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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, 2022

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

 

98-1195602

(State or other jurisdiction

of incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

70 St. Stephen’s Green

Dublin 2, D02 E2X4, 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 28, 2022: 230,384,373

 

 

 


 

HORIZON THERAPEUTICS PLC

INDEX

 

 

 

 

 

Page

 

 

 

No.

PART I. FINANCIAL INFORMATION

 

 

Item 1.

Financial Statements

 

1

 

Condensed Consolidated Balance Sheets as of June 30, 2022 and as of December 31, 2021 (Unaudited)

 

1

 

Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2022 and 2021 (Unaudited)

 

2

 

Condensed Consolidated Statements of Shareholders’ Equity for the Three and Six Months Ended June 30, 2022 and 2021 (Unaudited)

 

3

 

Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2022 and 2021 (Unaudited)

 

4

 

Notes to Unaudited Condensed Consolidated Financial Statements

 

5

Item 2.

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

 

31

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

50

Item 4.

Controls and Procedures

 

51

PART II. OTHER INFORMATION

 

 

Item 1.

Legal Proceedings

 

52

Item 1A.

Risk Factors

 

52

Item 6.

Exhibits

 

101

 

Signatures

 

103

 

 

 

 


 

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,

 

 

2022

 

2021

 

ASSETS

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

 

Cash and cash equivalents

$

1,892,563

 

$

1,580,317

 

Restricted cash

 

4,737

 

 

3,839

 

Accounts receivable, net

 

673,307

 

 

632,775

 

Inventories, net

 

203,680

 

 

225,730

 

Prepaid expenses and other current assets

 

428,807

 

 

357,106

 

Total current assets

 

3,203,094

 

 

2,799,767

 

Property, plant and equipment, net

 

302,260

 

 

292,298

 

Developed technology and other intangible assets, net

 

2,850,643

 

 

2,960,118

 

In-process research and development

 

810,000

 

 

880,000

 

Goodwill

 

1,010,538

 

 

1,066,709

 

Deferred tax assets, net

 

516,317

 

 

538,098

 

Other long-term assets

 

160,621

 

 

140,738

 

Total assets

$

8,853,473

 

$

8,677,728

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

 

Accounts payable

$

18,538

 

$

30,125

 

Accrued expenses and other current liabilities

 

419,036

 

 

523,015

 

Accrued trade discounts and rebates

 

337,487

 

 

317,431

 

Long-term debt—current portion

 

16,000

 

 

16,000

 

Total current liabilities

 

791,061

 

 

886,571

 

LONG-TERM LIABILITIES:

 

 

 

 

 

 

Long-term debt, net

 

2,550,989

 

 

2,555,233

 

Deferred tax liabilities, net

 

366,247

 

 

390,455

 

Other long-term liabilities

 

199,645

 

 

173,076

 

Total long-term liabilities

 

3,116,881

 

 

3,118,764

 

COMMITMENTS AND CONTINGENCIES

 

 

 

 

 

 

SHAREHOLDERS’ EQUITY:

 

 

 

 

 

 

Ordinary shares, $0.0001 nominal value; 600,000,000 shares authorized at June 30, 2022 and December 31, 2021; 230,716,793 and 227,760,936 shares issued at June 30, 2022 and December 31, 2021, respectively; and 230,332,427 and 227,376,570 shares outstanding at June 30, 2022 and December 31, 2021, respectively

 

23

 

 

23

 

Treasury stock, 384,366 ordinary shares at June 30, 2022 and December 31, 2021

 

(4,585

)

 

(4,585

)

Additional paid-in capital

 

4,381,344

 

 

4,373,337

 

Accumulated other comprehensive loss

 

(15,091

)

 

(14,987

)

Retained earnings

 

583,840

 

 

318,605

 

Total shareholders’ equity

 

4,945,531

 

 

4,672,393

 

Total liabilities and shareholders’ equity

$

8,853,473

 

$

8,677,728

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

1


 

HORIZON THERAPEUTICS PLC

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)

(In thousands, except share and per share data)

 

 

 

For the Three Months Ended June 30,

 

 

For the Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

Net sales

$

876,411

 

 

$

832,548

 

 

$

1,761,656

 

 

$

1,174,954

 

 

Cost of goods sold

 

230,216

 

 

 

200,995

 

 

 

445,278

 

 

 

301,363

 

 

Gross profit

 

646,195

 

 

 

631,553

 

 

 

1,316,378

 

 

 

873,591

 

 

OPERATING EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

103,246

 

 

 

139,834

 

 

 

206,378

 

 

 

197,527

 

 

Selling, general and administrative

 

398,221

 

 

 

355,204

 

 

 

770,955

 

 

 

687,196

 

 

Impairment of goodwill

 

56,171

 

 

 

 

 

 

56,171

 

 

 

 

 

Impairment of long-lived asset

 

 

 

 

 

 

 

 

 

 

12,371

 

 

Gain on sale of asset

 

 

 

 

(2,000

)

 

 

 

 

 

(2,000

)

 

Total operating expenses

 

557,638

 

 

 

493,038

 

 

 

1,033,504

 

 

 

895,094

 

 

Operating income (loss)

 

88,557

 

 

 

138,515

 

 

 

282,874

 

 

 

(21,503

)

 

OTHER EXPENSE, NET:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

(21,409

)

 

 

(22,581

)

 

 

(42,665

)

 

 

(36,041

)

 

Foreign exchange gain (loss)

 

28

 

 

 

(39

)

 

 

448

 

 

 

(887

)

 

Other (expense) income, net

 

(2,389

)

 

 

(262

)

 

 

(3,131

)

 

 

2,962

 

 

Total other expense, net

 

(23,770

)

 

 

(22,882

)

 

 

(45,348

)

 

 

(33,966

)

 

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

 

64,787

 

 

 

115,633

 

 

 

237,526

 

 

 

(55,469

)

 

Expense (benefit) for income taxes

 

3,813

 

 

 

(42,484

)

 

 

(27,709

)

 

 

(90,235

)

 

Net income

$

60,974

 

 

$

158,117

 

 

$

265,235

 

 

$

34,766

 

 

Net income per ordinary share—basic

$

0.27

 

 

$

0.70

 

 

$

1.16

 

 

$

0.15

 

 

Weighted average ordinary shares outstanding—basic

 

230,020,004

 

 

 

225,119,684

 

 

 

229,559,715

 

 

 

224,523,538

 

 

Net income per ordinary share—diluted

$

0.26

 

 

$

0.67

 

 

$

1.12

 

 

$

0.15

 

 

Weighted average ordinary shares outstanding—diluted

 

236,166,384

 

 

 

235,191,860

 

 

 

236,077,147

 

 

 

234,719,830

 

 

OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

$

(1,433

)

 

$

235

 

 

$

(1,893

)

 

$

(586

)

 

Pension and other post-employment benefit plan remeasurements

 

(547

)

 

 

 

 

 

(222

)

 

 

(287

)

 

Interest rate swap contracts designated as cash flow hedges

 

2,011

 

 

 

 

 

 

2,011

 

 

 

 

 

Other comprehensive income (loss)

 

31

 

 

 

235

 

 

 

(104

)

 

 

(873

)

 

Comprehensive income

$

61,005

 

 

$

158,352

 

 

$

265,131

 

 

$

33,893

 

 

 

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

 

 

Retained

 

 

Shareholders’

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Loss

 

 

Earnings

 

 

Equity

 

Balances at December 31, 2021

 

 

227,760,936

 

 

$

23

 

 

 

384,366

 

 

$

(4,585

)

 

$

4,373,337

 

 

$

(14,987

)

 

$

318,605

 

 

$

4,672,393

 

Issuance of ordinary shares in conjunction with the exercise of stock options and the vesting of restricted stock units and performance stock units

 

 

2,112,964

 

 

 

 

 

 

 

 

 

 

 

 

9,071

 

 

 

 

 

 

 

 

 

9,071

 

Ordinary shares withheld for payment of employees’ withholding tax liability

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(115,108

)

 

 

 

 

 

 

 

 

(115,108

)

Share-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

47,347

 

 

 

 

 

 

 

 

 

47,347

 

Pension and other post-employment benefit plan remeasurements

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

325

 

 

 

 

 

 

325

 

Foreign currency translation adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(460

)

 

 

 

 

 

(460

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

204,261

 

 

 

204,261

 

Balances at March 31, 2022

 

 

229,873,900

 

 

$

23

 

 

 

384,366

 

 

$

(4,585

)

 

$

4,314,647

 

 

$

(15,122

)

 

$

522,866

 

 

$

4,817,829

 

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

and the vesting of restricted stock units and performance stock units

 

 

660,784

 

 

 

 

 

 

 

 

 

 

 

 

12,951

 

 

 

 

 

 

 

 

 

12,951

 

Issuance of ordinary shares in conjunction with Employee Share Purchase Plan

 

 

182,109

 

 

 

 

 

 

 

 

 

 

 

 

13,884

 

 

 

 

 

 

 

 

 

13,884

 

Ordinary shares withheld for payment of employees’ withholding tax liability

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,419

)

 

 

 

 

 

 

 

 

(5,419

)

Share-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

45,281

 

 

 

 

 

 

 

 

 

45,281

 

Pension and other post-employment benefit plan remeasurements

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(547

)

 

 

 

 

 

(547

)

Foreign currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,433

)

 

 

 

 

 

(1,433

)

Interest rate swap contracts designated as cash flow hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,011

 

 

 

 

 

 

2,011

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

60,974

 

 

 

60,974

 

Balances at June 30, 2022

 

 

230,716,793

 

 

$

23

 

 

 

384,366

 

 

$

(4,585

)

 

$

4,381,344

 

 

$

(15,091

)

 

$

583,840

 

 

$

4,945,531

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 units and performance stock units

 

 

3,305,947

 

 

 

 

 

 

 

 

 

 

 

 

19,843