Amphastar Pharmaceuticals, Inc. (NASDAQ: AMPH) (“Amphastar” or the
“Company”) today reported results for the three months ended June
30, 2019.
Second Quarter Highlights
- Net revenues of $79.0 million for the second quarter
- GAAP net income of $47.8 million, or $0.96 per share, for the
second quarter
- Adjusted non-GAAP net income of $4.1 million, or $0.08 per
share, for the second quarter
Dr. Jack Zhang, Amphastar’s Chief Executive Officer, commented:
“We are pleased that we have settled our long-running patent
dispute with Momenta and Sandoz, and have received $59.9 million
from them. Putting this case behind us will allow us to focus on
research and development of our pipeline, which will be the primary
use of the money that we received. We will also use some of the
funds to increase our capacity for sterile injectable and
inhalation products to meet the needs of production capacity when
more of our pipeline products are approved. We will have the
additional benefit of lower legal expenses going forward.”
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
June 30, |
|
June 30, |
|
|
|
2019 |
|
2018 |
|
|
2019 |
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands, except per share data) |
|
Net revenues |
|
$ |
79,047 |
|
$ |
71,040 |
|
|
$ |
158,837 |
|
$ |
129,433 |
|
|
GAAP net income (loss)
attributable to Amphastar |
|
$ |
47,787 |
|
$ |
(2,853 |
) |
|
$ |
48,655 |
|
$ |
(9,994 |
) |
|
Adjusted non-GAAP net income
(loss) attributable to Amphastar* |
|
$ |
4,117 |
|
$ |
1,157 |
|
|
$ |
9,002 |
|
$ |
(1,356 |
) |
|
GAAP diluted EPS attributable
to Amphastar shareholders |
|
$ |
0.96 |
|
$ |
(0.06 |
) |
|
$ |
0.97 |
|
$ |
(0.21 |
) |
|
Adjusted non-GAAP diluted EPS
attributable to Amphastar shareholders* |
|
$ |
0.08 |
|
$ |
0.02 |
|
|
$ |
0.18 |
|
$ |
(0.03 |
) |
|
____________________________* Adjusted non-GAAP net income
attributable to Amphastar and Adjusted non-GAAP diluted EPS
attributable to Amphastar shareholders are non-GAAP financial
measures. Please see the discussion in the section entitled
“Non-GAAP Financial Measures” and the reconciliation of GAAP to
non-GAAP financial measures in Table III of this press release.
Second Quarter Results
|
|
Three Months Ended |
|
|
|
|
|
|
|
June 30, |
|
Change |
|
|
2019 |
|
2018 |
|
Dollars |
|
% |
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
|
Net
revenues: |
|
|
|
|
|
|
|
|
|
|
|
Phytonadione |
|
$ |
12,441 |
|
$ |
10,806 |
|
$ |
1,635 |
|
|
15 |
% |
Lidocaine |
|
|
10,082 |
|
|
10,010 |
|
|
72 |
|
|
1 |
% |
Enoxaparin |
|
|
9,838 |
|
|
8,715 |
|
|
1,123 |
|
|
13 |
% |
Naloxone |
|
|
7,833 |
|
|
11,133 |
|
|
(3,300 |
) |
|
(30 |
)% |
Medroxyprogesterone |
|
|
6,696 |
|
|
6,365 |
|
|
331 |
|
|
5 |
% |
Epinephrine |
|
|
3,139 |
|
|
3,687 |
|
|
(548 |
) |
|
(15 |
)% |
Primatene® Mist |
|
|
2,512 |
|
|
— |
|
|
2,512 |
|
|
N/A |
|
Other finished pharmaceutical products |
|
|
21,194 |
|
|
12,525 |
|
|
8,669 |
|
|
69 |
% |
Total finished pharmaceutical products net revenues |
|
$ |
73,735 |
|
$ |
63,241 |
|
$ |
10,494 |
|
|
17 |
% |
API |
|
|
5,312 |
|
|
7,799 |
|
|
(2,487 |
) |
|
(32 |
)% |
Total net revenues |
|
$ |
79,047 |
|
$ |
71,040 |
|
$ |
8,007 |
|
|
11 |
% |
|
Changes in net revenues were primarily driven by:
- Enoxaparin increases due to higher average selling prices
- Phytonadione increases due to a higher average selling
price
- Sales of Primatene® Mist, launched in December 2018
- Increase in sales of other finished pharmaceutical products,
such as Cortrosyn®, atropine, sodium bicarbonate, and dextrose
which were in high demand due to market shortages, as well as sales
of Isoproterenol which we launched in the third quarter of
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
|
|
|
June 30, |
|
Change |
|
|
|
2019 |
|
|
2018 |
|
|
Dollars |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
|
|
Net revenues |
|
$ |
79,047 |
|
|
$ |
71,040 |
|
|
$ |
8,007 |
|
11 |
% |
Cost of revenues |
|
|
46,660 |
|
|
|
44,976 |
|
|
|
1,684 |
|
4 |
% |
Gross profit |
|
$ |
32,387 |
|
|
$ |
26,064 |
|
|
$ |
6,323 |
|
24 |
% |
as % of net revenues |
|
|
41 |
% |
|
|
37 |
% |
|
|
|
|
|
|
Changes in cost of revenues and the resulting increase to gross
margin were primarily driven by:
- Sales of Primatene® Mist, which has higher margins
- Higher average selling prices for enoxaparin
- Increased sales of Cortrosyn® and medroxyprogesterone, which
have high margins
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
|
|
|
June 30, |
|
Change |
|
|
|
2019 |
|
2018 |
|
Dollars |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
|
|
Selling, distribution and marketing |
|
$ |
2,992 |
|
$ |
1,876 |
|
$ |
1,116 |
|
59 |
% |
General and
administrative |
|
|
12,426 |
|
|
11,669 |
|
|
757 |
|
6 |
% |
Research and development |
|
|
15,996 |
|
|
15,460 |
|
|
536 |
|
3 |
% |
- Selling, distribution and marketing expenses increased
primarily due to increased marketing expenses related to Primatene®
Mist
- General and administrative expenses increased primarily due to
higher legal fees
- Research and development expenses increased primarily due to
personnel-related expenses, as well as depreciation expense at
Amphastar Nanjing Pharmaceuticals, or ANP, due to the expansion of
the research and development efforts at that facility, and
increased clinical trial expenses for our generic product
pipeline
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
|
|
|
June 30, |
|
Change |
|
|
|
2019 |
|
2018 |
|
|
Dollars |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
|
|
Non-operating income (expense), net |
|
$ |
60,120 |
|
$ |
(1,259 |
) |
|
$ |
61,379 |
|
NM |
|
- In June 2019, we recognized a gain of $59.9 million relating to
the settlement of our enoxaparin litigation with Momenta
Pharmaceuticals, Inc. and Sandoz Inc.
Cash flow provided by operating activities for the six months
ended June 30, 2019, was $48.1 million.
Certain GAAP and non-GAAP measures for comparative periods in
2018 were revised for immaterial errors identified in a previous
quarter.
Pipeline Information
The Company currently has four abbreviated new drug
applications, or ANDAs, filed with the FDA targeting products with
a market size of approximately $800 million, three biosimilar
products in development targeting products with a market size of
approximately $14 billion, and 11 generic products in development
targeting products with a market size of approximately $14 billion.
This market information is based on IQVIA data for the 12 months
ended June 30, 2019. The Company’s proprietary pipeline includes a
new drug application for intranasal naloxone. The Company is
currently developing three other proprietary products, which
include injectable and intranasal dosage forms.
Amphastar’s Chinese subsidiary, ANP, currently has 12 Drug
Master Files, or DMFs, on file with the FDA and is
developing six additional DMFs.
Company Information
Amphastar is a specialty pharmaceutical company that focuses
primarily on developing, manufacturing, marketing, and selling
technically-challenging generic and proprietary injectable,
inhalation, and intranasal products. Additionally, the Company
sells insulin API products. Most of the Company’s finished
products are used in hospital or urgent care clinical settings and
are primarily contracted and distributed through group purchasing
organizations and drug wholesalers. More information and
resources are available at www.amphastar.com.
Amphastar’s logo and other trademarks or service marks of
Amphastar, including, but not limited to Primatene®, Amphadase® and
Cortrosyn®, are the property of Amphastar.
Non-GAAP Financial Measures
To supplement its consolidated financial statements, which are
prepared and presented in accordance with U.S. generally accepted
accounting principles (“GAAP”), the Company is disclosing non-GAAP
financial measures when providing financial results. The Company
believes that an evaluation of its ongoing operations (and
comparisons of its current operations with historical and future
operations) would be difficult if the disclosure of its financial
results were limited to financial measures prepared only in
accordance with GAAP. As a result, the Company is disclosing
certain non-GAAP results, including (i) Adjusted non-GAAP net
income (loss) attributed to Amphastar and (ii) Adjusted non-GAAP
diluted EPS attributed to Amphastar’s shareholders, which exclude
amortization expense, share-based compensation, impairment charges,
and legal settlements, in order to supplement investors’ and other
readers’ understanding and assessment of the Company’s financial
performance because the Company’s management uses these measures
internally for forecasting, budgeting, and measuring its operating
performance. Whenever the Company uses such non-GAAP measures, it
will provide a reconciliation of non-GAAP financial measures to
their most directly comparable GAAP financial measures. Investors
and other readers are encouraged to review the related GAAP
financial measures and the reconciliation of non-GAAP measures to
their most directly comparable GAAP measures set forth below and
should consider non-GAAP measures only as a supplement to, not as a
substitute for or as a superior measure to, measures of financial
performance prepared in accordance with GAAP.
Conference Call Information
The Company will hold a conference call to discuss its financial
results today, August 7, 2019, at 2:00 p.m. Pacific Time.
To access the conference call, dial toll-free (877)
881-2595 or (315) 625-3083 for international callers, five minutes
before the conference. The passcode for the conference call is
7375585.
The call can also be accessed on the Investors page
on the Company’s website at www.amphastar.com.
Forward Looking Statements
All statements in this press release and in the conference call
referenced above that are not historical are forward-looking
statements, including, among other things, statements relating to
the Company’s expectations regarding future financial performance,
backlog, sales and marketing of its products, market size and
growth, the timing of FDA filings or approvals, including the DMFs
of ANP, the timing of product launches, acquisitions and other
matters related to its pipeline of product candidates, its share
buyback program and other future events. These statements are not
historical facts but rather are based on Amphastar’s historical
performance and its current expectations, estimates, and
projections regarding Amphastar’s business, operations and other
similar or related factors. Words such as “may,” “might,” “will,”
“could,” “would,” “should,” “anticipate,” “predict,” “potential,”
“continue,” “expect,” “intend,” “plan,” “project,” “believe,”
“estimate,” and other similar or related expressions are used to
identify these forward-looking statements, although not all
forward-looking statements contain these words. You should not
place undue reliance on forward-looking statements because they
involve known and unknown risks, uncertainties, and assumptions
that are difficult or impossible to predict and, in some cases,
beyond Amphastar’s control. Actual results may differ
materially from those in the forward-looking statements as a result
of a number of factors, including those described in Amphastar’s
filings with the Securities and Exchange Commission. You can locate
these reports through the Company’s website at
http://ir.amphastar.com and on the SEC’s website at
www.sec.gov. Amphastar undertakes no obligation to revise or
update information in this press release or the conference call
referenced above to reflect events or circumstances in the future,
even if new information becomes available or if subsequent events
cause Amphastar’s expectations to change.
Contact Information:
Amphastar Pharmaceuticals, Inc.Bill PetersChief Financial
Officer(909) 980-9484
Table IAmphastar
Pharmaceuticals, Inc.Condensed Consolidated
Statement of Operations(Unaudited; in thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
June 30, |
|
June 30, |
|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues |
|
$ |
79,047 |
|
|
$ |
71,040 |
|
|
$ |
158,837 |
|
|
$ |
129,433 |
|
|
Cost of revenues |
|
|
46,660 |
|
|
|
44,976 |
|
|
|
95,547 |
|
|
|
86,397 |
|
|
Gross profit |
|
|
32,387 |
|
|
|
26,064 |
|
|
|
63,290 |
|
|
|
43,036 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, distribution, and marketing |
|
|
2,992 |
|
|
|
1,876 |
|
|
|
6,133 |
|
|
|
3,597 |
|
|
General and administrative |
|
|
12,426 |
|
|
|
11,669 |
|
|
|
28,753 |
|
|
|
22,667 |
|
|
Research and development |
|
|
15,996 |
|
|
|
15,460 |
|
|
|
30,603 |
|
|
|
29,490 |
|
|
Total operating expenses |
|
|
31,414 |
|
|
|
29,005 |
|
|
|
65,489 |
|
|
|
55,754 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
operations |
|
|
973 |
|
|
|
(2,941 |
) |
|
|
(2,199 |
) |
|
|
(12,718 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating income
(expense), net |
|
|
60,120 |
|
|
|
(1,259 |
) |
|
|
59,659 |
|
|
|
(371 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income
taxes |
|
|
61,093 |
|
|
|
(4,200 |
) |
|
|
57,460 |
|
|
|
(13,089 |
) |
|
Income tax provision
(benefit) |
|
|
14,173 |
|
|
|
(1,347 |
) |
|
|
12,694 |
|
|
|
(3,095 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
46,920 |
|
|
$ |
(2,853 |
) |
|
$ |
44,766 |
|
|
$ |
(9,994 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to
non-controlling interests |
|
$ |
(867 |
) |
|
$ |
— |
|
|
$ |
(3,889 |
) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable
to Amphastar |
|
$ |
47,787 |
|
|
$ |
(2,853 |
) |
|
$ |
48,655 |
|
|
$ |
(9,994 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share
attributable to Amphastar shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.01 |
|
|
$ |
(0.06 |
) |
|
$ |
1.04 |
|
|
$ |
(0.21 |
) |
|
Diluted |
|
$ |
0.96 |
|
|
$ |
(0.06 |
) |
|
$ |
0.97 |
|
|
$ |
(0.21 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares used to compute net income (loss) per share
attributable to Amphastar shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
47,107 |
|
|
|
46,557 |
|
|
|
46,925 |
|
|
|
46,535 |
|
|
Diluted |
|
|
49,894 |
|
|
|
46,557 |
|
|
|
50,155 |
|
|
|
46,535 |
|
|
The comparative period in 2018 was revised for immaterial
errors.
Table IIAmphastar
Pharmaceuticals, Inc.Condensed Consolidated
Balance Sheet(Unaudited; in thousands, except
share data)
|
|
|
|
|
|
|
|
|
June 30, |
|
December 31, |
|
|
2019 |
|
|
2018 |
|
ASSETS |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
120,373 |
|
|
$ |
86,337 |
|
Restricted cash |
|
|
1,865 |
|
|
|
1,865 |
|
Short-term investments |
|
|
2,836 |
|
|
|
2,831 |
|
Restricted short-term investments |
|
|
2,290 |
|
|
|
2,290 |
|
Accounts receivable, net |
|
|
48,823 |
|
|
|
52,163 |
|
Inventories |
|
|
99,232 |
|
|
|
69,322 |
|
Income tax refunds and deposits |
|
|
226 |
|
|
|
49 |
|
Prepaid expenses and other assets |
|
|
8,489 |
|
|
|
5,485 |
|
Total current assets |
|
|
284,134 |
|
|
|
220,342 |
|
|
|
|
|
|
|
|
Property, plant, and
equipment, net |
|
|
220,060 |
|
|
|
210,418 |
|
Finance lease right-of-use
assets |
|
|
985 |
|
|
|
— |
|
Operating lease right-of-use
assets |
|
|
20,143 |
|
|
|
— |
|
Goodwill and intangible
assets, net |
|
|
41,718 |
|
|
|
42,267 |
|
Other assets |
|
|
13,515 |
|
|
|
9,918 |
|
Deferred tax assets |
|
|
20,746 |
|
|
|
30,618 |
|
Total assets |
|
$ |
601,301 |
|
|
$ |
513,563 |
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
88,171 |
|
|
$ |
87,418 |
|
Income taxes payable |
|
|
3,150 |
|
|
|
1,187 |
|
Current portion of long-term debt |
|
|
6,941 |
|
|
|
18,229 |
|
Current portion of operating lease liabilities |
|
|
2,737 |
|
|
|
— |
|
Total current liabilities |
|
|
100,999 |
|
|
|
106,834 |
|
|
|
|
|
|
|
|
Long-term reserve for income
tax liabilities |
|
|
415 |
|
|
|
415 |
|
Long-term debt, net of current
portion |
|
|
39,793 |
|
|
|
31,984 |
|
Long-term operating lease
liabilities, net of current portion |
|
|
17,754 |
|
|
|
— |
|
Deferred tax liabilities |
|
|
1,025 |
|
|
|
1,031 |
|
Other long-term
liabilities |
|
|
9,027 |
|
|
|
8,940 |
|
Total liabilities |
|
|
169,013 |
|
|
|
149,204 |
|
Commitments and
contingencies: |
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
Preferred stock: par value $0.0001; 20,000,000 shares authorized;
no shares issued and outstanding |
|
|
— |
|
|
|
— |
|
Common stock: par value $0.0001; 300,000,000 shares authorized;
52,212,760 and 47,217,675 shares issued and outstanding as of June
30, 2019 and 51,438,675 and 46,631,118 shares issued and
outstanding as of December 31, 2018, respectively |
|
|
5 |
|
|
|
5 |
|
Additional paid-in capital |
|
|
355,436 |
|
|
|
344,434 |
|
Retained earnings |
|
|
116,086 |
|
|
|
67,485 |
|
Accumulated other comprehensive loss |
|
|
(4,223 |
) |
|
|
(4,013 |
) |
Treasury stock |
|
|
(79,459 |
) |
|
|
(75,476 |
) |
Total Amphastar Pharmaceuticals, Inc. stockholders’ equity |
|
|
387,845 |
|
|
|
332,435 |
|
Non-controlling interests |
|
|
44,443 |
|
|
|
31,924 |
|
Total equity |
|
|
432,288 |
|
|
|
364,359 |
|
Total liabilities and stockholders’ equity |
|
$ |
601,301 |
|
|
$ |
513,563 |
|
|
Table IIIAmphastar
Pharmaceuticals, Inc.Reconciliation of Non-GAAP
Measures(Unaudited; in thousands, except per share
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, |
|
June 30, |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income (loss) |
|
$ |
46,920 |
|
|
$ |
(2,853 |
) |
|
$ |
44,766 |
|
|
$ |
(9,994 |
) |
Adjusted for: |
|
|
|
|
|
|
|
|
|
|
|
|
Intangible amortization |
|
|
256 |
|
|
|
722 |
|
|
|
526 |
|
|
|
1,451 |
|
Share-based compensation |
|
|
4,032 |
|
|
|
4,196 |
|
|
|
8,706 |
|
|
|
8,862 |
|
Impairment of long-lived assets |
|
|
46 |
|
|
|
145 |
|
|
|
183 |
|
|
|
521 |
|
Gain on litigation settlement |
|
|
(59,900 |
) |
|
|
— |
|
|
|
(59,900 |
) |
|
|
— |
|
Income tax provision (benefit) on pre-tax adjustments |
|
|
11,955 |
|
|
|
(1,053 |
) |
|
|
11,020 |
|
|
|
(2,196 |
) |
Non-GAAP net income
(loss) |
|
$ |
3,309 |
|
|
$ |
1,157 |
|
|
$ |
5,301 |
|
|
$ |
(1,356 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net loss attributable
to non-controlling interests |
|
$ |
(808 |
) |
|
$ |
— |
|
|
$ |
(3,701 |
) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income (loss)
attributable to Amphastar |
|
$ |
4,117 |
|
|
$ |
1,157 |
|
|
$ |
9,002 |
|
|
$ |
(1,356 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income (loss) per
share attributable to Amphastar shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.09 |
|
|
$ |
0.02 |
|
|
$ |
0.19 |
|
|
$ |
(0.03 |
) |
Diluted |
|
$ |
0.08 |
|
|
$ |
0.02 |
|
|
$ |
0.18 |
|
|
$ |
(0.03 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares used to compute non-GAAP net income (loss)
per share attributable to Amphastar shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
47,107 |
|
|
|
46,557 |
|
|
|
46,925 |
|
|
|
46,535 |
|
Diluted |
|
|
49,894 |
|
|
|
48,495 |
|
|
|
50,155 |
|
|
|
46,535 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling,distributionand
marketing |
|
General
andadministrative |
|
Researchanddevelopment |
|
Non-operatingincome
(expense), net |
|
Incometax
provision(benefit) |
|
Non-controlling interest
adjustment |
|
|
Cost of revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
$ |
46,660 |
|
|
$ |
2,992 |
|
|
$ |
12,426 |
|
|
$ |
15,996 |
|
|
$ |
60,120 |
|
|
$ |
14,173 |
|
|
$ |
(867 |
) |
Intangible amortization |
|
|
(223 |
) |
|
|
— |
|
|
|
(33 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
11 |
|
Share-based compensation |
|
|
(959 |
) |
|
|
(95 |
) |
|
|
(2,648 |
) |
|
|
(330 |
) |
|
|
— |
|
|
|
— |
|
|
|
56 |
|
Impairment of long-lived assets |
|
|
(43 |
) |
|
|
— |
|
|
|
(3 |
) |
|
|
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
Gain on litigation settlement |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(59,900 |
) |
|
|
— |
|
|
|
— |
|
Income tax provision (benefit) on pre-tax adjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(11,955 |
) |
|
|
(9 |
) |
Non-GAAP |
|
$ |
45,435 |
|
|
$ |
2,897 |
|
|
$ |
9,742 |
|
|
$ |
15,666 |
|
|
$ |
220 |
|
|
$ |
2,218 |
|
|
$ |
(808 |
) |
Reconciliation of Non-GAAP Measures
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling,distributionand
marketing |
|
General
andadministrative |
|
Researchanddevelopment |
|
Non-operatingincome
(expense), net |
|
Incometax
provision(benefit) |
|
Non-controlling interest
adjustment |
|
|
Cost of revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
$ |
44,976 |
|
|
$ |
1,876 |
|
|
$ |
11,669 |
|
|
$ |
15,460 |
|
|
$ |
(1,259 |
) |
|
$ |
(1,347 |
) |
|
$ |
— |
Intangible amortization |
|
|
(683 |
) |
|
|
— |
|
|
|
(39 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
Share-based compensation |
|
|
(981 |
) |
|
|
(104 |
) |
|
|
(2,743 |
) |
|
|
(368 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
Impairment of long-lived
assets |
|
|
(3 |
) |
|
|
— |
|
|
|
(1 |
) |
|
|
(141 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
Income tax provision (benefit)
on pre-tax adjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,053 |
|
|
|
— |
Non-GAAP |
|
$ |
43,309 |
|
|
$ |
1,772 |
|
|
$ |
8,886 |
|
|
$ |
14,951 |
|
|
$ |
(1,259 |
) |
|
$ |
(294 |
) |
|
$ |
— |
The comparative period in 2018 was revised for immaterial
errors.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling,distributionand
marketing |
|
General
andadministrative |
|
Researchanddevelopment |
|
Non-operatingincome
(expense), net |
|
Incometax
provision(benefit) |
|
Non-controlling interest
adjustment |
|
|
Cost of revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
$ |
95,547 |
|
|
$ |
6,133 |
|
|
$ |
28,753 |
|
|
$ |
30,603 |
|
|
$ |
59,659 |
|
|
$ |
12,694 |
|
|
$ |
(3,889 |
) |
Intangible amortization |
|
|
(453 |
) |
|
|
— |
|
|
|
(73 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
22 |
|
Share-based compensation |
|
|
(2,238 |
) |
|
|
(189 |
) |
|
|
(5,439 |
) |
|
|
(840 |
) |
|
|
— |
|
|
|
— |
|
|
|
150 |
|
Impairment of long-lived
assets |
|
|
(65 |
) |
|
|
— |
|
|
|
(12 |
) |
|
|
(106 |
) |
|
|
— |
|
|
|
— |
|
|
|
49 |
|
Gain on litigation
settlement |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(59,900 |
) |
|
|
— |
|
|
|
— |
|
Income tax provision (benefit)
on pre-tax adjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(11,020 |
) |
|
|
(33 |
) |
Non-GAAP |
|
$ |
92,791 |
|
|
$ |
5,944 |
|
|
$ |
23,229 |
|
|
$ |
29,657 |
|
|
$ |
(241 |
) |
|
$ |
1,674 |
|
|
$ |
(3,701 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling,distributionand
marketing |
|
General
andadministrative |
|
Researchanddevelopment |
|
Non-operatingincome
(expense), net |
|
Incometax
provision(benefit) |
|
Non-controlling interest
adjustment |
|
|
Cost of revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
$ |
86,397 |
|
|
$ |
3,597 |
|
|
$ |
22,667 |
|
|
$ |
29,490 |
|
|
$ |
(371 |
) |
|
$ |
(3,095 |
) |
|
$ |
— |
Intangible amortization |
|
|
(1,372 |
) |
|
|
— |
|
|
|
(79 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
Share-based compensation |
|
|
(2,141 |
) |
|
|
(211 |
) |
|
|
(5,636 |
) |
|
|
(874 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
Impairment of long-lived
assets |
|
|
(77 |
) |
|
|
— |
|
|
|
(4 |
) |
|
|
(440 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
Income tax provision (benefit)
on pre-tax adjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,196 |
|
|
|
— |
Non-GAAP |
|
$ |
82,807 |
|
|
$ |
3,386 |
|
|
$ |
16,948 |
|
|
$ |
28,176 |
|
|
$ |
(371 |
) |
|
$ |
(899 |
) |
|
$ |
— |
The comparative period in 2018 was revised for immaterial
errors.
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