CONSOLIDATED US GAAP FINANCIAL STATEMENTS FOR MARCH 31, 2017

Transcription

1 CONSOLIDATED US GAAP FINANCIAL STATEMENTS FOR MARCH 31, 2017 Contents: CONSOLIDATED INCOME STATEMENTS CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME CONSOLIDATED BALANCE SHEETS CONSOLIDATED STATEMENTS OF CASH FLOWS CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

2 CONSOLIDATED INCOME STATEMENTS Three months ended March 31, (in CHF thousands, except per share amounts) Net revenue Product sales 646, ,308 Contract revenue Total net revenue 646, ,535 Operating (expenses) 1 Cost of sales 2 (65,407) (48,200) Research and development (153,201) (139,469) Selling, general and administration (199,591) (179,967) Amortization of acquired intangible assets (13,608) (13,578) Total operating (expenses) (431,807) (381,214) Operating income 214, ,321 Interest income (expense), net (5) 238 Other financial income (expense), net 1,022 (1,448) Total financial income (expenses) 1,017 (1,210) Income before income tax benefit (expense) 215, ,111 Income tax benefit (expense) (18,827) (29,190) Net income 196, ,921 Less: Net loss attributable to the noncontrolling interests Net income attributable to Actelion's shareholders 196, ,330 Basic net income per share attributable to Actelion's shareholders Weighted-average number of common shares (in thousands) 103, ,918 Diluted net income per share attributable to Actelion's shareholders Weighted-average number of common shares (in thousands) 106, ,914 1 Includes stock-based compensation as follows: Research and development (7,665) (7,488) Selling, general and administration (10,077) (8,680) Total stock-based compensation (17,742) (16,168) 2 Excludes amortization of intangible assets as presented separately.

3 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Three months ended March 31, (in CHF thousands) Net income 196, ,921 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments 1,305 3,703 Amortization of components of net periodic benefit costs Other comprehensive income (loss), net of tax 1,427 4,101 Comprehensive income 198, ,022 Less: Comprehensive loss attributable to noncontrolling interests Comprehensive income attributable to Actelion's shareholders 198, ,431

4 CONSOLIDATED BALANCE SHEETS March 31, December 31, (in CHF thousands, except number of shares) Assets Current assets Cash and cash equivalents 759, ,380 Trade and other receivables, net 484, ,868 Inventories 132, ,820 Other current assets 68, ,763 Total current assets 1,445,083 1,192,831 Noncurrent assets Property, plant and equipment, net 347, ,215 Intangible assets, net 370, ,705 Goodwill 134, ,048 Deferred tax assets 18,462 20,528 Other noncurrent assets 19,571 25,150 Total noncurrent assets 890, ,646 Total assets 2,335,689 2,106,477 Liabilities Current liabilities Trade and other payables 98,051 83,009 Accrued expenses 280, ,730 Other current liabilities 144,623 40,211 Total current liabilities 523, ,950 Noncurrent liabilities Pension liability 55,342 66,427 Contingent considerations 113, ,630 Other noncurrent liabilities 35,141 34,312 Total noncurrent liabilities 204, ,369 Total liabilities 727, ,319 Equity Actelion's shareholders' equity Common shares (par value CHF 0.50 per share; authorized 147'753'077; issued 107'761'427 shares in 2017 and 2016, respectively) 53,881 53,881 Accumulated profit 2,257,476 2,187,889 Treasury shares, at cost (463,685) (680,053) Accumulated other comprehensive income (loss) (234,793) (236,220) Total Actelion's shareholders' equity 1,612,879 1,325,497 Noncontrolling interests Equity attributable to noncontrolling interests (4,660) (4,339) Total equity 1,608,219 1,321,158 Total liabilities and equity 2,335,689 2,106,477

5 CONSOLIDATED STATEMENTS OF CASH FLOWS Three months ended March 31, (in CHF thousands) Cash flow from operating activities Net income 196, ,921 Adjustments to reconcile net income to net cash provided from operating activities: Depreciation and amortization 22,075 21,619 Stock-based compensation, incl. treasury shares to members of Board of 17,742 16,416 Excess tax benefits from share-based payment arrangements - (992) Deferred taxes 10,678 18,709 Deferred revenue (36) (230) (Gains) Losses on derivative instruments 2,794 (11,817) Accretion expense (benefit) on contingent considerations 1,946 2,536 Changes in operating assets and liabilities: Trade and other receivables (38,208) (26,888) Inventories 3,334 (36,474) Trade and other payables 15,752 (8,334) Accrued expenses (66,719) 24,872 Changes in other operating cash flow items 36,375 (5,025) Net cash flow provided by (used in) operating activities 202, ,313 Cash flow from investing activities Purchase of property, plant and equipment (6,784) (3,251) Purchase of intangible assets (1,151) (2,042) Acquisition of a business, incl. contingent consideration payments (1,214) (1,022) Net cash flow provided by (used in) investing activities (9,149) (6,315) Cash flow from financing activities Proceeds from exercise of stock options, net of expense 71,942 6,455 Purchase of treasury shares (761) (105,817) Excess tax benefits from share-based payment arrangements Net cash flow provided by (used in) financing activities 71,181 (98,370) Net effect of exchange rates on cash and cash equivalents (5) (921) Net change in cash and cash equivalents 264,396 66,707 Cash and cash equivalents at beginning of period 495, ,892 Cash and cash equivalents at end of period 759, ,599

6 CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY Actelion's shareholders Noncontrolling interests (in CHF thousands, Additional Accum. other to except number of shares) Common shares paid-in Accumulated Treasury comprehensive noncontrolling Total Shares Amount capital profit shares income (loss) interests equity At January 1, ,068,917 57,064-2,636,931 (1,137,399) (238,795) (2,788) 1,315,013 Comprehensive income (loss) 1) : Net income 178,330 (409) 177,921 Other comprehensive income (loss) 4,101 4,101 Comprehensive income (loss) 1) 182,022 Excess tax benefits from share-based payments Transactions in treasury shares (455,785) (16,429) (5,647) (68,148) (90,224) Stock-based compensation expense 15,997 15,997 At March 31, ,613,132 57,064-2,809,614 (1,205,547) (234,694) (3,197) 1,423,240 Comprehensive income (loss) 1) : Net income 518,056 (1,142) 516,914 Other comprehensive income (loss) (1,526) (1,526) Comprehensive income (loss) 1) 515,388 Excess tax benefits from share-based payments 9,831 9,831 Transactions in treasury shares (1,505,930) 100,356 (302,528) (314,942) (517,114) Stock-based compensation expense 48,326 48,326 Cancellation treasury shares (share repurchase program) (3,183) - (837,253) 840,436 - Dividend payment (158,513) (158,513) At December 31, ,107,202 53,881-2,187,889 (680,053) (236,220) (4,339) 1,321,158 Comprehensive income (loss) 1) : Net income 196,957 (321) 196,636 Other comprehensive income (loss) 1,427 1,427 Comprehensive income (loss) 1) 198,063 Transactions in treasury shares 1,530,939 (17,055) (127,370) 216,368 71,943 Stock-based compensation expense 17,055 17,055 At March 31, ,638,141 53,881-2,257,476 (463,685) (234,793) (4,660) 1,608,219 1) Comprehensive income (loss) is presented net of tax.