Delaware | 001-38485 | 32-0546926 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Class A Common Stock, par value $0.01 per share | AMRX | New York Stock Exchange |
Item 7.01 | Regulation FD. |
Item 9.01 | Financial Statements and Exhibits. |
Exhibit No. | Description |
Date: August 5, 2019 | AMNEAL PHARMACEUTICALS, INC. | |
By: | /s/ Todd P. Branning | |
Name: | Todd P. Branning | |
Title: | Senior Vice President and Chief Financial Officer |
Three Months Ended | ||||||||||
June 30, 2019 | June 30, 2018 | Year/ Year Variance | ||||||||
GAAP Results(2) | ||||||||||
Net revenue | $ | 404,642 | $ | 413,787 | (2.2 | )% | ||||
Net loss attributable to Amneal Pharmaceuticals, Inc. | $ | (16,902 | ) | $ | (19,104 | ) | 11.5 | % | ||
Diluted loss per share attributable to Amneal Pharmaceuticals, Inc. | $ | (0.13 | ) | $ | (0.15 | ) | 13.3 | % | ||
Non-GAAP Results(1)(3) | ||||||||||
Combined net revenue | $ | 404,642 | $ | 462,328 | (12.5 | )% | ||||
Combined adjusted net income | $ | 26,669 | $ | 69,895 | (61.8 | )% | ||||
Combined adjusted EBITDA | $ | 92,081 | $ | 138,622 | (33.6 | )% | ||||
Combined adjusted diluted EPS | $ | 0.09 | $ | 0.23 | (60.9 | )% |
Generics | Three months ended June 30, 2019 | Three months ended June 30, 2018 | |||||||||||||||||
Add: | (Non-GAAP) | Add: | (Non-GAAP) | ||||||||||||||||
Actual | Impax/ Gemini | Combined | Actual | Impax/ Gemini | Combined | ||||||||||||||
Net revenue - Generics | $ | 335,064 | $ | — | $ | 335,064 | $ | 361,770 | $ | 20,995 | $ | 382,765 | |||||||
Cost of goods sold | 263,423 | — | 263,423 | 211,534 | 29,624 | 241,158 | |||||||||||||
Cost of goods sold impairment charges | 3,012 | — | 3,012 | — | — | — | |||||||||||||
Gross profit | 68,629 | — | 68,629 | 150,236 | (8,629 | ) | 141,607 | ||||||||||||
Selling, general, and administrative | 14,379 | — | 14,379 | 19,621 | 4,340 | 23,961 | |||||||||||||
Research and development | 45,448 | — | 45,448 | 47,206 | 3,984 | 51,190 | |||||||||||||
Restructuring and other charges | 418 | — | 418 | 24,797 | — | 24,797 | |||||||||||||
Legal settlement gains | — | — | — | (3,000 | ) | — | (3,000 | ) | |||||||||||
Intellectual property legal development expenses | 2,511 | — | 2,511 | 4,004 | — | 4,004 | |||||||||||||
Acquisition, integration and transaction related expenses | 987 | — | 987 | 114,622 | — | 114,622 | |||||||||||||
Operating income (loss) | $ | 4,886 | $ | — | $ | 4,886 | $ | (57,014 | ) | $ | (16,953 | ) | $ | (73,967 | ) | ||||
Gross margin | 20.5 | % | — | % | 20.5 | % | 41.5 | % | (41.1 | %) | 37.0 | % | |||||||
Adjusted gross profit (Non-GAAP)(4) | $ | 115,434 | $ | — | $ | 115,434 | $ | 186,848 | $ | (1,690 | ) | $ | 185,158 | ||||||
Adjusted gross margin (Non-GAAP)(5) | 34.5 | % | — | % | 34.5 | % | 51.6 | % | (8.0 | %) | 48.4 | % | |||||||
Adjusted operating income (Non-GAAP) | $ | 64,748 | $ | — | $ | 64,748 | $ | 120,662 | $ | (11,339 | ) | $ | 109,323 |
Generics | Six months ended June 30, 2019 | Six months ended June 30, 2018 | |||||||||||||||||
Add: | (Non-GAAP) | Add: | (Non-GAAP) | ||||||||||||||||
Actual | Impax/ Gemini | Combined | Actual | Impax/ Gemini | Combined | ||||||||||||||
Net revenue - Generics | $ | 717,541 | $ | — | $ | 717,541 | $ | 636,959 | $ | 102,237 | $ | 739,196 | |||||||
Cost of goods sold | 542,301 | — | 542,301 | 342,128 | 122,761 | 464,889 | |||||||||||||
Cost of goods sold impairment charges | 56,309 | — | 56,309 | — | — | — | |||||||||||||
Gross profit | 118,931 | — | 118,931 | 294,831 | (20,524 | ) | 274,307 | ||||||||||||
Selling, general, and administrative | 38,527 | — | 38,527 | 30,824 | 7,334 | 38,158 | |||||||||||||
Research and development | 95,599 | — | 95,599 | 91,415 | 13,623 | 105,038 | |||||||||||||
In-process research and development impairment charges | 22,787 | — | 22,787 | — | — | — | |||||||||||||
Restructuring and other charges | 2,499 | — | 2,499 | 24,797 | — | 24,797 | |||||||||||||
Litigation, settlements and related charges | — | — | — | — | 89,159 | 89,159 | |||||||||||||
Legal settlement gains | — | — | — | (3,000 | ) | — | (3,000 | ) | |||||||||||
Intellectual property legal development expenses | 5,632 | — | 5,632 | 8,580 | 23 | 8,603 | |||||||||||||
Acquisition, integration and transaction related expenses | 3,584 | — | 3,584 | 114,622 | — | 114,622 | |||||||||||||
Operating (loss) income | $ | (49,697 | ) | $ | — | $ | (49,697 | ) | $ | 27,593 | $ | (130,663 | ) | $ | (103,070 | ) | |||
Gross margin | 16.6 | % | — | % | 16.6 | % | 46.3 | % | (20.1 | %) | 37.1 | % | |||||||
Adjusted gross profit (Non-GAAP)(4) | $ | 277,711 | $ | — | $ | 277,711 | $ | 333,203 | $ | 3,246 | $ | 336,449 | |||||||
Adjusted gross margin (Non-GAAP)(5) | 38.7 | % | — | % | 38.7 | % | 52.3 | % | 3.2 | % | 45.5 | % | |||||||
Adjusted operating income (Non-GAAP) | $ | 161,567 | $ | — | $ | 161,567 | $ | 208,125 | $ | (16,752 | ) | $ | 191,373 |
Specialty | Three months ended June 30, 2019 | Three months ended June 30, 2018 | |||||||||||||||||
Add: | (Non-GAAP) | Add: | (Non-GAAP) | ||||||||||||||||
Actual | Impax/ Gemini | Combined | Actual | Impax/ Gemini | Combined | ||||||||||||||
Net revenue - Specialty: | |||||||||||||||||||
Rytary® | $ | 33,000 | $ | — | $ | 33,000 | $ | 20,520 | $ | 8,578 | $ | 29,098 | |||||||
Unithroid® | 8,904 | — | 8,904 | 4,424 | 3,207 | 7,631 | |||||||||||||
Zomig® | 14,427 | — | 14,427 | 9,695 | 3,933 | 13,628 | |||||||||||||
All other specialty products | 13,247 | — | 13,247 | 17,378 | 11,828 | 29,206 | |||||||||||||
Total net revenue - Specialty | 69,578 | — | 69,578 | 52,017 | 27,546 | 79,563 | |||||||||||||
Cost of goods sold | 32,958 | — | 32,958 | 23,958 | 6,711 | 30,669 | |||||||||||||
Gross profit | 36,620 | — | 36,620 | 28,059 | 20,835 | 48,894 | |||||||||||||
Selling, general, and administrative | 16,150 | — | 16,150 | 13,549 | 7,707 | 21,256 | |||||||||||||
Research and development | 2,568 | — | 2,568 | 3,129 | 1,007 | 4,136 | |||||||||||||
Intellectual property legal development expenses | — | — | — | 43 | — | 43 | |||||||||||||
Restructuring and other charges | — | — | — | 2,421 | — | 2,421 | |||||||||||||
Acquisition, integration and transaction related expenses | 1,366 | — | 1,366 | — | — | — | |||||||||||||
Operating income | $ | 16,536 | $ | — | $ | 16,536 | $ | 8,917 | $ | 12,121 | $ | 21,038 | |||||||
Gross margin | 52.6 | % | — | % | 52.6 | % | 53.9 | % | 75.6 | % | 61.5 | % | |||||||
Adjusted gross profit (Non-GAAP)(4) | $ | 56,780 | $ | — | $ | 56,780 | $ | 40,660 | $ | 22,363 | $ | 63,023 | |||||||
Adjusted gross margin (Non-GAAP)(5) | 81.6 | % | — | % | 81.6 | % | 78.2 | % | 81.2 | % | 79.2 | % | |||||||
Adjusted operating income (Non-GAAP) | $ | 39,313 | $ | — | $ | 39,313 | $ | 23,939 | $ | 13,649 | $ | 37,588 |
Specialty | Six months ended June 30, 2019 | Six months ended June 30, 2018 | |||||||||||||||||
Add: | (Non-GAAP) | Add: | (Non-GAAP) | ||||||||||||||||
Actual | Impax/ Gemini | Combined | Actual | Impax/ Gemini | Combined | ||||||||||||||
Net revenue - Specialty: | |||||||||||||||||||
Rytary® | $ | 61,828 | $ | — | $ | 61,828 | $ | 20,520 | $ | 35,086 | $ | 55,606 | |||||||
Unithroid® | 18,625 | — | 18,625 | 4,424 | 9,716 | 14,140 | |||||||||||||
Zomig® | 25,551 | — | 25,551 | 9,695 | 14,411 | 24,106 | |||||||||||||
All other specialty products | 27,217 | — | 27,217 | 17,378 | 37,032 | 54,410 | |||||||||||||
Total net revenue - Specialty | 133,221 | — | 133,221 | 52,017 | 96,245 | 148,262 | |||||||||||||
Cost of goods sold | 63,823 | — | 63,823 | 23,958 | 26,731 | 50,689 | |||||||||||||
Gross profit | 69,398 | — | 69,398 | 28,059 | 69,514 | 97,573 | |||||||||||||
Selling, general, and administrative | 37,477 | — | 37,477 | 13,549 | 27,942 | 41,491 | |||||||||||||
Research and development | 6,275 | — | 6,275 | 3,129 | 3,664 | 6,793 | |||||||||||||
Intellectual property legal development expenses | 1,045 | — | 1,045 | 43 | — | 43 | |||||||||||||
Restructuring and other charges | 178 | — | 178 | 2,421 | — | 2,421 | |||||||||||||
Litigation, settlements and related charges | — | — | — | — | 940 | 940 | |||||||||||||
Acquisition, integration and transaction related expenses | 3,250 | — | 3,250 | — | — | — | |||||||||||||
Operating income | $ | 21,173 | $ | — | $ | 21,173 | $ | 8,917 | $ | 36,968 | $ | 45,885 | |||||||
Gross margin | 52.1 | % | — | % | 52.1 | % | 53.9 | % | 72.2 | % | 65.8 | % | |||||||
Adjusted gross profit (Non-GAAP)(4) | $ | 109,769 | $ | — | $ | 109,769 | $ | 40,660 | $ | 75,626 | $ | 116,286 | |||||||
Adjusted gross margin (Non-GAAP)(5) | 82.4 | % | — | % | 82.4 | % | 78.2 | % | 78.6 | % | 78.4 | % | |||||||
Adjusted operating income (Non-GAAP) | $ | 68,038 | $ | — | $ | 68,038 | $ | 23,939 | $ | 45,144 | $ | 69,083 |
Three months ended June 30, 2019 | Three months ended June 30, 2018 | ||||||||||||||||||
Add: | (Non-GAAP) | Add: | (Non-GAAP) | ||||||||||||||||
Actual | Impax/ Gemini | Combined | Actual | Impax/ Gemini | Combined | ||||||||||||||
General and administrative expense | $ | 36,752 | $ | — | $ | 36,752 | $ | 22,833 | $ | 8,000 | $ | 30,833 | |||||||
Acquisition, transaction-related and integration expenses | 1,166 | — | 1,166 | 92,885 | 4,381 | 97,266 | |||||||||||||
Restructuring and other charges | 2,417 | — | 2,417 | 17,247 | 223 | 17,470 | |||||||||||||
Total general, administrative and other operating expenses | $ | 40,335 | $ | — | $ | 40,335 | $ | 132,965 | $ | 12,604 | $ | 145,569 |
Six months ended June 30, 2019 | Six months ended June 30, 2018 | ||||||||||||||||||
Add: | (Non-GAAP) | Add: | (Non-GAAP) | ||||||||||||||||
Actual | Impax/ Gemini | Combined | Actual | Impax/ Gemini | Combined | ||||||||||||||
General and administrative expense | $ | 75,713 | $ | — | $ | 75,713 | $ | 36,751 | $ | 28,737 | $ | 65,488 | |||||||
Acquisition, transaction-related and integration expenses | 2,717 | — | 2,717 | 100,020 | 10,925 | 110,945 | |||||||||||||
Restructuring and other charges | 6,319 | — | 6,319 | 17,247 | 5,123 | 22,370 | |||||||||||||
Total general, administrative and other operating expenses | $ | 84,749 | $ | — | $ | 84,749 | $ | 154,018 | $ | 44,785 | $ | 198,803 |
Full Year 2019 Financial Guidance | ||
Prior | Updated | |
Adjusted gross margin | 47% - 50% | 47% - 50% |
Adjusted R&D as a % of net revenue | 9% - 10% | 9.5% - 10.5% |
Adjusted SG&A as a % of net revenue | 11% - 12% | 14% - 15% |
Adjusted EBITDA | $600 million - $650 million(6) | $425 million - $475 million |
Adjusted diluted EPS | $0.94 - $1.04 | $0.52 - $0.62 |
Adjusted effective tax rate | 19% - 21% | 19% - 21% |
Capital expenditures | Approximately $100 million | $65 million - $85 million |
Weighted average diluted shares outstanding | Approximately 300 million | Approximately 300 million |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Net revenue | $ | 404,642 | $ | 413,787 | $ | 850,762 | $ | 688,976 | |||||||
Cost of goods sold | 296,381 | 235,492 | 606,124 | 366,086 | |||||||||||
Cost of goods sold impairment charges | 3,012 | — | 56,309 | — | |||||||||||
Gross profit | 105,249 | 178,295 | 188,329 | 322,890 | |||||||||||
Selling, general and administrative | 67,281 | 56,003 | 151,717 | 81,124 | |||||||||||
Research and development | 48,016 | 50,335 | 101,874 | 94,544 | |||||||||||
In-process research and development impairment charges | — | — | 22,787 | — | |||||||||||
Acquisition, transaction-related and integration expenses | 3,519 | 207,507 | 9,551 | 214,642 | |||||||||||
Restructuring and other charges | 2,835 | 44,465 | 8,996 | 44,465 | |||||||||||
Legal settlement gains | — | (3,000 | ) | — | (3,000 | ) | |||||||||
Intellectual property legal development expenses | 2,511 | 4,047 | 6,677 | 8,623 | |||||||||||
Operating loss | (18,913 | ) | (181,062 | ) | (113,273 | ) | (117,508 | ) | |||||||
Other (expense) income: | |||||||||||||||
Interest expense, net | (43,886 | ) | (36,622 | ) | (87,167 | ) | (57,673 | ) | |||||||
Foreign exchange gain (loss), net | 8,311 | (25,946 | ) | 2,847 | (17,381 | ) | |||||||||
Loss on extinguishment of debt | — | (19,667 | ) | — | (19,667 | ) | |||||||||
(Loss) gain on sale of international businesses, net | (1,888 | ) | — | 6,930 | — | ||||||||||
Other income, net | 149 | 791 | 1,256 | 1,739 | |||||||||||
Total other expense, net | (37,314 | ) | (81,444 | ) | (76,134 | ) | (92,982 | ) | |||||||
Loss before income taxes | (56,227 | ) | (262,506 | ) | (189,407 | ) | (210,490 | ) | |||||||
Benefit from income taxes | (5,701 | ) | (12,416 | ) | (14,129 | ) | (12,052 | ) | |||||||
Net loss | (50,526 | ) | (250,090 | ) | (175,278 | ) | (198,438 | ) | |||||||
Less: Net loss attributable to Amneal Pharmaceuticals LLC pre-Combination | — | 200,341 | — | 148,806 | |||||||||||
Less: Net loss attributable to non-controlling interests | 33,624 | 31,885 | 110,495 | 31,768 | |||||||||||
Net loss attributable to Amneal Pharmaceuticals, Inc. before accretion of redeemable non-controlling interest | (16,902 | ) | (17,864 | ) | (64,783 | ) | (17,864 | ) | |||||||
Accretion of redeemable non-controlling interest | — | (1,240 | ) | — | (1,240 | ) | |||||||||
Net loss attributable to Amneal Pharmaceuticals, Inc. | $ | (16,902 | ) | $ | (19,104 | ) | $ | (64,783 | ) | $ | (19,104 | ) | |||
Net loss per share attributable to Amneal Pharmaceuticals, Inc.'s common stockholders: | |||||||||||||||
Class A and Class B-1 basic and diluted | $ | (0.13 | ) | $ | (0.15 | ) | $ | (0.51 | ) | $ | (0.15 | ) | |||
Weighted-average common shares outstanding: | |||||||||||||||
Class A and Class B-1 basic and diluted | 128,016 | 127,112 | 127,852 | 127,112 |
June 30, 2019 | December 31, 2018 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 54,893 | $ | 213,394 | |||
Restricted cash | 2,129 | 5,385 | |||||
Trade accounts receivable, net | 634,666 | 481,495 | |||||
Inventories | 414,627 | 457,219 | |||||
Prepaid expenses and other current assets | 77,062 | 128,321 | |||||
Related party receivables | 2,470 | 830 | |||||
Total current assets | 1,185,847 | 1,286,644 | |||||
Property, plant and equipment, net | 508,086 | 544,146 | |||||
Goodwill | 420,017 | 426,226 | |||||
Intangible assets, net | 1,553,330 | 1,654,969 | |||||
Deferred tax asset, net | 391,881 | 373,159 | |||||
Operating lease right-of-use assets | 59,900 | — | |||||
Operating lease right-of-use assets - related party | 17,031 | — | |||||
Financing lease right-of-use assets - related party | 62,588 | — | |||||
Other assets | 63,459 | 67,592 | |||||
Total assets | $ | 4,262,139 | $ | 4,352,736 | |||
Liabilities and Stockholders' Equity | |||||||
Current liabilities: | |||||||
Accounts payable and accrued expenses | $ | 505,143 | $ | 514,440 | |||
Current portion of long-term debt, net | 21,445 | 21,449 | |||||
Current portion of operating lease liabilities | 13,313 | — | |||||
Current portion of operating and financing lease liabilities - related party | 3,293 | — | |||||
Related party payables | 2,965 | 17,695 | |||||
Current portion of financing obligation - related party | — | 266 | |||||
Total current liabilities | 546,159 | 553,850 | |||||
Long-term debt, net | 2,619,788 | 2,630,598 | |||||
Deferred income taxes | — | 1,178 | |||||
Liabilities under tax receivable agreement | 193,499 | 192,884 | |||||
Operating lease liabilities | 47,836 | — | |||||
Operating lease liabilities - related party | 14,862 | — | |||||
Financing lease liabilities - related party | 61,990 | — | |||||
Financing obligation - related party | — | 39,083 | |||||
Other liabilities | 28,653 | 38,780 | |||||
Total long-term liabilities | 2,966,628 | 2,902,523 | |||||
Total stockholders' equity | 749,352 | 896,363 | |||||
Total liabilities and stockholders' equity | $ | 4,262,139 | $ | 4,352,736 |
Six Months Ended June 30, | |||||||
2019 | 2018 | ||||||
Cash flows from operating activities: | |||||||
Net loss | $ | (175,278 | ) | $ | (198,438 | ) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
Depreciation and amortization | 99,574 | 46,897 | |||||
Amortization of Levothyroxine Transition Agreement asset | 36,393 | — | |||||
Unrealized foreign currency (gain) loss | (3,695 | ) | 17,032 | ||||
Amortization of debt issuance costs | 3,218 | 2,577 | |||||
Loss on extinguishment of debt | — | 19,667 | |||||
Gain on sale of international businesses, net | (6,930 | ) | — | ||||
Gain on termination of lease | — | (3,524 | ) | ||||
Intangible asset impairment charges | 79,096 | — | |||||
Non-cash restructuring and asset-related charges | 1,314 | — | |||||
Deferred tax benefit | (18,209 | ) | (14,993 | ) | |||
Stock-based compensation and PPU expense | 10,571 | 160,401 | |||||
Inventory provision | 50,410 | 17,426 | |||||
Other operating charges and credits, net | 3,155 | 927 | |||||
Changes in assets and liabilities: | |||||||
Trade accounts receivable, net | (162,954 | ) | (60,051 | ) | |||
Inventories | (19,658 | ) | (71,655 | ) | |||
Prepaid expenses, other current assets and other assets | 28,614 | (5,107 | ) | ||||
Related party receivables | (1,624 | ) | 11,017 | ||||
Accounts payable, accrued expenses and other liabilities | (13,538 | ) | 19,630 | ||||
Related party payables | 2,225 | (13,356 | ) | ||||
Net cash used in operating activities | (87,316 | ) | (71,550 | ) | |||
Cash flows from investing activities: | |||||||
Purchases of property, plant and equipment | (29,629 | ) | (36,600 | ) | |||
Acquisition of product rights and licenses | (50,000 | ) | (3,000 | ) | |||
Acquisitions, net of cash acquired | — | (321,324 | ) | ||||
Proceeds from sale of international businesses, net of cash sold | 34,834 | — | |||||
Net cash used in investing activities | (44,795 | ) | (360,924 | ) | |||
Cash flows from financing activities: | |||||||
Payments of deferred financing costs and debt extinguishment costs | — | (54,955 | ) | ||||
Proceeds from issuance of debt | — | 1,325,383 | |||||
Payments of principal on debt and capital leases | (13,500 | ) | (603,551 | ) | |||
Payments on revolving credit line | — | (75,000 | ) | ||||
Payments of principal on financing lease - related party | (866 | ) | — | ||||
Payments of financing obligation - related party | — | (121 | ) | ||||
Proceeds from exercise of stock options | 1,385 | 1,977 | |||||
Employee payroll tax withholding on restricted stock unit vesting | (921 | ) | — | ||||
Equity contributions | — | 27,742 | |||||
Capital contribution from non-controlling interest | — | 360 | |||||
Acquisition of non-controlling interest | (3,543 | ) | — | ||||
Tax distribution to non-controlling interest | (13,494 | ) | — | ||||
Distributions to members | — | (182,998 | ) | ||||
Repayment of related party note | — | (14,842 | ) | ||||
Net cash (used in) provided by financing activities | (30,939 | ) | 423,995 | ||||
Effect of foreign exchange rate on cash | 1,293 | (853 | ) | ||||
Net decrease in cash, cash equivalents, and restricted cash | (161,757 | ) | (9,332 | ) | |||
Cash, cash equivalents, and restricted cash - beginning of period | 218,779 | 77,922 | |||||
Cash, cash equivalents, and restricted cash - end of period | $ | 57,022 | $ | 68,590 | |||
Cash and cash equivalents - end of period | $ | 54,893 | $ | 61,521 | |||
Restricted cash - end of period | 2,129 | 7,069 | |||||
Cash, cash equivalents, and restricted cash - end of period | $ | 57,022 | $ | 68,590 |
Three months ended June 30, 2019 | Three months ended June 30, 2018 | ||||||||||||||||||
Add: | (Non-GAAP) | Add: | (Non-GAAP) | ||||||||||||||||
Actual | Impax/ Gemini | Combined | Actual | Impax/ Gemini | Combined | ||||||||||||||
Net revenue: | |||||||||||||||||||
Generics | $ | 335,064 | $ | — | $ | 335,064 | $ | 361,770 | $ | 20,995 | $ | 382,765 | |||||||
Specialty | 69,578 | — | 69,578 | 52,017 | 27,546 | 79,563 | |||||||||||||
Total net revenue | 404,642 | — | 404,642 | 413,787 | 48,541 | 462,328 | |||||||||||||
Cost of goods sold | 296,381 | — | 296,381 | 235,492 | 36,335 | 271,827 | |||||||||||||
Cost of goods sold impairment charges | 3,012 | — | 3,012 | — | — | — | |||||||||||||
Gross profit | 105,249 | — | 105,249 | 178,295 | 12,206 | 190,501 | |||||||||||||
Selling, general and administrative | 67,281 | — | 67,281 | 56,003 | 20,047 | 76,050 | |||||||||||||
Research and development | 48,016 | — | 48,016 | 50,335 | 4,991 | 55,326 | |||||||||||||
Acquisition, transaction-related and integration expenses | 3,519 | — | 3,519 | 207,507 | 4,381 | 211,888 | |||||||||||||
Restructuring and other charges | 2,835 | — | 2,835 | 44,465 | 223 | 44,688 | |||||||||||||
Legal settlement gains | — | — | — | (3,000 | ) | — | (3,000 | ) | |||||||||||
Intellectual property legal development expenses | 2,511 | — | 2,511 | 4,047 | — | 4,047 | |||||||||||||
Operating loss | (18,913 | ) | — | (18,913 | ) | (181,062 | ) | (17,436 | ) | (198,498 | ) | ||||||||
Other (expense) income: | |||||||||||||||||||
Interest expense, net | (43,886 | ) | — | (43,886 | ) | (36,622 | ) | (4,539 | ) | (41,161 | ) | ||||||||
Foreign exchange gain (loss), net | 8,311 | — | 8,311 | (25,946 | ) | — | (25,946 | ) | |||||||||||
Loss on extinguishment of debt | — | — | — | (19,667 | ) | — | (19,667 | ) | |||||||||||
Loss on sale of international businesses | (1,888 | ) | — | (1,888 | ) | — | — | — | |||||||||||
Other income (expense), net | 149 | — | 149 | 791 | (14 | ) | 777 | ||||||||||||
Total other expense, net | (37,314 | ) | — | (37,314 | ) | (81,444 | ) | (4,553 | ) | (85,997 | ) | ||||||||
Loss before income taxes | (56,227 | ) | — | (56,227 | ) | (262,506 | ) | (21,989 | ) | (284,495 | ) | ||||||||
(Benefit from) provision for income taxes | (5,701 | ) | — | (5,701 | ) | (12,416 | ) | 1,017 | (11,399 | ) | |||||||||
Net loss | (50,526 | ) | — | (50,526 | ) | (250,090 | ) | (23,006 | ) | (273,096 | ) | ||||||||
Less: Net loss attributable to Amneal Pharmaceuticals LLC pre-Combination | — | — | — | 200,341 | |||||||||||||||
Less: Net loss attributable to non-controlling interests | 33,624 | — | 33,624 | 31,885 | |||||||||||||||
Accretion of redeemable non-controlling interest | — | — | — | (1,240 | ) | ||||||||||||||
Net loss attributable to Amneal Pharmaceuticals, Inc. | $ | (16,902 | ) | $ | — | $ | (16,902 | ) | $ | (19,104 | ) |
Six months ended June 30, 2019 | Six months ended June 30, 2018 | ||||||||||||||||||
Add: | (Non-GAAP) | Add: | (Non-GAAP) | ||||||||||||||||
Actual | Impax/ Gemini | Combined | Actual | Impax/ Gemini | Combined | ||||||||||||||
Net revenue: | |||||||||||||||||||
Generics | $ | 717,541 | $ | — | $ | 717,541 | $ | 636,959 | $ | 102,237 | $ | 739,196 | |||||||
Specialty | 133,221 | — | 133,221 | 52,017 | 96,245 | 148,262 | |||||||||||||
Total net revenue | 850,762 | — | 850,762 | 688,976 | 198,482 | 887,458 | |||||||||||||
Cost of goods sold | 606,124 | — | 606,124 | 366,086 | 149,492 | 515,578 | |||||||||||||
Cost of goods sold impairment charges | 56,309 | — | 56,309 | — | — | — | |||||||||||||
Gross profit | 188,329 | — | 188,329 | 322,890 | 48,990 | 371,880 | |||||||||||||
Selling, general and administrative | 151,717 | — | 151,717 | 81,124 | 64,013 | 145,137 | |||||||||||||
Research and development | 101,874 | — | 101,874 | 94,544 | 17,287 | 111,831 | |||||||||||||
In-process research and development impairment charges | 22,787 | — | 22,787 | — | — | — | |||||||||||||
Acquisition, transaction-related and integration expenses | 9,551 | — | 9,551 | 214,642 | 10,925 | 225,567 | |||||||||||||
Restructuring and other charges | 8,996 | — | 8,996 | 44,465 | 5,123 | 49,588 | |||||||||||||
Legal settlement gains | — | — | — | (3,000 | ) | — | (3,000 | ) | |||||||||||
Intellectual property legal development expenses | 6,677 | — | 6,677 | 8,623 | 23 | 8,646 | |||||||||||||
Litigation, settlements and related charges | — | — | — | — | 90,099 | 90,099 | |||||||||||||
Operating loss | (113,273 | ) | — | (113,273 | ) | (117,508 | ) | (138,480 | ) | (255,988 | ) | ||||||||
Other (expense) income: | |||||||||||||||||||
Interest expense, net | (87,167 | ) | — | (87,167 | ) | (57,673 | ) | (18,231 | ) | (75,904 | ) | ||||||||
Foreign exchange gain (loss) | 2,847 | — | 2,847 | (17,381 | ) | 921 | (16,460 | ) | |||||||||||
Loss on extinguishment of debt | — | — | — | (19,667 | ) | — | (19,667 | ) | |||||||||||
Gain on sale of international businesses | 6,930 | — | 6,930 | — | — | — | |||||||||||||
Other income (expense) | 1,256 | — | 1,256 | 1,739 | (638 | ) | 1,101 | ||||||||||||
Total other expense, net | (76,134 | ) | — | (76,134 | ) | (92,982 | ) | (17,948 | ) | (110,930 | ) | ||||||||
Loss before income taxes | (189,407 | ) | — | (189,407 | ) | (210,490 | ) | (156,428 | ) | (366,918 | ) | ||||||||
Benefit from income taxes | (14,129 | ) | — | (14,129 | ) | (12,052 | ) | (6,273 | ) | (18,325 | ) | ||||||||
Net loss | (175,278 | ) | — | (175,278 | ) | (198,438 | ) | (150,155 | ) | (348,593 | ) | ||||||||
Less: Net loss attributable to Amneal Pharmaceuticals LLC pre-Combination | — | — | — | 148,806 | |||||||||||||||
Less: Net loss attributable to non-controlling interests | 110,495 | — | 110,495 | 31,768 | |||||||||||||||
Accretion of redeemable non-controlling interest | — | — | — | (1,240 | ) | ||||||||||||||
Net loss attributable to Amneal Pharmaceuticals, Inc. | $ | (64,783 | ) | $ | — | $ | (64,783 | ) | $ | (19,104 | ) |
Generics | Three months ended June 30, 2019 | Three months ended June 30, 2018 | |||||||||||||||||
Add: | (Non-GAAP) | Add: | (Non-GAAP) | ||||||||||||||||
Actual | Impax/ Gemini | Combined | Actual | Impax/ Gemini | Combined | ||||||||||||||
Cost of goods sold | $ | 263,423 | $ | — | $ | 263,423 | $ | 211,534 | $ | 29,624 | $ | 241,158 | |||||||
Cost of goods sold impairment charges | 3,012 | — | 3,012 | — | — | — | |||||||||||||
Adjusted to deduct (add): | |||||||||||||||||||
Amortization | 14,636 | — | 14,636 | 6,043 | 3,934 | 9,977 | |||||||||||||
Inventory related charges(7) | 21,443 | — | 21,443 | 30,569 | 3,005 | 33,574 | |||||||||||||
Acquisition and site closure expenses(8) | 6,969 | — | 6,969 | — | — | — | |||||||||||||
Asset impairment charges(9) | 3,012 | — | 3,012 | — | — | — | |||||||||||||
Stock-based compensation expense | 813 | — | 813 | — | — | — | |||||||||||||
Other | (68 | ) | — | (68 | ) | — | — | — | |||||||||||
Adjusted cost of goods sold (Non-GAAP) | $ | 219,630 | $ | — | $ | 219,630 | $ | 174,922 | $ | 22,685 | $ | 197,607 |
Generics | Six months ended June 30, 2019 | Six months ended June 30, 2018 | |||||||||||||||||
Add: | (Non-GAAP) | Add: | (Non-GAAP) | ||||||||||||||||
Actual | Impax/ Gemini | Combined | Actual | Impax/ Gemini | Combined | ||||||||||||||
Cost of goods sold | $ | 542,301 | $ | — | $ | 542,301 | $ | 342,128 | $ | 122,761 | $ | 464,889 | |||||||
Cost of goods sold impairment charges | 56,309 | — | 56,309 | — | — | — | |||||||||||||
Adjusted to deduct (add): | |||||||||||||||||||
Amortization | 25,388 | — | 25,388 | 7,803 | 13,823 | 21,626 | |||||||||||||
Inventory related charges(7) | 21,777 | — | 21,777 | 30,569 | 9,894 | 40,463 | |||||||||||||
Acquisition and site closure expenses(8) | 16,480 | — | 16,480 | — | — | — | |||||||||||||
Asset impairment charges(9) | 56,309 | — | 56,309 | — | 53 | 53 | |||||||||||||
Stock-based compensation expense | 1,409 | — | 1,409 | — | — | — | |||||||||||||
Amortization of upfront payment(11) | 36,393 | — | 36,393 | — | — | — | |||||||||||||
Other | 1,024 | — | 1,024 | — | — | — | |||||||||||||
Adjusted cost of goods sold (Non-GAAP) | $ | 439,830 | $ | — | $ | 439,830 | $ | 303,756 | $ | 98,991 | $ | 402,747 |
Specialty | Three months ended June 30, 2019 | Three months ended June 30, 2018 | |||||||||||||||||
Add: | (Non-GAAP) | Add: | (Non-GAAP) | ||||||||||||||||
Actual | Impax/ Gemini | Combined | Actual | Impax/ Gemini | Combined | ||||||||||||||
Cost of goods sold | $ | 32,958 | $ | — | $ | 32,958 | $ | 23,958 | $ | 6,711 | $ | 30,669 | |||||||
Adjusted to deduct: | |||||||||||||||||||
Amortization | 20,160 | — | 20,160 | 10,651 | 1,528 | 12,179 | |||||||||||||
Inventory related charges(7) | — | — | — | 1,950 | — | 1,950 | |||||||||||||
Adjusted cost of goods sold (Non-GAAP) | $ | 12,798 | $ | — | $ | 12,798 | $ | 11,357 | $ | 5,183 | $ | 16,540 |
Specialty | Six months ended June 30, 2019 | Six months ended June 30, 2018 | |||||||||||||||||
Add: | (Non-GAAP) | Add: | (Non-GAAP) | ||||||||||||||||
Actual | Impax/ Gemini | Combined | Actual | Impax/ Gemini | Combined | ||||||||||||||
Cost of goods sold | $ | 63,823 | $ | — | $ | 63,823 | $ | 23,958 | $ | 26,731 | $ | 50,689 | |||||||
Adjusted to deduct: | |||||||||||||||||||
Amortization | 40,371 | — | 40,371 | 10,651 | 6,112 | 16,763 | |||||||||||||
Inventory related charges(7) | — | — | — | 1,950 | — | 1,950 | |||||||||||||
Adjusted cost of goods sold (Non-GAAP) | $ | 23,452 | $ | — | $ | 23,452 | $ | 11,357 | $ | 20,619 | $ | 31,976 |
Generics | Three months ended June 30, 2019 | Three months ended June 30, 2018 | |||||||||||||||||
Add: | (Non-GAAP) | Add: | (Non-GAAP) | ||||||||||||||||
Actual | Impax/ Gemini | Combined | Actual | Impax/ Gemini | Combined | ||||||||||||||
Operating income (loss) | $ | 4,886 | $ | — | $ | 4,886 | $ | (57,014 | ) | $ | (16,953 | ) | $ | (73,967 | ) | ||||
Adjusted to add (deduct): | |||||||||||||||||||
Acquisition and site closure expenses(8) | 10,885 | — | 10,885 | 114,622 | — | 114,622 | |||||||||||||
Amortization | 14,636 | — | 14,636 | 6,043 | 3,934 | 9,977 | |||||||||||||
Inventory related charges(7) | 21,443 | — | 21,443 | 30,569 | 3,005 | 33,574 | |||||||||||||
Stock-based compensation expense | 3,875 | — | 3,875 | 221 | — | 221 | |||||||||||||
Asset impairment charges(9) | 3,059 | — | 3,059 | — | — | — | |||||||||||||
Restructuring and other charges(10) | 418 | — | 418 | 24,797 | — | 24,797 | |||||||||||||
R&D milestone payment | 5,614 | — | 5,614 | 1,424 | — | 1,424 | |||||||||||||
Other | (68 | ) | — | (68 | ) | — | (1,325 | ) | (1,325 | ) | |||||||||
Adjusted operating income (Non-GAAP) | $ | 64,748 | $ | — | $ | 64,748 | $ | 120,662 | $ | (11,339 | ) | $ | 109,323 |
Generics | Six months ended June 30, 2019 | Six months ended June 30, 2018 | |||||||||||||||||
Add: | (Non-GAAP) | Add: | (Non-GAAP) | ||||||||||||||||
Actual | Impax/ Gemini | Combined | Actual | Impax/ Gemini | Combined | ||||||||||||||
Operating (loss) income | $ | (49,697 | ) | $ | — | $ | (49,697 | ) | $ | 27,593 | $ | (130,663 | ) | $ | (103,070 | ) | |||
Adjusted to add (deduct): | |||||||||||||||||||
Acquisition and site closure expenses(8) | 29,670 | — | 29,670 | 114,622 | — | 114,622 | |||||||||||||
Amortization | 25,388 | — | 25,388 | 7,803 | 13,823 | 21,626 | |||||||||||||
Inventory related charges(7) | 21,777 | — | 21,777 | 30,569 | 9,894 | 40,463 | |||||||||||||
Stock-based compensation expense | 5,373 | — | 5,373 | 221 | 982 | 1,203 | |||||||||||||
Asset impairment charges(9) | 79,211 | 79,211 | 53 | 53 | |||||||||||||||
Restructuring and other charges(10) | 2,499 | — | 2,499 | 24,797 | — | 24,797 | |||||||||||||
Litigation, settlements and related charges(12) | — | — | — | — | 89,159 | 89,159 | |||||||||||||
Amortization of upfront payment(11) | 36,393 | — | 36,393 | — | — | — | |||||||||||||
R&D milestone payment | 9,929 | — | 9,929 | 2,700 | — | 2,700 | |||||||||||||
Other | 1,024 | — | 1,024 | (180 | ) | — | (180 | ) | |||||||||||
Adjusted operating income (Non-GAAP) | $ | 161,567 | $ | — | $ | 161,567 | $ | 208,125 | $ | (16,752 | ) | $ | 191,373 |
Specialty | Three months ended June 30, 2019 | Three months ended June 30, 2018 | |||||||||||||||||
Add: | (Non-GAAP) | Add: | (Non-GAAP) | ||||||||||||||||
Actual | Impax/ Gemini | Combined | Actual | Impax/ Gemini | Combined | ||||||||||||||
Operating income | $ | 16,536 | $ | — | $ | 16,536 | $ | 8,917 | $ | 12,121 | $ | 21,038 | |||||||
Adjusted to add: | |||||||||||||||||||
Amortization | 20,160 | — | 20,160 | 10,651 | 1,528 | 12,179 | |||||||||||||
Inventory related charges(7) | — | — | — | 1,950 | — | 1,950 | |||||||||||||
Acquisition and site closure expenses(8) | 2,251 | — | 2,251 | — | — | — | |||||||||||||
Stock-based compensation expense | 366 | — | 366 | — | — | — | |||||||||||||
Restructuring and other charges(10) | — | — | — | 2,421 | — | 2,421 | |||||||||||||
Adjusted operating income (Non-GAAP) | $ | 39,313 | $ | — | $ | 39,313 | $ | 23,939 | $ | 13,649 | $ | 37,588 |
Specialty | Six months ended June 30, 2019 | Six months ended June 30, 2018 | |||||||||||||||||
Add: | (Non-GAAP) | Add: | (Non-GAAP) | ||||||||||||||||
Actual | Impax/ Gemini | Combined | Actual | Impax/ Gemini | Combined | ||||||||||||||
Operating income | $ | 21,173 | $ | — | $ | 21,173 | $ | 8,917 | $ | 36,968 | $ | 45,885 | |||||||
Adjusted to add: | |||||||||||||||||||
Amortization | 40,371 | — | 40,371 | 10,651 | 6,112 | 16,763 | |||||||||||||
Inventory related charges(7) | — | — | — | 1,950 | — | 1,950 | |||||||||||||
Acquisition and site closure expenses(8) | 5,806 | — | 5,806 | — | — | — | |||||||||||||
Stock-based compensation expense | 510 | — | 510 | — | 1,124 | 1,124 | |||||||||||||
Restructuring and other charges(10) | 178 | — | 178 | 2,421 | — | 2,421 | |||||||||||||
Litigation, settlements and related charges | — | — | — | — | 940 | 940 | |||||||||||||
Adjusted operating income (Non-GAAP) | $ | 68,038 | $ | — | $ | 68,038 | $ | 23,939 | $ | 45,144 | $ | 69,083 |
Three months ended June 30, 2019 | Three months ended June 30, 2018 | ||||||||||||||||||
Add: | (Non-GAAP) | Add: | (Non-GAAP) | ||||||||||||||||
Actual | Impax/ Gemini | Combined | Actual | Impax/ Gemini | Combined | ||||||||||||||
Net loss | $ | (50,526 | ) | $ | — | $ | (50,526 | ) | $ | (250,090 | ) | $ | (23,006 | ) | $ | (273,096 | ) | ||
Adjusted to add (deduct): | |||||||||||||||||||
Non-cash interest | 1,617 | — | 1,617 | 4,407 | 2,549 | 6,956 | |||||||||||||
GAAP Income tax (benefit) expense | (5,701 | ) | — | (5,701 | ) | (12,416 | ) | 1,017 | (11,399 | ) | |||||||||
Amortization | 34,796 | — | 34,796 | 16,694 | 5,462 | 22,156 | |||||||||||||
Stock-based compensation expense | 6,224 | — | 6,224 | 1,644 | — | 1,644 | |||||||||||||
Acquisition and site closure expenses(8) | 19,056 | — | 19,056 | 207,507 | 4,381 | 211,888 | |||||||||||||
Restructuring and other charges(10) | 2,835 | — | 2,835 | 44,465 | 223 | 44,688 | |||||||||||||
Loss on extinguishment of debt | — | — | — | 19,667 | — | 19,667 | |||||||||||||
Inventory related charges(7) | 21,443 | — | 21,443 | 32,519 | 3,005 | 35,524 | |||||||||||||
Loss on sale of assets | — | — | — | 878 | — | 878 | |||||||||||||
Asset impairment charges(9) | 4,408 | — | 4,408 | — | — | — | |||||||||||||
Foreign exchange (gain) loss | (8,311 | ) | — | (8,311 | ) | 25,946 | — | 25,946 | |||||||||||
Loss on sale of international business(13) | 1,888 | — | 1,888 | — | — | — | |||||||||||||
R&D milestone payments | 5,614 | — | 5,614 | 1,424 | — | 1,424 | |||||||||||||
Other | 491 | — | 491 | 1,225 | 1,300 | 2,525 | |||||||||||||
Income tax at 21% | (7,104 | ) | — | (7,104 | ) | (19,943 | ) | 1,064 | (18,879 | ) | |||||||||
Net income attributable to NCI not associated with our Class B shares | (61 | ) | — | (61 | ) | (27 | ) | — | (27 | ) | |||||||||
Adjusted net income (Non-GAAP) | $ | 26,669 | $ | — | $ | 26,669 | $ | 73,900 | $ | (4,005 | ) | $ | 69,895 | ||||||
Adjusted diluted EPS (Non-GAAP)(14) | $ | 0.09 | $ | 0.23 |
Six months ended June 30, 2019 | Six months ended June 30, 2018 | ||||||||||||||||||
Add: | (Non-GAAP) | Add: | (Non-GAAP) | ||||||||||||||||
Actual | Impax/ Gemini | Combined | Actual | Impax/ Gemini | Combined | ||||||||||||||
Net loss | $ | (175,278 | ) | $ | — | $ | (175,278 | ) | $ | (198,438 | ) | $ | (150,155 | ) | $ | (348,593 | ) | ||
Adjusted to add (deduct): | |||||||||||||||||||
Non-cash interest | 3,218 | — | 3,218 | 5,577 | 9,413 | 14,990 | |||||||||||||
GAAP Income tax benefit | (14,129 | ) | — | (14,129 | ) | (12,052 | ) | (6,273 | ) | (18,325 | ) | ||||||||
Amortization | 65,759 | — | 65,759 | 18,454 | 19,935 | 38,389 | |||||||||||||
Stock-based compensation expense | 10,571 | — | 10,571 | 1,644 | 4,816 | 6,460 | |||||||||||||
Acquisition and site closure expenses(8) | 47,258 | — | 47,258 | 214,642 | 10,925 | 225,567 | |||||||||||||
Restructuring and other charges(10) | 8,996 | — | 8,996 | 44,465 | 5,123 | 49,588 | |||||||||||||
Loss on extinguishment of debt | — | — | — | 19,667 | — | 19,667 | |||||||||||||
Inventory related charges(7) | 21,777 | — | 21,777 | 32,519 | 9,894 | 42,413 | |||||||||||||
Litigation, settlements and related charges(12) | — | — | — | — | 90,099 | 90,099 | |||||||||||||
Loss on sale of assets | — | — | — | 878 | — | 878 | |||||||||||||
Asset impairment charges(9) | 81,008 | — | 81,008 | — | 53 | 53 | |||||||||||||
Amortization of upfront payment | 36,393 | — | 36,393 | — | — | — | |||||||||||||
Foreign exchange (gain) loss | (2,847 | ) | — | (2,847 | ) | 17,381 | (921 | ) | 16,460 | ||||||||||
Gain on sale of international businesses, net (13) | (6,930 | ) | — | (6,930 | ) | — | — | — | |||||||||||
R&D milestone payments | 9,929 | — | 9,929 | 2,700 | — | 2,700 | |||||||||||||
Other | 1,583 | — | 1,583 | (820 | ) | 1,953 | 1,133 | ||||||||||||
Income tax at 21% | (18,334 | ) | — | (18,334 | ) | (31,020 | ) | 1,309 | (29,711 | ) | |||||||||
Net income attributable to NCI not associated with our Class B shares | (140 | ) | — | (140 | ) | (144 | ) | — | (144 | ) | |||||||||
Adjusted net income (Non-GAAP) | $ | 68,834 | $ | — | $ | 68,834 | $ | 115,453 | $ | (3,829 | ) | $ | 111,624 | ||||||
Adjusted diluted EPS (Non-GAAP)(15) | $ | 0.23 | $ | 0.37 |
Three months ended June 30, 2019 | Three months ended June 30, 2018 | ||||||||||||||||||
Add: | (Non-GAAP) | Add: | (Non-GAAP) | ||||||||||||||||
Actual | Impax/ Gemini | Combined | Actual | Impax/ Gemini | Combined | ||||||||||||||
Net loss | $ | (50,526 | ) | $ | — | $ | (50,526 | ) | $ | (250,090 | ) | $ | (23,006 | ) | $ | (273,096 | ) | ||
Adjusted to add (deduct): | |||||||||||||||||||
Interest expense, net | 43,886 | — | 43,886 | 36,622 | 4,539 | 41,161 | |||||||||||||
Income tax (benefit) expense | (5,701 | ) | — | (5,701 | ) | (12,416 | ) | 1,017 | (11,399 | ) | |||||||||
Depreciation and amortization | 50,706 | — | 50,706 | 32,147 | 6,925 | 39,072 | |||||||||||||
EBITDA (Non-GAAP) | $ | 38,365 | $ | — | $ | 38,365 | $ | (193,737 | ) | $ | (10,525 | ) | $ | (204,262 | ) | ||||
Adjusted to add (deduct): | |||||||||||||||||||
Stock-based compensation expense | $ | 6,224 | $ | — | $ | 6,224 | $ | 1,644 | $ | — | $ | 1,644 | |||||||
Acquisition and site closure expenses(8) | 19,056 | — | 19,056 | 207,507 | 4,381 | 211,888 | |||||||||||||
Restructuring and other charges(10) | 2,835 | — | 2,835 | 44,465 | 223 | 44,688 | |||||||||||||
Loss on extinguishment of debt | — | — | — | 19,667 | — | 19,667 | |||||||||||||
Inventory related charges(7) | 21,443 | — | 21,443 | 32,519 | 3,005 | 35,524 | |||||||||||||
Loss on sale of assets | — | — | — | 878 | — | 878 | |||||||||||||
Asset impairment charges(9) | 4,408 | — | 4,408 | — | — | — | |||||||||||||
Foreign exchange (gain) loss | (8,311 | ) | — | (8,311 | ) | 25,946 | — | 25,946 | |||||||||||
Loss on sale of international businesses(13) | 1,888 | — | 1,888 | — | — | — | |||||||||||||
R&D milestone payments | 5,614 | — | 5,614 | 1,424 | — | 1,424 | |||||||||||||
Other | 559 | — | 559 | 1,225 | — | 1,225 | |||||||||||||
Adjusted EBITDA (Non-GAAP) | $ | 92,081 | $ | — | $ | 92,081 | $ | 141,538 | $ | (2,916 | ) | $ | 138,622 |
Six months ended June 30, 2019 | Six months ended June 30, 2018 | ||||||||||||||||||
Add: | (Non-GAAP) | Add: | (Non-GAAP) | ||||||||||||||||
Actual | Impax/ Gemini | Combined | Actual | Impax/ Gemini | Combined | ||||||||||||||
Net loss | $ | (175,278 | ) | $ | — | $ | (175,278 | ) | $ | (198,438 | ) | $ | (150,155 | ) | $ | (348,593 | ) | ||
Adjusted to add (deduct): | |||||||||||||||||||
Interest expense, net | 87,167 | — | 87,167 | 57,673 | 18,231 | 75,904 | |||||||||||||
Income tax benefit | (14,129 | ) | — | (14,129 | ) | (12,052 | ) | (6,273 | ) | (18,325 | ) | ||||||||
Depreciation and amortization | 99,574 | — | 99,574 | 46,898 | 24,900 | 71,798 | |||||||||||||
EBITDA (Non-GAAP) | $ | (2,666 | ) | $ | — | $ | (2,666 | ) | $ | (105,919 | ) | $ | (113,297 | ) | $ | (219,216 | ) | ||
Adjusted to add (deduct): | |||||||||||||||||||
Stock-based compensation expense | $ | 10,571 | $ | — | $ | 10,571 | $ | 1,644 | $ | 4,816 | $ | 6,460 | |||||||
Acquisition and site closure expenses(8) | 47,258 | — | 47,258 | 214,642 | 10,925 | 225,567 | |||||||||||||
Restructuring and other charges(10) | 8,996 | — | 8,996 | 44,465 | 5,123 | 49,588 | |||||||||||||
Loss on extinguishment of debt | — | — | — | 19,667 | — | 19,667 | |||||||||||||
Inventory related charges(7) | 21,777 | — | 21,777 | 32,519 | 9,894 | 42,413 | |||||||||||||
Litigation, settlements and related charges(12) | — | — | — | — | 90,099 | 90,099 | |||||||||||||
Loss on sale of assets | — | — | — | 878 | — | 878 | |||||||||||||
Asset impairment charges(9) | 81,008 | — | 81,008 | — | 53 | 53 | |||||||||||||
Amortization of upfront payment(11) | 36,393 | — | 36,393 | — | — | — | |||||||||||||
Foreign exchange (gain) loss | (2,847 | ) | — | (2,847 | ) | 17,381 | (921 | ) | 16,460 | ||||||||||
Gain on sale of international businesses, net (13) | (6,930 | ) | — | (6,930 | ) | — | — | — | |||||||||||
R&D milestone payments | 9,929 | — | 9,929 | 2,700 | — | 2,700 | |||||||||||||
Other | 559 | — | 559 | (820 | ) | 653 | (167 | ) | |||||||||||
Adjusted EBITDA (Non-GAAP) | $ | 204,048 | $ | — | $ | 204,048 | $ | 227,157 | $ | 7,345 | $ | 234,502 |
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