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Restatement of consolidated financial statements
 12 Months Ended
Dec. 31, 2022
Accounting Changes and Error Corrections [Abstract]  
Restatement of consolidated financial statements Restatement of consolidated financial statements
As part of the Company's quarterly review process related to the preparation of its unaudited condensed consolidated financial statements for the three and nine months ended September 30, 2023, the Company determined that its net state deferred tax liability was overstated as of December 31, 2022, resulting in an understatement of the income tax benefits reflected on the Company's consolidated statement of operations. This material error was associated with the use of incorrect state tax rates in the calculation of state deferred tax assets and related valuation allowances, which are non-cash items that resulted in an understatement of the Company's income tax benefit of $11.7 million for the year ended December 31, 2022. In connection with the restatement to correct this material error, the Company determined that it is appropriate to revise the financial statements as of and for the years ending December 31, 2022, 2021 and 2020 included in this Form 10-K/A to correct other unrelated immaterial errors that were previously either unrecorded or recorded as out-of-period adjustments.
The following tables present the impact of the financial statement adjustments on the Company's previously reported consolidated financial statements for the fiscal years ended December 31, 2022, 2021 and 2020. The "Previously Reported" amounts in the following tables are amounts derived from the Original Form 10-K filed with the United States Securities and Exchange Commission on March 1, 2023. The amounts in the columns labeled "Tax Adjustments" represent the effect of adjustments resulting from the correction of the overstatement of the Company's net state deferred tax liability and understatement of the income tax benefits of $11.7 million and the tax impact of all other individually immaterial non-tax adjustments of $2.2 million for the year ended December 31, 2022. The amounts in the columns labeled "Other Adjustments" represent the effect of other adjustments that relate to other unrelated errors in previously filed financial statements that were not material, individually or in the aggregate, to those filed financial statements. The effects of both the restatement for the Tax Adjustments and the revisions for the Other Adjustments have been corrected in all impacted tables and footnotes throughout these consolidated financial statements.
The following table presents the impact of the financial statement adjustments on the Company's previously reported Consolidated Balance Sheets for the years ended December 31, 2022 and 2021:
As ofAs of
December 31, 2022December 31, 2021
Previously ReportedTax AdjustmentsOther AdjustmentsAs RestatedPreviously ReportedOther AdjustmentsAs Revised
ASSETS
Current assets:
Cash and cash equivalents$642.6 $— $— $642.6 $576.1 $— $576.1 
Restricted cash— — — — 0.2 — 0.2 
Accounts receivable, net158.4 — 0.8 159.2 274.7 4.2 278.9 
Inventories, net351.8 — (1.1)350.7 350.8 (6.3)344.5 
Prepaid expenses and other current assets57.9 — — 57.9 70.2 — 70.2 
Total current assets1,210.7 — (0.3)1,210.4 1,272.0 (2.1)1,269.9 
Property, plant and equipment, net817.6 — — 817.6 800.1 — 800.1 
Intangible assets, net728.8 — — 728.8 604.6 — 604.6 
Goodwill218.2 — — 218.2 224.9 — 224.9 
Other assets191.3 — — 191.3 57.4 0.8 58.2 
Total assets$3,166.6 $— $(0.3)$3,166.3 $2,959.0 $(1.3)$2,957.7 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable$103.5 $— $— $103.5 $128.9 $— $128.9 
Accrued expenses34.9 — — 34.9 51.7 — 51.7 
Accrued compensation88.3 — (1.0)87.3 88.7 — 88.7 
Debt, current portion957.3 — — 957.3 31.6 — 31.6 
Other current liabilities45.9 (0.3)0.3 45.9 72.9 0.2 73.1 
Total current liabilities1,229.9 (0.3)(0.7)1,228.9 373.8 0.2 374.0 
Debt, net of current portion448.5 — — 448.5 809.4 — 809.4 
Deferred tax liability71.8 (12.1)— 59.7 94.9 (1.6)93.3 
Other liabilities33.4 7.1 1.0 41.5 61.9 7.6 69.5 
Total liabilities1,783.6 (5.3)0.3 1,778.6 1,340.0 6.2 1,346.2 
Stockholders’ equity:
Preferred stock, $0.001 par value; 15.0 shares authorized, no shares issued and outstanding
— — — — — — — 
Common stock, $0.001 par value; 200.0 shares authorized, 55.7 and 55.1 shares issued; 50.1 and 51.3 shares outstanding, respectively.
0.1 — — 0.1 0.1 — 0.1 
Treasury stock, at cost, 5.6 and 3.8 common shares, respectively
(227.7)— — (227.7)(152.2)— (152.2)
Additional paid-in capital873.5 — — 873.5 829.4 — 829.4 
Accumulated other comprehensive income (loss), net3.1 — — 3.1 (16.1)— (16.1)
Retained earnings734.0 5.3 (0.6)738.7 957.8 (7.5)950.3 
Total stockholders’ equity1,383.0 5.3 (0.6)1,387.7 1,619.0 (7.5)1,611.5 
Total liabilities and stockholders’ equity$3,166.6 $— $(0.3)$3,166.3 $2,959.0 $(1.3)$2,957.7 
The following tables present the impact of the financial statement adjustments on the Company's previously reported Consolidated Statements of Operations for the years ended December 31, 2022, 2021 and 2020:
Year EndedYear Ended
December 31, 2022December 31, 2021
Previously ReportedTax AdjustmentsOther AdjustmentsAs RestatedPreviously ReportedOther AdjustmentsAs Revised
Revenues:
Product sales, net$966.2 $— $— $966.2 $1,023.9 $— $1,023.9 
CDMO:
Services108.4 — (3.4)105.0 334.9 (24.6)310.3 
Leases4.9 — — 4.9 299.7 5.5 305.2 
Total CDMO113.3 — (3.4)109.9 634.6 (19.1)615.5 
Contracts and grants41.4 — — 41.4 134.2 — 134.2 
Total revenues1,120.9 — (3.4)1,117.5 1,792.7 (19.1)1,773.6 
Operating expenses:
Cost of product sales424.1 — 0.5 424.6 382.0 0.6 382.6 
Cost of CDMO269.6 — (1.1)268.5 375.5 (10.0)365.5 
Research and development193.0 — (4.7)188.3 234.0 1.2 235.2 
Selling, general and administrative340.3 — (0.8)339.5 348.4 0.3 348.7 
Goodwill impairment6.7 — — 6.7 41.7 — 41.7 
Amortization of intangible assets59.9 — — 59.9 58.5 — 58.5 
Total operating expenses1,293.6 — (6.1)1,287.5 1,440.1 (7.9)1,432.2 
Income (loss) from operations(172.7)— 2.7 (170.0)352.6 (11.2)341.4 
Other income (expense):
Interest expense(37.3)— — (37.3)(34.5)— (34.5)
Other, net(11.7)— — (11.7)(3.7)— (3.7)
Total other income (expense), net(49.0)— — (49.0)(38.2)— (38.2)
Income (loss) before income taxes(221.7)— 2.7 (219.0)314.4 (11.2)303.2 
Income tax (benefit) provision2.1 (9.5)— (7.4)83.5 0.2 83.7 
Net income (loss)$(223.8)$9.5 $2.7 $(211.6)$230.9 $(11.4)$219.5 
Net income (loss) per common share
Basic$(4.47)$0.19 $0.06 $(4.22)$4.32 $(0.22)$4.10 
Diluted$(4.47)$0.19 $0.06 $(4.22)$4.27 $(0.21)$4.06 
Shares used in computing net income (loss) per common share
Basic50.1 — — 50.1 53.5 — 53.5 
Diluted50.1 — — 50.1 54.1 — 54.1 
Year Ended
December 31, 2020
Previously ReportedOther AdjustmentsAs Revised
Revenues:
Product sales, net$989.8 $— $989.8 
CDMO:
Services166.7 27.4 194.1 
Leases283.8 (5.5)278.3 
Total CDMO450.5 21.9 472.4 
Contracts and grants115.1 — 115.1 
Total revenues1,555.4 21.9 1,577.3 
Operating expenses:
Cost of product sales392.0 — 392.0 
Cost of CDMO132.0 13.0 145.0 
Research and development234.5 3.4 237.9 
Selling, general and administrative303.3 0.8 304.1 
Amortization of intangible assets59.8 — 59.8 
Total operating expenses1,121.6 17.2 1,138.8 
Income from operations433.8 4.7 438.5 
Other income (expense):
Interest expense(31.3)— (31.3)
Other, net4.7 — 4.7 
Total other income (expense), net(26.6)— (26.6)
Income before income taxes407.2 4.7 411.9 
Income tax provision102.1 4.0 106.1 
Net income$305.1 $0.7 $305.8 
Net income per common share
Basic$5.79 $0.01 $5.80 
Diluted$5.67 $0.01 $5.68 
Shares used in computing net income (loss) per common share
Basic52.7 — 52.7 
Diluted53.8 — 53.8 
The following table presents the impact of the financial statement adjustments on the Company's previously reported Consolidated Statements of Cash Flows for the years ended December 31, 2022, 2021 and 2020:
Year Ended
December 31, 2022
Previously ReportedTax AdjustmentsOther AdjustmentsAs Restated
Operating Activities
Net loss$(223.8)$9.5 $2.7 $(211.6)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense45.1 — — 45.1 
Depreciation and amortization143.3 — — 143.3 
Change in fair value of contingent obligations, net2.6 — — 2.6 
Amortization of deferred financing costs4.1 — — 4.1 
Impairments6.7 — — 6.7 
Deferred income taxes(19.0)(9.6)— (28.6)
Other6.4 — — 6.4 
Changes in operating assets and liabilities:
Accounts receivable114.7 — 3.4 118.1 
Inventories(51.9)— (5.2)(57.1)
Prepaid expenses and other assets(19.9)— — (19.9)
Accounts payable(14.0)— — (14.0)
Accrued expenses and other liabilities(66.7)— — (66.7)
Accrued compensation0.1 — (0.9)(0.8)
Income taxes receivable and payable, net28.6 0.1 — 28.7 
Contract liabilities9.6 — — 9.6 
Net cash used in operating activities (34.1)— — (34.1)
Investing Activities
Purchases of property, plant and equipment(115.8)— — (115.8)
Royalty settlement payment(21.8)— — (21.8)
Asset acquisitions(243.7)— — (243.7)
Net cash used in investing activities(381.3)— — (381.3)
Financing Activities
Purchases of treasury stock(82.1)— — (82.1)
Proceeds from revolving credit facility598.0 — — 598.0 
Principal payments on term loan facility(33.8)— — (33.8)
Proceeds from stock-based compensation activity5.0 — — 5.0 
Taxes paid for stock-based compensation activity(5.9)— — (5.9)
Net cash provided by financing activities:481.2 — — 481.2 
Effect of exchange rate changes on cash, cash equivalents and restricted cash0.5 — — 0.5 
Net change in cash, cash equivalents and restricted cash66.3 — — 66.3 
Cash, cash equivalents and restricted cash, beginning of period576.3 — — 576.3 
Cash, cash equivalents and restricted cash, end of period$642.6 $— $— $642.6 
Supplemental disclosure of cash flow information:
Cash paid for interest$33.0 $— $— $33.0 
Cash paid for income taxes$6.2 $— $— $6.2 
Supplemental information on non-cash investing and financing activities:
Purchases of property, plant and equipment unpaid at period end$9.4 $— $— $9.4 
Purchases of treasury stock unpaid at period end$— $— $— $— 
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents$642.6 $— $— $642.6 
Restricted cash— — — — 
Total$642.6 $— $— $642.6 
Year Ended
December 31, 2021
Previously ReportedOther AdjustmentsAs Revised
Operating Activities
Net income (loss)$230.9 $(11.4)$219.5 
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation expense42.4 — 42.4 
Depreciation and amortization123.8 — 123.8 
Change in fair value of contingent obligations, net2.9 — 2.9 
Amortization of deferred financing costs4.1 — 4.1 
Impairments41.7 — 41.7 
Deferred income taxes46.9 (0.9)46.0 
Write off of contract asset and liability(17.2)— (17.2)
Other2.0 — 2.0 
Changes in operating assets and liabilities:
Accounts receivable(48.2)32.0 (16.2)
Inventories(44.0)(22.6)(66.6)
Prepaid expenses and other assets7.7 — 7.7 
Accounts payable(2.5)0.9 (1.6)
Accrued expenses and other liabilities(9.2)— (9.2)
Accrued compensation4.0 — 4.0 
Income taxes receivable and payable, net(32.4)1.1 (31.3)
Contract liabilities(31.8)— (31.8)
    Net cash provided by operating activities321.1 (0.9)320.2 
Investing Activities
Purchases of property, plant and equipment(225.0)0.9 (224.1)
    Net cash used in investing activities(225.0)0.9 (224.1)
Financing Activities
Purchases of treasury stock(106.0)— (106.0)
Proceeds from senior unsecured notes— — — 
Principal payments on convertible senior notes(10.6)— (10.6)
Principal payments on term loan facility(25.3)— (25.3)
Proceeds from stock-based compensation activity15.9 — 15.9 
Taxes paid for stock-based compensation activity(13.8)— (13.8)
Contingent consideration payments(1.2)— (1.2)
Net cash used in financing activities:(141.0)— (141.0)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(0.3)— (0.3)
Net change in cash, cash equivalents and restricted cash(45.2)— (45.2)
Cash, cash equivalents and restricted cash, beginning of period621.5 — 621.5 
Cash, cash equivalents and restricted cash, end of period$576.3 $— $576.3 
Supplemental disclosure of cash flow information:
Cash paid for interest$30.4 $— $30.4 
Cash paid for income taxes$71.6 $— $71.6 
Supplemental information on non-cash investing and financing activities:
Purchases of property, plant and equipment unpaid at period end$20.0 $— $20.0 
Purchases of treasury stock unpaid at period end$6.6 $— $6.6 
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents$576.1 $— $576.1 
Restricted cash0.2 — 0.2 
Total$576.3 $— $576.3 
Year Ended
December 31, 2020
Previously ReportedOther AdjustmentsAs Revised
Operating Activities
Net income$305.1 $0.7 $305.8 
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation expense51.0 0.8 51.8 
Depreciation and amortization114.5 — 114.5 
Change in fair value of contingent obligations, net31.7 — 31.7 
Amortization of deferred financing costs3.5 — 3.5 
Impairments29.0 — 29.0 
Deferred income taxes(2.4)(0.9)(3.3)
Other(5.2)(0.4)(5.6)
Changes in operating assets and liabilities:
Accounts receivable49.0 (21.5)27.5 
Inventories(83.2)16.3 (66.9)
Prepaid expenses and other assets(29.2)2.3 (26.9)
Accounts payable18.7 9.6 28.3 
Accrued expenses and other liabilities19.4 (10.9)8.5 
Accrued compensation21.8 — 21.8 
Income taxes receivable and payable, net1.1 4.9 6.0 
Contract liabilities11.2 — 11.2 
    Net cash provided by operating activities536.0 0.9 536.9 
Investing Activities
Purchases of property, plant and equipment(141.0)(0.9)(141.9)
Milestone payment from prior asset acquisition(10.0)— (10.0)
    Net cash used in investing activities(151.0)(0.9)(151.9)
Financing Activities
Proceeds from senior unsecured notes450.0 — 450.0 
Principal payments on revolving credit facility(373.0)— (373.0)
Principal payments on term loan facility(14.1)— (14.1)
Proceeds from stock-based compensation activity31.6 — 31.6 
Taxes paid for stock-based compensation activity(13.8)— (13.8)
Debt issuance costs(8.4)— (8.4)
Contingent consideration payments(2.8)— (2.8)
Net cash provided by financing activities:69.5 — 69.5 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(1.0)— (1.0)
Net change in cash, cash equivalents and restricted cash453.5 — 453.5 
Cash, cash equivalents and restricted cash, beginning of period168.0 — 168.0 
Cash, cash equivalents and restricted cash, end of period$621.5 $— $621.5 
Supplemental disclosure of cash flow information:
Cash paid for interest$21.0 $— $21.0 
Cash paid for income taxes$109.3 $— $109.3 
Supplemental information on non-cash investing and financing activities:
Purchases of property, plant and equipment unpaid at period end$22.0 $0.9 $22.9 
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents$621.3 $— $621.3 
Restricted cash0.2 — 0.2 
Total$621.5 $— $621.5