2021 года. В первую очередь это было связано со снижением выручки от VASOSTRICT® из-за снижения цены и доли рынка в результате конкуренции дженериков, сокращения запасов в канале и снижения общих объемов рынка по мере снижения числа госпитализаций, связанных с COVID-19.
сегмент непатентованных лекарственных средств
Выручка сегмента дженериков во втором квартале 2022 года составила 203 миллиона долларов, увеличившись на 22% по сравнению с 167 миллионами долларов во втором квартале 2021 года. Этот рост был в первую очередь обусловлен доходами от таблеток варениклина, единственной одобренной FDA непатентованной версии Chantix®, которая была выпущена в третьем квартале 2021 года, что частично компенсировалось конкурентным давлением на некоторые другие непатентованные продукты.
международный фармацевтический сегмент
Выручка международного фармацевтического сегмента во втором квартале 2022 года составила 24 миллиона долларов по сравнению с 24 миллионами долларов во втором квартале 2021 года.
баланс, ликвидность и другие обновления
По состоянию на 30 июня 2022 года у Компании было около 1,2 миллиарда долларов неограниченных денежных средств; долг в размере 8,1 миллиарда долларов; и отношение чистого долга к скорректированной EBITDA составило 5,6. Эти суммы отражают выплату Компанией 35 миллионов долларов за приобретение 6 кандидатов на стерильные инъекционные препараты и авансовый платеж в размере 30 миллионов долларов. относится к инъекционному соединению фазы 3 для лечения боли в колене при остеоартрите.
Во втором квартале 2022 года чистые денежные средства, использованные в операционной деятельности, составили 133 миллиона долларов по сравнению со 155 миллионами долларов, предоставленными операционной деятельностью во втором квартале 2021 года. Это изменение было в первую очередь связано со снижением доходов.
Компания продолжает вести конструктивные переговоры со специальной группой кредиторов первой очереди, в том числе с другими сторонами. В свете достигнутого на сегодняшний день прогресса Компания ожидает, что эти переговоры, вероятно, приведут к заранее подготовленной подаче заявления в соответствии с главой 11 Кодекса о банкротстве США компанией Endo International PLC и практически всеми ее дочерними компаниями, что может произойти в ближайшее время.
Chantix® является зарегистрированной торговой маркой Pfizer Inc.
финансовые графики
В следующей таблице представлена неаудированная общая выручка Endo, чистая за три и шесть месяцев, закончившихся 30 июня 2022 и 2021 годов (в тысячах долларов США).:
Three Months Ended June 30, |
Percent |
Six Months Ended June 30, |
Percent |
||||||||
2022 |
2021 |
2022 |
2021 |
||||||||
Branded Pharmaceuticals: |
|||||||||||
Specialty Products: |
|||||||||||
XIAFLEX® |
$ 120,878 |
$ 111,487 |
8 % |
$ 220,362 |
$ 206,757 |
7 % |
|||||
SUPPRELIN® LA |
24,739 |
27,568 |
(10) % |
53,569 |
55,596 |
(4) % |
|||||
Other Specialty (1) |
18,246 |
28,036 |
(35) % |
38,990 |
48,068 |
(19) % |
|||||
Total Specialty Products |
$ 163,863 |
$ 167,091 |
(2) % |
$ 312,921 |
$ 310,421 |
1 % |
|||||
Established Products: |
|||||||||||
PERCOCET® |
$ 26,256 |
$ 26,156 |
— % |
$ 52,431 |
$ 51,781 |
1 % |
|||||
TESTOPEL® |
10,021 |
9,439 |
6 % |
18,901 |
20,628 |
(8) % |
|||||
Other Established (2) |
18,812 |
25,354 |
(26) % |
39,560 |
51,845 |
(24) % |
|||||
Total Established Products |
$ 55,089 |
$ 60,949 |
(10) % |
$ 110,892 |
$ 124,254 |
(11) % |
|||||
Total Branded Pharmaceuticals (3) |
$ 218,952 |
$ 228,040 |
(4) % |
$ 423,813 |
$ 434,675 |
(2) % |
|||||
Sterile Injectables: |
|||||||||||
VASOSTRICT® |
$ 35,630 |
$ 197,121 |
(82) % |
$ 191,520 |
$ 421,067 |
(55) % |
|||||
ADRENALIN® |
26,774 |
29,977 |
(11) % |
60,597 |
59,414 |
2 % |
|||||
Other Sterile Injectables (4) |
60,767 |
67,502 |
(10) % |
111,082 |
122,864 |
(10) % |
|||||
Total Sterile Injectables (3) |
$ 123,171 |
$ 294,600 |
(58) % |
$ 363,199 |
$ 603,345 |
(40) % |
|||||
Total Generic Pharmaceuticals (5) |
$ 203,377 |
$ 167,272 |
22 % |
$ 389,321 |
$ 348,145 |
12 % |
|||||
Total International Pharmaceuticals |
$ 23,614 |
$ 23,918 |
(1) % |
$ 45,040 |
$ 45,584 |
(1) % |
|||||
Total revenues, net |
$ 569,114 |
$ 713,830 |
(20) % |
$ 1,221,373 |
$ 1,431,749 |
(15) % |
|||||
(1) |
Products included within Other Specialty include NASCOBAL® Nasal Spray, AVEED® and QWO®. |
(2) |
Products included within Other Established include, but are not limited to, EDEX®. |
(3) |
Individual products presented above represent the top two performing products in each product category for either the three or six months ended June 30, |
(4) |
Products included within Other Sterile Injectables include ertapenem for injection, APLISOL® and others. |
(5) |
The Generic Pharmaceuticals segment is comprised of a portfolio of products that are generic versions of branded products, are distributed primarily |
(6) |
The International Pharmaceuticals segment, which accounted for less than 5% of consolidated total revenues for each of the periods presented, includes a |
В следующей таблице представлены неаудированные данные Сокращенного консолидированного отчета о прибылях и убытках за три и шесть месяцев, закончившихся 30 июня 2022 и 2021 годов (в тысячах, за исключением данных на акцию):
Three Months Ended June 30, |
Six Months Ended June 30, |
||||||
2022 |
2021 |
2022 |
2021 |
||||
TOTAL REVENUES, NET |
$ 569,114 |
$ 713,830 |
$ 1,221,373 |
$ 1,431,749 |
|||
COSTS AND EXPENSES: |
|||||||
Cost of revenues |
263,786 |
318,480 |
537,001 |
623,773 |
|||
Selling, general and administrative |
180,830 |
177,619 |
407,991 |
364,793 |
|||
Research and development |
29,788 |
29,669 |
65,918 |
59,408 |
|||
Acquired in-process research and development |
65,000 |
5,000 |
67,900 |
5,000 |
|||
Litigation-related and other contingencies, net |
208 |
35,195 |
25,362 |
35,832 |
|||
Asset impairment charges |
1,781,063 |
4,929 |
1,801,016 |
8,238 |
|||
Acquisition-related and integration items, net |
1,825 |
97 |
448 |
(4,925) |
|||
Interest expense, net |
139,784 |
141,553 |
274,733 |
275,894 |
|||
Loss on extinguishment of debt |
— |
— |
— |
13,753 |
|||
Other (income) expense, net |
(19,438) |
372 |
(18,149) |
1,284 |
|||
(LOSS) INCOME FROM CONTINUING OPERATIONS |
$ (1,873,732) |
$ 916 |
$ (1,940,847) |
$ 48,699 |
|||
INCOME TAX EXPENSE |
7,151 |
11,100 |
5,336 |
11,824 |
|||
(LOSS) INCOME FROM CONTINUING OPERATIONS |
$ (1,880,883) |
$ (10,184) |
$ (1,946,183) |
$ 36,875 |
|||
DISCONTINUED OPERATIONS, NET OF TAX |
(4,544) |
(5,316) |
(11,218) |
(10,851) |
|||
NET (LOSS) INCOME |
$ (1,885,427) |
$ (15,500) |
$ (1,957,401) |
$ 26,024 |
|||
NET (LOSS) INCOME PER SHARE—BASIC: |
|||||||
Continuing operations |
$ (8.00) |
$ (0.04) |
$ (8.30) |
$ 0.16 |
|||
Discontinued operations |
(0.02) |
(0.03) |
(0.05) |
(0.05) |
|||
Basic |
$ (8.02) |
$ (0.07) |
$ (8.35) |
$ 0.11 |
|||
NET (LOSS) INCOME PER SHARE—DILUTED: |
|||||||
Continuing operations |
$ (8.00) |
$ (0.04) |
$ (8.30) |
$ 0.16 |
|||
Discontinued operations |
(0.02) |
(0.03) |
(0.05) |
(0.05) |
|||
Diluted |
$ (8.02) |
$ (0.07) |
$ (8.35) |
$ 0.11 |
|||
WEIGHTED AVERAGE SHARES: |
|||||||
Basic |
235,117 |
233,331 |
234,498 |
231,941 |
|||
Diluted |
235,117 |
233,331 |
234,498 |
237,043 |
|||
В следующей таблице представлены неаудированные данные Сокращенного Консолидированного баланса по состоянию на 30 июня 2022 года и 31 декабря 2021 года (в тысячах):
June 30, 2022 |
December 31, |
||
ASSETS |
|||
CURRENT ASSETS: |
|||
Cash and cash equivalents |
$ 1,191,572 |
$ 1,507,196 |
|
Restricted cash and cash equivalents |
113,493 |
124,114 |
|
Accounts receivable |
491,492 |
592,019 |
|
Inventories, net |
287,756 |
283,552 |
|
Assets held for sale |
11,080 |
— |
|
Other current assets |
104,511 |
207,705 |
|
Total current assets |
$ 2,199,904 |
$ 2,714,586 |
|
TOTAL NON-CURRENT ASSETS |
4,162,358 |
6,052,829 |
|
TOTAL ASSETS |
$ 6,362,262 |
$ 8,767,415 |
|
LIABILITIES AND SHAREHOLDERS' DEFICIT |
|||
CURRENT LIABILITIES: |
|||
Accounts payable and accrued expenses, including legal settlement accruals |
$ 1,140,654 |
$ 1,417,892 |
|
Other current liabilities |
41,018 |
212,070 |
|
Total current liabilities |
$ 1,181,672 |
$ 1,629,962 |
|
LONG-TERM DEBT, LESS CURRENT PORTION, NET |
8,039,178 |
8,048,980 |
|
OTHER LIABILITIES |
339,484 |
332,459 |
|
SHAREHOLDERS' DEFICIT |
(3,198,072) |
(1,243,986) |
|
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT |
$ 6,362,262 |
$ 8,767,415 |
В следующей таблице представлены неаудированные данные Сокращенного консолидированного отчета о движении денежных средств за шесть месяцев, закончившихся 30 июня 2022 и 2021 годов (в тысячах):
Six Months Ended June 30, |
|||
2022 |
2021 |
||
OPERATING ACTIVITIES: |
|||
Net (loss) income |
$ (1,957,401) |
$ 26,024 |
|
Adjustments to reconcile Net (loss) income to Net cash provided by operating activities: |
|||
Depreciation and amortization |
206,224 |
237,703 |
|
Asset impairment charges |
1,801,016 |
8,238 |
|
Other, including cash payments to claimants from Qualified Settlement Funds |
18,064 |
126,851 |
|
Net cash provided by operating activities |
$ 67,903 |
$ 398,816 |
|
INVESTING ACTIVITIES: |
|||
Capital expenditures, excluding capitalized interest |
$ (47,559) |
$ (41,345) |
|
Acquisitions, including in-process research and development, net of cash and restricted |
(89,520) |
— |
|
Proceeds from sale of business and other assets, net |
21,133 |
1,343 |
|
Other |
4,200 |
(5,048) |
|
Net cash used in investing activities |
$ (111,746) |
$ (45,050) |
|
FINANCING ACTIVITIES: |
|||
Payments on borrowings, net |
$ (193,312) |
$ (43,166) |
|
Other |
(3,638) |
(22,581) |
|
Net cash used in financing activities |
$ (196,950) |
$ (65,747) |
|
Effect of foreign exchange rate |
(452) |
711 |
|
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, RESTRICTED CASH |
$ (241,245) |
$ 288,730 |
|
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH |
1,631,310 |
1,385,000 |
|
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH |
$ 1,390,065 |
$ 1,673,730 |
|
дополнительная финансовая информация
В дополнение к финансовым показателям, подготовленным в соответствии с общепринятыми принципами бухгалтерского учета США (GAAP), Компания использует определенные финансовые показатели, не относящиеся к GAAP. Для получения дополнительной информации об использовании Компанией таких финансовых показателей, не относящихся к GAAP, обратитесь к Текущему отчету Endo по форме 8-K, представленному сегодня в Комиссию по ценным бумагам и биржам США, который включает объяснение причин использования Компанией показателей, не относящихся к GAAP.
В нижеприведенных таблицах представлена сверка некоторых финансовых показателей Компании, не относящихся к ОПБУ, с их наиболее непосредственно сопоставимыми суммами по ОПБУ. Обратитесь к разделу "Примечания к выверке финансовых показателей, не относящихся к GAAP" ниже для получения дополнительной информации о корректировках финансовых показателей, не относящихся к GAAP, подробно описанных в этом разделе Дополнительной финансовой информации.
Как сообщалось ранее, в ответ на мнения, высказанные Комиссией по ценным бумагам и биржам США, Компания с 1 января 2022 года пересмотрела свое определение скорректированных финансовых показателей, чтобы больше не исключать приобретенные расходы на исследования и разработки в процессе производства (представляющие собой затраты на исследования и разработки, которые ранее были обозначены как "Авансовые и поэтапные платежи партнерам"). В результате этого изменения скорректированные финансовые показатели Компании теперь отражают влияние этих операций. Учет влияния этих операций, которые могут происходить время от времени, может привести к значительным, но временным колебаниям как наших финансовых показателей по ОПБУ, так и показателей, не относящихся к ОПБУ, в периоде (ах), в котором они были произведены. Эти расходы также не отражают основные показатели нашей деятельности в течение отчетного периода. Это изменение было применено ретроспективно ко всем периодам, представленным в настоящем документе. Обратитесь к сноске (14) в разделе "Примечания к выверке финансовых показателей по ОПБУ и не по ОПБУ" ниже для получения дополнительной информации.
Сверка EBITDA и скорректированной EBITDA (не по GAAP)
В следующей таблице представлена сверка чистого (убыточного) дохода (GAAP) с скорректированной EBITDA (без учета GAAP) за три и шесть месяцев, закончившихся 30 июня 2022 и 2021 годов (в тысячах):
Three Months Ended June 30, |
Six Months Ended June 30, |
||||||
2022 |
2021 |
2022 |
2021 |
||||
Net (loss) income (GAAP) |
$ (1,885,427) |
$ (15,500) |
$ (1,957,401) |
$ 26,024 |
|||
Income tax expense |
7,151 |
11,100 |
5,336 |
11,824 |
|||
Interest expense, net |
139,784 |
141,553 |
274,733 |
275,894 |
|||
Depreciation and amortization (1) |
99,762 |
110,145 |
202,400 |
221,724 |
|||
EBITDA (non-GAAP) |
$ (1,638,730) |
$ 247,298 |
$ (1,474,932) |
$ 535,466 |
|||
Amounts related to continuity and separation benefits, |
37,347 |
15,083 |
94,996 |
38,803 |
|||
Certain litigation-related and other contingencies, net (3) |
208 |
35,195 |
25,362 |
35,832 |
|||
Certain legal costs (4) |
(9,462) |
24,843 |
23,270 |
44,119 |
|||
Asset impairment charges (5) |
1,781,063 |
4,929 |
1,801,016 |
8,238 |
|||
Acquisition-related and integration costs (6) |
— |
(20) |
— |
411 |
|||
Fair value of contingent consideration (7) |
1,825 |
117 |
448 |
(5,336) |
|||
Loss on extinguishment of debt (8) |
— |
— |
— |
13,753 |
|||
Share-based compensation (1) |
2,721 |
4,444 |
7,650 |
14,437 |
|||
Other (income) expense, net (9) |
(19,438) |
372 |
(18,149) |
1,284 |
|||
Other (10) |
128 |
123 |
253 |
4,557 |
|||
Discontinued operations, net of tax (11) |
4,544 |
5,316 |
11,218 |
10,851 |
|||
Adjusted EBITDA (non-GAAP) (14) |
$ 160,206 |
$ 337,700 |
$ 471,132 |
$ 702,415 |
|||
Сверка Скорректированного дохода от продолжающейся деятельности (не по ОПБУ)
В следующей таблице представлена сверка дохода Компании (убытка) от продолжающейся деятельности (GAAP) с скорректированным доходом от продолжающейся деятельности (не по GAAP) за три и шесть месяцев, закончившихся 30 июня 2022 и 2021 годов (в тысячах):
Three Months Ended June 30, |
Six Months Ended June 30, |
||||||
2022 |
2021 |
2022 |
2021 |
||||
(Loss) income from continuing operations (GAAP) |
$ (1,880,883) |
$ (10,184) |
$ (1,946,183) |
$ 36,875 |
|||
Non-GAAP adjustments: |
|||||||
Amortization of intangible assets (12) |
87,568 |
94,070 |
177,802 |
189,200 |
|||
Amounts related to continuity and separation benefits, |
37,347 |
15,083 |
94,996 |
38,803 |
|||
Certain litigation-related and other contingencies, net |
208 |
35,195 |
25,362 |
35,832 |
|||
Certain legal costs (4) |
(9,462) |
24,843 |
23,270 |
44,119 |
|||
Asset impairment charges (5) |
1,781,063 |
4,929 |
1,801,016 |
8,238 |
|||
Acquisition-related and integration costs (6) |
— |
(20) |
— |
411 |
|||
Fair value of contingent consideration (7) |
1,825 |
117 |
448 |
(5,336) |
|||
Loss on extinguishment of debt (8) |
— |
— |
— |
13,753 |
|||
Other (10) |
(19,170) |
1,480 |
(17,847) |
7,062 |
|||
Tax adjustments (13) |
8,036 |
(18,392) |
3,607 |
(46,919) |
|||
Adjusted income from continuing operations (non-GAAP) |
$ 6,532 |
$ 147,121 |
$ 162,471 |
$ 322,038 |
|||
Сверка Других Скорректированных Данных Отчета о прибылях и убытках (не по ОПБУ)
В следующих таблицах представлена подробная сверка различных других данных отчета о прибылях и убытках между суммами по ОПБУ и не по ОПБУ за три и шесть месяцев, закончившихся 30 июня 2022 и 2021 годов (в тысячах, за исключением данных на акцию):
Three Months Ended June 30, 2022 |
|||||||||||||||||||||||||||||||
Total |
Cost of |
Gross |
Gross |
Total |
Operating |
Operating |
Operating |
Other non- |
(Loss) |
Income tax |
Effective |
(Loss) |
Discontinued |
Net (loss) |
Diluted net |
||||||||||||||||
Reported (GAAP) |
$ 569,114 |
$ 263,786 |
$ 305,328 |
53.6 % |
$ 2,058,714 |
361.7 % |
$ (1,753,386) |
(308.1) % |
$ 120,346 |
$ (1,873,732) |
$ 7,151 |
(0.4) % |
$ (1,880,883) |
$ (4,544) |
$ (1,885,427) |
$ (8.00) |
|||||||||||||||
Items impacting comparability: |
|||||||||||||||||||||||||||||||
Amortization of intangible |
— |
(87,568) |
87,568 |
— |
87,568 |
— |
87,568 |
— |
87,568 |
— |
87,568 |
||||||||||||||||||||
Amounts related to continuity |
— |
(5,107) |
5,107 |
(32,240) |
37,347 |
— |
37,347 |
— |
37,347 |
— |
37,347 |
||||||||||||||||||||
Certain litigation-related and |
— |
— |
— |
(208) |
208 |
— |
208 |
— |
208 |
— |
208 |
||||||||||||||||||||
Certain legal costs (4) |
— |
— |
— |
9,462 |
(9,462) |
— |
(9,462) |
— |
(9,462) |
— |
(9,462) |
||||||||||||||||||||
Asset impairment charges (5) |
— |
— |
— |
(1,781,063) |
1,781,063 |
— |
1,781,063 |
— |
1,781,063 |
— |
1,781,063 |
||||||||||||||||||||
Fair value of contingent |
— |
— |
— |
(1,825) |
1,825 |
— |
1,825 |
— |
1,825 |
— |
1,825 |
||||||||||||||||||||
Other (10) |
— |
(125) |
125 |
— |
125 |
19,295 |
(19,170) |
— |
(19,170) |
— |
(19,170) |
||||||||||||||||||||
Tax adjustments (13) |
— |
— |
— |
— |
— |
— |
— |
(8,036) |
8,036 |
— |
8,036 |
||||||||||||||||||||
Discontinued operations, net |
— |
— |
— |
— |
— |
— |
— |
— |
— |
4,544 |
4,544 |
||||||||||||||||||||
After considering items (non- |
$ 569,114 |
$ 170,986 |
$ 398,128 |
70.0 % |
$ 252,840 |
44.4 % |
$ 145,288 |
25.5 % |
$ 139,641 |
$ 5,647 |
$ (885) |
(15.7) % |
$ 6,532 |
$ — |
$ 6,532 |
$ 0.03 |
|||||||||||||||
Three Months Ended June 30, 2021 |
|||||||||||||||||||||||||||||||
Total |
Cost of |
Gross |
Gross |
Total |
Operating |
Operating |
Operating |
Other non- |
Income |
Income tax |
Effective |
(Loss) |
Discontinued |
Net (loss) |
Diluted net |
||||||||||||||||
Reported (GAAP) |
$ 713,830 |
$ 318,480 |
$ 395,350 |
55.4 % |
$ 252,509 |
35.4 % |
$ 142,841 |
20.0 % |
$ 141,925 |
$ 916 |
$ 11,100 |
1,211.8 % |
$ (10,184) |
$ (5,316) |
$ (15,500) |
$ (0.04) |
|||||||||||||||
Items impacting comparability: |
|||||||||||||||||||||||||||||||
Amortization of intangible |
— |
(94,070) |
94,070 |
— |
94,070 |
— |
94,070 |
— |
94,070 |
— |
94,070 |
||||||||||||||||||||
Amounts related to continuity |
— |
(4,970) |
4,970 |
(10,113) |
15,083 |
— |
15,083 |
— |
15,083 |
— |
15,083 |
||||||||||||||||||||
Certain litigation-related and |
— |
— |
— |
(35,195) |
35,195 |
— |
35,195 |
— |
35,195 |
— |
35,195 |
||||||||||||||||||||
Certain legal costs (4) |
— |
— |
— |
(24,843) |
24,843 |
— |
24,843 |
— |
24,843 |
— |
24,843 |
||||||||||||||||||||
Asset impairment charges (5) |
— |
— |
— |
(4,929) |
4,929 |
— |
4,929 |
— |
4,929 |
— |
4,929 |
||||||||||||||||||||
Acquisition-related and |
— |
— |
— |
20 |
(20) |
— |
(20) |
— |
(20) |
— |
(20) |
||||||||||||||||||||
Fair value of contingent |
— |
— |
— |
(117) |
117 |
— |
117 |
— |
117 |
— |
117 |
||||||||||||||||||||
Other (10) |
— |
(125) |
125 |
— |
125 |
(1,355) |
1,480 |
— |
1,480 |
— |
1,480 |
||||||||||||||||||||
Tax adjustments (13) |
— |
— |
— |
— |
— |
— |
— |
18,392 |
(18,392) |
— |
(18,392) |
||||||||||||||||||||
Discontinued operations, net |
— |
— |
— |
— |
— |
— |
— |
— |
— |
5,316 |
5,316 |
||||||||||||||||||||
After considering items (non- |
$ 713,830 |
$ 219,315 |
$ 494,515 |
69.3 % |
$ 177,332 |
24.8 % |
$ 317,183 |
44.4 % |
$ 140,570 |
$ 176,613 |
$ 29,492 |
16.7 % |
$ 147,121 |
$ — |
$ 147,121 |
$ 0.62 |
|||||||||||||||
Six Months Ended June 30, 2022 |
|||||||||||||||||||||||||||||||
Total |
Cost of |
Gross |
Gross |
Total |
Operating |
Operating |
Operating |
Other non- |
(Loss) |
Income tax |
Effective |
(Loss) |
Discontinued |
Net (loss) |
Diluted net |
||||||||||||||||
Reported (GAAP) |
$ 1,221,373 |
$ 537,001 |
$ 684,372 |
56.0 % |
$ 2,368,635 |
193.9 % |
$ (1,684,263) |
(137.9) % |
$ 256,584 |
$ (1,940,847) |
$ 5,336 |
(0.3) % |
$ (1,946,183) |
$ (11,218) |
$ (1,957,401) |
$ (8.30) |
|||||||||||||||
Items impacting comparability: |
|||||||||||||||||||||||||||||||
Amortization of intangible |
— |
(177,802) |
177,802 |
— |
177,802 |
— |
177,802 |
— |
177,802 |
— |
177,802 |
||||||||||||||||||||
Amounts related to continuity |
— |
(20,844) |
20,844 |
(74,152) |
94,996 |
— |
94,996 |
— |
94,996 |
— |
94,996 |
||||||||||||||||||||
Certain litigation-related and |
— |
— |
— |
(25,362) |
25,362 |
— |
25,362 |
— |
25,362 |
— |
25,362 |
||||||||||||||||||||
Certain legal costs (4) |
— |
— |
— |
(23,270) |
23,270 |
— |
23,270 |
— |
23,270 |
— |
23,270 |
||||||||||||||||||||
Asset impairment charges (5) |
— |
— |
— |
(1,801,016) |
1,801,016 |
— |
1,801,016 |
— |
1,801,016 |
— |
1,801,016 |
||||||||||||||||||||
Fair value of contingent |
— |
— |
— |
(448) |
448 |
— |
448 |
— |
448 |
— |
448 |
||||||||||||||||||||
Other (10) |
— |
(250) |
250 |
— |
250 |
18,097 |
(17,847) |
— |
(17,847) |
— |
(17,847) |
||||||||||||||||||||
Tax adjustments (13) |
— |
— |
— |
— |
— |
— |
— |
(3,607) |
3,607 |
— |
3,607 |
||||||||||||||||||||
Discontinued operations, net |
— |
— |
— |
— |
— |
— |
— |
— |
— |
11,218 |
11,218 |
||||||||||||||||||||
After considering items (non- |
$ 1,221,373 |
$ 338,105 |
$ 883,268 |
72.3 % |
$ 444,387 |
36.4 % |
$ 438,881 |
35.9 % |
$ 274,681 |
$ 164,200 |
$ 1,729 |
1.1 % |
$ 162,471 |
$ — |
$ 162,471 |
$ 0.69 |
|||||||||||||||
Six Months Ended June 30, 2021 |
|||||||||||||||||||||||||||||||
Total |
Cost of |
Gross |
Gross |
Total |
Operating |
Operating |
Operating |
Other non- |
Income |
Income tax |
Effective |
Income |
Discontinued |
Net income |
Diluted net |
||||||||||||||||
Reported (GAAP) |
$ 1,431,749 |
$ 623,773 |
$ 807,976 |
56.4 % |
$ 468,346 |
32.7 % |
$ 339,630 |
23.7 % |
$ 290,931 |
$ 48,699 |
$ 11,824 |
24.3 % |
$ 36,875 |
$ (10,851) |
$ 26,024 |
$ 0.16 |
|||||||||||||||
Items impacting comparability: |
|||||||||||||||||||||||||||||||
Amortization of intangible |
— |
(189,200) |
189,200 |
— |
189,200 |
— |
189,200 |
— |
189,200 |
— |
189,200 |
||||||||||||||||||||
Amounts related to continuity |
— |
(20,266) |
20,266 |
(18,537) |
38,803 |
— |
38,803 |
— |
38,803 |
— |
38,803 |
||||||||||||||||||||
Certain litigation-related and |
— |
— |
— |
(35,832) |
35,832 |
— |
35,832 |
— |
35,832 |
— |
35,832 |
||||||||||||||||||||
Certain legal costs (4) |
— |
— |
— |
(44,119) |
44,119 |
— |
44,119 |
— |
44,119 |
— |
44,119 |
||||||||||||||||||||
Asset impairment charges (5) |
— |
— |
— |
(8,238) |
8,238 |
— |
8,238 |
— |
8,238 |
— |
8,238 |
||||||||||||||||||||
Acquisition-related and |
— |
— |
— |
(411) |
411 |
— |
411 |
— |
411 |
— |
411 |
||||||||||||||||||||
Fair value of contingent |
— |
— |
— |
5,336 |
(5,336) |
— |
(5,336) |
— |
(5,336) |
— |
(5,336) |
||||||||||||||||||||
Loss on extinguishment of |
— |
— |
— |
— |
— |
(13,753) |
13,753 |
— |
13,753 |
— |
13,753 |
||||||||||||||||||||
Other (10) |
— |
(651) |
651 |
(3,909) |
4,560 |
(2,502) |
7,062 |
— |
7,062 |
— |
7,062 |
||||||||||||||||||||
Tax adjustments (13) |
— |
— |
— |
— |
— |
— |
— |
46,919 |
(46,919) |
— |
(46,919) |
||||||||||||||||||||
Discontinued operations, net |
— |
— |
— |
— |
— |
— |
— |
— |
— |
10,851 |
10,851 |
||||||||||||||||||||
After considering items (non- |
$ 1,431,749 |
$ 413,656 |
$ 1,018,093 |
71.1 % |
$ 362,636 |
25.3 % |
$ 655,457 |
45.8 % |
$ 274,676 |
$ 380,781 |
$ 58,743 |
15.4 % |
$ 322,038 |
$ — |
$ 322,038 |
$ 1.36 |
|||||||||||||||
Примечания к Выверке финансовых показателей по ОПБУ и не по ОПБУ
Примечания к некоторым статьям, включенным в сверку финансовых показателей GAAP с финансовыми показателями, не относящимися к GAAP, за три и шесть месяцев, закончившихся 30 июня 2022 и 2021 годов, следующие:
(1) |
Depreciation and amortization and Share-based compensation amounts per the Adjusted EBITDA reconciliations do not include |
(2) |
Adjustments for amounts related to continuity and separation benefits, cost reductions and strategic review initiatives included the |
Three Months Ended June 30, |
|||||||
2022 |
2021 |
||||||
Cost of revenues |
Operating expenses |
Cost of revenues |
Operating expenses |
||||
Continuity and separation benefits |
$ 4,846 |
$ 6,898 |
$ (2,913) |
$ 4,485 |
|||
Accelerated depreciation |
— |
147 |
7,140 |
1,932 |
|||
Other, including strategic review initiatives |
261 |
25,195 |
743 |
3,696 |
|||
Total |
$ 5,107 |
$ 32,240 |
$ 4,970 |
$ 10,113 |
|||
Six Months Ended June 30, |
|||||||
2022 |
2021 |
||||||
Cost of revenues |
Operating expenses |
Cost of revenues |
Operating expenses |
||||
Continuity and separation benefits |
$ 10,098 |
$ 33,973 |
$ 2,279 |
$ 7,837 |
|||
Accelerated depreciation |
2,164 |
1,660 |
12,194 |
3,785 |
|||
Other, including strategic review initiatives |
8,582 |
38,519 |
5,793 |
6,915 |
|||
Total |
$ 20,844 |
$ 74,152 |
$ 20,266 |
$ 18,537 |
|||
The amounts in the tables above include adjustments related to previously announced restructuring activities, certain continuity and |
|
(3) |
To exclude adjustments to accruals for litigation-related settlement charges. |
(4) |
To exclude amounts related to opioid-related legal expenses. The amount during the second quarter of 2022 reflects the recovery of |
(5) |
Adjustments for asset impairment charges included the following (in thousands): |
Three Months Ended June 30, |
Six Months Ended June 30, |
||||||
2022 |
2021 |
2022 |
2021 |
||||
Goodwill impairment charges |
$ 1,748,000 |
$ — |
$ 1,748,000 |
$ — |
|||
Other intangible asset impairment charges |
30,000 |
4,929 |
49,953 |
7,811 |
|||
Property, plant and equipment impairment charges |
3,063 |
— |
3,063 |
427 |
|||
Total |
$ 1,781,063 |
$ 4,929 |
$ 1,801,016 |
$ 8,238 |
|||
(6) |
To exclude integration costs. |
(7) |
To exclude the impact of changes in the fair value of contingent consideration liabilities resulting from changes to estimates regarding |
(8) |
To exclude the loss on the extinguishment of debt associated with the Company's March 2021 refinancing transactions. |
(9) |
To exclude Other (income) expense, net per the Condensed Consolidated Statements of Operations. |
(10) |
The "Other" rows included in each of the above reconciliations of GAAP financial measures to non-GAAP financial measures (except |
Three Months Ended June 30, |
|||||||||||
2022 |
2021 |
||||||||||
Cost of revenues |
Operating |
Other non- |
Cost of revenues |
Operating |
Other non- |
||||||
Foreign currency impact |
$ — |
$ — |
$ (2,092) |
$ — |
$ — |
$ 1,355 |
|||||
Other miscellaneous |
125 |
— |
(17,203) |
125 |
— |
— |
|||||
Total |
$ 125 |
$ — |
$ (19,295) |
$ 125 |
$ — |
$ 1,355 |
|||||
Six Months Ended June 30, |
|||||||||||
2022 |
2021 |
||||||||||
Cost of revenues |
Operating |
Other non- |
Cost of revenues |
Operating |
Other non- |
||||||
Foreign currency impact |
$ — |
$ — |
$ (894) |
$ — |
$ — |
$ 2,502 |
|||||
Debt modification costs |
— |
— |
— |
— |
3,879 |
— |
|||||
Other miscellaneous |
250 |
— |
(17,203) |
651 |
30 |
— |
|||||
Total |
$ 250 |
$ — |
$ (18,097) |
$ 651 |
$ 3,909 |
$ 2,502 |
|||||
The "Other" row included in the reconciliations of Net (loss) income (GAAP) to Adjusted EBITDA (non-GAAP) primarily relates to |
|
(11) |
To exclude the results of the businesses reported as discontinued operations, net of tax. |
(12) |
To exclude amortization expense related to intangible assets. |
(13) |
Adjusted income taxes are calculated by tax effecting adjusted pre-tax income and permanent book-tax differences at the applicable |
(14) |
Effective January 1, 2022, these non-GAAP financial measures now include acquired in-process research and development charges |
Three Months Ended June 30, |
Six Months Ended June 30, |
Twelve Months |
|||||||
2022 |
2021 |
2022 |
2021 |
2022 |
|||||
Acquired in-process research and |
$ 65,000 |
$ 5,000 |
$ 67,900 |
$ 5,000 |
$ 88,020 |
||||
(15) |
Calculated as income or loss from continuing operations divided by the applicable weighted average share number. The applicable |
Three Months Ended June 30, |
Six Months Ended June 30, |
||||||
2022 |
2021 |
2022 |
2021 |
||||
GAAP |
235,117 |
233,331 |
234,498 |
237,043 |
|||
Non-GAAP Adjusted |
236,217 |
235,416 |
236,466 |
237,043 |
|||
Сверка Коэффициента левереджа чистого долга (не по ОПБУ)
В следующей таблице представлена сверка чистого убытка (GAAP) с скорректированной EBITDA (не по GAAP) за двенадцать месяцев, закончившихся 30 июня 2022 года (в тысячах), и расчет Коэффициента левереджа чистого долга Компании (не по GAAP):
Twelve Months |
|
Net loss (GAAP) |
$ (2,596,670) |
Income tax expense |
15,990 |
Interest expense, net |
561,192 |
Depreciation and amortization (1) |
413,056 |
EBITDA (non-GAAP) |
$ (1,606,432) |
Amounts related to continuity and separation benefits, cost reductions and strategic review initiatives |
147,105 |
Certain litigation-related and other contingencies, net |
335,025 |
Certain legal costs |
115,299 |
Asset impairment charges |
2,207,755 |
Acquisition-related and integration costs |
3 |
Fair value of contingent consideration |
(3,009) |
Share-based compensation (1) |
22,440 |
Other income, net |
(39,207) |
Other |
909 |
Discontinued operations, net of tax |
44,531 |
Adjusted EBITDA (non-GAAP) (14) |
$ 1,224,419 |
Calculation of Net Debt: |
|
Debt |
$ 8,065,297 |
Cash (excluding Restricted Cash) |
1,191,572 |
Net Debt (non-GAAP) |
$ 6,873,725 |
Calculation of Net Debt Leverage: |
|
Net Debt Leverage Ratio (non-GAAP) (a) |
5.6 |
(a) |
As further discussed in footnote (14) in the "Notes to the Reconciliations of GAAP and Non-GAAP Financial Measures" section, effective January 1, 2022, Adjusted EBITDA now includes acquired in-process research and development charges which were previously excluded under our legacy non-GAAP policy. The inclusion of these amounts resulted in an increase of 0.4 to the Net Debt Leverage Ratio for the twelve-month period ended June 30, 2022. To the extent we incur additional acquired in-process research and development charges in the future, it could result in further increases to this ratio. |
Финансовые показатели, Не относящиеся к ОПБУ
Компания использует определенные финансовые показатели, которые не предписаны или не подготовлены в соответствии с принципами бухгалтерского учета, общепринятыми в США (GAAP). Эти финансовые показатели, не относящиеся к ОПБУ, не являются и не должны рассматриваться как замена чистой прибыли по ОПБУ и ее компонентов, а также разводненной чистой прибыли на акцию. Несмотря на важность этих показателей для руководства при постановке целей и оценке эффективности, компания подчеркивает, что это финансовые показатели, не относящиеся к GAAP, которые не имеют стандартизированного значения, предписанного GAAP, и, следовательно, имеют ограничения в своей полезности для инвесторов. Из-за нестандартизированных определений скорректированная не по GAAP EBITDA и скорректированная не по GAAP чистая прибыль от продолжающейся деятельности и ее компонентов (в отличие от чистой прибыли по GAAP от продолжающейся деятельности и ее компонентов) могут быть несопоставимы с расчетами аналогичных показателей других компаний. Эти финансовые показатели, не относящиеся к GAAP, представлены исключительно для того, чтобы позволить инвесторам более полно понять, как руководство оценивает результаты деятельности.
Инвесторам рекомендуется ознакомиться с приведением финансовых показателей, не относящихся к ОПБУ, используемых в этом пресс-релизе, в соответствие с их наиболее непосредственно сопоставимыми финансовыми показателями по ОПБУ. Однако Компания не предоставляет сверки прогнозируемых финансовых показателей, не относящихся к GAAP, с финансовыми показателями GAAP, а также не предоставляет сопоставимых прогнозируемых финансовых показателей GAAP для таких прогнозируемых финансовых показателей, не относящихся к GAAP. Компания не в состоянии обеспечить такую выверку без необоснованных усилий из-за присущих ей трудностей в прогнозировании и количественной оценке определенных сумм, необходимых для такой выверки, включая корректировки, которые могут быть сделаны в связи с обесценением активов, корректировками условного возмещения, юридическими расчетами, прибылью/ убытком от погашения задолженности, корректировками запасов и другими расходами отражается в сверке исторических цифр, суммы которых могут быть значительными.
См. Текущий отчет Endo по форме 8-K, представленный сегодня в Комиссию по ценным бумагам и биржам США, для разъяснения финансовых показателей Endo, не относящихся к GAAP.
О Endo International PLC
Endo (NASDAQ: ENDP) - специализированная фармацевтическая компания, стремящаяся помочь всем, кого мы обслуживаем, жить наилучшим образом, предоставляя качественные, улучшающие жизнь методы лечения. Наш доказанный десятилетиями успех является результатом того, что увлеченные члены команды по всему миру сотрудничают, чтобы предложить лучшие методы лечения. Вместе мы смело превращаем идеи в методы лечения, приносящие пользу тем, кто в них нуждается, когда они им нужны. Узнайте больше на сайте www.endo.com или свяжитесь с нами через LinkedIn.
Предостережение В Отношении Прогнозных Заявлений
Определенная информация в этом пресс-релизе может рассматриваться как "прогнозные заявления" по смыслу Закона о реформе судебных разбирательств по частным ценным бумагам 1995 года и любого применимого канадского законодательства о ценных бумагах, включая, но не ограничиваясь, заявлениями относительно обсуждений Endo с кредиторами, его оценки стратегических альтернатив, потенциальной подачи заявки по главе 11 и любые другие заявления, которые относятся к нашим ожидаемым, оценочным или предполагаемым будущим результатам или которые не относятся исключительно к историческим фактам. Заявления, включающие такие слова или фразы, как "полагать", "ожидать", "предвидеть", "намереваться", "оценивать", "планировать", "будет", "может", "смотреть вперед", "намереваться", "руководство", "будущее", "потенциал" или подобные выражения являются прогнозными заявлениями. Поскольку прогнозы по своей сути являются оценками, которые не могут быть сделаны с точностью, результаты деятельности Endo иногда существенно отличаются от его оценок и целевых показателей, и Endo часто не знает, какими будут фактические результаты, до окончания соответствующего отчетного периода. Таким образом, Endo не будет сообщать или комментировать свой прогресс в течение текущего квартала, кроме как путем публичного объявления. Любое заявление, сделанное другими лицами в отношении прогресса в текущем квартале, не может быть отнесено на счет Endo. Все прогнозные заявления в этом пресс-релизе отражают текущий анализ Endo существующих тенденций и информации и представляют собой суждение Endo только на дату настоящего пресс-релиза. Фактические результаты могут отличаться существенно и негативно от текущих ожиданий основывается на ряде факторов, влияющих на Эндо предприятий, в том числе, среди прочего, следующее: результаты нашего стратегического анализа, планирования и потенциальной реструктуризации или банкротства подачи заявки; сроки, последствия или результаты любых отложенных или будущих судебных разбирательств, расследований, судебных разбирательств или исков, в том числе опиоидов, налоговые и антимонопольные вопросы, связанные с; фактические или условные обязательства; расчетный обсуждений или переговоров; влияние конкуренции, в том числе потери эксклюзивности и универсальный конкурс для VASOSTRICT®; наши способности удовлетворять суждения или поселений или проводить призывы в том числе выпуска облигаций требованиям; наша способность приспосабливаться к изменяющимся рыночным условиям; нашу способность привлекать и удерживать ключевых сотрудников; в нашей неспособности обеспечивать соблюдение финансовых ковенантов и эксплуатационных обязательств, которые подвергают нас возможных событий дефолта по нашим непогашенной задолженности; нашу способность привлекать дополнительный заемный или акционерный капитал для финансирования оборотных средств, капитальных вложений, бизнес-развития, требования по обслуживанию долга, приобретения или общих корпоративных или других целей; наши возможности рефинансировать нашу задолженность; значительному снижению в краткосрочной или долгосрочной перспективе доходы, которые могли бы заставить нас быть не в состоянии финансировать нашу деятельность и ликвидности должен либо погасить задолженность; цепочки поставок перерывы или затруднения; изменения в соревновательных или условиях рыночных отношений; изменения в законодательстве или нормативных изменений; нашу способность получать и поддерживать адекватную защиту нашей интеллектуальной собственности, прав; сроки и неопределенность результатов обоих исследований и разработок и регулирующие процессы, в том числе нормативные решения, отзыва продукции, снятие и других необычных деталей; отечественного и зарубежного здравоохранения и ограничение расходов реформ, в том числе государственных цен, налогов и порядок возмещения расходов, технологические достижения и патенты получены от конкурентов; выполнение, в том числе утверждение, введение, потребителей и врачом, принятие новых продуктов и постоянного приема настоящее время на рынке продукции; наша возможность интегрировать приобретаемые товары в нашем портфеле и добиться каких-либо финансовых или коммерческих ожиданий; влияние известные и неизвестные побочные эффекты может оказать на рынок восприятия и потребительские предпочтения для наших продуктов; эффективность рекламы и других рекламных кампаний; организация своевременной и успешной реализации стратегических инициатив; в невыгодном отношении злоупотребления опиоидами; неопределенность, связанная с выявлением и успешное завершение и исполнение внешних корпоративных инициатив в области развития и стратегического партнерства сделок; нам возможность развивать наши стратегические приоритеты, развивать наш продукт производство и продолжать развивать рынок QWO® и других изделий; а также нашу способность получать и производить, поддерживать и распространять достаточное количество продуктов для удовлетворения рыночного спроса, своевременно. Кроме того, экономические условия в США и за рубежом, включая доверие потребителей и уровень задолженности, налогообложение, изменения процентных ставок и валютных курсов, международные отношения, доступность капитала и кредитов, состояние финансовых рынков и институтов, влияние продолжающейся пандемии COVID-19 и ответные меры на нее, а также влияние продолжающейся экономической волатильность может существенно повлиять на наши результаты. Возникновение или возможность любого такого результата побудили нас принять участие и могут привести к дальнейшему участию в стратегических обзорах, которые в конечном итоге могут привести к тому, что мы проведем одну или несколько значительных корпоративных сделок или другие меры по исправлению положения, в том числе на превентивной или упреждающей основе. Эти меры по исправлению положения могут включать потенциальную подачу заявления о банкротстве (которое, если бы оно произошло, подвергло бы нас дополнительным рискам и неопределенностям, которые могли бы негативно повлиять на наши деловые перспективы и способность продолжать непрерывную деятельность), корпоративную реорганизацию или реструктуризацию всего или части нашего бизнеса, продажу активов или другие отчуждения, инициативы по экономии средств или другие корпоративные реорганизации, поиск стратегических партнерств и выход с определенных товарных или географических рынков. Реализация некоторых из этих мер может занять значительное время, а для других может потребоваться одобрение суда или другой третьей стороны. Любые такие действия могут быть сложными, могут повлечь за собой значительные затраты или иным образом негативно повлиять на акционерную стоимость, и не может быть никакой гарантии, что мы сможем реализовать любую из этих альтернатив на приемлемых для нас условиях или вообще, или что они приведут к предполагаемым выгодам. Поэтому читателю рекомендуется не полагаться на эти прогнозные заявления. Endo прямо отказывается от каких-либо намерений или обязательств по обновлению этих прогнозных заявлений, за исключением случаев, когда это требуется по закону.
Дополнительную информацию о факторах риска, в том числе упомянутых выше, можно найти в пресс-релизах, выпущенных Endo, а также в публичных периодических заявках Endo в Комиссию по ценным бумагам и биржам США и в регулирующие органы по ценным бумагам Канады, включая обсуждение под заголовком "Факторы риска" в последнем годовом отчете Endo. по форме 10-K и любым последующим ежеквартальным отчетам по Форме 10-Q или другим заявкам в Комиссию по ценным бумагам и биржам США. Копии пресс-релизов Endo и дополнительная информация об Endo доступны по адресу www.endo.com или вы можете связаться с Отделом по связям с инвесторами Endo по адресу [email protected].
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