Business and Basis of Presentation (Tables)

6 Months Ended

Jun. 30, 2013

Basic and Diluted Net Income (Loss) Per Share Using Weighted Average Number of Common Shares Outstanding

For the diluted earnings per share calculation, we adjust the weighted average number of common shares outstanding to include dilutive stock options, warrants and other common stock equivalents outstanding during the period.


	Net Loss			Weighted- Average Shares Outstanding (Denominator)		Loss Per Share
(in thousands, except share and per share data)
Three Months Ended June 30, 2013 (As Restated)
Basic and diluted net loss per share:	$	(9,721	)		58,977,295	$	(0.16	)

The following table sets forth the number of shares excluded from the computation of diluted earnings per share, as their inclusion would be anti-dilutive:


	June 30, 2013
Preferred shares		40,000
Options		2,412,230
Incremental shares assumed issued on exercise of in the money warrants		115,249
Unvested restricted stock		1,102,654

		3,670,133


(in thousands, except share and per share data)	Net Income		Weighted- Average Shares Outstanding (Denominator)		Earnings Per Share
Three Months Ended June 30, 2012 (As Restated)
Basic earnings per share:	$	18,350		58,763,700	$	0.31

Diluted earnings per share:
Dilutive preferred shares				40,000
Dilutive options				4,069,118
Incremental shares assumed issued on exercise of in the money warrants				251,578
Unvested restricted stock				262,607

Diluted earnings per share	$	18,350		63,387,003	$	0.29

Potentially dilutive securities not included above since they were antidilutive:
Antidilutive options excluded from the calculation				301,708


(in thousands, except share and per share data)	Net Loss			Weighted- Average Shares Outstanding (Denominator)		Earnings Per Share
Six Months Ended June 30, 2013 (As Restated)
Basic and diluted net loss per share:	$	(15,157	)		58,995,735	$	(0.26	)

The following table sets forth the number of shares excluded from the computation of diluted earnings per share, as their inclusion would be anti-dilutive:


	June 30, 2013
Preferred shares		40,000
Options		3,211,911
Incremental shares assumed issued on exercise of in the money warrants		173,031
Unvested restricted stock		1,102,654

		4,527,596


(in thousands, except share and per share data)	Net Income		Weighted- Average Shares Outstanding (Denominator)		Earnings Per Share
Six Months Ended June 30, 2012 (As Restated)
Basic net income per share:	$	65,187		58,617,530	$	1.11

Diluted net income per share:
Dilutive preferred shares				40,000
Dilutive options				4,483,596
Incremental shares assumed issued on exercise of in the money warrants				269,403
Unvested restricted stock				256,017

Diluted net income per share	$	65,187		63,666,546	$	1.02

Potentially dilutive securities not included above since they were antidilutive:
Antidilutive options excluded from the calculation				155,750

Restatement Corrections and Other Immaterial Adjustments on Consolidated Balance Sheet


	Condensed Consolidated Balance Sheet December 31, 2012
	As Reported			As Restated
Intangible assets, net	$	202,311		$	200,234
Deferred tax assets		—			23,276
Other assets		7,569			6,745
Goodwill		28,973			7,279
Total assets		506,274			504,955
Accounts payable and other accrued obligations		95,297			93,811
Accrued drug development costs		15,109			11,441
Total current liabilities		128,397			123,243
Total liabilities		221,428			216,274
Accumulated deficit		(179,320	)		(175,485	)
Total stockholders’ equity		284,846			288,681

	Condensed Consolidated Balance Sheet June 30, 2013
	As Reported			As Restated
Deferred tax asset	$	13,785		$	13,027
Total current assets		213,040			212,282
Intangible assets, net		203,017			196,786
Deferred tax assets		4,813			29,676
Other assets		8,755			8,755
Goodwill		28,940			7,246
Total assets		460,569			456,749
Accounts payable and other accrued obligations		85,249			83,592
Accrued drug development costs		12,896			9,089
Total current liabilities		107,759			102,295
Total liabilities		182,969			177,505
Accumulated deficit		(192,286	)		(190,642	)
Total stockholders’ equity		277,600			279,244

Restatement Corrections and Other Immaterial Adjustments on Condensed Consolidated Results of Operations


	Condensed Consolidated Results of Operations
	Three Months Ended June 30, 2013 (As Reported)			Three Months Ended June 30, 2013 (As Restated)			Three Months Ended June 30, 2012 (As Reported)			Three Months Ended June 30, 2012 (As Restated)
Research and development	$	10,501		$	10,460		$	9,583		$	9,288
Selling, general and administrative		22,629			22,584			23,347			23,176
Amortization and impairment of purchased intangible assets		3,372			5,449			1,636			1,636
Total operating costs and expenses		43,770			45,761			46,140			45,674
(Loss) income from operations		(10,538	)		(12,529	)		22,562			23,028
Income (loss) before income taxes		(10,701	)		(12,692	)		21,055			21,521
(Provision) benefit for income taxes		524			2,971			(2,985	)		(3,171	)
Net income (loss)		(10,177	)		(9,721	)		18,070			18,350
Net income (loss) per share, basic		(0.17	)		(0.16	)		0.31			0.31
Net income (loss) per share, diluted		(0.17	)		(0.16	)		0.29			0.29

	Condensed Consolidated Results of Operations
	Six Months Ended June 30, 2013 (As Reported)			Six Months Ended June 30, 2013 (As Restated)			Six Months Ended June 30, 2012 (As Reported)			Six Months Ended June 30, 2012 (As Restated)
Research and development	$	22,482		$	22,343		$	18,474		$	17,819
Selling, general and administrative		44,976			44,598			41,609			41,305
Amortization and impairment of purchased intangible assets		5,740			9,894			2,566			2,566
Total operating costs and expenses		87,248			90,885			82,896			81,937
(Loss) income from operations		(15,349	)		(18,986	)		45,665			46,624
Income (loss) before income taxes		(16,830	)		(20,467	)		44,296			45,255
(Provision) benefit for income taxes		3,864			5,310			20,316			19,932
Net income (loss)		(12,966	)		(15,157	)		64,612			65,187
Net income (loss) per share, basic		(0.22	)		(0.26	)		1.10			1.11
Net income (loss) per share, diluted		(0.22	)		(0.26	)		1.01			1.02

Restatement Corrections and Other Immaterial Adjustments on Condensed Consolidated Statements of Comprehensive (Loss) Income


	Condensed Consolidated Statements of Comprehensive (Loss) Income
	Three Months Ended June 30, 2013 (As Reported)			Three Months Ended June 30, 2013 (As Restated)			Three Months Ended June 30, 2012 (As Reported)		Three Months Ended June 30, 2012 (As Restated)
Net (loss) income	$	(10,177	)	$	(9,721	)	$	18,070	$	18,350
Total comprehensive (loss) income		(10,058	)		(9,602	)		17,704		17,984

	Condensed Consolidated Statements of Comprehensive (Loss) Income
	Six Months Ended June 30, 2013 (As Reported)			Six Months Ended June 30, 2013 (As Restated)			Six Months Ended June 30, 2012 (As Reported)		Six Months Ended June 30, 2012 (As Restated)
Net (loss) income	$	(12,966	)	$	(15,157	)	$	64,612	$	65,187
Total comprehensive (loss) income		(12,189	)		(14,380	)		64,314		64,889

Restatement Corrections and Other Immaterial Adjustments on Condensed Consolidated Statements of Cash Flows


	Condensed Consolidated Statements of Cash Flows
	Six Months Ended June 30, 2013 (As Reported)			Six Months Ended June 30, 2013 (As Restated)			Six Months Ended June 30, 2012 (As Reported)		Six Months Ended June 30, 2012 (As Restated)
Net income (loss)	$	(12,966	)	$	(15,157	)	$	64,612	$	65,187
Changes in operating expenses and liabilities:
Depreciation and amortization		6,618			10,772			4,043		4,043
Accounts payable and other accrued obligations		(9,671	)		(11,495	)		36,409		36,489
Accrued drug development costs		(2,213	)		(2,352	)		932		277
Net cash provided by operating activities		3,444			3,444			44,949		44,949