Horizon Pharma plc. Second-Quarter 2016 Earnings Summary August 8, 2016
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1 Horizon Pharma plc Second-Quarter 2016 Earnings Summary August 8, 2016
2 Forward-Looking Statements This presentation contains forward-looking statements, including, but not limited to, statements related to Horizon Pharma's expected fullyear 2016 net sales and adjusted EBITDA guidance and second half and full year 2016 non-gaap tax rates, expected financial performance in future periods, expected timing of clinical, regulatory and commercial events, Horizon Pharma s plans to continue discussions with PBMs and payers to expand access to its primary care medicines and the potential outcome of those discussions, the expectation that DUEXIS and VIMOVO will be removed from the CVS/Caremark exclusion list and the timing thereof, expected timing and potential benefits of acquiring the worldwide rights to interferon gamma-1b, potential market opportunity for ACTIMMUNE in FA, potential growth of Horizon Pharma s business and other statements that are not historical facts. These forward-looking statements are based on Horizon Pharma's current expectations and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks that Horizon s actual full-year 2016 financial and operating results and non-gaap tax rates may differ from its expectations; Horizon Pharma s ability to grow net sales from existing products; the availability of coverage and adequate reimbursement and pricing from government and third-party payers and risks relating to the success and costs of Horizon s patient support program; whether Horizon Pharma is unable to enter into additional business arrangements with pharmacy benefit managers and payers on favorable terms or at all; whether CVS/Caremark makes other changes to its exclusion list or that DUEXIS or VIMOVO are later re-included in the CVS/Caremark exclusion list; risks associated with clinical development and regulatory approvals; risks in the ability to recruit, train and retain qualified personnel; competition, including potential generic competition; the ability to satisfy closing conditions related to Horizon Pharma s acquisition of the worldwide rights to interferon gamma-1b; the ability to protect intellectual property and defend patents; regulatory obligations and oversight, including any changes in the legal and regulatory environment in which Horizon Pharma operates and those risks detailed from time-to-time under the caption "Risk Factors" and elsewhere in Horizon Pharma's filings and reports with the SEC. Horizon Pharma undertakes no duty or obligation to update any forward-looking statements contained in this presentation as a result of new information. 2
3 Note Regarding Use of Non-GAAP Financial Measures 3 EBITDA, or earnings before interest, taxes, depreciation and amortization, and adjusted EBITDA are used and provided by Horizon as non-gaap financial measures. Horizon provides certain other financial measures such as non-gaap net income, non-gaap earnings per share, non-gaap gross profit and gross profit ratio, non-gaap operating and other expenses, non-gaap cash from operations and non-gaap income tax information, each of which include adjustments to GAAP figures. Adjusted EBITDA, non-gaap net income and non-gaap cash from operations are intended to provide additional information on Horizon s performance, operations, profitability and cash flows. Adjustments to Horizon's GAAP figures as well as EBITDA exclude acquisition-related expenses, an upfront fee for a license of a patent, loss on debt extinguishment and loss on sale of long-term investments, as well as non-cash items such as sharebased compensation, depreciation and amortization, royalty accretion, non-cash interest expense, and other non-cash adjustments. Certain other special items or substantive events may also be included in the non-gaap adjustments periodically when their magnitude is significant within the periods incurred. Horizon maintains an established non-gaap cost policy that guides the determination of what costs will be excluded in non-gaap measures. Horizon believes that these non-gaap financial measures, when considered together with the GAAP figures, can enhance an overall understanding of Horizon's financial and operating performance. The non-gaap financial measures are included with the intent of providing investors with a more complete understanding of the Company s historical and expected 2016 financial results and trends and to facilitate comparisons between periods and with respect to projected information. In addition, these non-gaap financial measures are among the indicators Horizon's management uses for planning and forecasting purposes and measuring the Company's performance. For example, adjusted EBITDA is used by Horizon as one measure of management performance under certain incentive compensation arrangements. These non- GAAP financial measures should be considered in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. The non-gaap financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, non-gaap financial measures used by other companies. Horizon has not provided reconciliations of its fullyear 2016 adjusted EBITDA or non-gaap income tax outlook to an expected net income (loss) or GAAP income tax expense outlook because certain items such as acquisition-related expenses and share-based compensation that are a component of net income (loss) and impact GAAP income taxes expenses, cannot be reasonably projected due to the significant impact of changes in Horizon's stock price, the variability associated with the size or timing of acquisitions, and other factors. These components of net income (loss) could significantly impact Horizon s actual net income (loss) and income tax expense.
4 Horizon Pharma: When Patients Benefit, Everyone Benefits Patients, Providers, Our Company, Our Shareholders & Healthcare System Helping people live better lives by building a biopharmaceutical company of tomorrow. Putting patients first by redefining how they access their medicines. Investing in differentiated medicines that address the challenges faced by patients living with rare diseases. Fast-growing, profitable company driven by a highly successful commercial model diversified across three business units. Strong cash flows enabling a disciplined and proven business development strategy. LAILA Age 10 California RAVICTI Patient; suffers from a Urea Cycle Disorder (UCD) 4
5 Redefining the Biopharma Business Model Built Commercial Critical Mass First; Expanding with Rare Disease Focus Orphan Rheumatology Primary Care (2) (1) (3) (3) Four of Nine Medicines are for Rare Diseases Representing 36 Percent of Second-Quarter 2016 Net Sales, up from 28 Percent of Second-Quarter 2015 Net Sales 5 (1) BUPHENYL is known as AMMONAPS outside the United States. (2) RAYOS is known as LODOTRA outside the United States. (3) PENNSAID 2% sold by both the Primary Care and Rheumatology sales forces. = orphan medicine
6 Generated Strong Q Year-Over-Year Growth Q record net sales of $257.4mm, up 49 percent compared to Q Q adjusted EBITDA of $121.1mm, up 59 percent compared to Q Q non-gaap operating cash flow of $58.2mm; 1H 2016 non-gaap operating cash flow of $126.1mm Y-o-Y ($ in millions) Q Q % Change Orphan RAVICTI (1) ACTIMMUNE BUPHENYL (1) Rheumatology KRYSTEXXA (2) NM RAYOS LODOTRA Primary Care PENNSAID 2% DUEXIS VIMOVO (21) MIGEROT (2) NM Total net sales $257.4 $ (1) RAVICTI and BUPHENYL were acquired on May 7, (2) KRYSTEXXA and MIGERGOT were acquired on January 13, 2016.
7 Q Key Highlights Q record net sales and strong adjusted EBITDA, above guidance and expectations Confirmed full-year 2016 net sales and adjusted EBITDA guidance of $1.025 to $1.050b and $495 to $510mm, respectively Medicines for rare diseases represented 36 percent of total net sales in Q2 2016, an increase from 28 percent of net sales in Q On August 2, 2016, the Company announced it secured covered status for DUEXIS and VIMOVO with CVS/Caremark effective January 1, 2017, and is in discussions with other PBMs and payers On June 29, 2016, submitted snda to the FDA for RAVICTI to expand the age range for chronic management of UCDs from two years of age and older to two months of age and older On May 18, 2016, entered into an agreement to acquire worldwide rights to interferon gamma-1b, known as ACTIMMUNE in the United States 7
8 2016 Expect Continued Strong Growth Commercial Execution, Clinical Milestones and M&A Activity on Track Strong Financial Performance Expected 2016 net sales growth of 37 percent at guidance midpoint 2016 adjusted EBITDA growth of 39 percent at guidance midpoint (1) Key Clinical Milestones Expected ACTIMMUNE P3 FA trial: 100 percent enrolled; data expected by YE 2016; estimated $500mm to $1b peak net sales opportunity (2) RAVICTI snda submitted for ages 2 mos. to 2 years in the U.S.; expect launch in Canada 2H16; expect 2017 European launch Multiple KRYSTEXXA Phase 3 analyses, as well as data from TRIPLE trial, submitted to the American College of Rheumatology (ACR) meeting in November Shareholder Value Creation In May, announced agreement to acquire worldwide rights to interferon gamma-1b with expected close December 31, 2016 In January, acquired Crealta and orphan drug KRYSTEXXA in January 2016 Expect additional transactions in (1) Represents financial guidance as of August 8, 2016, and accounts for expected $10mm impact to adjusted EBITDA as a result of the agreement to acquire the rights to interferon gamma-1b announced on May 18, (2) Horizon estimate.
9 Increasing Diversification of Net Sales Product Portfolio of 9 Medicines Q Q <1% 7% 15% 18% DUEXIS VIMOVO 39% 12% 12% RAYOS/LODOTRA PENNSAID 2% KRYSTEXXA 54% 2% 8% 5% BUPHENYL/AMMONAPS ACTIMMUNE RAVICTI MIGEROT 28% Continue transformation to a predominantly orphan business by 2020 Complement orphan business with strong rheumatology / primary care business units providing significant cash flows 9
10 $2b+ in 2020 Net Sales in Long-Range Plan Net Sales More than Double in Four Years with Orphan Becoming >50% (2) ($ in millions) $2,400 $1,900 Net Sales Adjusted EBITDA $2,000+ $1,400 $900 $400 $74 $297 $87 $757 $362 $1,025-$1,050 $495-$510 Adjusted EBITDA Projection: ~60% of net sales $(100) $(28) (1) 2020 (2) 10 Note: Excludes any future business development activities. (1) Represents financial guidance as of August 8, 2016, and accounts for expected $10mm impact to adjusted EBITDA as a result of the agreement to acquire worldwide rights to interferon gamma-1b announced on May 18, (2) Horizon internal goals based on long-range plan presented November 9, Does not include ACTIMMUNE in certain cancers, interferon gamma -1b outside of the U.S. or net sales of KRYSTEXXA.
11 Strong Financial Position June 30, 2016 Net Debt of $846mm and Net Debt to LTM Adjusted EBITDA Leverage of 1.9x as of June 30, 2016 ($ in millions) June 30, 2016 Cash and cash equivalents $425 Senior secured term loans - Due Senior notes - Due % exchangeable senior notes - Due Total Debt (Face Amount) $1,271 Less debt discount and deferred financing costs (127) Total Debt (Book Value) $1,144 Shares outstanding (2Q16 diluted weighted avg.) 163,920,581 11
12 Focused Development Pipeline ACTIMMUNE, RAVICTI and KRYSTEXXA Key Financial Upside Collaborator Preclinical Phase 1 Phase 2 Phase 3 Post- Market Friedreich s ataxia (FA) FARA Enrollment Completed Autosomal Dominant Osteopetrosis UCLA/Indiana U Combo cancer therapy w/opdivo (1) Next-generation formulation Fox Chase Second Cohort Now Enrolling Urea Cycle Disorders 2 months to 2 years of age Birth to 2 months of age UCDC UCDC snda Submitted PMR (Dose-sparing) Lupus (Address fatigue) Immunogenicity OMERACT ALR Lipsky Expanding to Additional Sub Groups 12 (1) Registered trademark of Bristol-Myers Squibb
13 Orphan Business Unit Growth Drivers Valuable, Growing Orphan Business for Current Indications Long-life assets with attractive contribution margins RAVICTI indicated for Urea Cycle Disorders (UCDs) U.S. market: UCDs an ultra-orphan disease affecting ~2,000 people Growth drivers Drive awareness and diagnosis of UCDs Increase acceptance and importance of tight ammonia control Establish RAVICTI as the preferred nitrogen scavenger Drive conversion from BUPHENYL to RAVICTI Launching RAVICTI in ex-u.s. markets Expect to launch in Canada 2H16; in Europe 2017 ACTIMMUNE indicated for CGD and SMO U.S. market: CGD an ultra-orphan disease affecting ~1,600 people Growth drivers Drive awareness and diagnosis of CGD Increase adoption of ACTIMMUNE for CGD Increase adherence/persistence of patients on ACTIMMUNE 13
14 Orphan Business Unit Growth Drivers Significant Potential Upside with Indications in Development RAVICTI U.S. label expansion U.S. open-label trial to assess the safety, efficacy and PK of RAVICTI in pediatric patients under two years of age 2 months to 2 years of age snda submitted June 29, 2016 Birth to 2 months of age Q snda submission expected ACTIMMUNE pipeline development efforts Friedreich's ataxia potentially a $500mm to $1b opportunity (1) Phase 3 data expected in late December Q 2017 potential submission if data positive In combination with PD-1 checkpoint inhibitor in kidney and bladder cancers a $300mm to $500mm opportunity (1) Phase 1 dosing trial underway; second cohort enrolling Agreement to acquire WW rights to interferon gamma-1b, close expected December 31, (1) Horizon estimate.
15 Orphan Business Unit Growth Drivers Friedreich s Ataxia - Potential $500mm-$1b U.S. Annual Opportunity (1) Friedreich s Ataxia (FA) Disease Overview Life-shortening, neurologic disease Life span is 30 to 40 years of age 85% of diagnosed patients exhibit symptoms before the age of 12 No FDA-approved treatment Vitamins/antioxidants used today Prevalence ~3,700 people in the U.S. Patients in Friedreich s Ataxia Research Alliance (FARA) patient registry FA Prevalence 2,400 globally ~1,500 U.S. patients and growing FA ACTIMMUNE Phase 3 Trial 92 patients; placebo-controlled; double blind 100% of patients enrolled (at May 5, 2016) at four top FA centers across the U.S. Primary endpoint: reduction in FARS-mNeuro at 26 weeks to assess functional parameters FA Potential Indication Milestones Phase 3 data expected late December 2016 If data is positive, potential sbla submission in Q Potential FDA-approval in Q if priority review received 15 Note: Use of ACTIMMUNE in FA is investigational only, and safety and efficacy has not been established for use in FA. For further information, see (1) Horizon Estimate.
16 Orphan Business Unit Growth Drivers Evaluating Potential for ACTIMMUNE as Cancer Combo Therapy ACTIMMUNE with PD-1/PD-L1 inhibitors a potential $300mm to $500mm annual net sales opportunity (2) PD-1/PD-L1 checkpoint inhibitors market >$30b ACTIMMUNE Phase 1 Dosing Trial ACTIMMUNE in combination with OPDIVO in advanced solid tumors (kidney and bladder cancers) (1) Initiated December 2015 in collaboration with Fox Chase Cancer Center First six-patient cohort enrolled Second six-patient cohort now enrolling Data expected in 2017 Note: Use of ACTIMMUNE with PD-1 and PD-L1 inhibitors is investigational only, and safety and efficacy has not been established for use with any PD-1 and PD-L1 inhibitor. For further information see (1) Registered trademark of Bristol-Myers Squibb. (2) Horizon estimate in kidney and bladder cancers. 16
17 Rheumatology Business Unit Growth Drivers Significant Opportunity for Orphan Biologic KRYSTEXXA 17 KRYSTEXXA indicated for chronic refractory gout U.S. market: >40K people with chronic refractory gout Growth drivers Capitalize on expansion of sales, marketing and medical > 5-fold increase from ~15 to ~85 sales professionals plus 10 medical scientific liaisons (MSLs) Invest in education and outreach, sharing robust safety and efficacy data from phase 3 trials Continue to increase benefits investigations, which is the leading indicator for new patient starts Address immunogenicity through TRIPLE Trial RAYOS is the only delayed-release prednisone medicine for RA, PMR and Lupus U.S. market: ~4mm people with RA, PMR and Lupus Growth drivers Increase awareness and market share RAYOS is the only prednisone conveniently timed to when disease is most active
18 Rheumatology Business Unit Growth Drivers Addressing KRYSTEXXA Immunogenicity with TRIPLE Trial KRYSTEXXA is first and only biologic for chronic refractory gout that rapidly reverses disease progression (1) 93% reduction in mean serum uric acid levels within 24 hours following the 1 st infusion 45% of subjects achieved complete resolution of target tophus, with no progression at 6 months vs. placebo TRIPLE trial studying approach for reducing loss of efficacy due to immunogenicity Investigator-initiated trial (Peter Lipsky) Assessing a reduction in immunogenicity following an increase in dosing frequency Also evaluating other subpopulations including patients with increased body weight Multiple KRYSTEXXA phase 3 analyses and TRIPLE data submitted to ACR in November 18 (1) Please see full prescribing information, available at
19 Primary Care Business Unit Growth Drivers Differentiated and Clinically Relevant Medicines DUEXIS and VIMOVO indicated for osteoarthritis (OA) and rheumatoid arthritis (RA). PENNSAID 2% indicated for OA of the knee U.S. market: 28mm+ people have OA or RA Growth drivers Awareness of NSAID-induced GI toxicity (107K hospitalizations and 16.5K deaths per year) (1) Drive market share gains given ample opportunity 117mm prescriptions written annually for NSAIDs ~1.5mm TRx written annually for PENNSAID 2%, DUEXIS, VIMOVO combined Secured covered status for DUEXIS and VIMOVO with CVS/Caremark, effective January 1, 2017 (1) Singh G. Am J Med. 1998;105:31s-38s. 4. Kendall BJ et al. Practical Gastroenterol. 1993;17:
20 2Q16 Total Prescription Growth Continued Strong Commercial Execution and Volume Growth Q (Y/Y)* Q Total Prescriptions Q Total Prescriptions % Growth PENNSAID 2% 125,911 77,961 62% DUEXIS 154, ,731 19% VIMOVO 100, ,533-3% Primary Care Total 380, ,225 22% RAYOS 10,874 8,132 34% *IMS NPA monthly data through June Note: IMS issued a bulletin on stating that IMS prescriptions were understated for DUEXIS, VIMOVO and PENNSAID 2%. 20
21 Horizon Pharma Growth Driven by Rapid Volume Growth Prescription Volume +173 percent vs. Average Net Realized Price +8 percent Nine-Quarter Prescription Growth of 173 Percent Since Q (1) Average net realized price increased 8 percent cumulatively since Q Quarterly Average Net Realized Price (ANRP) and Prescription Volumes 4/1/14 to 6/30/16 Aggregate TRx ANRP 440,000 $1, , ,215 $1, , , , ,259 $1, , ,357 $ ,000 $468 $496 $540 $567 $466 $543 $483 $411 $505 $ , ,970 $ , , , ,542 $200 90,000 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 $0 21 (1) DUEXIS, VIMOVO, PENNSAID 2% and RAYOS.
22 Success Drives Evolving Business Development Strategy Expansion to Longer Life, Global and Development Stage Assets BD Criteria Prior Focus Current Focus Minimum Net Sales $20 $200mm $20mm+ Maintain Product Profile Clinically differentiated Clinically differentiated Other Financial Metrics Immediate accretion, positive NPV Immediate accretion, positive NPV (1) IP Life Long-life focus Increased focus on extending average LOE Evolution Business Unit Priority Agnostic Orphan and Specialty are priorities Geography U.S. only WW for Orphan Stage of Development Marketed only Late-stage development + marketed (1) 22 (1) Development-stage opportunities may not be immediately accretive.
23 Strong Track Record of Acquiring and Accelerating Performance of Differentiated Medicines 1 5 April 2010 September 2014 Acquisition of Nitec Pharma Acquisition of Vidara Therapeutics May 2015 January 2016 Acquisition of Hyperion Acquisition of Crealta Therapeutics May 2016 Announcement of acquisition of Global Rights to IMUKIN (interferon gamma-1b) November 2013 Acquisition of VIMOVO from AstraZeneca October 2014 May 2015 January 2016 from Nuvo Research Therapeutics Acquisition of PENNSAID 2% Acquisition of Hyperion Acquisition of Crealta 23 (1) RAYOS is known as LODOTRA outside the United States. (2) VIMOVO was re-launched by Horizon sales force in January (5) Acquisition of WW rights expected to close by end of (3) PENNSAID 2% was re-launched by Horizon sales force in January (4) BUPHENYL is known as AMMONAPS outside the United States.
24 Horizon Pharma plc Second-Quarter 2016 Earnings Summary August 8, 2016
25 GAAP to Non-GAAP Reconciliation EBITDA (2Q15, 2Q16, 1H15 & 1H16) EBITDA and Non-GAAP EBITDA: Three Months Ended June 30, Six Months Ended June 30, GAAP Net Income (Loss) $ 14,984 $ 31,814 $ (30,422) $ 12,261 Depreciation 1, ,083 1,230 Amortization and accretion: Intangible amortization expense 50,792 31, ,442 49,510 Accretion of royalty liabilities 9,669 3,977 19,028 7,020 Amortization of deferred revenue (213) (129) (419) (263) Amortizaton of inventory step-up adjustment 9,102 3,341 16,548 6,495 Interest expense, net (including amortization of debt discount and deferred financing costs) 19,228 19,448 38,686 29,480 Benefit for income taxes (2,756) (160,680) (4,199) (158,767) EBITDA $ 101,897 $ (69,821) $ 141,747 $ (53,034) Non-GAAP adjustments: Remeasurement of royalties for medicines acquired through business combinations - 14,277-14,277 Acquisition-related costs ,689 11,297 50,343 Upfront fee for license of global patent - - 2,000 - Loss on induced conversion of debt and debt extinguishment - 67,080-77,624 Share-based compensation 27,997 24,665 55,609 31,339 Royalties for medicines acquired through business combinations (1) (9,095) (6,840) (17,595) (12,036) Total of Non-GAAP adjustments 19, ,871 51, ,547 Adjusted EBITDA $ 121,080 $ 76,050 $ 193,058 $ 108,513 Non-GAAP Gross Profit: GAAP gross profit $ 176,252 $ 110,995 $ 303,709 $ 195,283 Non-GAAP gross profit adjustments: Acquisition-related costs Remeasurement of royalties for medicines acquired through business combinations - 14,277-14,277 Intangible amortization expense (COGS only) 50,590 31, ,037 49,105 Accretion of royalty liabilities 9,669 3,977 19,028 7,020 Amortizaton of inventory step-up adjustment 9,102 3,341 16,548 6,495 Depreciation (COGS only) Royalties for medicines acquired through business combinations (1) (9,095) (6,840) (17,595) (12,036) Total of Non-GAAP adjustments 60,662 46, ,649 65,064 Non-GAAP gross profit $ 236,914 $ 157,452 $ 422,358 $ 260,347 GAAP gross profit % 68.5% 64.2% 65.7% 68.3% Non-GAAP gross profit % 92.0% 91.1% 91.4% 91.0% GAAP cash provided by (used in) operating activities $ 47,303 $ 41,584 $ 101,484 $ (29,155) Cash payments for acquisition-related costs 10,883 34,868 22,577 36,688 Cash payments for upfront fee for license of global patent - - 2,000 - Cash payments for induced debt conversion - 4,776-10,472 Cash payment for debt extinguishment - 45,367-45,367 Payment of original issue discount on debt extinguishment - 3,000-3,000 Non-GAAP operating cash flow $ 58,186 $ 129,595 $ 126,061 $ 66, (1) Royalties for medicines acquired through business combinations relate to ACTIMMUNE, BUPHENYL, KRYSTEXXA, MIGERGOT, RAVICTI and VIMOVO.
26 GAAP to Non-GAAP Reconciliation EBITDA (FY13 & FY14) EBITDA and Adjusted EBITDA: Twelve Months Ended December 31, (Unaudited) GAAP Net Loss $ (263,603) $ (149,005) Depreciation 1,702 1,174 Amortization and accretion: Intangible amortization expense 32,306 8,136 Accretion of royalty liabilities 9,020 - Amortization of deferred revenue (644) (930) Amortization of inventory step-up adjustment 11,065 - Interest expense, net (including amortization of debt discount and deferred financing costs) 23,826 12,774 Benefit for income taxes (6,084) (1,121) EBITDA $ (192,412) $ (128,972) Non-GAAP adjustments: Remeasurement of VIMOVO and ACCTIMMUNE royalty liabilities 10,660 - Bargain purchase gain (22,171) - Loss on derivative revaluation 214,995 69,300 Vidara acquisition costs 48,427 - PENNSAID acquisition costs Loss on induced debt conversion / debt extinguishment 29,390 26,404 Secondary offering costs 2,857 - Share-based compensation 13,198 5,014 Total of Non-GAAP adjustments $ 297,764 $ 100,718 Adjusted EBITDA $ 105,352 $ (28,254) VIMOVO and ACTIMMUNE royalties for period $ (18,264) $ - Adjusted EBITDA (Net of Royalities) $ 87,088 $ (28,254) 26 Non-GAAP Gross Profit: GAAP net sales $ 296,955 $ 74,016 GAAP cost of goods sold 78,753 14,625 GAAP gross profit $ 218,202 $ 59,391
27 GAAP to Non-GAAP Tax Rate Reconciliation Note regarding the Company s updated non-gaap tax rate methodology: Horizon Pharma is modifying the method of calculating its non-gaap income tax expense to align with guidance issued by the SEC on May 17, Using the prior methodology resulting in a non-gaap income tax rate of 5.1 percent, non-gaap net income and diluted earnings per share in the second quarter were $101.1 million dollars and $0.62, respectively. Using the new methodology resulting in a non-gaap income tax rate of 14.4 percent, non-gaap net income and diluted earnings per share were $91.3 million dollars and $0.56, respectively. The new methodology, which the Company will begin using exclusively in the third quarter, calculates the income tax component of non-gaap net income for each period by adjusting the GAAP tax expense (benefit) for the estimated tax impact of each non-gaap adjustment based on the statutory tax rate of the applicable jurisdiction for each non-gaap adjustment. This new methodology does not reflect any use of net operating loss carryforwards that the Company potentially may have been able to utilize if its actual earnings for these periods had been the non-gaap net income. Importantly, this change has no impact on the amount of cash taxes paid, operating cash flows or full-year guidance for net sales or adjusted EBITDA. Previously, the Company had calculated the income tax component of non-gaap net income by using the estimated cash taxes that it expected to pay for the period. The tables in the following slides provide the GAAP to non-gaap tax rate reconciliation using both the new and prior methodology along with the resulting non-gaap net income and non-gaap diluted earnings per share under each method. 27 Note: Other non-gaap income tax adjustments in the three months ended June 30, 2015 of $105,133 related to the release of certain valuation allowances in connection with the Hyperion acquisition.
28 28 GAAP to Non-GAAP Tax Rate Reconciliation
29 GAAP to Non-GAAP Tax Rate Reconciliation (Con t.) Q Pre-tax Net Income Income Tax Expense (Benefit) Tax Rate Net Income Diluted Earnings Per Share As reported - GAAP $ 25.2 $ % $ 3.2 $ 0.02 Non-GAAP adjustments Non-GAAP - new methodology $ $ % $ 69.8 $ 0.42 As reported - GAAP $ 25.2 $ % $ 3.2 $ 0.02 Non-GAAP adjustments 91.6 (22.2) Non-GAAP - prior methodology $ $ (0.2) (0.2)% $ $ 0.70 Q YTD Pre-tax Net Income Tax Net Income Diluted Earnings Income (Loss) Expense (Benefit) Tax Rate (Loss) Per Share As reported - GAAP $ (121.3) $ (136.8) 112.8% $ 15.5 $ 0.10 Non-GAAP adjustments Other Non-GAAP tax adjustment (105.1) Non-GAAP - new methodology $ $ % $ $ 0.98 As reported - GAAP $ (121.3) $ (136.8) 112.8% $ 15.5 $ 0.10 Non-GAAP adjustments Other Non-GAAP tax adjustment (105.1) Non-GAAP - prior methodology $ $ % $ $ 1.32 Q Pre-tax Net Income Tax Diluted Earnings Income (Loss) Expense (Benefit) Tax Rate Net Income Per Share As reported - GAAP $ (11.4) $ (35.4) 309.3% $ 24.0 $ 0.15 Non-GAAP adjustments Non-GAAP - new methodology $ $ % $ $ 0.64 As reported - GAAP $ (11.4) $ (35.4) 309.3% $ 24.0 $ 0.15 Non-GAAP adjustments Non-GAAP - prior methodology $ $ % $ $ 0.63 FY 2015 Pre-tax Net Income Tax Net Income Diluted Earnings Income (Loss) Expense (Benefit) Tax Rate (Loss) Per Share As reported - GAAP $ (132.7) $ (172.2) 129.8% $ 39.5 $ 0.25 Non-GAAP adjustments Other Non-GAAP tax adjustment (105.1) Non-GAAP - new methodology $ $ % $ $ As reported - GAAP $ (132.7) $ (172.2) 129.8% $ 39.5 $ 0.25 Non-GAAP adjustments Other Non-GAAP tax adjustment (105.1) Non-GAAP - prior methodology $ $ % $ $ 1.96
30 Horizon Pharma plc Second-Quarter 2016 Earnings Summary August 8, 2016
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