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nte
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(MARK ONE)
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2020
OR
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number 001-35238
HORIZON THERAPEUTICS PUBLIC LIMITED COMPANY
(Exact name of registrant as specified in its charter)
Ireland |
|
Not Applicable |
(State or other jurisdiction
of incorporation or organization) |
|
(I.R.S. Employer
Identification No.) |
|
|
|
Connaught House, 1st Floor
1 Burlington Road, Dublin 4, D04 C5Y6, Ireland |
|
Not Applicable |
(Address of principal executive offices) |
|
(Zip Code) |
011 353 1 772 2100
(Registrant’s telephone number, including area code)
Not applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
|
|
|
Title of each class |
Trading Symbol |
Name of each exchange on which registered |
Ordinary shares, nominal value $0.0001 per share |
HZNP |
The Nasdaq Global Select Market |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of ‘‘large accelerated filer,’’ ‘‘accelerated filer,’’ ‘‘smaller reporting company,’’ and ‘‘emerging growth company’’ in Rule 12b–2 of the Exchange Act.
Large accelerated filer |
☒ |
Accelerated filer |
☐ |
|
|
|
|
Non-accelerated filer |
☐ |
Smaller reporting company |
☐ |
|
|
|
|
Emerging growth company |
☐ |
|
|
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Number of registrant’s ordinary shares, nominal value $0.0001, outstanding as of October 28, 2020: 220,710,086.
HORIZON THERAPEUTICS PLC
INDEX
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
HORIZON THERAPEUTICS PLC
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(In thousands, except share data)
|
As of |
|
As of |
|
|
September 30, |
|
December 31, |
|
|
2020 |
|
2019 |
|
ASSETS |
|
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
|
|
Cash and cash equivalents |
$ |
1,725,403 |
|
$ |
1,076,287 |
|
Restricted cash |
|
3,573 |
|
|
3,752 |
|
Accounts receivable, net |
|
705,898 |
|
|
408,685 |
|
Inventories, net |
|
77,104 |
|
|
53,802 |
|
Prepaid expenses and other current assets |
|
220,341 |
|
|
143,577 |
|
Total current assets |
|
2,732,319 |
|
|
1,686,103 |
|
Property and equipment, net |
|
156,287 |
|
|
30,159 |
|
Developed technology and other intangible assets, net |
|
1,847,880 |
|
|
1,702,628 |
|
Goodwill |
|
413,669 |
|
|
413,669 |
|
Deferred tax assets, net |
|
566,605 |
|
|
555,165 |
|
Other assets |
|
50,115 |
|
|
48,310 |
|
Total assets |
$ |
5,766,875 |
|
$ |
4,436,034 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
|
|
Accounts payable |
$ |
38,978 |
|
$ |
21,514 |
|
Accrued expenses |
|
421,827 |
|
|
235,234 |
|
Accrued trade discounts and rebates |
|
322,798 |
|
|
466,421 |
|
Total current liabilities |
|
783,603 |
|
|
723,169 |
|
LONG-TERM LIABILITIES: |
|
|
|
|
|
|
Exchangeable Senior Notes, net |
|
— |
|
|
351,533 |
|
Long-term debt, net |
|
1,002,846 |
|
|
1,001,308 |
|
Deferred tax liabilities, net |
|
97,647 |
|
|
94,247 |
|
Other long-term liabilities |
|
85,968 |
|
|
80,328 |
|
Total long-term liabilities |
|
1,186,461 |
|
|
1,527,416 |
|
COMMITMENTS AND CONTINGENCIES |
|
|
|
|
|
|
SHAREHOLDERS’ EQUITY: |
|
|
|
|
|
|
Ordinary shares, $0.0001 nominal value; 600,000,000 shares authorized at September 30, 2020 and December 31, 2019; 220,995,108 and 188,402,040 shares issued at September 30, 2020 and December 31, 2019, respectively, and 220,610,742 and 188,017,674 shares outstanding at September 30, 2020 and December 31, 2019, respectively |
|
22 |
|
|
19 |
|
Treasury stock, 384,366 ordinary shares at September 30, 2020 and December 31, 2019 |
|
(4,585 |
) |
|
(4,585 |
) |
Additional paid-in capital |
|
4,208,845 |
|
|
2,797,602 |
|
Accumulated other comprehensive loss |
|
(1,028 |
) |
|
(1,905 |
) |
Accumulated deficit |
|
(406,443 |
) |
|
(605,682 |
) |
Total shareholders’ equity |
|
3,796,811 |
|
|
2,185,449 |
|
Total liabilities and shareholders' equity |
$ |
5,766,875 |
|
$ |
4,436,034 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
1
HORIZON THERAPEUTICS PLC
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
(In thousands, except share and per share data)
|
For the Three Months Ended September 30, |
|
|
For the Nine Months Ended September 30, |
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
|
Net sales |
$ |
636,427 |
|
|
$ |
335,466 |
|
|
$ |
1,455,115 |
|
|
$ |
936,484 |
|
|
Cost of goods sold |
|
151,475 |
|
|
|
89,949 |
|
|
|
370,406 |
|
|
|
267,254 |
|
|
Gross profit |
|
484,952 |
|
|
|
245,517 |
|
|
|
1,084,709 |
|
|
|
669,230 |
|
|
OPERATING EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
30,206 |
|
|
|
24,572 |
|
|
|
138,483 |
|
|
|
74,611 |
|
|
Selling, general and administrative |
|
226,164 |
|
|
|
172,326 |
|
|
|
696,271 |
|
|
|
511,720 |
|
|
Loss on sale of assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10,963 |
|
|
Total operating expenses |
|
256,370 |
|
|
|
196,898 |
|
|
|
834,754 |
|
|
|
597,294 |
|
|
Operating income |
|
228,582 |
|
|
|
48,619 |
|
|
|
249,955 |
|
|
|
71,936 |
|
|
OTHER EXPENSE, NET: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on debt extinguishment |
|
(14,602 |
) |
|
|
(41,371 |
) |
|
|
(31,856 |
) |
|
|
(58,835 |
) |
|
Interest expense, net |
|
(12,185 |
) |
|
|
(20,428 |
) |
|
|
(48,100 |
) |
|
|
(69,991 |
) |
|
Foreign exchange (loss) gain |
|
(753 |
) |
|
|
(40 |
) |
|
|
306 |
|
|
|
(25 |
) |
|
Other income (expense), net |
|
717 |
|
|
|
890 |
|
|
|
1,791 |
|
|
|
(193 |
) |
|
Total other expense, net |
|
(26,823 |
) |
|
|
(60,949 |
) |
|
|
(77,859 |
) |
|
|
(129,044 |
) |
|
Income (loss) before benefit for income taxes |
|
201,759 |
|
|
|
(12,330 |
) |
|
|
172,096 |
|
|
|
(57,108 |
) |
|
Benefit for income taxes |
|
(91,081 |
) |
|
|
(30,564 |
) |
|
|
(27,143 |
) |
|
|
(37,359 |
) |
|
Net income (loss) |
$ |
292,840 |
|
|
$ |
18,234 |
|
|
$ |
199,239 |
|
|
$ |
(19,749 |
) |
|
Net income (loss) per ordinary share—basic |
$ |
1.38 |
|
|
$ |
0.10 |
|
|
$ |
1.00 |
|
|
$ |
(0.11 |
) |
|
Weighted average ordinary shares outstanding—basic |
|
212,320,219 |
|
|
|
186,470,141 |
|
|
|
198,413,779 |
|
|
|
181,949,838 |
|
|
Net income (loss) per ordinary share—diluted |
$ |
1.31 |
|
|
$ |
0.09 |
|
|
$ |
0.95 |
|
|
$ |
(0.11 |
) |
|
Weighted average ordinary shares outstanding—diluted |
|
223,743,903 |
|
|
|
194,171,967 |
|
|
|
208,678,460 |
|
|
|
181,949,838 |
|
|
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments |
$ |
858 |
|
|
$ |
(809 |
) |
|
$ |
877 |
|
|
$ |
(952 |
) |
|
Other comprehensive income (loss) |
|
858 |
|
|
|
(809 |
) |
|
|
877 |
|
|
|
(952 |
) |
|
Comprehensive income (loss) |
$ |
293,698 |
|
|
$ |
17,425 |
|
|
$ |
200,116 |
|
|
$ |
(20,701 |
) |
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
2
HORIZON THERAPEUTICS PLC
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(UNAUDITED)
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional |
|
|
Accumulated Other |
|
|
|
|
|
|
Total |
|
|
|
Ordinary Shares |
|
|
Treasury Stock |
|
|
Paid-in |
|
|
Comprehensive |
|
|
Accumulated |
|
|
Shareholders’ |
|
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Loss |
|
|
Deficit |
|
|
Equity |
|
Balances at December 31, 2019 |
|
|
188,402,040 |
|
|
$ |
19 |
|
|
|
384,366 |
|
|
$ |
(4,585 |
) |
|
$ |
2,797,602 |
|
|
$ |
(1,905 |
) |
|
$ |
(605,682 |
) |
|
$ |
2,185,449 |
|
Issuance of ordinary shares in conjunction with the exercise of stock options
and the vesting of restricted stock and performance stock units |
|
|
2,560,573 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7,049 |
|
|
|
— |
|
|
|
— |
|
|
|
7,049 |
|
Ordinary shares withheld for payment of employees’ withholding tax liability |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(46,664 |
) |
|
|
— |
|
|
|
— |
|
|
|
(46,664 |
) |
Share-based compensation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
56,421 |
|
|
|
— |
|
|
|
— |
|
|
|
56,421 |
|
Currency translation adjustment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(325 |
) |
|
|
— |
|
|
|
(325 |
) |
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(13,591 |
) |
|
|
(13,591 |
) |
Balances at March 31, 2020 |
|
|
190,962,613 |
|
|
$ |
19 |
|
|
|
384,366 |
|
|
$ |
(4,585 |
) |
|
$ |
2,814,408 |
|
|
$ |
(2,230 |
) |
|
$ |
(619,273 |
) |
|
$ |
2,188,339 |
|
Issuance of ordinary shares in conjunction with the exercise of stock options
and the vesting of restricted stock and performance stock units |
|
|
1,427,108 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
18,838 |
|
|
|
— |
|
|
|
— |
|
|
|
18,838 |
|
Issuance of ordinary shares in conjunction with ESPP program |
|
|
376,718 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7,979 |
|
|
|
— |
|
|
|
— |
|
|
|
7,979 |
|
Issuance of ordinary shares in conjunction with Exchangeable Senior Notes |
|
|
7,225,368 |
|
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
205,649 |
|
|
|
— |
|
|
|
— |
|
|
|
205,650 |
|
Ordinary shares withheld for payment of employees’ withholding tax liability |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(6,345 |
) |
|
|
— |
|
|
|
— |
|
|
|
(6,345 |
) |
Share-based compensation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
27,057 |
|
|
|
— |
|
|
|
— |
|
|
|
27,057 |
|
Currency translation adjustment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
344 |
|
|
|
— |
|
|
|
344 |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(80,010 |
) |
|
|
(80,010 |
) |
Balances at June 30, 2020 |
|
|
199,991,807 |
|
|
$ |
20 |
|
|
|
384,366 |
|
|
$ |
(4,585 |
) |
|
$ |
3,067,586 |
|
|
$ |
(1,886 |
) |
|
$ |
(699,283 |
) |
|
$ |
2,361,852 |
|
Issuance of ordinary shares - public offering |
|
|
13,570,000 |
|
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
919,513 |
|
|
|
— |
|
|
|
— |
|
|
|
919,514 |
|
Issuance of ordinary shares in conjunction with the exercise of stock options
and the vesting of restricted stock and performance stock units |
|
|
760,255 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8,111 |
|
|
|
— |
|
|
|
— |
|
|
|
8,111 |
|
Issuance of ordinary shares in conjunction with Exchangeable Senior Notes |
|
|
6,673,046 |
|
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
190,022 |
|
|
|
— |
|
|
|
— |
|
|
|
190,023 |
|
Ordinary shares withheld for payment of employees’ withholding tax liability |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(6,743 |
) |
|
|
— |
|
|
|
— |
|
|
|
(6,743 |
) |
Share-based compensation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
30,356 |
|
|
|
— |
|
|
|
— |
|
|
|
30,356 |
|
Currency translation adjustment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
858 |
|
|
|
— |
|
|
|
858 |
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
|