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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 June 30, 2021

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 July 29, 2021: 225,893,375

 

 

 


 

 

                                                                        HORIZON THERAPEUTICS PLC

INDEX

 

 

 

 

 

Page

 

 

 

No.

PART I. FINANCIAL INFORMATION

 

 

Item 1.

Financial Statements

 

1

 

Condensed Consolidated Balance Sheets as of June 30, 2021 and as of December 31, 2020 (Unaudited)

 

1

 

Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2021 and 2020 (Unaudited)

 

2

 

Condensed Consolidated Statements of Shareholders’ Equity for the Three and Six Months Ended June 30, 2021 and 2020 (Unaudited)

 

3

 

Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2021 and 2020 (Unaudited)

 

4

 

Notes to Unaudited Condensed Consolidated Financial Statements

 

5

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

33

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

55

Item 4.

Controls and Procedures

 

57

PART II. OTHER INFORMATION

 

 

Item 1.

Legal Proceedings

 

58

Item 1A.

Risk Factors

 

58

Item 6.

Exhibits

 

114

 

Signatures

 

116

 

 

 

 


 

 

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

HORIZON THERAPEUTICS PLC

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(In thousands, except nominal value and share data)

 

 

As of

 

As of

 

 

June 30,

 

December 31,

 

 

2021

 

2020

 

ASSETS

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

 

Cash and cash equivalents

$

812,319

 

$

2,079,906

 

Restricted cash

 

3,839

 

 

3,573

 

Accounts receivable, net

 

735,433

 

 

659,701

 

Inventories, net

 

258,676

 

 

75,283

 

Prepaid expenses and other current assets

 

365,113

 

 

251,945

 

Total current assets

 

2,175,380

 

 

3,070,408

 

Property and equipment, net

 

220,142

 

 

189,037

 

Developed technology and other intangible assets, net

 

3,119,709

 

 

1,782,962

 

In-process research and development

 

880,000

 

 

 

Goodwill

 

1,069,031

 

 

413,669

 

Deferred tax assets, net

 

610,559

 

 

560,841

 

Other assets

 

132,595

 

 

55,699

 

Total assets

$

8,207,416

 

$

6,072,616

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

 

Accounts payable

$

51,947

 

$

37,710

 

Accrued expenses and other current liabilities

 

478,499

 

 

485,567

 

Accrued trade discounts and rebates

 

306,364

 

 

352,463

 

Long-term debt—current portion

 

16,000

 

 

 

Total current liabilities

 

852,810

 

 

875,740

 

LONG-TERM LIABILITIES:

 

 

 

 

 

 

Long-term debt, net

 

2,560,444

 

 

1,003,379

 

Deferred tax liabilities, net

 

549,078

 

 

66,474

 

Other long-term liabilities

 

171,448

 

 

101,672

 

Total long-term liabilities

 

3,280,970

 

 

1,171,525

 

COMMITMENTS AND CONTINGENCIES

 

 

 

 

 

 

SHAREHOLDERS’ EQUITY:

 

 

 

 

 

 

Ordinary shares, $0.0001 nominal value; 600,000,000 shares authorized at June 30, 2021 and December 31, 2020; 226,099,787 and 221,721,674 shares issued at June 30, 2021 and December 31, 2020, respectively, and 225,715,421 and 221,337,308 shares outstanding at June 30, 2021 and December 31, 2020, respectively

 

22

 

 

22

 

Treasury stock, 384,366 ordinary shares at June 30, 2021 and December 31, 2020

 

(4,585

)

 

(4,585

)

Additional paid-in capital

 

4,260,337

 

 

4,245,945

 

Accumulated other comprehensive loss

 

(1,018

)

 

(145

)

Accumulated deficit

 

(181,120

)

 

(215,886

)

Total shareholders’ equity

 

4,073,636

 

 

4,025,351

 

Total liabilities and shareholders' equity

$

8,207,416

 

$

6,072,616

 

 

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 June 30,

 

 

For the Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

Net sales

$

832,548

 

 

$

462,779

 

 

$

1,174,954

 

 

$

818,688

 

 

Cost of goods sold

 

200,995

 

 

 

121,515

 

 

 

301,363

 

 

 

218,931

 

 

Gross profit

 

631,553

 

 

 

341,264

 

 

 

873,591

 

 

 

599,757

 

 

OPERATING EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

139,834

 

 

 

81,068

 

 

 

197,527

 

 

 

108,277

 

 

Selling, general and administrative

 

355,204

 

 

 

222,332

 

 

 

687,196

 

 

 

470,107

 

 

Impairment of long-lived asset

 

 

 

 

 

 

 

12,371

 

 

 

 

 

Gain on sale of asset

 

(2,000

)

 

 

 

 

 

(2,000

)

 

 

 

 

Total operating expenses

 

493,038

 

 

 

303,400

 

 

 

895,094

 

 

 

578,384

 

 

Operating income (loss)

 

138,515

 

 

 

37,864

 

 

 

(21,503

)

 

 

21,373

 

 

OTHER EXPENSE, NET:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

(22,581

)

 

 

(18,571

)

 

 

(36,041

)

 

 

(35,915

)

 

Loss on debt extinguishment

 

 

 

 

(17,254

)

 

 

 

 

 

(17,254

)

 

Foreign exchange (loss) gain

 

(39

)

 

 

283

 

 

 

(887

)

 

 

1,059

 

 

Other (expense) income, net

 

(262

)

 

 

632

 

 

 

2,962

 

 

 

1,074

 

 

Total other expense, net

 

(22,882

)

 

 

(34,910

)

 

 

(33,966

)

 

 

(51,036

)

 

Income (loss) before (benefit) expense for income taxes

 

115,633

 

 

 

2,954

 

 

 

(55,469

)

 

 

(29,663

)

 

(Benefit) expense for income taxes

 

(42,484

)

 

 

82,964

 

 

 

(90,235

)

 

 

63,938

 

 

Net income (loss)

$

158,117

 

 

$

(80,010

)

 

$

34,766

 

 

$

(93,601

)

 

Net income (loss) per ordinary share—basic

$

0.70

 

 

$

(0.42

)

 

$

0.15

 

 

$

(0.49

)

 

Weighted average ordinary shares outstanding—basic

 

225,119,684

 

 

 

192,705,535

 

 

 

224,523,538

 

 

 

191,426,864

 

 

Net income (loss) per ordinary share—diluted

$

0.67

 

 

$

(0.42

)

 

$

0.15

 

 

$

(0.49

)

 

Weighted average ordinary shares outstanding—diluted

 

235,191,860

 

 

 

192,705,535

 

 

 

234,719,830

 

 

 

191,426,864

 

 

OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

$

235

 

 

$

344

 

 

$

(586

)

 

$

19

 

 

Pension remeasurements

 

 

 

 

 

 

 

(287

)

 

 

 

 

Other comprehensive income (loss)

 

235

 

 

 

344

 

 

 

(873

)

 

 

19

 

 

Comprehensive income (loss)

$

158,352

 

 

$

(79,666

)

 

$

33,893

 

 

$

(93,582

)

 

 

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, 2020

 

 

221,721,674

 

 

$

22

 

 

 

384,366

 

 

$

(4,585

)

 

$

4,245,945

 

 

$

(145

)

 

$

(215,886

)

 

$

4,025,351

 

Issuance of ordinary shares in conjunction with the exercise of stock options

and the vesting of restricted stock and performance stock units

 

 

3,305,947

 

 

 

 

 

 

 

 

 

 

 

 

19,843

 

 

 

 

 

 

 

 

 

19,843

 

Ordinary shares withheld for payment of employees’ withholding tax liability

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(128,261

)

 

 

 

 

 

 

 

 

(128,261

)

Share-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

62,296

 

 

 

 

 

 

 

 

 

62,296

 

Currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(821

)

 

 

 

 

 

(821

)

Pension remeasurements

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(287

)

 

 

 

 

 

(287

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(123,351

)

 

 

(123,351

)

Balances at March 31, 2021

 

 

225,027,621

 

 

$

22

 

 

 

384,366

 

 

$

(4,585

)

 

$

4,199,823

 

 

$

(1,253

)

 

$

(339,237

)

 

$

3,854,770

 

Issuance of ordinary shares in conjunction with the exercise of stock options

and the vesting of restricted stock and performance stock units

 

 

597,169

 

 

 

 

 

 

 

 

 

 

 

 

7,996

 

 

 

 

 

 

 

 

 

7,996

 

Issuance of ordinary shares in conjunction with Employee Share Purchase Plan

 

 

474,997

 

 

 

 

 

 

 

 

 

 

 

 

11,482

 

 

 

 

 

 

 

 

 

11,482

 

Ordinary shares withheld for payment of employees’ withholding tax liability

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(13,388

)

 

 

 

 

 

 

 

 

(13,388

)

Share-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

54,424

 

 

 

 

 

 

 

 

 

54,424

 

Currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

235

 

 

 

 

 

 

235

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

158,117

 

 

 

158,117

 

Balances at June 30, 2021

 

 

226,099,787

 

 

$

22

 

 

 

384,366

 

 

$

(4,585

)

 

$

4,260,337

 

 

$

(1,018

)

 

$

(181,120

)

 

$

4,073,636

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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