EX-12.1 5 a2234274zex-12_1.htm EX-12.1

Exhibit 12.1

 

Insmed Incorporated

Computation of Ratio of Earnings to Fixed Charges

(in thousands)

 

 

 

Years Ended December 31,

 

Nine Months
Ended September

 

 

 

2012

 

2013

 

2014

 

2015

 

2016

 

30, 2017

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

$

(41,374

)

$

(57,294

)

$

(89,581

)

$

(120,154

)

$

(176,175

)

$

(127,171

)

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges

 

1,096

 

2,745

 

2,848

 

3,155

 

3,898

 

4,825

 

Amortization of capitalized interest

 

236

 

333

 

390

 

458

 

281

 

91

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest

 

(280

)

(493

)

(500

)

(534

)

(452

)

(597

)

Total earnings

 

$

(40,322

)

$

(54,709

)

$

(86,843

)

$

(117,075

)

$

(172,448

)

$

(122,852

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and debt expense, net of capitalized interest

 

$

483

 

$

1,919

 

$

1,915

 

$

2,355

 

$

3,046

 

$

3,862

 

Capitalized interest

 

280

 

493

 

500

 

534

 

452

 

597

 

Rental expense interest factor (1)

 

333

 

333

 

433

 

266

 

400

 

366

 

Total fixed charges

 

$

1,096

 

$

2,745

 

$

2,848

 

$

3,155

 

$

3,898

 

$

4,825

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges (2)

 

—

 

—

 

—

 

—

 

—

 

—

 

 

(1)         Rental expense interest calculated using an assumed interest factor of 33% of rental expense.

(2)         Earnings were inadequate to cover fixed charges for the years ended December 31, 2012, 2013, 2014, 2015 and 2016 by $41.4 million, $57.5 million, $89.7 million, $120.2 million and $176.4 million, respectively, and for the nine months ended September 30, 2017, by $127.7 million.