Kos Reports 2005 Fourth Quarter and Full Year Results, Forecasts Continued Double-Digit Revenue Growth for 2006.CRANBURY, N.J. -- Kos Pharmaceuticals, Inc. (Nasdaq:KOSP) Fourth Quarter 2005 Highlights* --Revenue increased 42% to $213.9 million --Net income was $26.2 million or $0.53 per share; excluding one time events, net income was $35.1 million, or $0.71 per share --Generated approximately $96 million in cash from operations Full Year 2005 Highlights* --Revenue increased 51% to a record $751.7 million --Net income of $118.1 million or $2.46 per share; excluding one-time events, net income grew 44% to $131.2 million and EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. grew 36% to $2.73 from 2004 (as adjusted for a full tax rate) --Generated approximately $238 million in cash from operations; year-end net cash balance of $412.7 million --Company remains debt free * Fourth quarter and full year net income amounts include a $5.5 million accrual adjustment ($0.11 per share) relating to the expected ability of the Company to realize certain tax benefits. Attached is a reconciliation of GAAP to Non-GAAP calculations. Kos Pharmaceuticals, Inc. (Nasdaq:KOSP) today announced financial results for the fourth quarter and full year ended December 31, 2005. For the fourth quarter of 2005, revenue increased 42% to a record $213.9 million, up from $150.7 million for the fourth quarter of 2004. This significant increase is in large part a result of continued strong growth of the Company's highly differentiated cholesterol products and contributions from its new hypertension hypertension or high blood pressure, elevated blood pressure resulting from an increase in the amount of blood pumped by the heart or from increased resistance to the flow of blood through the small arterial blood vessels (arterioles). portfolio following the successful transaction with Biovail, which was completed in May 2005. Revenue for the full year ended December 31, 2005, increased 51% to $751.7 million, from $497.1 million in 2004. Excluding one-time events, net income for the fourth quarter of 2005 was $35.1 million, or $0.71 per share, versus $33.0 million, or $0.72 per share, during the comparable 2004 quarter (as adjusted to reflect a 38% effective tax rate in the 2004 period). Including the one-time events, net income and earnings per share during the fourth quarter of 2005 were $26.2 million and $0.53 per share, respectively. Reported net income and earnings per share during the fourth quarter of 2004, which did not reflect a full effective tax rate, were $53.0 million and $1.15 per share, respectively. Excluding one-time events, net income for the full year 2005 increased 44% to $131.2 million, or $2.73 per share, from $90.9 million, or $2.01 per share, during 2004 (inclusive of inclusive of prep. Taking into consideration or account; including. a 38% effective tax rate in the 2004 period). Including the one-time events, net income and earnings per share for 2005, were $118.1 million and $2.46 per share, respectively. Reported net income and earnings per share for 2004, which did not reflect a full effective tax rate, were $142.3 million and $3.13 per share, respectively. During the fourth quarter and twelve-month period ended December 31, 2005, the Company generated approximately $96 million and $238 million, respectively, in cash from operations. At year-end, Kos had cash and marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has of $412.7 million, the highest amount in the Company's history. Kos also continues to remain debt-free. Revenue from Kos' cholesterol franchise grew 21% to $149.5 million for the fourth quarter of 2005, up from $123.2 million recorded during the fourth quarter of 2004. For the twelve-month period ended December 31, 2005, Kos' cholesterol franchise grew 30% to $556.6 million versus $428.8 million in 2004. Azmacort Az·ma·cort A trademark for the drug triamcinolone acetonide. (R) achieved revenue of $30.6 million for the fourth quarter of 2005, compared to $27.5 million for the comparable 2004 quarter. Since acquiring Azmacort in 2004, the Company has slowed the previous four-year prescription decline and has begun, through its SMART targeted marketing, to generate growth among its targeted physicians. The brand's revenue grew to $103.2 million for the twelve-month period in 2005. The Company's hypertension portfolio has contributed significantly to revenue growth. Since acquiring these products in May 2005, Kos' hypertension portfolio recorded sales of $91.8 million. Total prescriptions for Cardizem Car·di·zem A trademark for the drug diltiazem hydrochloride. diltiazem hydrochloride Adizem (UK), Angitil (UK), Apo-Diltiaz (CA), Apo-Diltiazem (CA), Calcicard (UK), Cardizem, Cardizem CD, Cardizem LA, Cartia XT, (R)LA increased 19% in 2005 versus growth in the calcium channel blocker calcium channel blocker n. Any of a class of drugs that inhibit movement of calcium ions across a cell membrane, used in the treatment of cardiovascular disorders. market of only 1%, and the Teveten Tev·e·ten A trademark for the drug eprosartan mesylate. eprosartan mesylate Teveten Pharmacologic class: Angiotensin II receptor antagonist Therapeutic class: (R) franchise demonstrated total prescription growth of 12% for 2005. "We have just concluded our third consecutive year of profitability," said Adrian Adrian, Roman emperor Adrian, Roman emperor: see Hadrian. Adrian, city, United States Adrian, city (1990 pop. 22,097), seat of Lenawee co., SE Mich., on the Raisin River; inc. 1836. Adams, President and Chief Executive Officer. "We are proud of our major accomplishments in 2005, a year in which we continued to deliver revenue and earnings growth ahead of most of our peers, above market prescription growth, favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. clinical trends and results and the continuation of our highly differentiated position within our core markets." He continued, "2005 was also a very active and successful year from a corporate development and licensing perspective, highlighted by the completed transactions with Arisaph Pharmaceuticals, Barr, Biovail and Jerini. These achievements, together with our progress in research and development, position us well for transitioning to the next exciting phase of evolution for Kos." The Company continued to drive enhanced research and development and product life-cycle management productivity in 2005. Kos entered into an exclusive North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. collaboration and license agreement with Jerini US, Inc. for the development, marketing and distribution of Icatibant, a product in late-stage, Phase III Noun 1. phase III - a large clinical trial of a treatment or drug that in phase I and phase II has been shown to be efficacious with tolerable side effects; after successful conclusion of these clinical trials it will receive formal approval from the FDA development for hereditary HEREDITARY. That which is inherited. angiodema, projected to be launched during the first half of 2007. The Company also announced, in conjunction with its sponsored research partner, Arisaph Pharmaceuticals, promising data on a new chemical entity, reverse-D4F, which showed a reduction in the atherosclerotic atherosclerotic pertaining to atherosclerosis. lesion LESION, contracts. In the civil law this term is used to signify the injury suffered, in consequence of inequality of situation, by one who does not receive a full equivalent for what he gives in a commutative contract. 2. area in Apo E-null mice. At the 2005 Scientific Sessions of the American Heart Association American Heart Association (AHA), n.pr a national voluntary health agency that has the goal of increasing public and medical awareness of cardiovascular diseases and stroke, and thereby reducing the number of associated deaths and disabilities. Meeting, Kos also announced the results of the ARBITER 3 clinical study, which demonstrated that adding Niaspan(R) to a statin stat·in n. Any of a class of drugs that inhibit a key enzyme involved in the synthesis of cholesterol and promote receptor binding of LDL cholesterol, resulting in decreased levels of serum cholesterol. reverses atherosclerosis atherosclerosis (ăth'ərōsklərō`sĭs): see arteriosclerosis. atherosclerosis or hardening of the arteries with a 105% reduction in the rate of progression as measured by a change in carotid carotid /ca·rot·id/ (kah-rot´id) pertaining to the carotid artery, the principal artery of the neck. ca·rot·id n. IMT IMT, n.pr See inspiratory muscle training. . In addition, during 2005 Kos announced the commencement of the AIM-HIGH morbidity/mortality study with Niaspan/simvastatin, jointly sponsored with National Heart, Lung, and Blood Institute National Heart, Lung, and Blood Institute, n.pr established in 1948, this division of the National Institutes of Health is responsible for research and education on cardiovascular, pulmonary, systemic diseases, and sleep disorders. of the National Institutes of Health. Finally, the Company announced today, in a separate press release, excellent top line efficacy results from the COMPELL study and the flush To empty the contents of a memory buffer. See buffer. Flush Elizabeth Barrett Browning’s spaniel, subject of a biography. [Br. Lit.: Woolf Flush in Barnhart, 446] See : Dogs (data) flush study conducted on its optimized Niaspan modified formulation formulation /for·mu·la·tion/ (for?mu-la´shun) the act or product of formulating. American Law Institute Formulation . With respect to its financial outlook, the Company forecasts strong prescription and revenue growth in 2006 with anticipated new product introductions driving further growth in 2007. In order to optimally position Kos to take full advantage of its new product opportunities and to maximize the profit contribution of new and existing products, the Company has made the strategic decision to expand the size of its sales force ahead of its anticipated 2007 and 2008 new product launches. The cost of expanding the sales force, together with an increase in royalty expenses, will lead to reduced operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: in 2006. Operating margins are expected to improve significantly in 2007 as a result of a substantial reduction in royalty expenses. Revenue and earnings for 2006 will also be impacted by the recent signing of inventory management agreements (IMAs) with each of the three leading pharmaceutical wholesalers. "2006 will be a transitional year for Kos," said Mr. Adams. "We will continue to make investments in new products and commercial infrastructure to strategically position the Company for the next phase of our growth. Based on the clinical success of our optimized Niaspan modified formulation, we plan to develop a complete range of new Niaspan products and expect the first phase of this new line to be launched in the first quarter of 2007. We also plan to launch Icatibant for the treatment of hereditary angiodema in the first half of 2007, and Niaspan/simvastatin, in the first half of 2008, all of which should give us very favorable revenue evolution over the next several years. While we are assessing the benefits to Kos of a potential extension of the co-promotion agreement with Takeda Pharmaceuticals, we have made the strategic decision to build an expanded Kos sales force to fully maximize on the considerable commercial opportunities ahead of us." For the full year 2006, revenues are expected to be in a range of $880 - $900 million, a growth rate of 17% to 20% over 2005. This revenue level includes the impact of an estimated $45 million reduction of wholesaler inventory levels as a result of the execution of IMAs. Adjusted for the one-time impact of IMAs, underlying projected revenue growth would have been in the range of 23% - 26% for 2006 as compared to the preceding year. Earnings per share for the full year 2006 are expected to be in the range of $2.25 - $2.35, before accounting for share-based compensation expense. As a result of the adoption of FAS 123R, the Company projects reported earnings per share to be in the $1.70 - $1.80 range. Projected 2006 earnings include factoring in the anticipated one-time impact of IMAs (approximately $0.33 per share) and the cost of hiring and training 250 new sales representatives (approximately $0.23 per share). Absent these one-time and transitional items, 2006 earnings per share are expected to be in the range of $2.80 - $2.90 versus $2.73 in 2005 before one-time events. Most of the impact of the IMAs will be realized in the first quarter of 2006. Expenses related to the expansion of the sales force will be realized primarily in the third and fourth quarters. Revenues for the first quarter of 2006 are expected to be in the range of $170 - $175 million. Earnings (loss) per share for the quarter are expected to be in the range of $0.05 - $0.10, prior to accounting for share-based compensation expense, and $(0.05) - $(0.10) on a GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). reported basis. As noted above, the majority of the impact on revenue and earnings from IMAs is expected to be realized during the first quarter. While not providing formal guidance at this time, Kos expects renewed profit growth in 2007. Continued strong revenue growth driven by the anticipated launch of the first phase of a new range of Niaspan products in early 2007, and Icatibant, coupled with a significant reduction in royalty expenses, should result in earnings growth per fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share in the range of 30% - 40% over 2006 guidance. Kos' senior management will host a conference call today at 8:30 a.m. ET to discuss the Company's quarterly results. The conference call will be available live via the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the by accessing Kos' website at www.kospharm.com. Please go to the website at least fifteen minutes prior to the call to register, download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. and install any necessary audio software. Those who cannot access the webcast, can participate via telephone by calling 913-981-5542, confirmation code 9534014. A replay will also be available on the website at www.kospharm.com or by calling 888-203-1112 domestic or international, and entering 9534014 from 3:00 PM ET today until 12:00 AM ET on Monday, February 27, 2006. Financial information to be discussed during the conference call is located on Kos' website in the Investor Relations Investor relations The process by which the corporation communicates with its investors. section. Kos Pharmaceuticals, Inc. is a fully integrated specialty pharmaceutical company engaged in developing, commercializing, manufacturing and marketing proprietary prescription products for the treatment of chronic diseases with a particular focus on the cardiovascular cardiovascular /car·dio·vas·cu·lar/ (-vas´ku-ler) pertaining to the heart and blood vessels. car·di·o·vas·cu·lar adj. Abbr. , metabolic met·a·bol·ic adj. Of, relating to, or resulting from metabolism. Metabolic Refers to the chemical processes of an organ or organism. and respiratory disease Noun 1. respiratory disease - a disease affecting the respiratory system respiratory disorder, respiratory illness adult respiratory distress syndrome, ARDS, wet lung, white lung - acute lung injury characterized by coughing and rales; inflammation of the areas. The Company's principal product development strategy is to reformulate Verb 1. reformulate - formulate or develop again, of an improved theory or hypothesis redevelop formulate, explicate, develop - elaborate, as of theories and hypotheses; "Could you develop the ideas in your thesis" existing pharmaceutical products with large market potential to improve safety, efficacy, and patient compliance. Kos' strategy also includes making measured investments in new chemical entity research through in-house In-house In the context of general equities, keeping an activity within the firm. For example, rather than go to the marketplace and sell a security for a client to anyone, an attempt is made to find a buyer to complete the transaction with the firm. and sponsored research, scientific in-licensing and general corporate development activities. The Company currently markets Niaspan and Advicor(R) for the treatment of cholesterol disorders, Azmacort for the treatment of asthma, Cardizem LA for the treatment of hypertension and angina Angina Definition Angina is pain, "discomfort," or pressure localized in the chest that is caused by an insufficient supply of blood (ischemia) to the heart muscle. , and Teveten and Teveten(R)HCT Hct abbr. hematocrit HCT Hematocrit, see there for the treatment of hypertension. Kos has a strong and growing research and development pipeline including proprietary drug delivery technologies in solid-dose, inhalation inhalation /in·ha·la·tion/ (in?hah-la´shun) 1. the drawing of air or other substances into the lungs.inhala´tional 2. the drawing of an aerosolized drug into the lungs with the breath. 3. and aerosol aerosol (âr`əsōl,–sŏl): see colloid. aerosol System of tiny liquid or solid particles evenly distributed in a finely divided state through a gas, usually air. metered-dose device administration to help fuel sustained, organic sales growth into the future. Certain statements in this press release, including statements regarding the Company's ability to generate enhanced revenue and earnings, achieve its financial projections for 2006 and 2007, continue to grow sales of Niaspan, Advicor, Azmacort, Cardizem LA, and Teveten/ Teveten HCT, the Company's ability to develop or acquire additional products, the Company's ability to successfully commercialize and develop the products acquired through its strategic alliances, the Company's ability to successfully develop and launch newly formulated for·mu·late tr.v. for·mu·lat·ed, for·mu·lat·ing, for·mu·lates 1. a. To state as or reduce to a formula. b. To express in systematic terms or concepts. c. Niaspan products, the Company's increased expectations regarding revenue, profit growth, operating margins and earnings per share in future periods, the Company's ability to make continued investments in research and development, to aggressively pursue corporate development activities, to continue excellent growth momentum in the short, medium and long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. , the Company's expectations regarding the continuing increases in prescriptions written for its products, the Company's expectations regarding the impact of certain non-recurring and transitional items, including the signing of inventory management agreements, the Company's expectations regarding the launch dates for an Icatibant based product, Niaspan/simvastatin and a modified formulation of Niaspan, the Company's anticipated hiring of approximately 250 additional sales representatives and the cost associated therewith there·with adv. 1. With that, this, or it. 2. In addition to that. 3. Archaic Immediately thereafter. Adv. 1. , the Company's anticipated reduction in wholesale inventory levels and impact of such reduction on earnings, the Company's reduction of royalty expenses in future periods, and the Company's ability to continue to generate cash from operations are forward-looking and are subject to risks and uncertainties which may cause actual results to differ materially from those projected in a forward-looking statement forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . These risks and uncertainties include, the Company's ability to grow revenue and control expenses, the protection afforded by the Company's patents and those related to the acquired and licensed products, the ability to build awareness for Niaspan, Advicor, Azmacort, Cardizem LA, Teveten and Teveten HCT within the medical community, the continued success of the alliances with Takeda, Merck KGaA This article needs sources or references that appear in reliable, third-party publications. Alone, primary sources and sources affiliated with the subject of this article are not sufficient for an accurate encyclopedia article. , Oryx oryx (ôr`ĭks), name for several small, horselike antelopes, genus Oryx, found in deserts and arid scrublands of Africa and Arabia. They feed on grasses and scrub and can go without water for long periods. , Arisaph, Barr, Biovail and Jerini, the continuing growth of the cardiovascular and respiratory markets, the Company's ability to maintain its compliance with FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. regulations and standards without adversely affecting the Company's manufacturing capability or ability to meet its production requirements or profit margins, the Company's ability to increase the size of its sales force and to attract and retain sales professionals, and, ensure compliance with prescription drug prescription drug Prescription medication Pharmacology An FDA-approved drug which must, by federal law or regulation, be dispensed only pursuant to a prescription–eg, finished dose form and active ingredients subject to the provisos of the Federal Food, Drug, sales and marketing laws and regulations, changes in the regulatory environment governing gov·ern v. gov·erned, gov·ern·ing, gov·erns v.tr. 1. To make and administer the public policy and affairs of; exercise sovereign authority in. 2. the Company's compliance with the FDA, PTO PTO abbr. 1. Parent Teacher Organization 2. or p.t.o. please turn over 3. power takeoff PTO or pto please turn over Noun 1. , tax and competition issues, the impact of a possible generic version of the Cardizem LA product or other products sold by the Company, the ability of third party suppliers to the Company continuing to be able to perform their supply obligations, the Company's ability to achieve regulatory approvals for its products under development in a timely manner, such as the modified formulation of Niaspan, Niaspan/simvastatin and others, the Company's ability to establish a footprint The amount of geographic space covered by an object. A computer footprint is the desk or floor surface it occupies. A satellite's footprint is the earth area covered by its downlink. See form factor. 1. and generate sales in the hypertension and angina markets, the Company's ability to successfully negotiate additional important strategic business development opportunities, the progress of the Company's research and development pipeline, fluctuating fluc·tu·ate v. fluc·tu·at·ed, fluc·tu·at·ing, fluc·tu·ates v.intr. 1. To vary irregularly. See Synonyms at swing. 2. To rise and fall in or as if in waves; undulate. v. buying patterns by the Company's wholesalers and distributors, the adequacy of the Company's reserves for income taxes, the Company's ability to maintain coverage of its products by government agencies and the effects of the loss of such coverage with such agencies, such as the Centers for Medicare and Medicaid Services The Centers for Medicare and Medicaid Services (CMS), previously known as the Health Care Financing Administration (HCFA), is a federal agency within the United States Department of Health and Human Services (DHHS) that administers the Medicare program and , the effect of conditions in the pharmaceutical industry and the economy in general, as well as certain other risks. A more detailed discussion of risks attendant ATTENDANT. One who owes a duty or service to another, or in some sort depends upon him. Termes de la Ley, h.t. As to attendant terms, see Powell on Morts. Index, tit. Attendant term; Park on Dower, c. 1 7. to the forward-looking statements included in this press release are set forth in the "Forward-Looking Information: Certain Cautionary Statements" section of the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2004, filed with the Securities and Exchange Commission, and in other reports filed with the SEC. All information in this press release is as of February 23, 2006 and the Company undertakes no duty to update this information.
Kos Pharmaceuticals, Inc. and Subsidiaries
SELECTED FINANCIAL INFORMATION
Three Months Ended Year Ended
December 31, December 31,
------------------- -------------------
2005 2004 2005 2004
--------- --------- --------- ---------
(unaudited)(unaudited)
Condensed Consolidated
Statement of Operations
(in thousands, except
per share data)
Revenues $213,916 $150,710 $751,700 $497,104
Cost of Sales 25,409 10,424 81,295 36,926
-------- -------- -------- ---------
188,507 140,286 670,405 460,178
-------- -------- -------- ---------
Operating Expenses:
Research and
development 40,651 20,476 123,234 111,064(II)
Selling, general
and administrative 100,987 66,295 366,137 235,718(III)
-------- -------- -------- ---------
Total operating
expenses 141,638 86,771 489,371 346,782
-------- -------- -------- ---------
Income from Operations 46,869 53,515 181,034 113,396
Interest and Other
(Income)/Expense (3,208) (352) (7,580) (4,747)(III)
Provision for/(Benefit
from) Income Taxes 23,854 843 70,511 (24,176)(IV)
-------- -------- -------- ---------
Net Income $26,223 $53,024 $118,103 $142,319
======== ======== ======== =========
Net Income per Share:
Basic $0.56 $1.34 $2.71 $3.76
Diluted 0.53 1.15(I) 2.46(I) 3.13(I),(V)
Shares Used in
Computing Net Income
per Share:
Basic 46,561 39,701 43,528 37,898
Diluted 49,577 46,154 48,293 45,836
Three Months Ended December 31,
-------------------------------------
2005 2004
------------------ -----------------
Diluted Diluted
Amount Per Share Amount Per Share
-------- -------- -------- --------
(unaudited) (unaudited)
Reconciliation of Net
Income Before One-Time
Events to Reported Net
Income
(in thousands, except
per share data)
Net Income Before One-
Time Events $35,085 $0.71 $33,041 $0.72
Impact of One-Time
Events:
Benefit from removal
of valuation
allowance
associated with
NOLs - - 19,983 0.43
Jerini licensing
fees (8,862) (0.18) - -
-------- -------- -------- --------
Net Income and EPS, as
reported $26,223 $0.53 $53,024 $1.15
======== ======== ======== ========
Year Ended December 31,
-------------------------------------
2005 2004
------------------ -----------------
Diluted Diluted
Amount Per Share Amount Per Share
-------- -------- -------- --------
(unaudited) (unaudited)
Reconciliation of Net
Income Before One-Time
Events to Reported Net
Income
(in thousands, except
per share data)
Net Income Before One-
Time Events $131,215 $2.73 $90,911 $2.01
Impact of One-Time
Events:
Investment in
Arisaph
Pharmaceuticals, Inc. (2,500) (0.05) - -
Settlement with Andrx
Laboratories - - 3,720 0.08
Azmacort HFA
acquisition - - (23,560) (0.51)
Biovail transaction (1,750) (0.04) - -
Benefit from removal
of valuation
allowance associated
with NOL's - - 71,248 1.55
Jerini licensing fees (8,862) (0.18) - -
-------- -------- -------- --------
Net Income and EPS, as
reported $118,103 $2.46 $142,319 $3.13
======== ======== ======== ========
December December
31, 2005 31, 2004
-------- --------
Condensed Consolidated
Balance Sheet
(in thousands)
Cash and Cash
Equivalents $412,736 $258,703(VI)
Accounts Receivable,
net 111,652 74,568
Deferred Tax Asset,
current 36,775 35,516
Other Current Assets 41,303 22,221
Fixed Assets, net of
depreciation 28,745 23,341
Deferred Tax Asset,
non-current 29,490 19,016
Intangible Assets 228,530 150,079
Other Assets 20,523 3,482
-------- --------
Total assets $909,754 $586,926
======== ========
Current Liabilities $210,273 $136,788
Other Liabilities 21,122 14,996
Shareholders' Equity 678,359 435,142
-------- --------
Total liabilities
and shareholders'
equity $909,754 $586,926
======== ========
-----
Notes:
(I) Calculation of fully diluted EPS reflects net income excluding
$264,000 in interest expense for the quarter ended December
31, 2004, and $520,000 and $1,209,000 for the twelve months
ended December 31, 2005 and 2004, respectively, associated
with the Company's convertible credit facilities.
(II) Includes the effect of a one-time, $38.0 million in-process
R&D write-off associated with the acquisition of the Azmacort
product.
(III) Includes the effect of a $6.0 million settlement received
from Andrx, of which $2.0 million was recorded as
reimbursement of operating expenses and $4.0 million as other
income.
(IV) Includes a tax benefit of $71.2 million associated with the
reversal of the Company's deferred tax asset valuation
allowance.
(V) Includes a (i) tax benefit of $71.2 million, which had a
positive income statement impact of $1.50 per share,
associated with the reversal of the Company's deferred tax
asset valuation allowance during 2004, (ii) $38 million charge
associated with the Azmacort HFA acquisition, which had a
negative income statement impact of $0.51 per share, and (iii)
the impact of the Andrx settlement, of $ 6 million, which had
a positive income statement impact of $0.08 per share.
(VI) Includes $17.1 million of cash pledged as collateral under
the Company's letters of credit facility as of December 31,
2004.
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