Company Increases 2017 Financial Guidance
Based on Strong Performance Year to Date
Sucampo Pharmaceuticals, Inc. (Sucampo) (NASDAQ:SCMP), a global
biopharmaceutical company, today reported consolidated financial
results for the third quarter ended September 30, 2017. The
company also increased 2017 financial guidance.
Measure |
Updated 2017 Guidance |
Previous 2017 Guidance |
|
|
|
Total Revenue |
$250.0 million to $255.0 million |
$220.0
million to $230.0 million |
|
|
|
Adjusted Net
Income |
$63.0 million to $68.0 million |
$56.0
million to $66.0 million |
|
|
|
Adjusted EPS |
$1.10 to $1.15 |
$1.00 to
$1.10 |
|
|
|
Adjusted EBITDA |
$120.0 million to $125.0 million |
$109.0
million to $119.0 million |
|
|
|
Free Cash Flow |
$99.0 million to $104.0 million |
$86.0 million to $96.0 million |
“Our base business remains strong, driven by
increasing AMITIZA product sales in the United States and Japan.
Today we are increasing our 2017 guidance for all key financial
metrics based on stronger than expected sales of AMITIZA in these
two markets,” said Peter Greenleaf, Chairman and Chief Executive
Officer of Sucampo. “In addition, we continue to make noteworthy
progress with our two key pipeline products, VTS-270 and
CPP-1X/sulindac, with data published in the preeminent medical
journal The Lancet and FDA’s designation of fast-track status,
respectively. We will be hosting an R&D Day in New York on
November 16th to highlight the strong scientific rationale,
clinical data and commercial opportunity for both these important
programs.”
For the three months ended September 30, 2017,
Sucampo reported year-over-year total revenue growth of 6% to $61.3
million. Product sales revenue increased to $35.8 million,
representing year-over-year growth of 14%, and product royalty
revenue grew 11% year-over-year to $23.0 million.
Sucampo reported GAAP net income of $10.4
million, or $0.19 per diluted share, during the third quarter of
2017, compared to a GAAP net income of $8.1 million, or $0.19 per
diluted share, during the third quarter of 2016. Sucampo reported
adjusted net income (as defined below) of $15.8 million, or $0.27
per diluted share, during the third quarter of 2017, compared to
adjusted net income of $12.9 million, or $0.30 per diluted share,
during the third quarter of 2016. The decrease year-over-year in
diluted EPS is largely driven by the inclusion of the diluted
shares associated with the convertible note which was entered into
in December of 2016.
Year to date in 2017, Sucampo’s revenue grew 13%
to $177.4 million as compared to $157.0 million for the same period
of 2016. Adjusted net income grew 37% year to date for 2017
to $45.3 million as compared to $33.0 million for the same period
of 2016. Adjusted EBITDA grew 15% year to date for 2017 to
$86.2 million, as compared to $75.2 million for the same period of
2016.
Clinical Development
- Results from a Phase 1/2a study of intrathecal administration
of VTS-270, a 2-hydoxypropyl-β-cyclodextrin (HPβCD) under
investigation for treatment of Niemann-Pick Disease Type C1
(NPC-1), were published in the August 10, 2017 issue of The Lancet.
The study, with data from 14 patients, demonstrated clinically
meaningful reduction in signs and symptoms of disease progression
as measured by the NPC Neurological Severity Score (NNSS), which
looks at, among other domains, ambulation, fine motor ability,
cognition, speech, memory and swallowing, compared to a natural
history cohort. No serious adverse events were observed.
- CPP-1X/sulindac, currently in phase 3 development with Cancer
Prevention Pharmaceuticals (CPP), was granted “Fast-Track” status
by the U.S. Food and Drug Administration (FDA) for adults with
familial adenomatous polyposis (FAP). Fast Track designation makes
CPP’s drug eligible for Accelerated Approval and Priority Review if
relevant criteria are met. The FDA had previously also granted
CPP-1X/sulindac orphan drug status for treatment of FAP.
- FDA has accepted for filing the recently submitted supplemental
New Drug Application (sNDA) for AMITIZA (lubiprostone) in children
aged 6 to 17 years with pediatric functional constipation.
The filing has received Priority Review designation from the FDA.
The FDA has assigned a user fee goal date of January 28, 2018.
AMITIZA (lubiprostone)
United States
- AMITIZA total prescriptions in the third quarter of 2017 were
374,693 as reported by IMS, an increase of 1% compared to the third
quarter of 2016. Net sales of AMITIZA, reported by Takeda
Pharmaceuticals U.S.A., Inc. (Takeda) for royalty calculation
purposes, increased 6% to $115.2 million for the third quarter of
2017, compared to $108.8 million in the same period in 2016.
The increase was due to strong execution of AMITIZA marketing
and selling by our partner Takeda, as well as overall growth in the
branded chronic constipation market.
- Royalty revenue was $23.0 million in the third quarter of 2017
compared to $20.8 million in the same period in 2016, an increase
of 11%. The increase was due to higher Takeda reported AMITIZA net
sales which were driven by price and volume increases.
- On August 14, 2017, Sucampo received a Notice Letter regarding
an ANDA submitted to the FDA by Teva Pharmaceuticals USA, Inc.
(“Teva”) requesting approval to market, sell and use a generic
version of the 8 mcg and 24 mcg AMITIZA® (lubiprostone) soft
gelatin capsule products. On September 25, 2017, we, Takeda, and
certain affiliates of Takeda filed a patent infringement lawsuit in
the U.S. District Court for the District of New Jersey against Teva
and Teva Pharmaceutical Industries Ltd. related to the ANDA filed
by Teva. The lawsuit claims infringement of nine patents that are
listed in the FDA’s Approved Drug Products with Therapeutic
Equivalence Evaluations (the Orange Book), with the latest expiring
in 2027. Under the Drug Price Competition and Patent Term
Restoration Act of 1984, known as the Hatch-Waxman Act, as a result
of the patent infringement lawsuit, final FDA approval of Teva’s
ANDA will be stayed up to 30 months from the date of receipt of the
notice letter.
Global Markets
- In Japan, Sucampo’s revenue from sales of AMITIZA to Mylan was
$20.5 million for the third quarter of 2017, compared to $17.4
million in the same period in 2016, an increase of 18%. Unit
volume as reported by Mylan grew 35% for the third quarter of 2017
compared to the third quarter of 2016, to 43.2 million units versus
31.9 million units. AMITIZA’s growth in Japan continues to
reflect the strong unmet need in the market for effective branded
products that treat chronic constipation, and Mylan’s continued
strong market execution.
Corporate
- Announced the appointment of Alex Driggs to General Counsel and
Corporate Secretary. Mr. Driggs joined Sucampo in May 2015 as
Associate General Counsel, was appointed its Deputy General Counsel
in September 2015, and has most recently served as Acting General
Counsel and Corporate Secretary since June 2017.
Third Quarter 2017 Financial
Review
- Total revenues were $61.3 million for the third quarter of 2017
compared to $57.9 million in the same period in 2016, an increase
of $3.4 million or 6%. The increase was due to higher Takeda
reported AMITIZA net sales, which were primarily driven by price
and volume increases and a royalty rate increase, coupled with
higher AMITIZA sales in Japan.
- EBITDA (as defined below) was $27.4 million for the third
quarter of 2017 compared to EBITDA of $35.6 million for the same
period in 2016, a decrease of $8.2 million. Adjusted EBITDA
(as defined below) was $30.8 million for the third quarter of 2017
compared to $30.0 million in the same period in 2016, an increase
of 3%, which was driven largely by increased AMITIZA sales offset
by $6.7 million in VTS-270 related research, development and
commercialization expenses.
- On a GAAP basis, Sucampo reported net income of $10.4 million
and diluted EPS of $0.19 during the third quarter of 2017 compared
to net income of $8.1 million and diluted EPS of $0.19 in the same
period in 2016. Adjusted net income (as defined below) was $15.8
million, or $0.27 per diluted share, during the third quarter of
2017, compared to adjusted net income of $12.9 million, or $0.30
per diluted share, in the third quarter of 2016, an increase of 22%
and decrease of 10%, respectively. The decrease
year-over-year in diluted EPS is largely driven by the inclusion of
the diluted shares associated with the convertible note which was
entered into in December of 2016.
- Cost of goods sold was $17.4 million for the third quarter of
2017 compared to $15.6 million for the same period in 2016, an
increase of $1.8 million or 12%. Excluding intangible asset
amortization of $6.8 million in the third quarter of 2017 and
intangible asset amortization of $6.7 million in the third quarter
of 2016, cost of goods sold was $10.6 million in the third quarter
of 2017, compared to $8.9 million in the third quarter of 2016, an
increase of 19%. The increase was mainly due to volume increases
coupled with the impact of foreign currency
fluctuations.
- Gross margin, calculated as product sales revenue less cost of
goods sold as a percentage of product sales revenue, was 70% for
the third quarter of 2017 compared to 72% for the same period in
2016, a decrease of 3%. The decrease was primarily due to a
geographic shift in revenue with a higher proportion of sales
coming from Japan as well as foreign currency impact.
- Research and development, general and administrative, and
selling and marketing expenses were $22.6 million for the third
quarter of 2017 compared to $29.0 million for the same period in
2016. Excluding $7.3 million in R&D intangible impairment
expense in the third quarter of 2016, research and development,
general and administrative, and selling and marketing expenses were
$21.7 million in the third quarter of 2016. Excluding this
charge, 2017 represents an increase of $0.9 million or 4%.
The slight increase was primarily due to inclusion of Vtesse
results.
- The effective tax rate for the third quarter of 2017 was 41%,
compared to 48% in the same period in 2016. The fluctuation
year-over-year is due to the shift in profit split among the
Company’s geographical regions.
- At September 30, 2017, cash, cash equivalents, and restricted
cash were $75.0 million compared to $198.5 million at December 31,
2016. This decrease is primarily due to timing associated
with working capital items as well as the acquisition of
Vtesse. At September 30, 2017 and December 31, 2016, notes
payable were $291.9 million and $290.5 million, respectively.
Sucampo’s net debt position at September 30, 2017 was $216.9
million, compared to $92.0 million at December 31, 2016.
Geographic Sales
- Company revenues by product type and geographic location for
the three months ended September 30, 2017 and 2016 were as
follows:
|
|
|
|
Three months ended September 30,
2017 |
|
Three months ended September 30,
2016 |
(In
thousands) |
|
|
USA |
|
Japan |
|
Rest of the World |
|
Total |
|
USA |
|
Japan |
|
Rest of the World |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMITIZA Product
sales |
|
|
13,131 |
|
20,522 |
|
- |
|
33,653 |
|
10,919 |
|
17,422 |
|
792 |
|
29,133 |
AMITIZA Royalty |
|
|
23,024 |
|
- |
|
- |
|
23,024 |
|
20,770 |
|
- |
|
- |
|
20,770 |
Rescula
Product sales |
|
- |
|
2,163 |
|
- |
|
2,163 |
|
21 |
|
2,400 |
|
- |
|
2,421 |
|
Total |
36,155 |
|
22,685 |
|
- |
|
58,840 |
|
31,710 |
|
19,822 |
|
792 |
|
52,324 |
Guidance
Sucampo today increased its guidance for the
full year ending December 31, 2017, based on stronger than expected
sales of AMITIZA in the U.S. and Japan. Sucampo now expects
total revenue of $250.0 million to $255.0 million, adjusted net
income of $63.0 million to $68.0 million, adjusted EPS of $1.10 to
$1.15, adjusted EBITDA of $120.0 million to $125.0 million and free
cash flow of $99.0 million to $104.0 million. Included in the
revenue guidance for 2017 is a one-time milestone of $10.0 million
from Mylan related to first-time achievement of 20 billion JPY in
net sales in Japan which achievement is expected to occur in the
fourth quarter of this year.
See the table below for a comparison of the
Company's previous 2017 guidance to the updated 2017 guidance:
Measure |
Updated 2017 Guidance |
Previous 2017 Guidance |
|
|
|
Total Revenue
|
$250.0 million to $255.0 million |
$220.0
million to $230.0 million
|
|
|
|
Adjusted Net
Income |
$63.0 million to $68.0 million |
$56.0
million to $66.0 million
|
|
|
|
Adjusted EPS
|
$1.10 to $1.15 |
$1.00 to
$1.10 |
|
|
|
Adjusted
EBITDA |
$120.0 million to $125.0 million |
$109.0
million to $119.0 million |
|
|
|
Free Cash Flow
|
$99.0 million to $104.0 million |
$86.0
million to $96.0 million |
Certain prior year non-GAAP amounts have
been reclassified for consistency with the current period- adjusted
presentation. These reclassifications had no effect on the reported
results of operations. A reconciliation of GAAP Net Income to
Adjusted Net Income and GAAP Net Income to Adjusted EBITDA, the
most directly comparable GAAP financial measure, is included in the
tables below.
|
RECONCILIATION OF GAAP NET INCOME TO ADJUSTED
NET INCOME |
|
(in thousands, except per share
amounts) |
|
|
|
|
Three Months Ended |
Three Months Ended |
|
September 30, 2017 |
September 30, 2016 |
Adjusted Net
Income: |
|
|
GAAP net
income |
10,367 |
|
8,092 |
|
Amortization of acquired intangibles |
6,753 |
|
6,677 |
|
Intangible Impairment |
- |
|
7,286 |
|
Legal
settlement |
- |
|
(9,260 |
) |
Restructuring costs |
- |
|
208 |
|
Acquisition and integration related expenses |
54 |
|
605 |
|
Amortization of debt financing costs |
489 |
|
875 |
|
Foreign
currency effect |
797 |
|
1,199 |
|
Tax
effect on adjustments |
(2,627 |
) |
(2,794 |
) |
Total Non-GAAP
Adjustments |
5,466 |
|
4,796 |
|
Adjusted
Net Income |
15,833 |
|
12,888 |
|
|
|
|
GAAP
Weighted Average Shares - Dilutive |
65,083 |
|
43,443 |
|
Adjusted
Weighted Average Shares - Diluted |
65,083 |
|
43,443 |
|
GAAP Net
Income per Share – Diluted |
0.19 |
|
0.19 |
|
Adjusted Net Income per Share - Diluted |
0.27 |
|
0.30 |
|
|
RECONCILIATION OF GAAP NET INCOME TO ADJUSTED
EBITDA |
|
(in thousands) |
|
|
|
|
Three Months Ended |
Three Months Ended |
|
September 30, 2017 |
September 30, 2016 |
GAAP net
income |
10,367 |
|
8,092 |
|
Adjustments: |
|
|
Income
taxes |
7,204 |
|
7,410 |
|
Interest
expense |
2,956 |
|
5,899 |
|
Interest
income |
(10 |
) |
(31 |
) |
Depreciation |
204 |
|
223 |
|
Amortization of acquired intangibles |
6,753 |
|
6,677 |
|
Intangible Impairment |
- |
|
7,286 |
|
EBITDA |
27,474 |
|
35,556 |
|
Non-GAAP
Adjustments: |
|
|
Share
Based Compensation |
2,502 |
|
1,722 |
|
Restructuring costs |
- |
|
208 |
|
Acquisition and integration related expenses |
54 |
|
605 |
|
Legal
Settlement |
- |
|
(9,260 |
) |
Foreign
currency effect |
797 |
|
1,199 |
|
Total Non-GAAP Adjustments |
3,353 |
|
(5,526 |
) |
Adjusted
EBITDA |
30,827 |
|
30,030 |
|
Q3 2017 Adjusted EPS Calculation
RECONCILIATION OF ADJUSTED NET INCOME TO
ADJUSTED NET INCOME DILUTIVE EPS |
|
|
|
Three Months Ended |
(In thousands) |
|
September 30, 2017 |
Adjusted Net
Income |
|
15,833 |
|
Add back:
Accrued interest exp. on conv debt |
2,457 |
|
Tax
effect @ 40.99% |
|
(1,007 |
) |
Adjusted Net Income for
dilutive EPS calc |
|
17,283 |
|
|
|
|
Weighted average
shares- Basic |
|
46,344 |
|
Dilutive securities -
Equity awards |
|
660 |
|
Dilutive
securities - Convertible note |
|
18,079 |
|
Weighted average shares
- Diluted |
|
65,083 |
|
|
|
|
Adjusted Net Income
Basic EPS |
|
0.34 |
|
Dilutive securities -
Equity awards impact |
|
- |
|
Dilutive securities - Convertible note impact |
(0.07 |
) |
Adjusted
Net Income Dilutive EPS |
|
0.27 |
|
Non-GAAP Financial Measures
This press release contains four financial
metrics (Adjusted Net Income, EBITDA, Adjusted EBITDA
and Free Cash Flow) that are considered “non-GAAP”
financial metrics under applicable Securities and Exchange
Commission rules and regulations. These non-GAAP financial
metrics should be considered supplemental to and not a substitute
for financial information prepared in accordance with generally
accepted accounting principles. The company’s definition of these
non-GAAP metrics may differ from similarly titled metrics used by
others. Adjusted Net Income adjusts for specified items that can be
highly variable or difficult to predict, and various non-cash
items, which includes amortization of acquired intangibles,
intangible impairment, legal settlement, restructuring costs,
acquisition and integration related expenses, amortization of debt
financing costs, foreign currency effect and the tax impact of
these adjustments. EBITDA reflects net income excluding the impact
of provision for income taxes, interest expense, interest income,
depreciation, amortization of acquired intangibles and intangible
impairment. Adjusted EBITDA reflects EBITDA and adjusts for
specified items that can be highly variable or difficult to
predict, and various non-cash items, which includes share
based compensation, restructuring costs, acquisition and
integration related expenses, legal settlement, and foreign
currency effect. Free cash flow reflects net cash provided by
operating activities less expenditures made for property and
equipment. The company views these non-GAAP financial metrics as a
means to facilitate management’s financial and operational
decision-making, including evaluation of the company’s historical
operating results and comparison to competitors’ operating results.
These non-GAAP financial metrics reflect an additional way of
viewing aspects of the company’s operations that, when viewed with
GAAP results may provide a more complete understanding of factors
and trends affecting the company’s business.
The determination of the amounts that are
excluded from these non-GAAP financial metrics is a matter of
management judgment and depends upon, among other factors, the
nature of the underlying expense or income amounts. Because
non-GAAP financial metrics exclude the effect of items that will
increase or decrease the company’s reported results of operations,
management strongly encourages investors to review the company’s
consolidated financial statements and publicly-filed reports in
their entirety.
Company to Host Conference Call
Today
Sucampo will host a conference call and webcast today,
Wednesday, November 1, 2017 at 8:30 am ET. Conference call
and Webcast participation details are as follows:Dial-in number:
888-636-8238 (domestic) or 484-747-6635 (international)Passcode:
97804103Webcast link:
http://www.sucampo.com/investors/events-presentations/
Conference call replay:Dates: Starting at 11:30 AM ET, November
1, 2017, a replay of the teleconference and webcast will be
available Dial-in number: 855-859-2056 (domestic) or 404-537-3406
(international)Passcode: 97804103Webcast link:
http://www.sucampo.com/investors/events-presentations/; then click
‘Archived Events’
About AMITIZA®
(lubiprostone)
AMITIZA (lubiprostone) is a chloride channel
activator that acts locally in the small intestine. By increasing
intestinal fluid secretion, lubiprostone increases motility in the
intestine, thereby facilitating the passage of stool and
alleviating symptoms associated with CIC. Lubiprostone, via
activation of apical CIC-2 channels in intestinal epithelial cells,
bypasses the antisecretory action of opiates that results from
suppression of secretomotor neuron excitability. Activation of
CIC-2 by lubiprostone has also been shown to stimulate recovery of
mucosal barrier function and reduce intestinal permeability via the
restoration of tight junction protein complexes in ex vivo studies
of ischemic porcine intestine.
AMITIZA (24 mcg twice daily) is indicated in the
U.S. and Israel for the treatment of adults with CIC and
opioid-induced constipation (OIC) with chronic, non-cancer pain.
AMITIZA (8 mcg twice daily) is also approved in the U.S. and Israel
for irritable bowel syndrome with constipation (IBS-C) in women 18
years of age and older. In Japan, AMITIZA (24 mcg twice daily) is
indicated for the treatment of chronic constipation (excluding
constipation caused by organic diseases). In Canada, AMITIZA (24
mcg twice daily) is indicated for the treatment of CIC in adults.
In the U.K., AMITIZA (24 mcg twice daily) is indicated for the
treatment of CIC and associated symptoms in adults, when response
to diet and other non-pharmacological measures (e.g. educational
measures, physical activity) are inappropriate. In Switzerland,
AMITIZA (24 mcg twice daily) is indicated for the treatment of CIC
in adults and for the treatment of OIC and associated signs and
symptoms such as stool consistency, straining, constipation
severity, abdominal discomfort, and abdominal bloating in adults
with chronic, non-cancer pain. The efficacy of AMITIZA for the
treatment of OIC in patients taking opioids of the diphenylheptane
class, such as methadone, has not been established.
About RESCULA®
Unoprostone isopropyl 0.12% (trade named
RESCULA) first received marketing authorization in 1994 in Japan
for the treatment of glaucoma and ocular hypertension.
RESCULA is marketed in Japan by Santen Pharmaceutical Co., Ltd.
(Santen). We acquired RESCULA as part of the acquisition of
R-Tech Ueno in 2015.
About Sucampo Pharmaceuticals,
Inc.
Sucampo Pharmaceuticals, Inc. is a
biopharmaceutical company focused on the development and
commercialization of highly specialized medicines. Sucampo
has a late-stage pipeline of product candidates in clinical
development for orphan disease areas, including VTS-270, a
2-hydroxypropyl-beta-cyclodextrin product with a specific
compositional fingerprint that has been granted orphan designation
in the U.S. and Europe and is in a pivotal Phase 2b/3 clinical
trial for the treatment of Niemann-Pick Disease Type C-1, a rare
progressive genetic disorder. VTS-270 also has been granted
breakthrough therapy designation in the U.S. Sucampo has an
exclusive option for the North American rights to CPP-1x/sulindac,
which is in Phase 3 development for the treatment of familial
adenomatous polyposis and has been granted orphan drug designation
in the U.S. The company has two marketed products – AMITIZA and
RESCULA. For more information, please visit www.sucampo.com.The
Sucampo logo and the tagline, The Science of Innovation, are
registered trademarks of Sucampo AG. AMITIZA is a registered
trademark of Sucampo AG.
Follow us on Twitter (@Sucampo_Pharma). Follow
us on LinkedIn (Sucampo Pharmaceuticals).
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Sucampo Forward-Looking
Statement
This press release contains "forward-looking
statements" as that term is defined in the Private Securities
Litigation Reform Act of 1995. These statements are based on
management's current expectations and involve risks and
uncertainties, which may cause results to differ materially from
those set forth in the statements. The forward-looking statements
may include statements regarding financial results, product
development, and other statements that are not historical facts.
The following factors, among others, could cause actual results to
differ from those set forth in the forward-looking statements: the
impact of pharmaceutical industry regulation and health care
legislation; Sucampo's ability to accurately predict future market
conditions; Sucampo’s ability to successfully integrate the
operations of acquired businesses; dependence on the effectiveness
of Sucampo's patents and other protections for innovative products;
the effects of competitive products on Sucampo’s products; and the
exposure to litigation and/or regulatory actions.
No forward-looking statement can be guaranteed
and actual results may differ materially from those projected.
Sucampo undertakes no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future events, or otherwise. Forward-looking statements in this
press release should be evaluated together with the many
uncertainties that affect Sucampo's business, particularly those
mentioned in the risk factors and cautionary statements in
Sucampo's most recent Form 10-K as filed with the Securities and
Exchange Commission on March 8, 2017, as well as its filings with
the Securities and Exchange Commission on Forms 8-K and 10-Q since
the filing of the Form 10-K, all of which Sucampo incorporates by
reference.
Contact:Sucampo Pharmaceuticals, Inc.Silvia TaylorSenior Vice
President, Investor Relations and Corporate
Affairs1-240-223-3718staylor@sucampo.com
|
|
|
|
Sucampo Pharmaceuticals, Inc. |
|
|
|
Consolidated Balance Sheets (unaudited) |
|
|
|
(in
thousands, except share and per share data) |
|
|
|
|
|
|
September
30, |
|
December
31, |
|
|
|
|
2017 |
|
|
|
2016 |
|
ASSETS |
|
|
|
|
Current
assets: |
|
|
|
|
|
Cash and
cash equivalents |
$ |
75,041 |
|
|
$ |
198,308 |
|
|
Product
royalties receivable |
|
23,015 |
|
|
|
26,261 |
|
|
Accounts
receivable, net |
|
33,098 |
|
|
|
42,998 |
|
|
Restricted
cash |
|
- |
|
|
|
213 |
|
|
Inventories, net |
|
24,176 |
|
|
|
23,468 |
|
|
Prepaid
expenses and other current assets |
|
34,731 |
|
|
|
15,984 |
|
|
|
Total current
assets |
|
190,061 |
|
|
|
307,232 |
|
Investments, non-current |
|
10,698 |
|
|
|
5,495 |
|
Property
and equipment, net |
|
5,690 |
|
|
|
6,216 |
|
Intangible
assets, net |
|
107,875 |
|
|
|
128,134 |
|
Goodwill |
|
|
73,022 |
|
|
|
73,022 |
|
Other
assets |
|
|
798 |
|
|
|
752 |
|
|
|
Total assets |
$ |
388,144 |
|
|
$ |
520,851 |
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
Current
liabilities: |
|
|
|
|
Accounts
payable |
$ |
6,245 |
|
|
$ |
9,190 |
|
|
Accrued
expenses |
|
12,239 |
|
|
|
12,389 |
|
|
Accrued
interest |
|
2,888 |
|
|
|
129 |
|
|
Deferred
revenue, current |
|
319 |
|
|
|
1,315 |
|
|
Income tax
payable |
|
9,666 |
|
|
|
7,153 |
|
|
Other
current liabilities |
|
5,821 |
|
|
|
2,175 |
|
|
|
Total current
liabilities |
|
37,178 |
|
|
|
32,351 |
|
|
|
|
|
|
|
Notes
payable, non-current |
|
291,945 |
|
|
|
290,516 |
|
Deferred
revenue, non-current |
|
2,625 |
|
|
|
805 |
|
Deferred
tax liability, net |
|
7,345 |
|
|
|
21,289 |
|
Other
liabilities |
|
|
9,417 |
|
|
|
8,791 |
|
|
|
Total liabilities |
|
348,510 |
|
|
|
353,752 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
stock, $0.01 par value; 5,000,000 shares authorized at September
30, 2017 and December 31, |
|
|
|
2016; no
shares issued and outstanding at September 30, 2017 and December
31, 2016 |
|
- |
|
|
|
- |
|
Class A
common stock, $0.01 par value; 270,000,000 shares authorized at
September 30, 2017 |
|
|
|
|
and
December 31, 2016; 46,636,924 and 46,415,749 shares issued and
outstanding at September 30, 2017 and December 31, 2016,
respectively |
|
466 |
|
|
|
464 |
|
Class B
common stock, $0.01 par value; 75,000,000 shares authorized at
September 30, 2017 and |
|
|
|
December
31, 2016; no shares issued and outstanding at September 30, 2017
and December 31, 2016 |
|
- |
|
|
|
- |
|
Additional
paid-in capital |
|
130,101 |
|
|
|
120,251 |
|
Accumulated
other comprehensive income |
|
54,457 |
|
|
|
54,527 |
|
Treasury
stock, at cost; 227,266 and 3,009,942 shares at September 30, 2017
and December 31, |
|
(4,018 |
) |
|
|
(46,269 |
) |
|
2016, respectively |
|
|
|
(Accumulated deficit) retained earnings |
|
(141,372 |
) |
|
|
38,126 |
|
|
|
Total stockholders'
equity |
|
39,634 |
|
|
|
167,099 |
|
|
|
Total liabilities and
stockholders' equity |
$ |
388,144 |
|
|
$ |
520,851 |
|
|
|
|
|
|
|
Sucampo Pharmaceuticals, Inc. |
|
|
|
|
|
|
|
Consolidated Statements of Operations and Comprehensive
Income (unaudited) |
|
|
|
|
(in
thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
Product
royalty revenue |
$ |
23,024 |
|
|
$ |
20,771 |
|
|
$ |
62,021 |
|
|
$ |
56,222 |
|
|
Product
sales revenue |
|
35,815 |
|
|
|
31,554 |
|
|
|
104,206 |
|
|
|
86,538 |
|
|
Research
and development revenue |
|
2,381 |
|
|
|
3,172 |
|
|
|
10,880 |
|
|
|
9,971 |
|
|
Contract
and collaboration revenue |
|
46 |
|
|
|
2,376 |
|
|
|
338 |
|
|
|
4,301 |
|
|
|
Total
revenues |
|
61,266 |
|
|
|
57,873 |
|
|
|
177,445 |
|
|
|
157,032 |
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses: |
|
|
|
|
|
|
|
|
Costs of
goods sold |
|
17,436 |
|
|
|
15,586 |
|
|
|
51,354 |
|
|
|
59,278 |
|
|
Research
and development |
|
10,133 |
|
|
|
9,976 |
|
|
|
39,564 |
|
|
|
35,580 |
|
|
Acquired
in-process research and development |
|
- |
|
|
|
- |
|
|
|
186,603 |
|
|
|
- |
|
|
Impairment
of in-process research and development |
|
- |
|
|
|
7,286 |
|
|
|
- |
|
|
|
7,286 |
|
|
Impairment
of in-process research and development |
|
9,972 |
|
|
|
11,061 |
|
|
|
39,246 |
|
|
|
32,411 |
|
|
General and
administrative |
|
2,525 |
|
|
|
696 |
|
|
|
4,452 |
|
|
|
2,094 |
|
|
|
Total costs and
expenses |
|
40,066 |
|
|
|
44,605 |
|
|
|
321,219 |
|
|
|
136,649 |
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) from operations |
|
21,200 |
|
|
|
13,268 |
|
|
|
(143,774 |
) |
|
|
20,383 |
|
Non-operating income (expense): |
|
|
|
|
|
|
|
|
Interest
income |
|
10 |
|
|
|
31 |
|
|
|
38 |
|
|
|
67 |
|
|
Interest
expense |
|
(2,956 |
) |
|
|
(5,899 |
) |
|
|
(8,762 |
) |
|
|
(18,141 |
) |
|
Other
income (expense), net |
|
(683 |
) |
|
|
8,102 |
|
|
|
(948 |
) |
|
|
5,216 |
|
|
|
Total
non-operating income (expense), net |
|
(3,629 |
) |
|
|
2,234 |
|
|
|
(9,672 |
) |
|
|
(12,858 |
) |
|
|
|
|
|
|
|
|
|
|
Income
(loss) before income taxes |
|
17,571 |
|
|
|
15,502 |
|
|
|
(153,446 |
) |
|
|
7,525 |
|
Income tax
provision |
|
(7,204 |
) |
|
|
(7,410 |
) |
|
|
(12,729 |
) |
|
|
(4,321 |
) |
Net income
(loss) |
|
$ |
10,367 |
|
|
$ |
8,092 |
|
|
$ |
(166,175 |
) |
|
$ |
3,204 |
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss) per share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.22 |
|
|
$ |
0.19 |
|
|
$ |
(3.67 |
) |
|
$ |
0.08 |
|
|
Diluted |
$ |
0.19 |
|
|
$ |
0.19 |
|
|
$ |
(3.67 |
) |
|
$ |
0.07 |
|
Weighted
average common shares outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
|
46,344 |
|
|
|
42,813 |
|
|
|
45,338 |
|
|
|
42,704 |
|
|
Diluted |
|
65,083 |
|
|
|
43,443 |
|
|
|
45,338 |
|
|
|
43,334 |
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss) : |
|
|
|
|
|
|
|
Net income
(loss) |
|
$ |
10,367 |
|
|
$ |
8,092 |
|
|
$ |
(166,175 |
) |
|
$ |
3,204 |
|
Other
comprehensive income (expense): |
|
|
|
|
|
|
|
|
Unrealized
gain on pension benefit obligation, net of tax |
|
23 |
|
|
|
12 |
|
|
|
- |
|
|
|
37 |
|
|
Foreign
currency translation gain (loss), net of tax |
|
- |
|
|
|
4,635 |
|
|
|
(77 |
) |
|
|
40,890 |
|
|
|
Comprehensive
income (loss) |
$ |
10,390 |
|
|
$ |
12,739 |
|
|
$ |
(166,245 |
) |
|
$ |
44,131 |
|
|
|
|
|
|
|
|
|
|
|
Grafico Azioni Sucampo Pharmaceuticals, Inc. (delisted) (NASDAQ:SCMP)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Sucampo Pharmaceuticals, Inc. (delisted) (NASDAQ:SCMP)
Storico
Da Giu 2023 a Giu 2024