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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
| | | | | |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2024
OR
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☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number 001-32335
_______________________________________
HALOZYME THERAPEUTICS, INC.
(Exact name of registrant as specified in its charter)
_______________________________________
| | | | | | | | |
Delaware | | 88-0488686 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
| |
12390 El Camino Real | | 92130 |
San Diego | | (Zip Code) |
California | | |
(Address of principal executive offices) | | |
(858) 794-8889
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class | Trading Symbol(s) | Name of each exchange on which registered | | |
Common Stock, $0.001 par value | HALO | The Nasdaq Stock Market LLC | | |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.:
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Large accelerated filer | ☒ | Accelerated filer | ☐ |
Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x
The number of outstanding shares of the registrant’s common stock, par value $0.001 per share, was 126,678,280 as of July 31, 2024.
HALOZYME THERAPEUTICS, INC.
TABLE OF CONTENTS
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Item 6. | | | | |
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PART I — FINANCIAL INFORMATION
Item 1. Financial Statements
HALOZYME THERAPEUTICS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except per share amounts)
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| | June 30, 2024 | | December 31, 2023 |
ASSETS | | | | |
Current assets | | | | |
Cash and cash equivalents | | $ | 187,864 | | | $ | 118,370 | |
Marketable securities, available-for-sale | | 341,166 | | | 217,630 | |
Accounts receivable, net and contract assets | | 214,524 | | | 234,210 | |
Inventories, net | | 159,312 | | | 127,601 | |
Prepaid expenses and other current assets | | 84,931 | | | 48,613 | |
Total current assets | | 987,797 | | | 746,424 | |
Property and equipment, net | | 75,000 | | | 74,944 | |
Prepaid expenses and other assets | | 52,481 | | | 17,816 | |
Goodwill | | 416,821 | | | 416,821 | |
Intangible assets, net | | 437,354 | | | 472,879 | |
Deferred tax assets, net | | — | | | 4,386 | |
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Total assets | | $ | 1,969,453 | | | $ | 1,733,270 | |
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LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | |
Current liabilities | | | | |
Accounts payable | | $ | 15,430 | | | $ | 11,816 | |
Accrued expenses | | 117,930 | | | 100,678 | |
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Total current liabilities | | 133,360 | | | 112,494 | |
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Long-term debt, net | | 1,502,515 | | | 1,499,248 | |
Other long-term liabilities | | 30,507 | | | 37,720 | |
Deferred tax liabilities, net | | 13,647 | | | — | |
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Total liabilities | | 1,680,029 | | | 1,649,462 | |
Commitments and contingencies (Note 11) | | | | |
Stockholders’ equity | | | | |
Preferred stock - $0.001 par value; 20,000 shares authorized; no shares issued and outstanding | | — | | | — | |
Common stock - $0.001 par value; 300,000 shares authorized; 126,535 and 126,770 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively | | 127 | | | 127 | |
Additional paid-in capital | | 30,747 | | | 2,409 | |
Accumulated other comprehensive loss | | (2,068) | | | (9,278) | |
Retained earnings | | 260,618 | | | 90,550 | |
Total stockholders’ equity | | 289,424 | | | 83,808 | |
Total liabilities and stockholders’ equity | | $ | 1,969,453 | | | $ | 1,733,270 | |
See accompanying notes to condensed consolidated financial statements.
HALOZYME THERAPEUTICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands, except per share amounts)
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| | Three Months Ended June 30, | | Six Months Ended June 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
Revenues | | | | | | | | |
Royalties | | $ | 124,918 | | | $ | 111,740 | | | $ | 245,511 | | | $ | 211,380 | |
Product sales, net | | 78,886 | | | 73,889 | | | 137,469 | | | 134,683 | |
Revenues under collaborative agreements | | 27,549 | | | 35,409 | | | 44,252 | | | 37,118 | |
Total revenues | | 231,353 | | | 221,038 | | | 427,232 | | | 383,181 | |
Operating expenses | | | | | | | | |
Cost of sales | | 39,607 | | | 50,070 | | | 67,936 | | | 85,240 | |
Amortization of intangibles | | 17,762 | | | 17,835 | | | 35,525 | | | 35,670 | |
Research and development | | 21,038 | | | 19,727 | | | 40,149 | | | 37,706 | |
Selling, general and administrative | | 35,711 | | | 38,948 | | | 70,845 | | | 76,305 | |
Total operating expenses | | 114,118 | | | 126,580 | | | 214,455 | | | 234,921 | |
Operating income | | 117,235 | | | 94,458 | | | 212,777 | | | 148,260 | |
Other income (expense) | | | | | | | | |
Investment and other income, net | | 5,032 | | | 3,192 | | | 10,025 | | | 6,171 | |
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Interest expense | | (4,524) | | | (4,494) | | | (9,031) | | | (9,037) | |
Net income before income taxes | | 117,743 | | | 93,156 | | | 213,771 | | | 145,394 | |
Income tax expense | | 24,498 | | | 18,402 | | | 43,703 | | | 31,025 | |
Net income | | $ | 93,245 | | | $ | 74,754 | | | $ | 170,068 | | | $ | 114,369 | |
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Earnings per share | | | | | | | | |
Basic | | $ | 0.73 | | | $ | 0.57 | | | $ | 1.34 | | | $ | 0.86 | |
Diluted | | $ | 0.72 | | | $ | 0.56 | | | $ | 1.32 | | | $ | 0.84 | |
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Weighted average common shares outstanding | | | | | | | | |
Basic | | 127,116 | | | 131,730 | | | 127,029 | | | 133,369 | |
Diluted | | 129,222 | | | 133,543 | | | 129,097 | | | 135,758 | |
See accompanying notes to condensed consolidated financial statements.
HALOZYME THERAPEUTICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
(In thousands)
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| | Three Months Ended June 30, | | Six Months Ended June 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
Net income | | $ | 93,245 | | | $ | 74,754 | | | $ | 170,068 | | | $ | 114,369 | |
Other comprehensive income | | | | | | | | |
Unrealized (loss) gain on marketable securities, net | | (150) | | | (169) | | | (463) | | | 755 | |
Foreign currency translation adjustment | | (15) | | | 1 | | | (7) | | | 23 | |
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Unrealized gain (loss) on derivative instruments, net | | 76 | | | (1,425) | | | 8,691 | | | (1,425) | |
Realized gain on derivative instruments, net | | (493) | | | (46) | | | (1,011) | | | (46) | |
Comprehensive income | | $ | 92,663 | | | $ | 73,115 | | | $ | 177,278 | | | $ | 113,676 | |
See accompanying notes to condensed consolidated financial statements.
HALOZYME THERAPEUTICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
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| | Six Months Ended June 30, |
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| | 2024 | | 2023 |
Operating activities | | | | |
Net income | | $ | 170,068 | | | $ | 114,369 | |
Adjustments to reconcile net income to net cash provided by operating activities | | | | |
Share-based compensation | | 19,345 | | | 17,588 | |
Depreciation and amortization | | 5,012 | | | 5,415 | |
Amortization of intangible assets | | 35,525 | | | 35,670 | |
Amortization of debt discount | | 3,665 | | | 3,652 | |
Accretion of discount on marketable securities, net | | (5,399) | | | (2,342) | |
Realized gain on marketable securities | | (7) | | | — | |
Loss on disposal of equipment | | 1,678 | | | 517 | |
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Recognition of deferred revenue | | — | | | (2,404) | |
Lease payments recognized | | 509 | | | 621 | |
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Deferred income taxes | | 15,532 | | | 15,381 | |
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Changes in operating assets and liabilities | | | | |
Accounts receivable, net and other contract assets | | 19,687 | | | (15,307) | |
Inventories, net | | (61,635) | | | (31,987) | |
Prepaid expenses and other assets | | (38,748) | | | 13,749 | |
Accounts payable and accrued expenses | | 19,989 | | | (1,116) | |
Net cash provided by operating activities | | 185,221 | | | 153,806 | |
Investing activities | | | | |
Purchases of marketable securities | | (292,183) | | | (109,919) | |
Proceeds from sales and maturities of marketable securities | | 173,590 | | | 114,505 | |
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Purchases of property and equipment | | (6,127) | | | (9,754) | |
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Net cash used in investing activities | | (124,720) | | | (5,168) | |
Financing activities | | | | |
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Repayment of 2024 Convertible Notes | | — | | | (13,483) | |
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Repurchase of common stock | | — | | | (150,083) | |
Proceeds from issuance of common stock under equity incentive plans, net of taxes paid related to net share settlement | | 8,993 | | | 1,398 | |
Net cash provided by (used in) financing activities | | 8,993 | | | (162,168) | |
Net increase (decrease) in cash, cash equivalents and restricted cash | | 69,494 | | | (13,530) | |
Cash, cash equivalents and restricted cash at beginning of period | | 118,370 | | | 234,695 | |
Cash, cash equivalents and restricted cash at end of period | | $ | 187,864 | | | $ | 221,165 | |
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Supplemental disclosure of non-cash investing and financing activities | | | | |
Amounts accrued for purchases of property and equipment | | $ | 498 | | | $ | 655 | |
Right-of-use assets obtained in exchange for lease obligation | | $ | 1,466 | | | $ | 1,037 | |
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Common stock issued for conversion of 2024 Convertible Notes | | $ | — | | | $ | 125 | |
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See accompanying notes to condensed consolidated financial statements.
HALOZYME THERAPEUTICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
(in thousands)
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| | Three Months Ended June 30, 2024 |
| | Common Stock | | Additional Paid-In Capital | | Accumulated Other Comprehensive Loss | | Retained Earnings | | Total Stockholders’ Equity |
| | Shares | | Amount | |
BALANCE AS OF MARCH 31, 2024 | | 127,186 | | | $ | 127 | | | $ | 11,794 | | | $ | (1,486) | | | $ | 167,373 | | | $ | 177,808 | |
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Share-based compensation expense | | — | | | — | | | 9,471 | | | — | | | — | | | 9,471 | |
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Issuance of common stock pursuant to exercise of stock options and vesting of restricted stock units, net and shares issued under the ESPP plan | | 415 | | | 1 | | | 9,481 | | | — | | | — | | | 9,482 | |
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Repurchase of common stock | | (1,066) | | | (1) | | | 1 | | | | | — | | | — | |
Other comprehensive loss | | — | | | — | | | — | | | (582) | | | — | | | (582) | |
Net income | | — | | | — | | | — | | | — | | | 93,245 | | | 93,245 | |
BALANCE AS OF JUNE 30, 2024 | | 126,535 | | | $ | 127 | | | $ | 30,747 | | | $ | (2,068) | | | $ | 260,618 | | | $ | 289,424 | |
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| | Six Months Ended June 30, 2024 |
| | Common Stock | | Additional Paid-In Capital | | Accumulated Other Comprehensive (Loss) Income | | Retained Earnings | | Total Stockholders’ Equity |
| | Shares | | Amount | |
BALANCE AS OF DECEMBER 31, 2023 | | 126,770 | | | $ | 127 | | | $ | 2,409 | | | $ | (9,278) | | | $ | 90,550 | | | $ | 83,808 | |
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Share-based compensation expense | | — | | | — | | | 19,345 | | | — | | | — | | | 19,345 | |
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Issuance of common stock pursuant to exercise of stock options and vesting of restricted stock and performance stock units, net and shares issued under the ESPP plan | | 831 | | | 1 | | | 8,992 | | | — | | | — | | | 8,993 | |
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Repurchase of common stock | | (1,066) | | | (1) | | | 1 | | | | | — | | | — | |
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Other comprehensive income | | — | | | — | | | — | | | 7,210 | | | | | 7,210 | |
Net income | | — | | | — | | | — | | | — | | | 170,068 | | | 170,068 | |
BALANCE AS OF JUNE 30, 2024 | | 126,535 | | | $ | 127 | | | $ | 30,747 | | | $ | (2,068) | | | $ | 260,618 | | | $ | 289,424 | |
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| | Three Months Ended June 30, 2023 |
| | Common Stock | | Additional Paid-In Capital | | Accumulated Other Comprehensive Income (Loss) | | Retained Earnings | | Total Stockholders’ Equity |
| | Shares | | Amount | |
BALANCE AS OF MARCH 31, 2023 | | 131,662 | | | $ | 132 | | | $ | — | | | $ | 24 | | | $ | 65,694 | | | $ | 65,850 | |
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Share-based compensation expense | | — | | | — | | | 9,622 | | | — | | | — | | | 9,622 | |
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Issuance of common stock pursuant to exercise of stock options and vesting of restricted stock units, net and shares issued under the ESPP plan | | 194 | | | — | | | 2,446 | | | — | | | — | | | 2,446 | |
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Other comprehensive loss | | — | | | — | | | — | | | (1,639) | | | — | | | (1,639) | |
Net income | | — | | | — | | | — | | | — | | | 74,754 | | | 74,754 | |
BALANCE AS OF JUNE 30, 2023 | | 131,856 | | | $ | 132 | | | $ | 12,068 | | | $ | (1,615) | | | $ | 140,448 | | | $ | 151,033 | |
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| | Six Months Ended June 30, 2023 |
| | Common Stock | | Additional Paid-In Capital | | Accumulated Other Comprehensive Loss | | Retained Earnings (Accumulated Deficit) | | Total Stockholders’ Equity |
| | Shares | | Amount | |
BALANCE AS OF DECEMBER 31, 2022 | | 135,154 | | | $ | 135 | | | $ | 27,368 | | | $ | (922) | | | $ | 143,217 | | | $ | 169,798 | |
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Share-based compensation expense | | — | | | — | | | 17,588 | | | — | | | — | | | 17,588 | |
Issuance of common stock for the conversion of the 2024 Convertible Notes | | 289 | | | — | | | (126) | | | — | | | — | | | (126) | |
Issuance of common stock pursuant to exercise of stock options and vesting of restricted stock and performance stock units, net and shares issued under the ESPP plan | | 578 | | | 1 | | | 1,397 | | | — | | | — | | | 1,398 | |
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Repurchase of common stock | | (4,165) | | | (4) | | | (34,159) | | | | | (117,138) | | | (151,301) | |
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Other comprehensive loss | | — | | | — | | | — | | | (693) | | | — | | | (693) | |
Net income | | — | | | — | | | — | | | — | | | 114,369 | | | 114,369 | |
BALANCE AS OF JUNE 30, 2023 | | 131,856 | | | $ | 132 | | | $ | 12,068 | | | $ | (1,615) | | | $ | 140,448 | | | $ | 151,033 | |
See accompanying notes to condensed consolidated financial statements.
HALOZYME THERAPEUTICS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. Organization and Business
Halozyme Therapeutics, Inc. is a biopharmaceutical company advancing disruptive solutions to improve patient experiences and outcomes for emerging and established therapies.
As the innovators of ENHANZE® drug delivery technology (“ENHANZE”) with our proprietary enzyme, rHuPH20, our commercially validated solution is used to facilitate the subcutaneous (“SC”) delivery of injected drugs and fluids with the goal of improving the patient experience with rapid SC delivery and reduced treatment burden. We license our technology to biopharmaceutical companies to collaboratively develop products that combine ENHANZE with our partners’ proprietary compounds. We also develop, manufacture and commercialize, for ourselves or with our partners, drug-device combination products using our advanced auto-injector technologies that are designed to provide commercial or functional advantages such as improved convenience, reliability and tolerability, and enhanced patient comfort and adherence.
Our ENHANZE partners’ approved products and product candidates are based on rHuPH20, our patented recombinant human hyaluronidase enzyme. rHuPH20 works by breaking down hyaluronan (“HA”), a naturally occurring carbohydrate that is a major component of the extracellular matrix of the SC space. This temporarily reduces the barrier to bulk fluid flow allowing for improved and more rapid SC delivery of high dose, high volume injectable biologics, such as monoclonal antibodies and other large therapeutic molecules, as well as small molecules and fluids. We refer to the application of rHuPH20 to facilitate the delivery of other drugs or fluids as ENHANZE. We license our ENHANZE technology to form collaborations with biopharmaceutical companies that develop and/or market drugs requiring or benefiting from injection via the SC route of administration. In the development of proprietary intravenous (“IV”) drugs combined with our ENHANZE technology, data has been generated supporting the potential for ENHANZE to reduce patient treatment burden, as a result of shorter duration of SC administration with ENHANZE compared to IV administration. ENHANZE may enable fixed-dose SC dosing compared to weight-based dosing typically required for IV administration, extend the dosing interval for drugs that are already administered subcutaneously and potentially allow for lower rates of infusion-related reactions. ENHANZE may enable more flexible treatment options such as home administration by a healthcare professional or potentially the patient or caregiver. Lastly, certain proprietary drugs co-formulated with ENHANZE have been granted additional exclusivity, extending the patent life of the product beyond the patent expiry of the proprietary IV drug.
We currently have ENHANZE collaborations and licensing agreements with F. Hoffmann-La Roche, Ltd. and Hoffmann-La Roche, Inc. (“Roche”), Takeda Pharmaceuticals International AG and Baxalta US Inc. (“Takeda”), Pfizer Inc. (“Pfizer”), Janssen Biotech, Inc. (“Janssen”), AbbVie, Inc. (“AbbVie”), Eli Lilly and Company (“Lilly”), Bristol-Myers Squibb Company (“BMS”), argenx BVBA (“argenx”), ViiV Healthcare (the global specialist HIV Company majority owned by GlaxoSmithKline) (“ViiV”), Chugai Pharmaceutical Co., Ltd. (“Chugai”) and Acumen Pharmaceuticals, Inc. (“Acumen”). In addition to receiving upfront licensing fees from our ENHANZE collaborations, we are entitled to receive event and sales-based milestone payments, revenues from the sale of bulk rHuPH20 and royalties from commercial sales of approved partner products co-formulated with ENHANZE. We currently earn royalties from sales of eight commercial products including sales of one commercial product from each of the Takeda, Janssen and argenx collaborations and five commercial products from the Roche collaboration.
We have commercialized auto-injector products with several pharmaceutical companies including Teva Pharmaceutical Industries, Ltd. (“Teva”) and Otter Pharmaceuticals, LLC (“Otter”). We have development programs including auto-injectors with Idorsia Pharmaceuticals Ltd. (“Idorsia”).
Our commercial portfolio of proprietary products includes Hylenex®, utilizing rHuPH20, and XYOSTED®, utilizing our auto-injector technology.
Except where specifically noted or the context otherwise requires, references to “Halozyme,” “the Company,” “we,” “our,” and “us” in these notes to our condensed consolidated financial statements refer to Halozyme Therapeutics, Inc. and each of its directly and indirectly wholly owned subsidiaries as disclosed in Note 2, Summary of Significant Accounting Policies.
2. Summary of Significant Accounting Policies
Basis of Presentation
The accompanying interim unaudited condensed consolidated financial statements have been prepared for purposes of and in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) related to a quarterly report on Form 10-Q. Accordingly, they do not include all of the information and disclosures required by U.S. GAAP for a complete set of financial statements. These condensed consolidated financial statements and notes thereto should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 20, 2024. The unaudited financial information for the interim periods presented herein reflects all adjustments which, in the opinion of management, are necessary for a fair presentation of the financial condition and results of operations for the periods presented, with such adjustments consisting only of normal recurring adjustments. Operating results for interim periods are not necessarily indicative of the operating results for an entire fiscal year.
The accompanying condensed consolidated financial statements include the accounts of Halozyme Therapeutics, Inc. and our wholly owned subsidiaries, Halozyme, Inc. and Antares Pharma, Inc., and Antares Pharma, Inc.’s wholly owned Swiss subsidiaries, Antares Pharma IPL AG and Antares Pharma AG. All intercompany accounts and transactions have been eliminated.
Use of Estimates
The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts reported in our condensed consolidated financial statements and accompanying notes. On an ongoing basis, we evaluate our estimates and judgments, which are based on historical and anticipated results and trends and on various other assumptions that we believe to be reasonable under the circumstances. By their nature, estimates are subject to an inherent degree of uncertainty and, as such, actual results may differ from our estimates.
Cash Equivalents and Marketable Securities
Cash equivalents consist of highly liquid investments, readily convertible to cash, which mature within 90 days or less from the date of purchase. As of June 30, 2024, our cash and cash equivalents consisted of money market funds, bank certificate of deposits, U.S. treasury securities and demand deposits at commercial banks.
Marketable securities are investments with original maturities of more than 90 days from the date of purchase that are specifically identified to fund current operations. Marketable securities are considered available-for-sale. These investments are classified as current assets, even though the stated maturity date may be one year or more beyond the current balance sheet date which reflects management’s intention to use the proceeds from the sale of these investments to fund our operations, as necessary. Such available-for-sale investments are carried at fair value with unrealized gains and losses recorded in other comprehensive income and included as a separate component of stockholders’ equity. The cost of marketable securities is adjusted for amortization of premiums or accretion of discounts to maturity, and such amortization or accretion is included in investment and other income, net in our condensed consolidated statements of income. We use the specific identification method for calculating realized gains and losses on marketable securities sold. None of the realized gains and losses and declines in value that were judged to be as a result of credit loss on marketable securities, if any, are included in investment and other income, net in our condensed consolidated statements of income.
Fair Value of Financial Instruments
The authoritative guidance for fair value measurements establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.
Our financial instruments include cash equivalents, available-for-sale marketable securities, accounts receivable, prepaid expenses and other assets, accounts payable, accrued expenses and long-term debt. Fair value estimates of these instruments are made at a specific point in time based on relevant market information. These estimates may be subjective in nature and involve uncertainties and matters of significant judgment and therefore, cannot be determined with precision. The carrying amount of cash equivalents, accounts receivable, prepaid expenses and other assets, accounts payable and accrued expenses are generally considered to be representative of their respective fair values because of the short-term nature of those instruments.
Available-for-sale marketable securities consist of asset-backed securities, corporate debt securities, U.S. Treasury securities, agency bonds and commercial paper, and are measured at fair value using Level 1 and Level 2 inputs. Level 2 financial instruments are valued using market prices on less active markets and proprietary pricing valuation models with observable inputs, including interest rates, yield curves, maturity dates, issue dates, settlement dates, reported trades, broker-dealer quotes, issue spreads, benchmark securities or other market related data. We obtain the fair value of Level 2 investments from our investment manager, who obtains these fair values from a third-party pricing source. We validate the fair values of Level 2 financial instruments provided by our investment manager by comparing these fair values to a third-party pricing source.
Accounts Receivable, net
Accounts receivable is recorded at the invoiced amount and is non-interest bearing. Accounts receivable is recorded net of estimated prompt pay discounts, distribution fees and chargebacks. We believe the risk of accounts being uncollectible is minimal; therefore, no significant allowances for doubtful accounts were established as of June 30, 2024 and December 31, 2023.
Inventories
Inventories are stated at lower of cost or net realizable value. Cost is determined on a first-in, first-out basis. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Inventories are reviewed periodically for potential excess, dated or obsolete status. We evaluate the carrying value of inventories on a regular basis, taking into account such factors as historical and anticipated future sales compared to quantities on hand, the price we expect to obtain for products in their respective markets compared with historical cost and the remaining shelf life of goods on hand.
Leases
We have entered into operating leases primarily for real estate and automobiles. These leases have contractual terms which range from three years to twelve years. We determine if an arrangement contains a lease at inception. Right of use (“ROU”) assets and liabilities resulting from operating leases are included in property and equipment, accrued expenses and other long-term liabilities on our condensed consolidated balance sheets. Operating lease ROU assets and liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the discount rate to calculate the present value of future payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives and initial direct costs incurred. Our leases often include options to extend or terminate the lease. These options are included in the lease term when it is reasonably certain that we will exercise that option. Short-term leases with an initial term of 12 months or less are not recorded on our condensed consolidated balance sheet. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term.
We have lease agreements with lease and non-lease components, which are generally accounted for separately. For certain leases, such as automobiles, we account for the lease and non-lease components as a single lease component.
Property and Equipment, Net
Property and equipment, including ROU assets are recorded at cost, less accumulated depreciation and amortization. Equipment is depreciated using the straight-line method over its estimated useful life ranging from three years to ten years and leasehold improvements are amortized using the straight-line method over the estimated useful life of the asset or the lease term, whichever is shorter.
Impairment of Long-Lived Assets
We account for long-lived assets in accordance with authoritative guidance for impairment or disposal of long-lived assets. Long-lived assets are reviewed for events or changes in circumstances, which indicate that their carrying value may not be recoverable.
Comprehensive Income
Comprehensive income is defined as the change in equity during the period from transactions and other events and circumstances from non-owner sources.
Convertible Notes
The 2024 Convertible Notes, the 2027 Convertible Notes and the 2028 Convertible Notes (collectively, the “Convertible Notes”) are accounted for in accordance with authoritative guidance for debt and derivatives. We evaluate all the embedded conversion options contained in the Convertible Notes to determine if there are embedded features that require bifurcation as a derivative as required by U.S. GAAP. Based on our analysis, we account for each of our Convertible Notes as single units of accounting, a liability, because we concluded that the conversion features do not require bifurcation as a derivative under embedded derivative authoritative guidance.
Cash Flow Hedges - Currency Risks
Beginning in the second quarter of 2023, we entered into a cash flow hedging program to mitigate foreign currency exchange risk associated with forecasted royalty revenue denominated in Swiss francs. Under the program, we can hedge these forecasted royalties up to a maximum of four years into the future. We hedge these cash flow exposures to reduce the risk of our earnings and cash flows being adversely affected by fluctuations in exchange rates.
In accordance with the hedge accounting treatment, all hedging relationships are formally documented at the inception of the hedge and are highly effective in offsetting changes to future cash flows on hedged transactions. Both at inception of the hedge and on an ongoing basis, we assess whether the foreign currency forward contracts are highly effective in offsetting changes in cash flows of hedged items on a prospective and retrospective basis. If we determine a (i) foreign currency forward contract is not highly effective as a cash flow hedge, (ii) foreign currency forward contract has ceased to be a highly effective hedge or (iii) forecasted transaction is no longer probable of occurring, we would discontinue hedge accounting treatment prospectively. We measure effectiveness based on the change in fair value of the forward currency forward contract and the fair value of the hypothetical foreign currency forward contract with terms that match the critical terms of the risk being hedged. No portion of our foreign currency forward contracts were excluded from the assessment of hedge effectiveness. As of June 30, 2024, all hedges were determined to be highly effective.
The assets or liabilities associated with our hedging contracts are recorded at fair market value in prepaid expense and other current assets, accrued expenses, or other long-term liabilities, respectively, in our condensed consolidated balance sheets. Gains and losses related to changes in the fair market value of these hedging contracts are recorded as a component of accumulated other comprehensive income (loss) (“AOCI”) within stockholder’s equity in our condensed consolidated balance sheets and reclassified to royalty revenue in our condensed consolidated statements of income in the same period as the recognition of the underlying hedged transaction. In the event the underlying forecasted transaction does not occur, or it becomes probable that it will not occur, within the defined hedge period, we reclassify the gains or losses on the related cash flow hedge from AOCI to royalties revenue in our condensed consolidated statements of income. Settlements from the cash flow hedge are included in operating activities on the condensed consolidated statements of cash flows. Since the fair market value of these hedging contracts is derived from current market rates, the hedging contracts are classified as derivative financial instruments. We do not use derivatives for speculative or trading purposes. As of June 30, 2024, amounts expected to be recognized as a net gain out of AOCI into our condensed consolidated statements of income during the next 12 months are not material.
Business Combinations
Under the acquisition method of accounting, we allocate the fair value of the total consideration transferred to the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values on the date of acquisition. These valuations require us to make estimates and assumptions, especially with respect to intangible assets. We record the excess consideration over the aggregate fair value of tangible and intangible assets, net of liabilities assumed, as goodwill. Costs incurred to complete a business combination, such as legal and other professional fees, are expensed as incurred.
If the initial accounting for a business combination is incomplete by the end of a reporting period that falls within the measurement period, we report provisional amounts in our financial statements. During the measurement period, we adjust the provisional amounts recognized at the acquisition date to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date. We record these adjustments to the provisional amounts with a corresponding offset to goodwill. Any adjustments identified after the measurement period are recorded in our condensed consolidated statements of income.
Goodwill, Intangible Assets and Other Long-Lived Asset
Assets acquired, including intangible assets and in-process research and development (“IPR&D”), and liabilities assumed are measured at fair value as of the acquisition date. Goodwill, which has an indefinite useful life, represents the excess of cost over fair value of the net assets acquired. Intangible assets acquired in a business combination that are used for IPR&D activities are considered indefinite lived until the completion or abandonment of the associated research and development efforts. Upon reaching the end of the relevant research and development project (i.e., upon commercialization), the IPR&D
asset is amortized over its estimated useful life. If the relevant research and development project is abandoned, the IPR&D asset is expensed in the period of abandonment.
Goodwill and IPR&D are not amortized; however, they are reviewed for impairment at least annually during the second quarter, or more frequently if an event occurs indicating the potential for impairment. Goodwill and IPR&D are considered to be impaired if the carrying value of the reporting unit or IPR&D asset exceeds its respective fair value.
We perform our goodwill impairment analysis at the reporting unit level, which aligns with our reporting and operating segment structure and availability of discrete financial information. During the goodwill impairment review, we assess qualitative factors to determine whether it is more likely than not that the fair values of our reporting unit is less than the carrying amount, including goodwill. The qualitative factors include, but are not limited to, macroeconomic conditions, industry and market considerations, and our overall financial performance. If, after assessing the totality of these qualitative factors, we determine that it is not more likely than not that the fair value of our reporting unit is less than the carrying amounts, then no additional assessment is deemed necessary. Otherwise, we proceed to compare the estimated fair value of the reporting unit with the carrying value, including goodwill. If the carrying amount of the reporting unit exceeds the fair value, we record an impairment loss based on the difference. We may elect to bypass the qualitative assessment in a period and proceed to perform the quantitative goodwill impairment test.
Our identifiable intangible assets with finite useful lives are typically comprised of acquired device technologies and product rights. The cost of identifiable intangible assets with finite lives is generally amortized on a straight-line basis over the assets’ respective estimated useful lives.
We perform regular reviews to determine if any event has occurred that may indicate intangible assets with finite useful lives and other long-lived assets are potentially impaired. If indicators of impairment exist, an impairment test is performed to assess the recoverability of the affected assets by determining whether the carrying amount of such assets exceeds the undiscounted expected future cash flows. If the affected assets are not recoverable, we estimate the fair value of the assets and record an impairment loss if the carrying value of the assets exceeds the fair value. Factors that may indicate potential impairment include a significant decline in our stock price and market capitalization compared to the net book value, significant changes in the ability of a particular asset to generate positive cash flows for our strategic business objectives, and the pattern of utilization of a particular asset.
Revenue Recognition
We generate revenues from payments received (i) as royalties from licensing our ENHANZE technology and other royalty arrangements, (ii) under collaborative agreements and (iii) from sales of our proprietary and partnered products. We recognize revenue when we transfer promised goods or services to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. To determine revenue recognition for contracts with customers, we perform the following five steps: (i) identify the promised goods or services in the contract; (ii) identify the performance obligations in the contract, including whether they are distinct in the context of the contract; (iii) determine the transaction price, including the constraint on variable consideration; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) we satisfy the performance obligations.
ENHANZE and Device Royalties
Under the terms of our ENHANZE collaboration and license agreements, our partners will pay us royalties at an on average mid-single digit percent rate of their sales if products under the collaboration are commercialized. All amounts owed to us are noncancelable after the underlying triggering event occurs, and nonrefundable once paid. Unless terminated earlier in accordance with its terms, collaborations generally continue in effect until the last to expire royalty payment term, as determined on a product by product and country by country basis, with each royalty term starting on the first commercial sale of that product and ending the later of: (i) a specified period or term set forth in the agreement or (ii) expiration of the last to expire of the valid claims of our patents covering rHuPH20 or other specified patents developed under the collaboration which valid claim covers a product developed under the collaboration. In general, when there are no valid claims of a specified patent developed under the collaboration covering the product in a given country, the royalty rate is reduced for those sales in that country upon the expiration of our patents covering rHuPH20. Janssen’s patents covering DARZALEX SC do not impact the timing for this royalty reduction. Partners may terminate the agreement prior to expiration for any reason in its entirety or on a target-by-target basis generally upon 90 days prior written notice to us. Upon any such termination, the license granted to partners (in total or with respect to the terminated target, as applicable) will terminate provided; however, that in the event of expiration of the agreement (as opposed to a termination), the on-going licenses granted may become perpetual, non-exclusive and fully paid. Sales-based milestones and royalties are recognized in the period the underlying sales or milestones occur. We do not receive final royalty reports from our ENHANZE partners until after we complete our financial statements for a prior quarter. Therefore, we recognize revenue based on estimates of the royalty earned, which are based on internal estimates and available preliminary reports provided by our partners. We will record adjustments in the following quarter, if necessary, when final royalty reports are received. To date, we have not recorded any material adjustments.
We also earn royalties in connection with several of our licenses granted under license and development arrangements with our device partners. These royalties are based upon a percentage of commercial sales of partnered products with rates ranging from mid-single digits to low double digits and are tiered based on levels of net sales. These sales-based royalties, for which the license was deemed the predominant element to which the royalties relate, are estimated and recognized in the period in which the partners’ commercial sales occur. The royalties are generally reported and payable to us within 45 to 60 days after the end of the period in which the commercial sales are made. We base our estimates of royalties earned on actual sales information from our partners when available or estimated, prescription sales from external sources and estimated net selling price. We will record adjustments in the following quarter, if necessary, when final royalty reports are received. To date, we have not recorded any material adjustments.
Revenue under ENHANZE and Device Collaborative Agreements
ENHANZE Collaboration and License Agreements
Under these agreements, we grant the collaboration partner a worldwide license to develop and commercialize products using our ENHANZE technology to combine our patented rHuPH20 enzyme with their proprietary biologics directed at up to a specified number of targets. Targets are usually licensed on an exclusive, global basis. Targets selected subsequent to inception of the arrangement generally require payment of an additional license fee. The collaboration partner is responsible for all development, manufacturing, clinical, regulatory, sales and marketing costs for any products developed under the agreement. We are responsible for supply of bulk rHuPH20 based on the collaboration partner’s purchase orders, and may also be separately engaged to perform research and development services. While these collaboration agreements are similar in that they originate from the same framework, each one is the result of an arms-length negotiation and thus may vary from one to the other.
We generally collect an upfront license payment from collaboration partners, and are also entitled to receive event-based payments subject to collaboration partners’ achievement of specified development, regulatory and sales-based milestones. In several agreements, collaboration partners pay us annual fees to maintain their exclusive license rights if they are unable to advance product development to specified stages. We earn separate fees for bulk rHuPH20 supplies and research and development services.
Although these agreements are in form identified as collaborative agreements, we concluded for accounting purposes they represent contracts with customers and are not subject to accounting literature on collaborative arrangements. This is because we grant to partners licenses to our intellectual property and provide supply of bulk rHuPH20 and research and development services which are all outputs of our ongoing activities, in exchange for respective consideration. Under these collaborative agreements, our partners lead development of assets, and we do not share in significant financial risks of their development or commercialization activities. Accordingly, we concluded our collaborative agreements are appropriately accounted for pursuant to U.S. GAAP.
Under all of our ENHANZE collaborative agreements, we have identified licenses to use functional intellectual property as the only performance obligation. The intellectual property underlying the license is our proprietary ENHANZE technology which represents application of rHuPH20 to facilitate delivery of drugs. Each of the licenses grants the partners rights to use our intellectual property as it exists and is identified on the effective date of the license, because there is no ongoing development of the ENHANZE technology required. Therefore, we recognize revenue from licenses at the point when the license becomes effective and the partner has received access to our intellectual property, usually at the inception of the agreement.
When partners can select additional targets to add to the licenses granted, we consider these rights to be options. We evaluate whether such options contain material rights, i.e. have exercise prices that are discounted compared to what we would charge for a similar license to a new partner. The exercise price of these options includes a combination of the target selection fees, event-based milestone payments and royalties. When these amounts in aggregate are not offered at a discount that exceeds discounts available to other customers, we conclude the option does not contain a material right, and we consider grants of additional licensing rights upon option exercises to be separate contracts (target selection contracts).
Generally, we provide indemnification and protection of licensed intellectual property for our customers. These provisions are part of assurance that the licenses meet the agreements’ representations and are not obligations to provide goods or services.
We also fulfill purchase orders for supply of bulk rHuPH20 and perform research and development services pursuant to project authorization forms for our partners, which represent separate contracts. In addition to our licenses, we price our supply of bulk rHuPH20 and research and development services at our regular selling prices, called standalone selling prices (“SSP”). Therefore, our partners do not have material rights to order these items at prices not reflective of SSP. Refer to the discussion below regarding recognition of revenue for these separate contracts.
Transaction price for a contract represents the amount to which we are entitled in exchange for providing goods and services to the customer. Transaction price does not include amounts subject to uncertainties unless it is probable that there will be no significant reversal of revenue when the uncertainty is resolved. Apart from the upfront license payment (or target selection fees in the target selection contracts), all other fees we may earn under our collaborative agreements are subject to significant uncertainties of product development. Achievement of many of the event-based development and regulatory milestones may not be probable until such milestones are actually achieved. This generally relates to milestones such as obtaining marketing authorization approvals. With respect to other development milestones, e.g., dosing of a first patient in a clinical trial, achievement could be considered probable prior to its actual occurrence, based on the progress towards commencement of the trial. In order to evaluate progress towards commencement of a trial, we assess the status of activities leading up to our partner’s initiation of a trial such as feedback received from the applicable regulatory authorities, completion of Investigational New Drug (“IND”) or equivalent filings, readiness and availability of drug, readiness of study sites and our partner’s commitment of resources to the program. We do not include any amounts subject to uncertainties in the transaction price until it is probable that the amount will not result in a significant reversal of revenue in the future. At the end of each reporting period, we re-evaluate the probability of achievement of such milestones and any related constraint, and if necessary, adjust our estimate of the overall transaction price.
When target exchange rights are held by partners, and the amounts attributed to these rights are not refundable, they are included in the transaction price. However, they are recorded as deferred revenues because we have a potential performance obligation to provide a new target upon an exchange right being exercised. These amounts are recognized in revenue when the right of exchange expires or is exercised.
Because our agreements have one type of performance obligation (licenses) which are typically all transferred at the same time at agreement inception, allocation of transaction price often is not required. However, allocation is required when licenses for some of the individual targets are subject to rights of exchange, because revenue associated with these targets cannot be recognized. When allocation is needed, we perform an allocation of the upfront amount based on relative SSP of licenses for individual targets. We determine license SSP using an income-based valuation approach utilizing risk-adjusted discounted cash flow projections of the estimated return a licensor would receive. When amounts subject to uncertainties, such as milestones and royalties, are included in the transaction price, we attribute them to the specific individual target licenses which generate such milestone or royalty amounts.
We also estimate SSP of bulk rHuPH20 and research and development services, to determine that our partners do not have material rights to order them at discounted prices. For supplies of bulk rHuPH20, because we effectively act as a contract manufacturer to our partners, we estimate and charge SSP based on the typical contract manufacturer margins consistent with all of our partners. We determine SSP of research and development services based on a fully-burdened labor rate. Our rates are comparable to those we observe in other collaborative agreements. We also have a history of charging similar rates to all of our partners.
Upfront amounts allocated to licenses to individual targets are recognized as revenue when the license is transferred to the partner, as discussed above, if the license is not subject to exchange rights, or when the exchange right expires or is exercised. Development milestones and other fees are recognized in revenue when they are included in the transaction price, because by that time, we have already transferred the related license to the partner.
In contracts to provide research and development services, such services represent the only performance obligation. The fees are charged based on hours worked by our employees and the fixed contractual rate per hour, plus third-party pass-through costs, on a monthly basis. We recognize revenues as the related services are performed based on the amounts billed, as the partner consumes the benefit of research and development work simultaneously as we perform these services, and the amounts billed reflect the value of these services to the customer.
Device License, Development and Supply Arrangements
We have several license, development and supply arrangements with pharmaceutical partners, under which we grant a license to our device technology and provide research and development services that often involve multiple performance obligations and highly-customized deliverables. For such arrangements, we identify each of the promised goods and services within the contract and the distinct performance obligations at inception of the contract and allocate consideration to each performance obligation based on relative SSP, which is generally determined based on the expected cost plus mark-up.
If the contract includes an enforceable right to payment for performance completed to date and performance obligations are satisfied over time, we recognize revenue over the development period using either the input or output method depending on which is most appropriate given the nature of the distinct deliverable. For other contracts that do not contain an enforceable right to payment for performance completed to date, revenue is recognized when control of the product is transferred to the customer. Factors that may indicate transfer of control has occurred include the transfer of legal title, transfer of physical possession, the customer has obtained the significant risks and rewards of ownership of the assets, and we have a present right to payment.
Our payment terms for development contracts may include an upfront payment equal to a percentage of the total contract value with the remaining portion to be billed upon completion and transfer of the individual deliverables or satisfaction of the individual performance obligations. We record a contract liability for cash received in advance of performance, which is presented within deferred revenue and deferred revenue, long-term in our condensed consolidated balance sheets and recognized as revenue in our condensed consolidated statements of income when the associated performance obligations have been satisfied.
License fees and milestones received in exchange for the grant of a license to our functional intellectual property, such as patented technology and know-how in connection with a partnered development arrangement, are generally recognized at inception of the arrangement, or over the development period depending on the facts and circumstances, as the license is generally not distinct from the non-licensed goods or services to be provided under the contract. Milestone payments that are contingent upon the occurrence of future events are evaluated and recorded at the most likely amount, and to the extent that it is probable that a significant reversal of revenue will not occur when the associated uncertainty is resolved.
Refer to Note 4, Revenue, for further discussion on our collaborative arrangements.
Product Sales, Net
Proprietary Product Sales
Our commercial portfolio of proprietary products includes XYOSTED and Hylenex recombinant which we sell primarily to wholesale pharmaceutical distributors and specialty pharmacies, who sell the products to hospitals, retail chain drug stores and other end-user customers. Sales to wholesalers are made pursuant to purchase orders subject to the terms of a master agreement, and delivery of individual packages of products represents performance obligations under each purchase order. We use contract manufacturers to produce our proprietary products and third-party logistics (“3PL”) vendors to process and fulfill orders. We concluded we are the principal in the sales to wholesalers because we control access to services rendered by both vendors and direct their activities. We have no significant obligations to wholesalers to generate pull-through sales.
Revenue is recognized when control has transferred to the customer, which is typically upon delivery, at the net selling price, which reflects the variable consideration for which reserves and sales allowances are established for estimated returns, wholesale distribution fees, prompt payment discounts, government rebates and chargebacks, plan rebate arrangements and patient discount and support programs. We recognize revenue from product sales and related cost of sales upon product delivery to the wholesaler location. At that time, the wholesalers take control of the product as they take title, bear the risk of loss of ownership, and have an enforceable obligation to pay us. They also have the ability to direct sales of product to their customers on terms and at prices they negotiate. Although wholesalers have product return rights, we do not believe they have a significant incentive to return the product to us.
The determination of certain reserves and sales allowances requires us to make a number of judgements and estimates to reflect our best estimate of the transaction price and the amount of consideration to which we believe we would be ultimately entitled to receive. The expected value is determined based on unit sales data, contractual terms with customers and third-party payers, historical and estimated future percentage of rebates incurred on sales, historical and future insurance plan billings, any new or anticipated changes in programs or regulations that would impact the amount of the actual rebates, customer purchasing patterns, product expiration dates and levels of inventory in the distribution channel. The estimated amounts of credit for product returns, chargebacks, distribution fees, prompt payment discounts, rebates and customer co-pay support programs are included in accrued expenses and accounts receivable, net in our condensed consolidated balance sheets upon recognition of revenue from product sales. We monitor actual product returns, chargebacks, discounts and fees subsequent to the sale. If these amounts differ from our estimates, we make adjustments to these allowances, which are applied to increase or reduce product sales revenue and earnings in the period of adjustment.
Selling prices initially billed to wholesalers are subject to discounts for prompt payment and subsequent chargebacks when wholesalers sell our products at negotiated discounted prices to members of certain group purchasing organizations (“GPOs”), Pharmacy Benefit Managers (“PBMs”) and government programs. We also pay quarterly distribution fees to certain wholesalers for inventory reporting and chargeback processing, and to PBMs and GPOs as administrative fees for services and for access to their members. We concluded the benefits received in exchange for these fees are not distinct from our sales of our products, and accordingly we apply these amounts to reduce revenues. Wholesalers also have rights to return unsold product nearing or past the expiration date. Because of the shelf life of our products and our lengthy return period, there may be a significant period of time between when the product is shipped and when we issue credits on returned product.
We estimate the transaction price when we receive each purchase order taking into account the expected reductions of the selling price initially billed to the wholesaler arising from all of the above factors. We have compiled historical experience and data to estimate future returns and chargebacks of our products and the impact of the other discounts and fees we pay. When estimating these adjustments to the transaction price, we reduce it sufficiently to be able to assert that it is probable that there will be no significant reversal of revenue when the ultimate adjustment amounts are known.
Each purchase order contains only one type of product, and is usually shipped to the wholesaler in a single shipment. Therefore, allocation of the transaction price to individual packages is not required.
In connection with the orders placed by wholesalers, we incur costs such as commissions to our sales representatives. However, as revenue from product sales is recognized upon delivery to the wholesaler, which occurs shortly after we receive a purchase order, we do not capitalize these commissions and other costs, based on application of the practical expedient allowed within the applicable guidance.
Partnered Product Sales
Bulk rHuPH20
We sell bulk rHuPH20 to partners for use in research and development and, subsequent to receiving marketing approval, we sell it for use in collaboration commercial products. Sales are made pursuant to purchase orders subject to the terms of the collaborative agreement or a supply agreement, and delivery of units of bulk rHuPH20 represent performance obligations under each purchase order. We provide a standard warranty that the product conforms to specifications. We use contract manufacturers to produce bulk rHuPH20 and have concluded we are the principal in the sales to partners. The transaction price for each purchase order of bulk rHuPH20 is fixed based on the cost of production plus a contractual markup, and is not subject to adjustments. Allocation of the transaction price to individual quantities of the product is usually not required because each order contains only one type of product.
We recognize revenue from the sale of bulk rHuPH20 as product sales and related cost of sales upon transfer of title to our partners. At that time, the partners take control of the product, bear the risk of loss of ownership, and have an enforceable obligation to pay us.
Devices
We are party to several license, development, supply and distribution arrangements with pharmaceutical partners, under which we produce and are the exclusive supplier of certain products, devices and/or components. Revenue is recognized when or as control of the goods transfers to the customer as discussed below.
We are the exclusive supplier of OTREXUP® to Otter. Because this product is custom manufactured with no alternative use and we have a contractual right to payment for performance completed to date, control is continuously transferred to the customer as the product is produced pursuant to firm purchase orders. Revenue is recognized over time using the output method based on the contractual selling price and number of units produced. The amount of revenue recognized in excess of the amount shipped/billed to the customer, if any, is recorded as contract assets in our condensed consolidated balance sheets due to the short-term nature in which the amount is ultimately expected to be billed and collected from the customer.
Other device partnered product sales are recognized at the point in time in which control is transferred to the customer, which is typically upon shipment. Sales terms and pricing are governed by the respective supply and distribution agreements, and there is generally no right of return. Revenue is recognized at the transaction price, which includes the contractual per unit selling price and estimated variable consideration, such as volume-based pricing arrangements, if any. We recognize revenue, including the estimated variable consideration we expect to receive for contract margin on future commercial sales, upon shipment of the goods to our partner. The estimated variable consideration is recognized at an amount we believe is not subject to significant reversal of revenue based on historical experience and is adjusted at each reporting period if the most likely amount of expected consideration changes or becomes fixed.
Cost of Sales
Cost of sales consists primarily of raw materials, third-party manufacturing costs, fill and finish costs, freight costs, internal costs and manufacturing overhead associated with the production of proprietary and partnered products. Cost of sales also consists of the write-down of excess, dated and obsolete inventories and the write-off of inventories that do not meet certain product specifications, if any.
Research and Development Expenses
Research and development expenses include salaries and benefits, allocation of facilities and other overhead expenses, research related manufacturing services, contract services, and other outside expenses related to manufacturing, preclinical and regulatory activities and our partner development platforms. Research and development expenses are charged to operating expenses as incurred when these expenditures relate to our research and development efforts and have no alternative future uses.
We are obligated to make upfront payments upon execution of certain research and development agreements. Advance payments, including nonrefundable amounts, for goods or services that will be used or rendered for future research and development activities are deferred. Such amounts are recognized as expense as the related goods are delivered or the related services are performed or such time when we do not expect the goods to be delivered or services to be performed.
Share-Based Compensation
We record compensation expense associated with stock options, restricted stock units (“RSUs”), performance stock units (“PSUs”) and shares issued under our employee stock purchase plan (“ESPP”) in accordance with the authoritative guidance for share-based compensation. The cost of employee services received in exchange for an award of an equity instrument is measured at the grant date, based on the estimated fair value of the award, and is recognized as expense on a straight-line basis over the requisite service period of the award. Share-based compensation expense for an award with a performance condition is recognized when the achievement of such performance condition is determined to be probable. If the outcome of such performance condition is not determined to be probable or is not met, no compensation expense is recognized and any previously recognized compensation expense is reversed. Forfeitures are recognized as a reduction of share-based compensation expense as they occur.
Income Taxes
We provide for income taxes using the liability method. Under this method, deferred income tax assets and liabilities are determined based on the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases at each reporting period. We measure deferred tax assets and liabilities using enacted tax rates for the year in which the differences are expected to reverse. Significant judgment is required by management to determine our provision for income taxes, our deferred tax assets and liabilities, and any associated valuation allowances recorded against our net deferred tax assets, which are based on complex and evolving tax regulations. Deferred tax assets (“DTA”) and other tax benefits are recorded when they are more likely than not to be realized. On a quarterly basis, we assess the need for valuation allowance on our DTAs, weighing all positive and negative evidence, to assess if it is more-likely-than-not that some or all of our DTAs will be realized. We recorded a provision for income taxes of $24.5 million and $43.7 million using an effective tax rate of 20.5% and 19.1% for the three and six months ended June 30, 2024. The difference between our effective tax rate and the U.S. federal statutory rate of 21% is primarily due to state income taxes, research and development credit generations, tax benefits on the Foreign Derived Intangible Income Deduction (“FDII”) (net of reserves), tax detriments on 162(m) and other share-based compensation.
Segment Information
We operate our business in one operating segment, which includes all activities related to the research, development and commercialization of our proprietary enzymes and devices. This segment also includes revenues and expenses related to (i) research and development and manufacturing activities conducted under our collaborative agreements with third parties, and (ii) product sales of proprietary and partnered products. The chief operating decision-maker (“CODM”), our Chief Executive Officer (“CEO”), reviews the operating results on an aggregate basis and manages the operations as a single operating segment.
Adoption and Pending Adoption of Recent Accounting Pronouncements
The following table provides a brief description of recently issued accounting standards, those adopted in the current period and those not yet adopted:
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Standard | | Description | | Effective Date | | Adoption Method | | Effect on the Financial Statements or Other Significant Matters |
In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. | | The new standard is intended to improve annual and interim reportable segment disclosure requirements regardless of number of reporting units, primarily through enhanced disclosures of significant expenses. The amendment requires public entities to disclose significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit and loss. | | Annual periods beginning after December 15, 2023 (our 2024 Form 10-K), and interim periods within fiscal years beginning after December 15, 2024 (our Q1 2025 Form 10-Q) - Early adoption is permitted, including adoption in an interim period
| | Retrospective | | We are currently evaluating the impact of the standard on our consolidated financial statements and related disclosures. |
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. | | The new guidance includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. | | Annual periods beginning after December 15, 2024 (our 2025 Form 10-K) - Early adoption is permitted | | Prospective or Retrospective | | We are currently evaluating the impact of the standard on our consolidated financial statements and related disclosures. |
3. Fair Value Measurement
Available-for-sale marketable securities consisted of the following (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | June 30, 2024 |
| | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Estimated Fair Value |
Asset-backed securities | | $ | 928 | | | $ | — | | | $ | (2) | | | $ | 926 | |
Corporate debt securities | | 52,579 | | | — | | | (126) | | | 52,453 | |
U.S. treasury securities | | 282,769 | | | 1 | | | (170) | | | 282,600 | |
| | | | | | | | |
Agency bonds | | 5,199 | | | — | | | (12) | | | 5,187 | |
| | | | | | | | |
Total marketable securities, available-for-sale | | $ | 341,475 | | | $ | 1 | | | $ | (310) | | | $ | 341,166 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | December 31, 2023 |
| | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Estimated Fair Value |
Asset-backed securities | | $ | 3,512 | | | $ | — | | | $ | (8) | | | $ | 3,504 | |
Corporate debt securities | | 6,022 | | | 1 | | | (10) | | | 6,013 | |
U.S. treasury securities | | 175,996 | | | 200 | | | (12) | | | 176,184 | |
Agency bonds | | 16,119 | | | — | | | (16) | | | 16,103 | |
| | | | | | | | |
Commercial paper | | 15,826 | | | — | | | — | | | 15,826 | |
Total marketable securities, available-for-sale | | $ | 217,475 | | | $ | 201 | | | $ | (46) | | | $ | 217,630 | |
As of June 30, 2024, 41 available-for-sale marketable securities with a fair market value of $315.5 million were in a gross unrealized loss position of $0.3 million. Based on our review of these marketable securities, we believe none of the unrealized loss is as a result of a credit loss as of June 30, 2024 because we do not intend to sell these securities and it is not more-likely-than-not that we will be required to sell these securities before the recovery of their amortized cost basis.
The estimated fair value of our contractual maturities of available-for-sale debt securities were as follows (in thousands):
| | | | | | | | | | | | | | |
| | June 30, 2024 | | December 31, 2023 |
| | |
Due within one year | | $ | 304,661 | | | $ | 197,633 | |
Due after one year but within five years | | 36,505 | | | 19,997 | |
Total estimated fair value of contractual maturities, available-for-sale | | $ | 341,166 | | | $ | 217,630 | |
The following table summarizes, by major security type, our cash equivalents and available-for-sale marketable securities measured at fair value on a recurring basis and are categorized using the fair value hierarchy (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | June 30, 2024 | | December 31, 2023 |
| | Level 1 | | Level 2 | | Total Estimated Fair Value | | Level 1 | | Level 2 | | Total Estimated Fair Value |
Assets | | | | | | | | | | | | |
Cash equivalents | | | | | | | | | | | | |
Money market funds | | $ | 56,965 | | | $ | — | | | $ | 56,965 | | | $ | 22,142 | | | $ | — | | | $ | 22,142 | |
U.S. treasury securities | | 20,000 | | | — | | | 20,000 | | | 2,000 | | | — | | | 2,000 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
Available-for-sale marketable securities | | | | | | | | | | | | |
Asset-backed securities | | — | | | 926 | | | 926 | | | — | | | 3,504 | | | 3,504 | |
Corporate debt securities | | — | | | 52,453 | | | 52,453 | | | — | | | 6,013 | | | 6,013 | |
U.S. treasury securities | | 282,600 | | | — | | | 282,600 | | | 176,184 | | | — | | | 176,184 | |
Agency bonds | | 5,187 | | | — | | | 5,187 | | | 16,103 | | | — | | | 16,103 | |
| | | | | | | | | | | | |
Commercial paper | | — | | | — | | | — | | | — | | | 15,826 | | | 15,826 | |
Derivative instruments | | | | | | | | | | | | |
Currency hedging contracts (1) | | — | | | 1,389 | | | 1,389 | | | — | | | — | | | — | |
Total assets | | $ | 364,752 | | | $ | 54,768 | | | $ | 419,520 | | | $ | 216,429 | | | $ | 25,343 | | | $ | 241,772 | |
| | | | | | | | | | | | |
Liabilities | | | | | | | | | | | | |
Derivative instruments | | | | | | | | | | | | |
Currency hedging contracts (1) | | $ | — | | | $ | 688 | | | $ | 688 | | | $ | — | | | $ | 9,480 | | | $ | 9,480 | |
(1) Based on observable market transactions of spot currency rates, forward currency rates or equivalently-termed instruments. Carrying amounts of the financial assets and liabilities are equal to the fair value. As of June 30, 2024, the derivative assets and liabilities recorded within prepaid expenses and other current assets, prepaid expense and other assets and other long-term liabilities in our condensed consolidated balance sheets were $1.2 million, $0.2 million and $0.7 million, respectively.
We had no available for sale securities that were classified within Level 3 as of June 30, 2024 and December 31, 2023.
4. Revenue
Our disaggregated revenues were as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
Royalties | | $ | 124,918 | | | $ | 111,740 | | | $ | 245,511 | | | $ | 211,380 | |
| | | | | | | | |
Product sales, net | | | | | | | | |
Proprietary product sales | | 44,139 | | | 32,293 | | | 79,394 | | | 60,254 | |
Bulk rHuPH20 sales | | 24,634 | | | 27,133 | | | 35,144 | | | 49,202 | |
Device partnered product sales | | 10,113 | | | 14,463 | | | 22,931 | | | 25,227 | |
Total product sales, net | | 78,886 | | | 73,889 | | | 137,469 | | | 134,683 | |
| | | | | | | | |
Revenues under collaborative agreements | | | | | | | | |
| | | | | | | | |
Event-based development and regulatory milestones and other fees | | 25,500 | | | 33,000 | | | 39,500 | | | 33,000 | |
| | | | | | | | |
Device licensing and development revenue | | 2,049 | | | 2,409 | | | 4,752 | | | 4,118 | |
Total revenues under collaborative agreements | | 27,549 | | | 35,409 | | | 44,252 | | | 37,118 | |
| | | | | | | | |
Total revenues | | $ | 231,353 | | | $ | 221,038 | | | $ | 427,232 | | | $ | 383,181 | |
During the three months ended June 30, 2024, we recognized revenue related to licenses granted to partners in prior periods in the amount of $150.4 million. This amount represents royalties earned in the current period in addition to $25.5 million of variable consideration in the contracts where uncertainties were resolved and the development milestones are expected to be achieved or were achieved. We also recognized revenue of $0.5 million during the three months ended June 30, 2024 that had been included in accrued expense and other long-term liabilities in our condensed consolidated balance sheets as of December 31, 2023.
During the six months ended June 30, 2024, we recognized revenue related to licenses granted to partners in prior periods in the amount of $285.0 million. This amount represents royalties earned in the current period in addition to $39.5 million of variable consideration in the contracts where uncertainties were resolved and the development milestones are expected to be achieved or were achieved. We also recognized revenue of $0.6 million during the six months ended June 30, 2024 that had been included in accrued expense and other long-term liabilities in our condensed consolidated balance sheets as of December 31, 2023.
Accounts receivable, other contract assets and deferred revenues (contract liabilities) from contracts with customers, including partners, consisted of the following (in thousands):
| | | | | | | | | | | | | | |
| | June 30, 2024 | | December 31, 2023 |
Accounts receivable, net | | $ | 210,416 | | | $ | 233,254 | |
Other contract assets | | 4,108 | | | 956 | |
Deferred revenues | | 4,856 | | | 4,048 | |
| | | | |
As of June 30, 2024, the amounts included in the transaction price of our contracts with customers, including collaboration partners, and allocated to goods and services not yet provided were $89.2 million, of which $84.3 million relates to unfulfilled product purchase orders and $4.9 million has been collected and is reported as accrued expense and other long-term liabilities in our condensed consolidated balance sheets. The unfulfilled product purchase orders are estimated to be delivered by the end of 2025. Of the total deferred revenues of $4.9 million, $1.3 million is expected to be used by our customers within the next 12 months.
We recognized contract assets of $4.1 million as of June 30, 2024, which related to development milestones deemed probable of receipt for intellectual property licenses granted to partners in prior periods and for goods or services when control has transferred to the customer, and corresponding revenue is recognized on an over time basis but is not yet billable to the customer in accordance with the terms of the contract.
5. Certain Balance Sheet Items
Accounts receivable, net and contract assets consisted of the following (in thousands):
| | | | | | | | | | | | | | |
| | June 30, 2024 | | December 31, 2023 |
Accounts receivable from product sales to partners | | $ | 29,307 | | | $ | 58,588 | |
Accounts receivable from revenues under collaborative agreements | | 9,803 | | | 16,183 | |
Accounts receivable from royalty payments | | 128,015 | | | 118,170 | |
Accounts receivable from other product sales | | 49,909 | | | 47,060 | |
| | | | |
Contract assets | | 4,108 | | | 956 | |
Total accounts receivable and contract assets | | 221,142 | | | 240,957 | |
Allowance for distribution fees and discounts | | (6,618) | | | (6,747) | |
Total accounts receivable, net and contract assets | | $ | 214,524 | | | $ | 234,210 | |
Inventories, net consisted of the following (in thousands):
| | | | | | | | | | | | | | |
| | June 30, 2024 | | December 31, 2023 |
Raw materials | | $ | 27,223 | | | $ | 23,646 | |
Work-in-process | | 36,690 | | | 34,025 | |
Finished goods | | 126,643 | | | 69,930 | |
Total inventories, net | | 190,556 | | | 127,601 | |
Less long-term portion (1) | | 31,244 | | | — | |
Total inventories, net current | | $ | 159,312 | | | $ | 127,601 | |
(1) Long-term portion of inventories, net represents inventory expected to remain on hand beyond one year and therefore is included in prepaid expenses and other assets in the condensed consolidated balance sheets.
Prepaid expenses and other assets consisted of the following (in thousands):
| | | | | | | | | | | | | | |
| | June 30, 2024 | | December 31, 2023 |
Prepaid manufacturing expenses | | $ | 30,928 | | | $ | 36,850 | |
| | | | |
Other prepaid expenses | | 53,936 | | | 12,902 | |
Other assets (1) | | 21,304 | | | 16,677 | |
Total prepaid expenses and other assets | | 106,168 | | | 66,429 | |
Less long-term portion (1) | | (21,237) | | | (17,816) | |
Total prepaid expenses and other assets, current | | $ | 84,931 | | | $ | 48,613 | |
(1) Excludes long-term inventories, net discussed in the table above.
Prepaid manufacturing expenses include raw materials, slot reservation fees and other amounts paid to contract manufacturing organizations. Such amounts are reclassified to work-in-process inventory as materials are used or the contract manufacturing organization services are complete.
Property and equipment, net consisted of the following (in thousands):
| | | | | | | | | | | | | | |
| | June 30, 2024 | | December 31, 2023 |
Research equipment | | $ | 8,796 | | | $ | 8,588 | |
Manufacturing equipment | | 37,427 | | | 32,472 | |
Computer and office equipment | | 9,183 | | | 9,722 | |
Leasehold improvements | | 7,042 | | | 6,987 | |
Subtotal | | 62,448 | | | 57,769 | |
Accumulated depreciation and amortization | | (22,239) | | | (19,661) | |
Subtotal | | 40,209 | | | 38,108 | |
Right of use of assets | | 34,791 | | | 36,836 | |
Total property and equipment, net | | $ | 75,000 | | | $ | 74,944 | |
Depreciation and amortization expense was approximately $2.6 million and $2.8 million, inclusive of ROU asset amortization of $1.4 million and $1.4 million for the three months ended June 30, 2024 and 2023, respectively.
Depreciation and amortization expense was approximately $5.0 million and $5.4 million, inclusive of ROU asset amortization of $2.9 million and $2.8 million for the six months ended June 30, 2024 and 2023, respectively.
Accrued expenses consisted of the following (in thousands):
| | | | | | | | | | | | | | |
| | June 30, 2024 | | December 31, 2023 |
| | | | |
Accrued compensation and payroll taxes | | $ | 12,561 | | | $ | 17,361 | |
Accrued outsourced manufacturing expenses | | 13,523 | | | 12,361 | |
Income taxes payable | | 29,265 | | | 963 | |
Product returns and sales allowance | | 42,653 | | | 41,932 | |
Other accrued expenses | | 19,771 | | | 33,584 | |
Lease liability | | 30,664 | | | 32,197 | |
Total accrued expenses | | 148,437 | | | 138,398 | |
Less long-term portion | | (30,507) | | | (37,720) | |
Total accrued expenses, current | | $ | 117,930 | | | $ | 100,678 | |
Expense associated with the accretion of the lease liabilities was approximately $0.6 million and $0.6 million for the three months ended June 30, 2024 and 2023, respectively and $1.2 million and $1.3 million for the six months ended June 30, 2024 and 2023, respectively. Total lease expense for the three months ended June 30, 2024 and 2023 was $2.0 million and $2.0 million, respectively, and $4.0 million and $4.1 million for the six months ended June 30, 2024 and 2023, respectively.
Cash paid for amounts related to leases for the three months ended June 30, 2024 and 2023 was $1.7 million and $1.7 million, respectively, and $3.5 million and $3.4 million for the six months ended June 30, 2024 and 2023, respectively.
6. Goodwill and Intangible Assets
Goodwill
A summary of the activity impacting goodwill is presented below (in thousands):
| | | | | | | | |
Balance as of December 31, 2023 | | $ | 416,821 | |
Adjustment | | — | |
Balance as of June 30, 2024 | | $ | 416,821 | |
Intangible Assets
Our acquired intangible assets are amortized using the straight-line method over their estimated useful lives of seven to ten years. The following table shows the cost, accumulated amortization and weighted average useful life in years for our acquired intangible assets as of June 30, 2024 (in thousands).
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Weighted Average Useful Life (in years) | | Gross Carrying Value | | Accumulated Amortization | | Net Carrying Value |
Auto Injector technology platform | | 7 | | $ | 402,000 | | | $ | 120,878 | | | $ | 281,122 | |
XYOSTED proprietary product | | 10 | | 136,200 | | | 28,668 | | | 107,532 | |
| | | | | | | | |
Total finite-lived intangibles, net | | | | $ | 538,200 | | | $ | 149,546 | | | $ | 388,654 | |
ATRS-1902 (IPR&D) | | Indefinite | | | | | | 48,700 | |
Total intangibles, net | | $ | 437,354 | |
Estimated future annual amortization of finite-lived intangible assets is shown in the following table (in thousands). Actual amortization expense to be reported in future periods could differ from these estimates as a result of acquisitions, divestitures, and asset impairments, among other factors.
| | | | | | | | |
Year | | Amortization Expense |
Remainder of 2024 | | $ | 35,524 | |
2025 | | 71,049 | |
2026 | | 71,049 | |
2027 | | 71,049 | |
2028 | | 71,049 | |
Thereafter | | 68,934 | |
Total | | $ | 388,654 | |
7. Long-Term Debt, Net
1.00% Convertible Notes due 2028
In August 2022, we completed the sale of $720.0 million in aggregate principal amount of 1.00% Convertible Senior Notes due 2028 (the “2028 Convertible Notes”). The net proceeds in connection with the issuance of the 2028 Convertible Notes, after deducting the initial purchasers’ fee of $18.0 million, was approximately $702.0 million. We also incurred additional debt issuance costs totaling $1.0 million. Debt issuance costs and the initial purchasers’ fee are presented as a debt discount.
The 2028 Convertible Notes pay interest semi-annually in arrears on February 15th and August 15th of each year at an annual rate of 1.00%. The 2028 Convertible Notes are general unsecured obligations and rank senior in right of payment to all indebtedness that is expressly subordinated in right of payment to the 2028 Convertible Notes, rank equally in right of payment with all existing and future liabilities that are not so subordinated, are effectively junior to any secured indebtedness to the extent of the value of the assets securing such indebtedness, and are structurally subordinated to all indebtedness and other liabilities (including trade payables) of our current or future subsidiaries. The 2028 Convertible Notes have a maturity date of August 15, 2028.
Holders may convert their 2028 Convertible Notes at their option only in the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on December 31, 2022, if the last reported sale price per share of common stock exceeds 130% of the conversion price for each of at least 20 trading days during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter; (2) during the five consecutive business days immediately after any five consecutive trading day period (such five consecutive trading day period, the “measurement period”) in which the trading price per $1,000 principal amount of notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price per share of our common stock on such trading day and the conversion rate on such trading day; (3) upon the occurrence of certain corporate events or distributions on our common stock, as described in the offering memorandum for the 2028 Convertible Notes; (4) if we call such notes for redemption; and (5) at any time from, and including, February 15, 2028 until the close of business on the second scheduled trading day immediately before the maturity date. As of June 30, 2024, the 2028 Convertible Notes were not convertible.
Upon conversion, we will pay cash for the settlement of principal, and for the premium, if applicable, we will pay cash, deliver shares of common stock or a combination of cash and shares of common stock, at our election. The initial conversion rate for the 2028 Convertible Notes is 17.8517 shares of common stock per $1,000 in principal amount of 2028 Convertible Notes, equivalent to a conversion price of approximately $56.02 per share of our common stock. The conversion rate is subject to adjustment in some events but will not be adjusted for any accrued or unpaid interest.
As of June 30, 2024, we were in compliance with all covenants and there was no material adverse change in our business, operations or financial condition.
Capped Call Transactions
In connection with the offering of the 2028 Convertible Notes, we entered into capped call transactions with certain counterparties (the “Capped Call Transactions”). The Capped Call Transactions are expected generally to reduce potential dilution to holders of our common stock upon conversion of the 2028 Convertible Notes or at our election (subject to certain conditions) offset any cash payments we are required to make in excess of the principal amount of such converted 2028 Convertible Notes. The cap price of the Capped Call Transactions is initially $75.4075 per share of common stock, representing a premium of 75% above the last reported sale price of $43.09 per share of common stock on August 15, 2022, and is subject to certain adjustments under the terms of the Capped Call Transactions. As of June 30, 2024, no capped calls had been exercised.
Pursuant to their terms, the capped calls qualify for classification within stockholders’ equity in our condensed consolidated balance sheets, and their fair value is not remeasured and adjusted as long as they continue to qualify for stockholders’ equity classification. We paid approximately $69.1 million for the Capped Calls, including applicable transaction costs, which was recorded as a reduction to additional paid-in capital in our condensed consolidated balance sheets. The Capped Call Transactions are separate transactions entered into by us with the capped call Counterparties, are not part of the terms of the Convertible Notes, and do not affect any holder’s rights under the Convertible Notes. Holders of the Convertible Notes do not have any rights with respect to the Capped Call Transactions.
0.25% Convertible Notes due 2027
In March 2021, we completed the sale of $805.0 million in aggregate principal amount of 0.25% Convertible Senior Notes due 2027 (the “2027 Convertible Notes”). The net proceeds in connection with the issuance of the 2027 Convertible Notes, after deducting the initial purchasers’ fee of $20.1 million, was approximately $784.9 million. We also incurred additional debt issuance costs totaling $0.4 million. Debt issuance costs and the initial purchasers’ fee are presented as a debt discount.
The 2027 Convertible Notes pay interest semi-annually in arrears on March 1st and September 1st of each year at an annual rate of 0.25%. The 2027 Convertible Notes are general unsecured obligations and rank senior in right of payment to all indebtedness that is expressly subordinated in right of payment to the 2027 Convertible Notes, rank equally in right of payment with all existing and future liabilities that are not so subordinated, are effectively junior to any secured indebtedness to the extent of the value of the assets securing such indebtedness and are structurally subordinated to all indebtedness and other liabilities (including trade payables) of our current or future subsidiaries. The 2027 Convertible Notes have a maturity date of March 1, 2027.
Holders may convert their 2027 Convertible Notes at their option only in the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on June 30, 2021, if the last reported sale price per share of common stock exceeds 130% of the conversion price for each of at least 20 trading days during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter; (2) during the five consecutive business days immediately after any five consecutive trading day period (such five consecutive trading day period, the “measurement period”) in which the trading price per $1,000 principal amount of notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price per share of our common stock on such trading day and the conversion rate on such trading day; (3) upon the occurrence of certain corporate events or distributions on our common stock, as described in the offering memorandum for the 2027 Convertible Notes; (4) if we call such notes for redemption; and (5) at any time from, and including, September 1, 2026 until the close of business on the scheduled trading day immediately before the maturity date. As of June 30, 2024, the 2027 Convertible Notes were not convertible.
Upon conversion, we will pay cash for the settlement of principal and for the premium, if applicable, we will pay cash, deliver shares of common stock or a combination of cash and shares of common stock, at our election. The initial conversion rate for the 2027 Convertible Notes is 12.9576 shares of common stock per $1,000 in principal amount of 2027 Convertible Notes, equivalent to a conversion price of approximately $77.17 per share of our common stock. The conversion rate is subject to adjustment.
As of June 30, 2024, we were in compliance with all covenants and there was no material adverse change in our business, operations or financial condition.
1.25% Convertible Notes due 2024
In November 2019, we completed the sale of $460.0 million in aggregate principal amount of 1.25% Convertible Senior Notes due 2024 (the “2024 Convertible Notes”). The net proceeds in connection with the issuance of the 2024 Convertible Notes, after deducting the initial purchasers’ fee of $12.7 million, was approximately $447.3 million. We also incurred debt issuance cost totaling $0.3 million. Debt issuance costs and the initial purchasers’ fee were presented as a debt discount.
In January 2021, we notified the note holders of our irrevocable election to settle the principal of the 2024 Convertible Notes in cash and for the premium, to deliver shares of common stock. The conversion rate for the 2024 Convertible Notes was 41.9208 shares of common stock per $1,000 in principal amount of 2024 Convertible Notes, equivalent to a conversion price of approximately $23.85 per share of our common stock. The conversion rate was subject to adjustment.
In January 2023, we issued a notice for the redemption of 2024 Convertible Notes. Holders of the notes could convert their notes at any time prior to the close of the business day prior to the redemption date. In March 2023, holders of the notes elected to convert the 2024 Convertible Notes in full. In connection with the conversion, we paid approximately $13.5 million in cash which included principal and accrued interest, and issued 288,886 shares of our common stock representing the intrinsic value based on the contractual conversion rate.
Net Carrying Amounts of our Convertible Notes
The carrying amount and fair value of our Convertible Notes were as follows (in thousands).
| | | | | | | | | | | | | | |
| | June 30, 2024 | | December 31, 2023 |
Principal amount | | | | |
| | | | |
2027 Convertible Notes | | $ | 805,000 | | | $ | 805,000 | |
2028 Convertible Notes | | 720,000 | | | 720,000 | |
Total principal amount | | $ | 1,525,000 | | | $ | 1,525,000 | |
| | | | |
Unamortized debt discount | | | | |
| | | | |
2027 Convertible Notes | | $ | (9,237) | | | $ | (10,950) | |
2028 Convertible Notes | | (13,248) | | | (14,802) | |
Total unamortized debt discount | | $ | (22,485) | | | $ | (25,752) | |
| | | | |
Carrying amount | | | | |
| | | | |
2027 Convertible Notes | | $ | 795,763 | | | $ | 794,050 | |
2028 Convertible Notes | | 706,752 | | | 705,198 | |
Total carrying amount | | $ | 1,502,515 | | | $ | 1,499,248 | |
| | | | |
Fair value based on trading levels (Level 2) | | | | |
| | | | |
2027 Convertible Notes | | $ | 768,920 | | | $ | 695,826 | |
2028 Convertible Notes | | 801,115 | | | 670,522 | |
Total fair value of outstanding notes | | $ | 1,570,035 | | | $ | 1,366,348 | |
| | | | |
Remaining amortization per period of debt discount (in years) | | | | |
| | | | |
2027 Convertible Notes | | 2.7 | | 3.2 |
2028 Convertible Notes | | 4.1 | | 4.6 |
The following table summarizes the components of interest expense and the effective interest rates for each of our Convertible Notes (in thousands).
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
Coupon interest | | | | | | | | |
2024 Convertible Notes | | $ | — | | $ | — | | $ | — | | | $ | 36 | |
2027 Convertible Notes | | 503 | | 503 | | 1,006 | | | 1,006 | |
2028 Convertible Notes | | 1,800 | | 1,800 | | 3,600 | | | 3,600 | |
Total coupon interest | | $ | 2,303 | | $ | 2,303 | | $ | 4,606 | | | $ | 4,642 | |
| | | | | | | | |
Amortization of debt discount | | | | | | | | |
2024 Convertible Notes | | $ | — | | $ | — | | $ | — | | | $ | 24 | |
2027 Convertible Notes | | 857 | | 852 | | 1,713 | | | 1,702 | |
2028 Convertible Notes | | 778 | | 767 | | 1,553 | | | 1,531 | |
Total amortization of debt discount | | $ | 1,635 | | $ | 1,619 | | $ | 3,266 | | | $ | 3,257 | |
| | | | | | | | |
Interest expense | | | | | | | | |
2024 Convertible Notes | | $ | — | | $ | — | | $ | — | | | $ | 60 | |
2027 Convertible Notes | | 1,360 | | 1,355 | | 2,719 | | | 2,708 | |
2028 Convertible Notes | | 2,578 | | 2,567 | | 5,153 | | | 5,131 | |
Total interest expense | | $ | 3,938 | | $ | 3,922 | | $ | 7,872 | | | $ | 7,899 | |
| | | | | | | | |
Effective interest rates | | | | | | | | |
| | | | | | | | |
2027 Convertible Notes | | 0.7 | % | | 0.7 | % | | 0.7 | % | | 0.7 | % |
2028 Convertible Notes | | 1.5 | % | | 1.5 | % | | 1.5 | % | | 1.5 | % |
Revolving Credit and Term Loan Facilities
In May 2022, we entered into a credit agreement, which was subsequently amended in August 2022 (the “Amendment”), with Bank of America, N.A., as Administrative Agent, Swing Line Lender and an L/C Issuer, and the other lenders and L/C Issuers party thereto (the “2022 Credit Agreement), evidencing a credit facility (the “2022 Facility”) that provides for (i) a $575 million revolving credit facility (the “Revolving Credit Facility”) and (ii) a $250 million term loan facility (the “Term Facility”). Concurrently, with the entry into the Amendment, we repaid the entire outstanding Term Loan Facility and repaid all outstanding loans under the Revolving Credit Facility under the 2022 Credit Agreement. The 2022 Facility will mature on November 30, 2026 unless either the Revolving Credit Facility or the Term Facility is extended prior to such date in accordance with the 2022 Credit Agreement.
The Term Facility requires quarterly scheduled repayments of the term loans in each of the first, second, third and fourth years following the closing in annual amounts equal to 2.50%, 5.00%, 7.50% and 10.00% of the initial principal amount of the term loans, respectively. The term loans are also subject to mandatory prepayments from the proceeds of certain asset sales, subject to our right to reinvest the proceeds thereof.
Borrowings under the 2022 Facility bear interest, at our option, at a rate equal to an applicable margin plus: (a) the applicable Term Secured Overnight Financing Rate (“SOFR”) (which includes a SOFR adjustment of 0.10%), or (b) a base rate determined by reference to the highest of (1) the federal funds effective rate plus 0.50%, (2) the Bank of America prime rate, (3) the Term SOFR rate for an interest period of one month plus 1.10%, and (4) 1.00%. The margin for the 2022 Facility ranges, based on our consolidated total net leverage ratio, from 0.25% to 1.25% in the case of base rate loans and from 1.25% to 2.25% in the case of Term SOFR rate loans. In addition to paying interest on the outstanding principal under the Facility, we will pay (i) a commitment fee in respect of the unutilized commitments thereunder and (ii) customary letter of credit fees and agency fees. The commitment fees range from 0.15% to 0.35% per annum based on our consolidated net leverage ratio.
As of June 30, 2024, the Revolving Credit Facility was undrawn. We incurred a total of $3.6 million in third-party costs related to the 2022 Credit Agreement which are recorded as debt issuance cost within prepaid expenses and other assets in our condensed consolidated balance sheets. As of June 30, 2024, the unamortized debt issuance cost related to the revolving credit facility was $1.9 million.
8. Share-based Compensation
The following table summarized share-based compensation expense included in our condensed consolidated statements of income related to share-based awards (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
Research and development | | $ | 2,568 | | | $ | 3,670 | | | $ | 5,913 | | | $ | 6,771 | |
Selling, general and administrative | | 6,903 | | | 5,952 | | | 13,432 | | | 10,817 | |
Total share-based compensation expense | | $ | 9,471 | | | $ | 9,622 | | | $ | 19,345 | | | $ | 17,588 | |
Share-based compensation expense by type of share-based award was as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
Stock options | | $ | 3,894 | | | $ | 4,190 | | | $ | 8,193 | | | $ | 7,645 | |
RSUs, PSUs and ESPP | | 5,577 | | | 5,432 | | | 11,152 | | | 9,943 | |
Total share-based compensation expense | | $ | 9,471 | | | $ | 9,622 | | | $ | 19,345 | | | $ | 17,588 | |
We granted stock options to purchase approximately 0.1 million and 0.4 million shares of common stock during the three months ended June 30, 2024 and 2023, respectively and 0.6 million and 1.6 million during the six months ended June 30, 2024 and 2023, respectively. The exercise price of stock options granted is equal to the closing price of the common stock on the date of grant. The fair value of each option award is estimated on the date of grant using the Black-Scholes-Merton option pricing model (“Black-Scholes Model”). Expected volatility is based on historical volatility of our common stock. The expected term of options granted is based on analyses of historical employee termination rates and option exercises. The risk-free interest rate is based on the U.S. Treasury yield for a period consistent with the expected term of the option in effect at the time of the grant. The dividend yield assumption is based on the expectation of no future dividend payments. The assumptions used in the Black-Scholes Model were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
Expected volatility | | 40.01 - 40.07% | | 40.26 - 40.72% | | 40.01 - 40.08% | | 39.68 - 40.72% |
Average expected term (in years) | | 5.4 | | 5.0 | | 5.0 | | 4.8 |
Risk-free interest rate | | 4.64 - 4.70% | | 3.37 - 3.70% | | 3.80 - 4.70% | | 3.37 - 4.27% |
Expected dividend yield | | — | | | — | | | — | | | — | |
In February 2021, our Board of Directors approved our 2021 ESPP and our stockholders approved the plan in May 2021. The ESPP enables eligible employees to purchase shares of our common stock at the end of each offering period at a price equal to 85% of the fair market value of the shares on the first business day or the last business day of the offering period, whichever is lower. Share purchases are funded through payroll deduction of at least 1% and up to 15% of an employee’s compensation for each payroll period, and no employee may purchase shares under the ESPP that exceeds $25,000 worth of our common stock for a calendar year. As of June 30, 2024, 2,579,790 shares were available for future purchase. The offering period is generally for a six-month period and the first offering period commenced on June 16, 2021. Offering periods shall commence on or about the sixteenth day of June and December of each year and end on or about the fifteenth day of the next December and June, respectively, occurring thereafter. During the six months ended June 30, 2024, 24,432 shares were issued pursuant to the ESPP.
Total unrecognized estimated compensation cost by type of award and the weighted-average remaining requisite service period over which such expense is expected to be recognized was as follows (in thousands, unless otherwise noted):
| | | | | | | | | | | | | | |
| | June 30, 2024 |
| | Unrecognized Expense | | Remaining Weighted-Average Recognition Period (in years) |
Stock options | | $ | 35,381 | | | 2.56 |
| | | | |
RSUs | | 50,035 | | | 2.92 |
PSUs | | 9,577 | | | 2.05 |
ESPP | | 253 | | | 0.40 |
9. Stockholders’ Equity
During the six months ended June 30, 2024 and 2023, we issued an aggregate of 475,828 and 240,223 shares of common stock, respectively, in connection with the exercises of stock options at a weighted average exercise price of $23.90 and $17.66 per share, respectively, for net proceeds of approximately $11.4 million and $4.2 million, respectively. For the six months ended June 30, 2024 and 2023, we issued 331,693 and 318,181 shares of common stock, respectively, upon vesting of certain RSUs and PSUs for which the RSU and PSU holders surrendered 88,825 and 70,733 RSUs and PSUs, respectively, to pay for minimum withholding taxes totaling approximately $6.5 million and $7.0 million, respectively. Stock options and unvested restricted units totaling approximately 8.0 million and 7.8 million shares of our common stock were outstanding as of June 30, 2024 and December 31, 2023, respectively.
Share Repurchases
In December 2021, the Board of Directors authorized a second capital return program to repurchase up to $750.0 million of outstanding stock over a three-year period.
We accelerated the initiation of our planned 2024 share repurchases and in November 2023, we entered into an Accelerated Share Repurchase (“ASR”) agreement with Bank of America, N.A. to accelerate the remaining $250.0 million of share repurchases remaining under the approved capital return program. Pursuant to the agreement, at the inception of the ASR, we paid $250.0 million to Bank of America, N.A. and took initial delivery of 5.5 million shares. In June 2024, we finalized the transaction at an average price per share of $38.35 and received an additional 1.1 million shares.
Our December 2021 share repurchase program was completed in June 2024 with a total of 19.1 million shares repurchased over the three-year period at an average price per share of $39.31. All shares repurchased under our capital return programs have been retired and have resumed their status of authorized and unissued shares
In February 2024, our Board of Directors authorized a new capital return program to repurchase up to $750.0 million of our outstanding common stock.
10. Earnings per share
Basic earnings per share is computed by dividing net income for the period by the weighted average number of common shares outstanding during the period, without consideration for common stock equivalents. Outstanding stock options, unvested RSUs, unvested PSUs, common shares expected to be issued under our ESPP and the Convertible Notes are considered common stock equivalents and are only included in the calculation of diluted earnings per common share when net income is reported and their effect is dilutive.
Potentially dilutive common shares issuable upon vesting of stock options, RSUs and PSUs are determined using the average share price for each period under the treasury stock method. Potentially dilutive common shares issuable upon conversion of the Convertible Notes are determined using the if-converted method. Since we have committed to settle the principal amount of the Convertible Notes in cash upon conversion only, the number of shares for the conversion spread will be included as a dilutive common stock equivalent.
A reconciliation of the numerators and the denominators of the basic and diluted earnings per share computations is as follows (in thousands, except per share amounts):
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
Numerator | | | | | | | | |
Net income | | $ | 93,245 | | | $ | 74,754 | | | $ | 170,068 | | | $ | 114,369 | |
Denominator | | | | | | | | |
Weighted average common shares outstanding for basic earnings per share | | 127,116 | | | 131,730 | | | 127,029 | | | 133,369 | |
Dilutive potential common stock outstanding | | | | | | | | |
Stock options | | 1,762 | | | 1,656 | | | 1,669 | | | 1,910 | |
RSUs, PSUs and ESPP | | 344 | | | 157 | | | 399 | | | 363 | |
Convertible Notes | | — | | | — | | | — | | | 116 | |
Weighted average common shares outstanding for diluted earnings per share | | 129,222 | | | 133,543 | | | 129,097 | | | 135,758 | |
Earnings per share | | | | | | | | |
Basic | | $ | 0.73 | | | $ | 0.57 | | | $ | 1.34 | | | $ | 0.86 | |
Diluted | | $ | 0.72 | | | $ | 0.56 | | | $ | 1.32 | | | $ | 0.84 | |
Shares which have been excluded from the calculation of diluted earnings per common share because their effect was anti-dilutive include the following (shares in millions):
| | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | Six Months Ended June 30, |
| | 2024 | 2023 | | 2024 | | 2023 |
Anti-dilutive securities (1) | | 26.7 | | 27.7 | | | 26.8 | | | 27.4 | |
(1) The anti-dilutive securities include outstanding stock options, unvested RSUs, unvested PSUs, common shares expected to be issued under our ESPP and Convertible Notes.
11. Commitments and Contingencies
From time to time, we may be involved in disputes, including litigation, relating to claims arising out of operations in the normal course of our business. Any of these claims could subject us to costly legal expenses and, while we generally believe that we have adequate insurance to cover many different types of liabilities, our insurance carriers may deny coverage or our policy limits may be inadequate to fully satisfy any damage awards or settlements. If this were to happen, the payment of any such awards could have a material adverse effect on our condensed consolidated statements of income and balance sheets. Additionally, any such claims, whether or not successful, could damage our reputation and business. We currently are not a party to any legal proceedings, the adverse outcome of which, in our opinion, individually or in the aggregate, would have a material adverse effect on our condensed consolidated statements of income or balance sheets.
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
As used in this Quarterly Report on Form 10-Q, unless the context suggests otherwise, references to “Halozyme,” “the Company,” “we,” “our,” “ours,” and “us” refer to Halozyme Therapeutics, Inc., its wholly owned subsidiaries, Halozyme, Inc., Antares Pharma Inc., and Antares Pharma Inc.’s wholly owned subsidiaries, Antares Pharma IPL AG and Antares Pharma AG. References to “Notes” refer to the notes to the condensed consolidated financial statements included herein (refer to Item 1 of Part I).
The following information should be read in conjunction with the condensed consolidated financial statements and notes thereto included in Item 1 of this Quarterly Report on Form 10-Q, as well as the audited financial statements and notes thereto and Management’s Discussion and Analysis of Financial Condition and Results of Operations for the year ended December 31, 2023, included in our Annual Report on Form 10-K for the year ended December 31, 2023. Past financial or operating performance is not necessarily a reliable indicator of future performance, and our historical performance should not be used to anticipate results or future period trends.
This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, provisions of Section 21E of the securities and Exchange Act, as amended, and Section 27A of the Securities Act of 1933, as amended. All statements in this report other than statements of historical fact, included herein, including without limitation those regarding our future product development and regulatory events and goals, product collaborations, our business intentions and financial statements and anticipated results, are, or may be deemed to be, forward-looking statements. Words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “estimate,” “think,” “may,” “could,” “will,” “would,” “should,” “continue,” “potential,” “likely,” “opportunity,” “project” and similar expressions or variations of such words are intended to identify forward-looking statements, but are not the exclusive means of identifying forward-looking statements in this Quarterly Report on Form 10-Q. Additionally, statements concerning future matters such as the development or regulatory approval of new partner products, enhancements of existing products or technologies, timing and success of the launch of new products by us and our partners, third-party performance under key collaboration agreements, the ability of our bulk drug and device part manufacturers to provide adequate supply for our partners, revenue, expense, cash burn levels and our ability to make timely repayments of debt, anticipated amounts and timing of share repurchases, anticipated profitability and expected trends and other statements regarding our plans and matters that are not historical are forward-looking statements. Such statements reflect management’s current forecast of certain aspects of our future business, are based on currently available operating, financial and competitive information and are subject to various risks, uncertainties and assumptions that could cause actual results to differ materially from those anticipated or implied in our forward-looking statements due to a number of factors including, but not limited to, the Risk Factors set forth in our most recent Annual Report on Form 10-K referred to below under the section entitled “Risks Factors” and elsewhere in this Quarterly Report on Form 10-Q and our most recent Annual Report on Form 10-K. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this Quarterly Report on Form 10-Q. We undertake no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this Quarterly Report on Form 10-Q.
Overview
Halozyme Therapeutics, Inc. is a biopharmaceutical company advancing disruptive solutions to improve patient experiences and outcomes for emerging and established therapies.
As the innovators of ENHANZE® drug delivery technology (“ENHANZE”) with our proprietary enzyme rHuPH20, our commercially validated solution is used to facilitate the subcutaneous (“SC”) delivery of injected drugs and fluids, with the goal of improving the patient experience with rapid SC delivery and reduced treatment burden. We license our technology to biopharmaceutical companies to collaboratively develop products that combine ENHANZE with our partners’ proprietary compounds. We also develop, manufacture and commercialize, for ourselves or with our partners, drug-device combination products using our advanced auto-injector technologies that are designed to provide commercial or functional advantages such as improved convenience, reliability and tolerability, and enhanced patient comfort and adherence.
Our ENHANZE partners’ approved products and product candidates are based on rHuPH20, our patented recombinant human hyaluronidase enzyme. rHuPH20 works by breaking down hyaluronan (“HA”), a naturally occurring carbohydrate that is a major component of the extracellular matrix of the SC space. This temporarily reduces the barrier to bulk fluid flow allowing for improved and more rapid SC delivery of high dose, high volume injectable biologics, such as monoclonal antibodies and other large therapeutic molecules, as well as small molecules and fluids. We refer to the application of rHuPH20 to facilitate the delivery of other drugs or fluids as ENHANZE. We license our ENHANZE technology to form collaborations with biopharmaceutical companies that develop and/or market drugs requiring or benefiting from injection via the SC route of administration. In the development of proprietary intravenous (“IV”) drugs combined with our ENHANZE technology, data have been generated supporting the potential for ENHANZE to reduce patient treatment burden, as a result of shorter duration of SC administration with ENHANZE compared to IV administration. ENHANZE may enable fixed-dose SC dosing compared to weight-based dosing typically required for IV administration, extend the dosing interval for drugs that are already administered subcutaneously and potentially allow for lower rates of infusion-related reactions. ENHANZE may enable more flexible treatment options such as home administration by a healthcare professional or potentially the patient or caregiver. Lastly, certain proprietary drugs co-formulated with ENHANZE have been granted additional exclusivity, extending the patent life of the product beyond the patent expiry of the proprietary IV drug.
We currently have ENHANZE collaborations and licensing agreements with F. Hoffmann-La Roche, Ltd. and Hoffmann-La Roche, Inc. (“Roche”), Takeda Pharmaceuticals International AG and Baxalta US Inc. (“Takeda”), Pfizer Inc. (“Pfizer”), Janssen Biotech, Inc. (“Janssen”), AbbVie, Inc. (“AbbVie”), Eli Lilly and Company (“Lilly”), Bristol Myers Squibb Company (“BMS”), argenx BVBA (“argenx”), ViiV Healthcare (the global specialist HIV Company majority owned by GlaxoSmithKline) (“ViiV”), Chugai Pharmaceutical Co., Ltd. (“Chugai”) and Acumen Pharmaceuticals, Inc. (“Acumen”). In addition to receiving upfront licensing fees from our ENHANZE collaborations, we are entitled to receive event and sales-based milestone payments, revenues from the sale of bulk rHuPH20 and royalties from commercial sales of approved partner products co-formulated with ENHANZE. We currently earn royalties from the sales of eight commercial products including sales of one commercial product from each of the Takeda, Janssen and argenx collaborations and five commercial products from the Roche collaboration.
We have commercialized auto-injector products with several pharmaceutical companies including Teva Pharmaceutical Industries, Ltd. (“Teva”) and Otter Pharmaceuticals, LLC (“Otter”). We have development programs including auto-injectors with Idorsia Pharmaceuticals Ltd. (“Idorsia”).
Our commercial portfolio of proprietary products includes Hylenex®, utilizing rHuPH20, and our specialty product XYOSTED®, utilizing our auto-injector technology.
Our second quarter of 2024 and recent key events are as follows:
Partners
•In July, 2024, Janssen announced that the U.S. Food and Drug Administration (“FDA”) approved DARZALEX FASPRO for an additional indication in newly diagnosed multiple myeloma patients who are eligible for autologous stem cell transplant in combination with bortezomib, lenalidomide, and dexamethasone.
•In July 2024, argenx announced the National Medical Products Administration (“NMPA”) approved the Biologics License Application (“BLA”) of efgartigimod SC for generalized myasthenia gravis (“gMG”) in China.
•In July 2024, Acumen initiated a Phase 1 study of sabirnetug (“ACU193”) co-formulated with ENHANZE for the treatment of early Alzheimer’s disease, resulting in a $3.0 million milestone payment recognized in June 2024 when it was concluded the development milestone was expected to be achieved.
•In June 2024, argenx announced the FDA approved VYVGART Hytrulo with ENHANZE for the treatment of chronic inflammatory demyelinating polyneuropathy (“CIDP”), and completed the regulatory submissions of VYVGART SC for CIDP in Japan, Europe, and China during the second quarter of 2024. Submission to Canadian Health Authorities for regulatory approval is expected in 2024.
•In June 2024, Roche announced the European Commission (“EC”) granted marketing authorization in the EU for Ocrevus (ocrelizumab) SC for the treatment of relapsing multiple sclerosis (“RMS”) and primary progressive multiple sclerosis (“PPMS”), and in July 2024, Roche announced the approval in the same indications by the Medicines and Healthcare products Regulatory Agency (“MHRA”) in Great Britain marking our eight approved partner product with ENHANZE.
•In June 2024, Takeda announced that Health Canada approved HyQvia as a replacement therapy for primary humoral immunodeficiency and a secondary humoral immunodeficiency in pediatric patients two years of age and older.
•In May 2024, BMS announced the FDA accepted its BLA for the SC formulation of Opdivo (nivolumab) co-formulated with ENHANZE, resulting in a $15.0 million milestone payment. The FDA assigned a Prescription Drug User Fee Act (“PDUFA”) goal date of February 28, 2025, and subsequently assigned an updated PDUFA goal date of December 29, 2024. In June 2024, BMS announced the European Medicines Agency (“EMA”) validated its Extension Application for the SC formulation of Opdivo (nivolumab) co-formulated with ENHANZE, resulting in a $7.0 million milestone payment.
•In May 2024, Janssen announced the submission of a marketing authorization application to the EMA for the SC formulation of RYBREVANT (amivantamab) with ENHANZE for the treatment of patients with epidermal growth factor receptor (“EGFR”) mutated non-small cell lung cancer (“NSCLC”), and in June 2024, Janssen announced the submission of a BLA to the FDA for amivantamab SC co-formulated with ENHANZE also for EGFR-mutated NSCLC.
•In April 2024, Roche announced the FDA accepted its BLA submission of orcelizumab SC with a PDUFA goal date of September 13, 2024.
•In April 2024, Roche’s MabThera SC was approved by China’s NMPA to treat diffuse large B-cell lymphoma (“DLBCL”).
Corporate
•In June 2024, we announced the issuance of a new European Patent covering the ENHANZE rHuPH20 product obtained from our ENHANZE manufacturing methods that we provide to our licensees. The newly granted patent maintains the original royalty rate on sales of DARZALEX SC in 37 European countries until expiration of the patent in March 2029.
•In June 2024, we completed the $250 million ASR that was initiated in November of 2023, resulting in a total repurchase of 6.5 million shares at a price of $38.35 per share which concluded our December 2021 share repurchase program resulting in a total of 19.1 million shares repurchased over the three-year period at an average price per share of $39.31.
Product and Product Candidates
The following table summarizes our marketed proprietary products and product candidates under development and our marketed partnered products and product candidates under development with our partners:
Proprietary Products and Product Candidates
Hylenex Recombinant (hyaluronidase human injection)
We market and sell Hylenex recombinant which is a formulation of rHuPH20 that facilitates SC administration for achieving hydration, increases the dispersion and absorption of other injected drugs and, in SC urography, to improve resorption of radiopaque agents. Hylenex recombinant is currently the number one prescribed branded hyaluronidase.
XYOSTED (testosterone enanthate) Injection
We market and sell our proprietary product XYOSTED for SC administration of testosterone replacement therapy (“TRT”) in adult males for conditions associated with a deficiency or absence of endogenous testosterone (primary or hypogonadism). XYOSTED is the only FDA-approved SC testosterone enanthate product for once-weekly, at-home self-administration and is approved and marketed in the United States (“U.S.”) in three dosage strengths, 50 mg, 75 mg and 100 mg.
ATRS - 1902
We have an ongoing program to develop a proprietary drug device combination product for the endocrinology market, for patients who require additional supplemental hydrocortisone, identified as ATRS-1902. The development program uses a novel proprietary auto-injector platform to deliver a liquid stable formulation of hydrocortisone.
In June 2021, we submitted an investigational new drug (“IND”) application with the FDA for the initiation of a Phase 1 clinical study of ATRS-1902 for adrenal crisis rescue. The IND application included the protocol for an initial clinical study to compare the pharmacokinetics (“PK”) profile of our novel formulation of hydrocortisone versus Solu-Cortef®, which is an anti-inflammatory glucocorticoid and is the current standard of care for the management of acute adrenal crises.
In July 2021, the FDA accepted our IND for ATRS-1902 enabling us to initiate our Phase 1 clinical study. The Phase 1 clinical study, designed to evaluate the safety, tolerability and PK of a liquid stable formulation of hydrocortisone, was initiated in September 2021. The study was a cross-over design to establish the PK profile of ATRS-1902 (100 mg) compared to Solu-Cortef (100 mg), the reference-listed drug, in 32 healthy adults.
In January 2022, we announced the positive results from the Phase 1 clinical study and were granted Fast Track designation by the FDA. The positive results supported the advancement of our ATRS-1902 development program to a pivotal study for the treatment of acute adrenal insufficiency, using our Vai novel proprietary rescue pen platform to deliver a liquid stable formulation of hydrocortisone.
Partnered Products
ENHANZE Collaborations
Roche Collaboration
In December 2006, we and Roche entered into a collaboration and license agreement under which Roche obtained a worldwide license to develop and commercialize product combinations of rHuPH20 and up to twelve Roche target compounds (the “Roche Collaboration”). Under this agreement, Roche elected a total of eight targets, two of which are exclusive.
In September 2013, Roche launched a SC formulation of Herceptin (trastuzumab) (Herceptin® SC) in Europe for the treatment of patients with HER2-positive breast cancer followed by launches in additional countries. This formulation utilizes our ENHANZE technology and is administered in two to five minutes, compared to 30 to 90 minutes with the standard IV form. Herceptin SC has since received approval in Canada, the U.S. (under the brand name Herceptin Hylecta™) and China.
In June 2020, the FDA approved the fixed-dose combination of Perjeta® (pertuzumab) and Herceptin for SC injection (Phesgo®) utilizing ENHANZE technology for the treatment of patients with HER2-positive breast cancer. Phesgo has since received approval in Europe and China. In September 2023, Chugai (a Member of the Roche Group) announced that it had obtained regulatory approval for Phesgo from the Ministry of Health, Labour and Welfare (“MHLW”) in Japan. We receive royalties for Phesgo sales in Japan as part of our licensing agreement with Roche.
In June 2014, Roche launched MabThera® SC in Europe for the treatment of patients with common forms of non-Hodgkin lymphoma (“NHL”), followed by launches in additional countries. This formulation utilizes our ENHANZE technology and is administered in approximately five minutes compared to the approximate 1.5 to 4 hour IV infusion. In May 2016, Roche announced that the EMA approved MabThera SC to treat patients with chronic lymphocytic leukemia (“CLL”). In June 2017, the FDA-approved Genentech’s RITUXAN HYCELA®, a combination of rituximab using ENHANZE technology (approved and marketed under the MabThera SC brand in countries outside the U.S. and Canada), for CLL and two types of NHL, follicular lymphoma and diffuse large B-cell lymphoma. In March 2018, Health Canada approved a combination of rituximab
and ENHANZE (approved and marketed under the brand name RITUXAN® SC) for patients with CLL. In April 2024, Roche’s MabThera SC was approved by the China NMPA to treat DLBCL.
In September 2017 and October 2018, we entered into agreements with Roche to develop and commercialize additional exclusive targets using ENHANZE technology. The upfront license payment may be followed by event-based payments subject to Roche’s achievement of specified development, regulatory and sales-based milestones. In addition, Roche will pay royalties to us if products under the collaboration are commercialized.
In August 2023, Roche announced the approval of Tecentriq SC with ENHANZE by the MHRA in Great Britain. In January 2024, Roche received EC marketing authorization for Tecentriq SC for all approved indications of Tecentriq IV. Based on the PDUFA date, Tecentriq SC approval in the U.S. is expected on September 15, 2024. Tecentriq SC enables SC delivery in approximately seven minutes, compared with 30-60 minutes for IV infusion.
In August 2019, Roche initiated a Phase 1 study evaluating ocrelizumab SC with ENHANZE technology in subjects with MS, followed by initiation of a Phase 3 study in April 2022. In July 2023, Roche announced that the Phase 3 OCARINA 2 trial evaluating ocrelizumab SC with ENHANZE as a twice a year 10-minute SC injection met its primary and secondary endpoints in patients with relapsing forms of MS or primary progressive MS (“RMS” or “PPMS”). In April 2024, Roche announced the FDA accepted the BLA submission of ocrelizumab SC with ENHANZE with a PDUFA goal date of September 13, 2024. In June 2024, Roche announced the EC granted marketing authorization in the EU for ocrelizumab SC. In July 2024, Roche announced the MHRA approved ocrelizumab SC in Great Britain.
In October 2019, Roche nominated a new undisclosed exclusive target to be studied using ENHANZE technology. In November 2021, Roche initiated a Phase 1 study with the undisclosed target and ENHANZE.
Takeda Collaboration
In September 2007, we and Takeda entered into a collaboration and license agreement under which Takeda obtained a worldwide, exclusive license to develop and commercialize product combinations of rHuPH20 with GAMMAGARD LIQUID (HYQVIA®) (the “Takeda Collaboration”). HYQVIA is indicated for the treatment of primary immunodeficiency disorders associated with defects in the immune system.
In May 2013, the EC granted Takeda marketing authorization in all EU Member States for the use of HYQVIA as replacement therapy for adult patients with primary and secondary immunodeficiencies. Takeda launched HYQVIA in the first EU country in July 2013 and has continued to launch in additional countries. In May 2016, Takeda announced that HYQVIA received a marketing authorization from the EC for a pediatric indication.
In September 2014, HYQVIA was approved by the FDA for treatment of adult patients with primary immunodeficiency in the U.S. HYQVIA is the first SC immune globulin (“IG”) treatment approved for adult primary immunodeficiency patients with a dosing regimen requiring only one infusion up to once per month (every three to four weeks) and one injection site per infusion in most patients, to deliver a full therapeutic dose of IG.
In September 2020, Takeda announced the EMA approved a label update for HYQVIA broadening its use and making it the first and only facilitated SC immunoglobulin replacement therapy in adults, adolescents and children with an expanded range of secondary immunodeficiencies (“SID”).
In October 2021, Takeda initiated a Phase 1 single-dose, single-center, open-label, three-arm study to assess the tolerability and safety of immune globulin SC (human), 20% solution with ENHANZE (TAK-881) at various infusion rates in healthy adult subjects. In October 2023, Takeda initiated a Phase 2/3 study to evaluate PK, safety, and tolerability of subcutaneous administration of TAK-881 in adult and pediatric participants with Primary Immunodeficiency Diseases (“PIDD”).
In July 2022, Takeda announced positive topline results from a pivotal Phase 3 trial evaluating HYQVIA, for maintenance treatment of CIDP. In June 2023, Takeda announced positive full results from a pivotal Phase 3 trial evaluating HYQVIA for maintenance treatment of CIDP and confirmed regulatory applications were under review in the U.S. and EU for HYQVIA use as a maintenance therapy in adults with stable CIDP. In January 2024, Takeda received FDA and EC approval for HYQVIA for the treatment of CIDP.
In April 2023, Takeda announced the FDA approved the Supplemental Biologics License Application (“sBLA”) to expand the use of HYQVIA to treat primary immunodeficiency in children. In February 2024, Takeda submitted a New Drug Application (“NDA”) in Japan seeking approval for TAK-771, subcutaneous 10% human immunoglobulin with ENHANZE, for treatment of primary immunodeficiency. In June 2024, Takeda announced Health Canada approved HYQVIA as replacement therapy for primary humoral immunodeficiency and secondary humoral immunodeficiency in pediatric patients two years of age and older.
Pfizer Collaboration
In December 2012, we and Pfizer entered into a collaboration and license agreement, under which Pfizer has the worldwide license to develop and commercialize products combining our rHuPH20 enzyme with Pfizer proprietary biologics in primary care and specialty care indications. Pfizer currently has one non-exclusive target.
Janssen Collaboration
In December 2014, we and Janssen entered into a collaboration and license agreement, under which Janssen has the worldwide license to develop and commercialize products combining our rHuPH20 enzyme with Janssen proprietary biologics directed to up to five targets. Targets may be selected on an exclusive basis. Janssen elected CD38 and initiated several Phase 3 studies, Phase 2 studies and Phase 1 studies of DARZALEX® (daratumumab), directed at CD38, using ENHANZE technology in patients with amyloidosis, smoldering myeloma and multiple myeloma.
In May 2020, Janssen launched the commercial sale of DARZALEX FASPRO® (DARZALEX utilizing ENHANZE technology) in four regimens across five indications in multiple myeloma patients, including newly diagnosed, transplant-ineligible patients as well as relapsed or refractory patients. As a fixed-dose formulation, DARZALEX FASPRO can be administered over three to five minutes, significantly less time than DARZALEX IV which requires multi-hour infusions. In June 2020, we announced that Janssen received European marketing authorization and launched the commercial sale of DARZALEX SC utilizing ENHANZE in the EU. Subsequent to these approvals, Janssen received several additional regulatory approvals for additional indications and patient populations in the U.S., EU, Japan and China. Beginning with the U.S., Janssen has marketing authorization for DARZALEX FASPRO in combination with bortezomib, thalidomide, and dexamethasone in newly diagnosed multiple myeloma patients who are eligible for autologous stem cell transplant, in combination with bortezomib, cyclophosphamide and dexamethasone (“D-VCd”) for the treatment of adult patients with newly diagnosed AL amyloidosis, in combination with pomalidomide and dexamethasone (“D-Pd”) for patients with multiple myeloma after first or subsequent relapse, and in combination with Kyprolis® (carfilzomib) and dexamethasone for patients with relapsed or refractory multiple myeloma who have received one to three prior lines of therapy. In the EU, Janssen has marketing authorization for DARZALEX SC in combination with D-VCd in newly diagnosed adult patients with AL amyloidosis and in combination with D-Pd in adult patients with relapsed or refractory multiple myeloma. In Japan, Janssen has marketing authorization for the SC formulation of DARZALEX (known as DARZQURO) for the treatment of multiple myeloma and systemic AL amyloidosis. In China, Janssen has marketing authorization for DARZALEX SC for the treatment of primary light chain amyloidosis, in combination with D-VCd in newly diagnosed patients. In July 2024, Janssen announced the FDA approved DARZALEX FASPRO in combination with bortezomib, lenalidomide and dexamethasone (“D-VRd”) for induction and consolidation treatment and with lenalidomide (“D-R”) for maintenance treatment of adult patients who are newly diagnosed with multiple myeloma (“NDMM”) and are eligible for autologous stem cell transplant (“ASCT”).
In December 2019, Janssen elected EGFR and mesenchymal-epithelial transition factor (“cMET”) as a bispecific antibody (amivantamab) target on an exclusive basis, which is being studied in solid tumors. In September 2022, following a Phase 1 study, Janssen initiated a Phase 3 study of lazertinib and amivantamab with ENHANZE in patients with EGFR-mutated advanced or metastatic non-small cell lung cancer (PALOMA-3). In November 2022, Janssen initiated a Phase 2 study of amivantamab with ENHANZE in multiple regimens in patients with advanced or metastatic solid tumors including EGFR-mutated non-small cell lung cancer (PALOMA-2). In May 2024, Janssen announced positive data from the Phase 3 PALOMA-3 study which supported the submission of a marketing authorization application to the EMA for SC formulation of RYBREVANT (amivantamab) with ENHANZE for the treatment of patients with EGFR-mutated NSCLC. In June 2024, Janssen announced the submission of a BLA to the FDA for amivantamab SC co-formulated with ENHANZE also for patients with EGFR-mutated NSCLC. The administration time for SC amivantamab was reduced to approximately five minutes from five hours for the first IV amivantamab infusion (across two days) and showed a five-fold reduction in infusion-related reactions. SC amivantamab also demonstrated longer overall survival, progression-free survival and duration of response.
AbbVie Collaboration
In June 2015, we and AbbVie entered into a collaboration and license agreement, under which AbbVie has the worldwide license to develop and commercialize products combining our rHuPH20 enzyme with AbbVie proprietary biologics directed to up to nine targets. Targets may be selected on an exclusive basis.
Lilly Collaboration
In December 2015, we and Lilly entered into a collaboration and license agreement, under which Lilly has the worldwide license to develop and commercialize products combining our rHuPH20 enzyme with Lilly proprietary biologics. Lilly currently has the right to select up to three targets. Targets may be selected on an exclusive basis. Lilly has elected two targets on an exclusive basis and one target on a semi-exclusive basis.
BMS Collaboration
In September 2017, we and BMS entered into a collaboration and license agreement, which became effective in November 2017, under which BMS had the worldwide license to develop and commercialize products combining our rHuPH20 enzyme with BMS products directed at up to eleven targets. Targets may be selected on an exclusive basis or non-exclusive basis. BMS has designated multiple immuno-oncology targets including programmed death 1 (“PD-1”) and has an option to select three additional targets by November 2024. In October 2019, BMS initiated a Phase 1 study of relatlimab, an anti-LAG-3 antibody, in combination with nivolumab using ENHANZE technology. In May 2021, BMS initiated a Phase 3 of nivolumab using ENHANZE technology for patients with advanced or metastatic clear cell renal cell carcinoma (CheckMate-67T), leveraging data and insights from Phase 1/2 CA209-8KX study in patients with solid tumors. In October 2023, BMS reported positive top-line data from the Phase 3 CheckMate-67T trial evaluating a SC formulation of Opdivo (nivolumab) with ENHANZE in patients with advanced or metastatic clear cell renal cell carcinoma (“ccRCC”) who have received prior systemic therapy. The study met its co-primary PK endpoints and a key secondary endpoint. In May 2024, BMS announced that the FDA accepted its BLA for the subcutaneous formulation of Opdivo (nivolumab) co-formulated with ENHANZE and assigned a PDUFA goal date of February 28, 2025. In May 2024, BMS announced the FDA assigned an updated PDUFA goal date of December 29, 2024 for the subcutaneous formulation of Opdivo (nivolumab) co-formulated with ENHANZE. In June 2024, BMS announced the EMA validated its Extension Application for the subcutaneous formulation of Opdivo (nivolumab) co-formulated with ENHANZE.
In March 2023, BMS initiated a Phase 3 trial to demonstrate the drug exposure levels of nivolumab and relatlimab fixed-dose combination with ENHANZE is not inferior to IV administration in participants with previously untreated metastatic or unresectable melanoma (RELATIVITY-127).
argenx Collaboration
In February 2019, we and argenx entered into an agreement for the right to develop and commercialize one exclusive target, the human neonatal Fc receptor FcRn, which includes argenx’s lead asset efgartigimod (ARGX-113), and an option to select two additional targets using ENHANZE technology. In May 2019, argenx nominated a second target to be studied using ENHANZE technology, a human complement factor C2 associated with the product candidate ARGX-117, which is being developed to treat severe autoimmune diseases in Multifocal Motor Neuropathy (“MMN”). In October 2020, we and argenx entered into an agreement to expand the collaboration relationship, adding three targets for a total of up to six targets under the collaboration.
In June 2023, argenx received FDA approval under the brand name VYVGART® Hytrulo for the injection with ENHANZE for SC use of treatment of gMG in adult patients who are anti-acetylcholine receptor (“AChR”) antibody positive. In November 2023, argenx received EC approval of VYVGART SC for the treatment of gMG, which also provides the option for patient self-administration. In January 2024, argenx received Japan approval for VYVDURA® (efgartigimod alfa and hyaluronidase-qvfc) co-formulated with ENHANZE for the treatment of adult patients with gMG including options for self-administration. In July 2024, argenx announced the NMPA approved the BLA of efgartigimod alfa SC (efgartigimod SC) for gMG patients in China.
In July 2023, argenx reported positive data from the ADHERE study evaluating VYVGART® Hytrulo with ENHANZE in adults with CIDP. In June 2024, argenx announced the FDA approved VYVGART Hytrulo with ENHANZE for the treatment of CIDP. In the second quarter of 2024, argenx completed the regulatory submissions of VYVGART SC for CIDP for regulatory approval in Japan, Europe, and China. Submission to Canadian Health Authorities for regulatory approval is expected in 2024. In September 2023, Zai Lab limited (argenx commercial partner for China) announced the CDE of the NMPA granted Breakthrough Therapy Designation for efgartigimod SC for the treatment of patients with CIDP.
argenx is currently conducting the following studies with the goal of expanding approved indications for efgartigimod with ENHANZE: Phase 2/3 (ALKIVIA) study in active idiopathic inflammatory myopathy (Myositis) and two registrational studies in thyroid eye disease (“TED”). Evaluation is ongoing to determine the path forward in BALLAD study evaluating efgartigimod in bullous pemphigoid (“BP”) with an update expected in 2024.
ViiV Healthcare Collaboration
In June 2021, we and ViiV entered into a global collaboration and license agreement that gives ViiV exclusive access to our ENHANZE technology for four specific small and large molecule targets for the treatment and prevention of HIV. These targets are integrase inhibitors, reverse transcriptase inhibitors limited to nucleoside reverse transcriptase inhibitors (“NRTI”) and nucleoside reverse transcriptase translocation inhibitors (“NRTTIs”), capsid inhibitors and broadly neutralising monoclonal antibodies (“bNAbs”), that bind to the gp120 CD4 binding site. In December 2021, ViiV initiated enrollment of a Phase 1 study to evaluate cabotegravir administered subcutaneously with ENHANZE. In March 2024, ViiV presented the results of the Phase 1 study of cabotegravir and communicated their decision to no longer pursue cabotegravir 200mg/ml SC plus rHuPH20 for long term dosing. In February 2022, ViiV initiated enrollment of a Phase 1 study to evaluate the safety and PKs of N6LS, a broadly neutralizing antibody, administered subcutaneously with ENHANZE technology. In June 2022, ViiV initiated enrollment of a Phase 1 single dose escalation study to evaluate PKs, safety and tolerability of long-acting cabotegravir administered subcutaneously with ENHANZE technology. In August 2023, ViiV initiated a Phase 2b study to evaluate the efficacy, safety, PKs and tolerability of VH3810109 (N6LS) administered subcutaneously with rHuPH20 in combination with cabotegravir. In the third quarter of 2023, ViiV initiated a Phase 1 study with ENHANZE for an undisclosed program. In March 2024, ViiV initiated a Phase 1 study of VH4524184 with ENHANZE to evaluate the safety, tolerability, and pharmacokinetics in healthy adults.
Chugai Collaboration
In March 2022, we and Chugai entered into a global collaboration and license agreement that gives Chugai exclusive access to ENHANZE technology for an undisclosed target. Chugai intends to explore the potential use of ENHANZE for a Chugai drug candidate. In May 2022, Chugai initiated a Phase 1 study to evaluate the PKs, pharmacodynamics, and safety of a targeted antibody administered subcutaneously with ENHANZE.
Acumen Collaboration
In November 2023, we and Acumen entered into a global collaboration and non-exclusive license agreement that provides Acumen access to ENHANZE for a single target. Acumen intends to explore the potential use of ENHANZE for ACU193, Acumen’s clinical stage monoclonal antibody candidate to target Amyloid-β Oligomers for the treatment of early Alzheimer’s disease. In May 2024, Acumen initiated a Phase 2 IV study for ACU193. In July 2024, Acumen initiated a Phase 1 study of sabirnetug (ACU193) with ENHANZE to compare the PK between SC and IV administrations in healthy volunteers.
Device and Other Drug Product Collaborations
Teva License, Development and Supply Agreements
In July 2006, we entered into an exclusive license, development and supply agreement with Teva for an epinephrine auto- injector product to be marketed in the U.S. and Canada. We are the exclusive supplier of the device, which we developed, for Teva’s generic Epinephrine Injection USP products, indicated for emergency treatment of severe allergic reactions including those that are life threatening (anaphylaxis) in adults and certain pediatric patients. Teva’s Epinephrine Injection, utilizing our patented VIBEX® injection technology, was approved by the FDA as a generic drug product with an AB rating, meaning that it is therapeutically equivalent to the branded products EpiPen® and EpiPen Jr® and therefore, subject to state law, substitutable at the pharmacy.
In December 2007, we entered into a license, development and supply agreement with Teva under which we developed and supply a disposable pen injector for teriparatide. Under the agreement, we received an upfront payment and development milestones, and are entitled to receive royalties on net product sales by Teva in territories where commercialized. We are the exclusive supplier of the multi-dose pen, which we developed, used in Teva’s generic teriparatide injection product. In 2020, Teva launched Teriparatide Injection, the generic version of Eli Lilly’s branded product Forsteo® featuring our multi-dose pen platform, for commercial sale in several countries outside of the U.S. In November 2023, Teva announced FDA approval of the generic version of Forteo, featuring our multi-dose auto-injector pen platform for the treatment of osteoporosis among certain women and men.
Pfizer Agreement
In August 2018, we entered into a development agreement with Pfizer to jointly develop a combination drug device rescue pen utilizing the QuickShot auto-injector and an undisclosed Pfizer drug. Pfizer has provided the intellectual property rights for further development of the product to us and has retained an option to assist in the marketing, distribution and sale if we complete development of the product and submit for regulatory approval. We are continuing to evaluate the next steps for this program.
Idorsia Agreement
In November 2019, we entered into a global agreement with Idorsia to develop a novel, drug-device product containing selatogrel. A new chemical entity, selatogrel is being developed for the treatment of a suspected acute myocardial infarction (“AMI”) in adult patients with a history of AMI.
In March 2024, the recruitment of the Phase 3 study with selatogrel for acute myocardial infarction had reached approximately 6,000 patients.
Otter Agreement
In December 2021, we entered into a supply agreement with Otter to manufacture the VIBEX auto-injection system device, designed and developed to incorporate a pre-filled syringe for delivery of methotrexate, assemble, package, label and supply the final OTREXUP product and related samples to Otter at cost plus mark-up. Otter is responsible for manufacturing, formulation and testing of methotrexate and the corresponding pre-filled syringe for assembly with the device manufactured by us, along with the commercialization and distribution of OTREXUP. OTREXUP is a SC methotrexate injection for once weekly self-administration with an easy-to-use, single dose, disposable auto injector, indicated for adults with severe active rheumatoid arthritis (“RA”), children with active polyarticular juvenile idiopathic arthritis and adults with severe recalcitrant psoriasis. Further, we entered into a license agreement with Otter in which we granted Otter a worldwide, exclusive, fully paid-up license to certain patents relating to OTREXUP that may also relate to our other products for Otter to commercialize and otherwise exploit OTREXUP in the field as defined in the license agreement.
Results of Operations
Three Months Ended June 30, 2024 Compared to Three Months Ended June 30, 2023
Royalties – Royalties were as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Increase / (Decrease) |
| | June 30, | |
| | 2024 | | 2023 | | Dollar | | Percentage |
Royalties | | $ | 124,918 | | | $ | 111,740 | | | $ | 13,178 | | | 12 | % |
The increase in royalties was primarily driven by continued sales uptake of Phesgo by Roche in all geographies and the recent launches of VYVGART Hytrulo by argenx and Teriparatide by Teva in the U.S. We expect royalty revenue to grow as a result of anticipated increasing partner product sales of DARZALEX SC and Phesgo and sales of recently launched ENHANZE partner products, VYVGART Hytrulo, Tecentriq SC and Ocrevus SC. An EU patent covering the rHuPH20 product issued in June 2024, resulted in a return of DARZALEX SC royalties to the original royalty rate through March 6, 2029, following a step down in the royalty rate from March 2024 through June 2024. We expect modest price erosion to continue on earlier launched ENHANZE partner products, Herceptin and MabThera.
Product Sales, Net – Product sales, net were as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Increase / (Decrease) |
| | June 30, | |
| | 2024 | | 2023 | | Dollar | | Percentage |
Proprietary product sales | | $ | 44,139 | | | $ | 32,293 | | | $ | 11,846 | | | 37 | % |
Bulk rHuPH20 sales | | 24,634 | | | 27,133 | | | (2,499) | | | (9) | % |
Device partnered product sales | | 10,113 | | | 14,463 | | | (4,350) | | | (30) | % |
Total product sales, net | | $ | 78,886 | | | $ | 73,889 | | | $ | 4,997 | | | 7 | % |
The increase in product sales, net was primarily due to contributions from our proprietary products, partially offset by lower sales of device partner products and bulk rHuPH20 driven by the timing of partner demand. We expect sales of our proprietary products will continue to grow in future years as we continue to gain market share in the TRT market. We expect product sales of bulk rHuPH20 and device partnered products to fluctuate in future periods based on the needs of our partners.
Revenues Under Collaborative Agreements – Revenues under collaborative agreements were as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Increase / (Decrease) |
| | June 30, | |
| | 2024 | | 2023 | | Dollar | | Percentage |
Upfront license fees, license fees for the election of additional targets, event-based payments, license maintenance fees and amortization of deferred upfront and other license fees: | | | | | | | |
| | | | | | | | |
Event-based development milestones and regulatory milestones and other fees | | $ | 25,500 | | | $ | 33,000 | | | $ | (7,500) | | | (23) | % |
| | | | | | | | |
Device licensing and development revenue | | 2,049 | | | 2,409 | | | (360) | | | (15) | % |
Total revenues under collaborative agreements | | $ | 27,549 | | | $ | 35,409 | | | $ | (7,860) | | | (22) | % |
The decrease in revenues under collaborative agreements was primarily due to the timing of milestones achieved. Revenue from upfront licenses fees, license fees for the election of additional targets, license maintenance fees and other license fees and event-based payments vary from period to period based on our ENHANZE collaboration activity. We expect these revenues to continue to fluctuate in future periods based on our partners’ ability to meet various clinical and regulatory milestones set forth in such agreements and our ability to obtain new collaborative agreements.
Operating expenses – Operating expenses were as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Increase / (Decrease) |
| | June 30, | |
| | 2024 | | 2023 | | Dollar | | Percentage |
Cost of sales | | $ | 39,607 | | | $ | 50,070 | | | $ | (10,463) | | | (21) | % |
Amortization of intangibles | | 17,762 | | | 17,835 | | | (73) | | | — | % |
Research and development | | 21,038 | | | 19,727 | | | 1,311 | | | 7 | % |
Selling, general and administrative | | 35,711 | | | 38,948 | | | (3,237) | | | (8) | % |
Cost of Sales – Cost of sales consists primarily of raw materials, third-party manufacturing costs, fill and finish costs, freight costs, internal costs and manufacturing overhead associated with the production of our proprietary products, device partnered products and bulk rHuPH20. The decrease in cost of sales was primarily due to lower device and bulk rHuPH20 sales, partially offset by higher proprietary product sales.
Amortization of intangibles – Amortization of intangibles consists primarily of expense associated with the amortization of acquired device technologies and product rights. Amortization of intangibles expense remained flat year over year.
Research and Development – Research and development expenses consist of external costs, salaries and benefits and allocation of facilities and other overhead expenses related to research manufacturing, preclinical and regulatory activities related to our collaborations, and our development platforms. The increase in research and development expense was primarily due to planned investments in ENHANZE related to the development of our new high yield rHuPH20 manufacturing processes.
Selling, General and Administrative – Selling, general and administrative (“SG&A”) expenses consist primarily of salaries and related costs for personnel in executive, selling and administrative functions as well as professional fees for legal and accounting, business development, commercial operations support for proprietary products and alliance management and marketing support for our collaborations. The decrease in SG&A expense was primarily due to planned reductions in commercial marketing expense.
Investment and other income, net – investment and other income, net was as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Increase / (Decrease) |
| | June 30, | |
| | 2024 | | 2023 | | Dollar | | Percentage |
Investment and other income, net | | $ | 5,032 | | | $ | 3,192 | | | $ | 1,840 | | | 58 | % |
Investment and other income, net consists primarily of interest income on our cash, cash-equivalent and marketable securities. The increase in investment and other income, net was primarily due to higher market interest rates as well as an increase in the average invested balance.
Interest Expense – Interest expense was as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Increase / (Decrease) |
| | June 30, | |
| | 2024 | | 2023 | | Dollar | | Percentage |
Interest expense | | $ | 4,524 | | | $ | 4,494 | | | $ | 30 | | | 1 | % |
Interest expense consists primarily of costs related to our convertible notes and revolving credit facility. Interest expense remained flat year over year.
Income Taxes – Income taxes were as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Increase / (Decrease) |
| | June 30, | |
| | 2024 | | 2023 | | Dollar | | Percentage |
Income tax expense | | $ | 24,498 | | | $ | 18,402 | | | $ | 6,096 | | | 33 | % |
The increase in income tax expense was primarily due to higher income before taxes recognized during the current quarter. Our annual effective tax rate is estimated to be approximately 20% for 2024, which differs from the U.S. federal statutory rate due to state income taxes, nondeductible executive compensation, research and development credit generation and the reduced rate on foreign export sales.
Six Months Ended June 30, 2024 Compared to Six Months Ended June 30, 2023
Royalties – Royalties were as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended | | Increase / (Decrease) |
| | June 30, | |
| | 2024 | | 2023 | | Dollar | | Percentage |
Royalties | | $ | 245,511 | | | $ | 211,380 | | | $ | 34,131 | | | 16 | % |
The increase in royalties was primarily driven by continued sales uptake of DARZALEX SC by Janssen and Phesgo by Roche in all geographies, and the recent launches of Vyvgart Hytrulo by argenx and Teriparatide by Teva in the U.S.
Product Sales, Net – Product sales, net were as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended | | Increase / (Decrease) |
| | June 30, | |
| | 2024 | | 2023 | | Dollar | | Percentage |
Sales of proprietary products | | $ | 79,394 | | | $ | 60,254 | | | $ | 19,140 | | | 32 | % |
Sales of bulk rHuPH20 | | 35,144 | | | 49,202 | | | (14,058) | | | (29) | % |
Sales of device partnered product | | 22,931 | | | 25,227 | | | (2,296) | | | (9) | % |
Total product sales, net | | $ | 137,469 | | | $ | 134,683 | | | $ | 2,786 | | | 2 | % |
The increase in product sales, net was primarily due to contributions from our proprietary products, partially offset by lower sales of bulk rHuPH20 and device partnered products driven by the timing of partner demand.
Revenues Under Collaborative Agreements – Revenues under collaborative agreements were as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended | | Increase / (Decrease) |
| | June 30, | |
| | 2024 | | 2023 | | Dollar | | Percentage |
Upfront license fees, license fees for the election of additional targets, event-based payments, license maintenance fees and amortization of deferred upfront and other license fees: | | | | | | | |
| | | | | | | | |
Event-based development milestones and regulatory milestones and other fees | | $ | 39,500 | | | $ | 33,000 | | | $ | 6,500 | | | 20 | % |
| | | | | | | | |
Device licensing and development revenue | | 4,752 | | | 4,118 | | | 634 | | | 15 | % |
Total revenues under collaborative agreements | | $ | 44,252 | | | $ | 37,118 | | | $ | 7,134 | | | 19 | % |
The increase in revenues under collaborative agreements was primarily due to the timing of milestones achieved.
Operating expenses - Operating expenses were as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended | | Increase / (Decrease) |
| | June 30, | |
| | 2024 | | 2023 | | Dollar | | Percentage |
Cost of sales | | $ | 67,936 | | | $ | 85,240 | | | $ | (17,304) | | | (20) | % |
Amortization of intangibles | | 35,525 | | | 35,670 | | | (145) | | | — | % |
Research and development | | 40,149 | | | 37,706 | | | 2,443 | | | 6 | % |
Selling, general and administrative | | 70,845 | | | 76,305 | | | (5,460) | | | (7) | % |
Cost of Sales – Cost of sales consists primarily of raw materials, third-party manufacturing costs, fill and finish costs, freight costs, internal costs and manufacturing overhead associated with the production of our proprietary products, device partnered products and bulk rHuPH20. The decrease in cost of sales was primarily due to lower bulk rHuPH20 and device sales, partially offset by higher proprietary product sales.
Amortization of intangibles – Amortization of intangibles consists primarily of expense associated with the amortization of acquired device technologies and product rights. Amortization of intangibles expense remained relatively flat year over year.
Research and Development – Research and development expenses consist of external costs, salaries and benefits and allocation of facilities and other overhead expenses related to research manufacturing, preclinical and regulatory activities related to our collaborations, and our development platforms. The increase in research and development expense was primarily due to planned investments in ENHANZE related to the development of our new high-yield rHuPH20 manufacturing processes.
Selling, General and Administrative – Selling, general and administrative (“SG&A”) expenses consist primarily of salaries and related costs for personnel in executive, selling and administrative functions as well as professional fees for legal and accounting, business development, commercial operations support for proprietary products and alliance management and marketing support for our collaborations. The decrease in SG&A expense was primarily due to planned reductions in commercial marketing expense, partially offset by increased compensation expense.
Investment and other income, net - Investment and other income, net was as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended | | Increase / (Decrease) |
| | June 30, | |
| | 2024 | | 2023 | | Dollar | | Percentage |
Investment and other income, net | | $ | 10,025 | | | $ | 6,171 | | | $ | 3,854 | | | 62 | % |
Investment and other income, net consists primarily of interest income on our cash, cash-equivalent and marketable securities. The increase in investment and other income, net was primarily due to an increase in market interest rates as well as an increase in the average invested balance.
Interest Expense – Interest expense was as follows (in thousands):
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| | Six Months Ended | | Increase / (Decrease) |
| | June 30, | |
| | 2024 | | 2023 | | Dollar | | Percentage |
Interest expense | | $ | 9,031 | | | $ | 9,037 | | | $ | (6) | | | — | % |
Interest expense consists primarily of costs related to our convertible notes and revolving credit facility. Interest expense remained flat year over year.
Income Taxes – Income taxes were as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended | | Increase / (Decrease) |
| | June 30, | |
| | 2024 | | 2023 | | Dollar | | Percentage |
Income tax expense | | $ | 43,703 | | | $ | 31,025 | | | $ | 12,678 | | | 41 | % |
The increase in income tax expense was primarily due to higher income before taxes recognized during the current quarter.
Liquidity and Capital Resources
Overview
Our principal sources of liquidity are our existing cash, cash equivalents and available-for-sale marketable securities. As of June 30, 2024, we had cash, cash equivalents and marketable securities of $529.0 million. We believe that our current cash, cash equivalents and marketable securities will be sufficient to fund our operations for at least the next twelve months. We expect to fund our operations going forward with existing cash resources, anticipated revenues from our existing collaborative agreements and cash that we may raise through future transactions. We may raise cash through any one of the following financing vehicles: (i) new collaborative agreements; (ii) expansions or revisions to existing collaborative relationships; (iii) private financings; (iv) other equity or debt financings; (v) monetizing assets; and/or (vi) the public offering of securities.
We may, in the future, draw on our existing line of credit or offer and sell additional equity, debt securities and warrants to purchase any of such securities, either individually or in units to raise capital for additional working capital, capital expenditures, share repurchases, acquisitions or for other general corporate purposes.
Cash Flows
| | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended June 30, | | |
| | | | | | |
| | 2024 | | 2023 | | Change |
Net cash provided by operating activities | | $ | 185,221 | | | $ | 153,806 | | | $ | 31,415 | |
Net cash used in investing activities | | (124,720) | | | (5,168) | | | (119,552) | |
Net cash provided by (used in) financing activities | | 8,993 | | | (162,168) | | | 171,161 | |
Net increase (decrease) in cash, cash equivalents and restricted cash | | $ | 69,494 | | | $ | (13,530) | | | $ | 83,024 | |
Operating Activities
The increase in net cash provided by operations was primarily due to an increase in revenue, partially offset by higher working capital spend.
Investing Activities
The increase in net cash used in investing activities was primarily due an increase in net purchases of marketable securities, partially offset by a decrease in capital spend for property and equipment.
Financing Activities
The decrease in net cash used in financing activities was primarily due to the repurchase of $150.1 million in common stock in the prior year and $13.5 million in cash paid on the conversion of our 2024 Convertible Notes in the prior year, partially offset by the increase in net proceeds during the current year from the issuance of common stock under our equity incentive plan.
Share Repurchases
In December 2021, our Board of Directors approved a share repurchase program to repurchase up to $750.0 million of our outstanding common stock which we completed in June 2024. In February 2024, our Board of Directors authorized a new capital return program to repurchase up to $750.0 million of our outstanding common stock. Refer to Note 9, Stockholders’ Equity, of our condensed consolidated financial statements for additional information regarding our share repurchases.
Long-Term Debt
1.00% Convertible Notes due 2028
In August 2022, we completed the sale of $720.0 million in aggregate principal amount of 1.00% Convertible Senior Notes due 2028 (the “2028 Convertible Notes”). The net proceeds in connection with the issuance of the 2028 Convertible Notes, after deducting the initial purchasers’ fee of $18.0 million, was approximately $702.0 million. We also incurred additional debt issuance costs totaling $1.0 million. Debt issuance costs and the initial purchasers’ fee are presented as a debt discount.
The 2028 Convertible Notes pay interest semi-annually in arrears on February 15th and August 15th of each year at an annual rate of 1.00%. The 2028 Convertible Notes are general unsecured obligations and rank senior in right of payment to all indebtedness that is expressly subordinated in right of payment to the 2028 Convertible Notes, rank equally in right of payment with all existing and future liabilities that are not so subordinated, are effectively junior to any secured indebtedness to the extent of the value of the assets securing such indebtedness and are structurally subordinated to all indebtedness and other liabilities (including trade payables) of our current or future subsidiaries. The 2028 Convertible Notes have a maturity date of August 15, 2028.
Holders may convert their 2028 Convertible Notes at their option only in the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on December 31, 2022, if the last reported sale price per share of common stock exceeds 130% of the conversion price for each of at least 20 trading days during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter; (2) during the five consecutive business days immediately after any five consecutive trading day period (such five consecutive trading day period, the “measurement period”) in which the trading price per $1,000 principal amount of notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price per share of our common stock on such trading day and the conversion rate on such trading day; (3) upon the occurrence of certain corporate events or distributions on our common stock, as described in the offering memorandum for the 2028 Convertible Notes; (4) if we call such notes for redemption; and (5) at any time from, and including, February 15, 2028 until the close of business on the second scheduled trading day immediately before the maturity date. As of June 30, 2024, the 2028 Convertible Notes were not convertible.
Upon conversion, we will pay cash for the settlement of principal, and for the premium, if applicable, we will pay cash, deliver shares of common stock or a combination of cash and shares of common stock, at our election. The initial conversion rate for the 2028 Convertible Notes is 17.8517 shares of common stock per $1,000 in principal amount of 2028 Convertible Notes, equivalent to a conversion price of approximately $56.02 per share of our common stock. The conversion rate is subject to adjustment in some events but will not be adjusted for any accrued or unpaid interest.
Capped Call Transactions
In connection with the offering of the 2028 Convertible Notes, we entered into capped call transactions with certain counterparties (the “Capped Call Transactions”). The Capped Call Transactions are expected generally to reduce potential dilution to holders of our common stock upon conversion of the 2028 Convertible Notes or at our election (subject to certain conditions) offset any cash payments we are required to make in excess of the principal amount of such converted 2028 Convertible Notes. The cap price of the Capped Call Transactions is initially $75.4075 per share of common stock, representing a premium of 75% above the last reported sale price of $43.09 per share of common stock on August 15, 2022, and is subject to certain adjustments under the terms of the Capped Call Transactions. As of June 30, 2024, no capped calls had been exercised.
Pursuant to their terms, the capped calls qualify for classification within stockholders’ equity in our condensed consolidated balance sheets, and their fair value is not remeasured and adjusted as long as they continue to qualify for stockholders’ equity classification. We paid approximately $69.1 million for the Capped Calls, including applicable transaction costs, which was recorded as a reduction to additional paid-in capital in our condensed consolidated balance sheets. The Capped Call Transactions are separate transactions entered into by us with the capped call Counterparties, are not part of the terms of the Convertible Notes, and do not affect any holder’s rights under the Convertible Notes. Holders of the Convertible Notes do not have any rights with respect to the Capped Call Transactions.
0.25% Convertible Notes due 2027
In March 2021, we completed the sale of $805.0 million in aggregate principal amount of 0.25% Convertible Senior Notes due 2027 (the “2027 Convertible Notes”). The net proceeds in connection with the issuance of the 2027 Convertible Notes, after deducting the initial purchasers’ fee of $20.1 million, was approximately $784.9 million. We also incurred additional debt issuance costs totaling $0.4 million. Debt issuance costs and the initial purchasers’ fee are presented as a debt discount.
The 2027 Convertible Notes pay interest semi-annually in arrears on March 1st and September 1st of each year at an annual rate of 0.25%. The 2027 Convertible Notes are general unsecured obligations and rank senior in right of payment to all
indebtedness that is expressly subordinated in right of payment to the 2027 Convertible Notes, will rank equally in right of payment with all existing and future liabilities that are not so subordinated, are effectively junior to any secured indebtedness to the extent of the value of the assets securing such indebtedness and are structurally subordinated to all indebtedness and other liabilities (including trade payables) of our current or future subsidiaries. The 2027 Convertible Notes have a maturity date of March 1, 2027.
Holders may convert their 2027 Convertible Notes at their option only in the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on June 30, 2021, if the last reported sale price per share of common stock exceeds 130% of the conversion price for each of at least 20 trading days during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter; (2) during the five consecutive business days immediately after any five consecutive trading day period (such five consecutive trading day period, the “measurement period”) in which the trading price per $1,000 principal amount of notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price per share of our common stock on such trading day and the conversion rate on such trading day; (3) upon the occurrence of certain corporate events or distributions on our common stock, as described in the offering memorandum for the 2027 Convertible Notes; (4) if we call such notes for redemption; and (5) at any time from, and including, September 1, 2026 until the close of business on the scheduled trading day immediately before the maturity date. As of June 30, 2024, the 2027 Convertible Notes were not convertible.
Upon conversion, we will pay cash for the settlement of principal, and for the premium, if applicable, we will pay cash, deliver shares of common stock or a combination of cash and shares of common stock, at our election. The initial conversion rate for the 2027 Convertible Notes is 12.9576 shares of common stock per $1,000 in principal amount of 2027 Convertible Notes, equivalent to a conversion price of approximately $77.17 per share of our common stock. The conversion rate is subject to adjustment.
1.25% Convertible Notes due 2024
In November 2019, we completed the sale of $460.0 million in aggregate principal amount of 1.25% Convertible Senior Notes due 2024 (the “2024 Convertible Notes”). The net proceeds in connection with the issuance of the 2024 Convertible Notes, after deducting the initial purchasers’ fee of $12.7 million, was approximately $447.3 million. We also incurred debt issuance cost totaling $0.3 million. Debt issuance costs and the initial purchasers’ fee were presented as a debt discount.
In January 2021, we notified the note holders of our irrevocable election to settle the principal of the 2024 Convertible Notes in cash and for the premium, to deliver shares of common stock. The conversion rate for the 2024 Convertible Notes was 41.9208 shares of common stock per $1,000 in principal amount of 2024 Convertible Notes, equivalent to a conversion price of approximately $23.85 per share of our common stock. The conversion rate was subject to adjustment.
In January 2023, we issued a notice for the redemption of 2024 Convertible Notes. Holders of the notes could convert their notes at any time prior to the close of the business day prior to the redemption date. In March 2023, holders of the notes elected to convert the 2024 Convertible Notes in full. In connection with the conversion, we paid approximately $13.5 million in cash which included principal and accrued interest, and issued 288,886 shares of our common stock representing the intrinsic value based on the contractual conversion rate.
Revolving Credit and Term Loan Facilities
In May 2022, we entered into a credit agreement, which was subsequently amended in August 2022 (the “Amendment”), with Bank of America, N.A., as Administrative Agent, Swing Line Lender and an L/C Issuer, and the other lenders and L/C Issuers party thereto (the “2022 Credit Agreement), evidencing a credit facility (the “2022 Facility”) that provides for (i) a $575 million revolving credit facility (the “Revolving Credit Facility”) and (ii) a $250 million term loan facility (the “Term Facility”). Concurrently, with the entry into the Amendment, we repaid the entire outstanding Term Loan Facility and repaid all outstanding loans under the Revolving Credit Facility under the 2022 Credit Agreement. The 2022 Facility will mature on November 30, 2026 unless either the Revolving Credit Facility or the Term Facility is extended prior to such date in accordance with the 2022 Credit Agreement.
The Term Facility requires quarterly scheduled repayments of the term loans in each of the first, second, third and fourth years following the closing in annual amounts equal to 2.50%, 5.00%, 7.50% and 10.00% of the initial principal amount of the term loans, respectively. The term loans are also subject to mandatory prepayments from the proceeds of certain asset sales, subject to our right to reinvest the proceeds thereof.
Borrowings under the 2022 Facility bear interest, at our option, at a rate equal to an applicable margin plus: (a) the applicable Term Secured Overnight Financing Rate (“SOFR”) (which includes a SOFR adjustment of 0.10%), or (b) a base rate determined by reference to the highest of (1) the federal funds effective rate plus 0.50%, (2) the Bank of America prime rate, (3) the Term SOFR rate for an interest period of one month plus 1.10%, and (4) 1.00%. The margin for the 2022 Facility ranges, based on our consolidated total net leverage ratio, from 0.25% to 1.25% in the case of base rate loans and from 1.25% to 2.25% in the case of Term SOFR rate loans. In addition to paying interest on the outstanding principal under the 2022 Facility, we will pay (i) a commitment fee in respect of the unutilized commitments thereunder and (ii) customary letter of credit fees and agency fees. The commitment fees range from 0.15% to 0.35% per annum based on our consolidated net leverage ratio.
As of June 30, 2024, the revolving credit facility was undrawn.
Additional Capital Requirements.
Our expected working capital and other capital requirements are described in “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2023. As of June 30, 2024, there have been no material changes to our expected working capital and other capital requirements described in our Annual Report on Form 10-K for the year ended December 31, 2023.
Critical Accounting Policies and Estimates
The discussion and analysis of our financial condition and results of operations are based on our condensed consolidated financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of our condensed consolidated financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosure of contingent assets and liabilities.
Our significant accounting policies are described in Part II, Item 8, Note 2, Summary of Significant Accounting Policies, to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2023. The accounting policies and estimates that are most critical to a full understanding and evaluation of our reported financial results are described in Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the year ended December 31, 2023. There were no material changes to our critical accounting policies or estimates during the six months ended June 30, 2024.
Recent Accounting Pronouncements
Refer to Note 2, Summary of Significant Accounting Policies, of our condensed consolidated financial statements for a discussion of recent accounting pronouncements and their effect, if any.
Item 3.Quantitative and Qualitative Disclosures About Market Risk
There have been no material changes in our market risks during the quarter ended June 30, 2024.
As of June 30, 2024, our cash equivalents and marketable securities consisted of investments in money market funds, asset-backed securities, U.S. Treasury securities, corporate debt securities, agency bonds and commercial paper. These investments were made in accordance with our investment policy which specifies the categories, allocations, and ratings of securities we may consider for investment. The primary objective of our investment activities is to preserve principal while at the same time maximizing the income we receive without significantly increasing risk. Some of the financial instruments that we invest in could be subject to market risk. This means that a change in prevailing interest rates may cause the value of the instruments to fluctuate. For example, if we purchase a security that was issued with a fixed interest rate and the prevailing interest rate later rises, the value of that security may decline. Based on our current investment portfolio as of June 30, 2024, we do not believe that our results of operations would be materially impacted by an immediate change of 10% in interest rates.
We hedge a portion of foreign currency exchange risk associated with forecasted royalties revenue denominated in Swiss francs to reduce the risk of our earnings and cash flows being adversely affected by fluctuations in exchange rates. These transactions are designated and qualify as cash flow hedges. The cash flow hedges are carried at fair value with mark-to-market gains and losses recorded within AOCI in our condensed consolidated balance sheets and reclassified to royalty revenue in our condensed consolidated statements of income in the same period as the recognition of the underlying hedged transaction. We do not issue derivatives, derivative commodity instruments or other financial instruments for speculative trading purposes.
Further, we do not believe our cash, cash equivalents and marketable securities have significant risk of default or illiquidity. We made this determination based on discussions with our investment advisors and a review of our holdings. While we believe our cash, cash equivalents and marketable securities do not contain excessive risk, we cannot provide absolute assurance that in the future our investments will not be subject to adverse changes in market value. All of our cash equivalents and marketable securities are recorded at fair market value.
Item 4.Controls and Procedures
Evaluation of Disclosure Controls and Procedures
We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the timelines specified in the Securities and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decision regarding required disclosure. In designing and evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can only provide reasonable assurance of achieving the desired control objectives, and in reaching a reasonable level of assurance, management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.
Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of our disclosure controls and procedures, as such term is defined under Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934, as amended. Based on this evaluation, our principal executive officer and our principal financial officer concluded that our disclosure controls and procedures were effective as of the end of the period covered by this Quarterly Report on Form 10-Q.
Changes in Internal Control Over Financial Reporting
There have been no significant changes in our internal control over financial reporting that occurred during the quarter ended June 30, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II – OTHER INFORMATION
Item 1.Legal Proceedings
From time to time, we may be involved in disputes, including litigation, relating to claims arising out of operations in the normal course of our business. Any of these claims could subject us to costly legal expenses and, while we generally believe that we have adequate insurance to cover many different types of liabilities, our insurance carriers may deny coverage or our policy limits may be inadequate to fully satisfy any damage awards or settlements. If this were to happen, the payment of any such awards could have a material adverse effect on our condensed consolidated statements of income and balance sheets. Additionally, any such claims, whether or not successful, could damage our reputation and business. We currently are not a party to any legal proceedings, the adverse outcome of which, in our opinion, individually or in the aggregate, would have a material adverse effect on our condensed consolidated statements of income or balance sheets.
Item 1A.Risk Factors
There have been no material changes to the risk factors set forth under Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023.
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
In December 2021, the Board of Directors authorized a capital return program to repurchase up to $750.0 million of outstanding stock over a three-year period. We accelerated the initiation of our planned 2024 share repurchases and in November 2023, we entered into an ASR agreement with Bank of America, N.A. to accelerate the remaining $250.0 million of share repurchases under the approved capital return program. Pursuant to the agreement, at the inception of the ASR, we paid $250.0 million to Bank of America, N.A. and took initial delivery of 5.5 million shares. In June 2024, we finalized the transaction and received an additional 1.1 million shares, which completes the December 2021 capital return program.
In February 2024, our Board of Directors authorized a new capital return program to repurchase up to $750.0 million of our outstanding common stock.
Item 3.Defaults Upon Senior Securities
Not applicable.
Item 4.Mine Safety Disclosures
Not applicable.
Item 5.Other Information
During the three months ended June 30, 2024, no director or officer adopted or terminated any Rule 10b5-1 or non-rule 10b5-1 trading arrangement (as such terms are defined pursuant to Item 408(a) of Regulation S-K).
Item 6.Exhibits
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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| | | Halozyme Therapeutics, Inc. (Registrant) |
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Dated: | August 6, 2024 | | /s/ Helen I. Torley, M.B. Ch.B., M.R.C.P. |
| | | Helen I. Torley, M.B. Ch.B., M.R.C.P. President and Chief Executive Officer (Principal Executive Officer) |
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Dated: | August 6, 2024 | | /s/ Nicole LaBrosse |
| | | Nicole LaBrosse Senior Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) |
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Halozyme Therapeutics, Inc.
Restricted Stock Units Agreement
under the
Halozyme Therapeutics, Inc.
2021 Stock Plan
1. Terminology. Unless otherwise provided in this Award Agreement, capitalized terms used herein are defined in the Glossary at the end of this Award Agreement, the Notice, or the Plan.
2. Vesting. All of the Restricted Stock Units are nonvested and forfeitable as of the Grant Date. So long as your Service is continuous from the Grant Date through the applicable date upon which vesting is scheduled to occur, the Restricted Stock Units will become vested and nonforfeitable in accordance with the vesting schedule set forth in the Notice. Except for the circumstances, if any, described in the Notice or herein, none of the Restricted Stock Units will become vested and nonforfeitable after your Service ceases.
3. Termination of Employment or Service. Unless otherwise provided herein or in the Notice, if your Service with the Company or its successor ceases for any reason, all Restricted Stock Units that are not then vested and nonforfeitable will be forfeited to the Company immediately and automatically upon such cessation without payment of any consideration therefor and you will have no further right, title or interest in or to such Restricted Stock Units or the underlying shares of Stock. Notwithstanding the foregoing, however, if your Service terminates as a result of a Qualifying Termination, then all outstanding Restricted Stock Units that are not then vested and nonforfeitable shall, effective as of the date on which your Service terminates, become 100% vested and nonforfeitable.
4. Restrictions on Transfer. Neither this Award Agreement nor any of the Restricted Stock Units may be assigned, transferred, pledged, hypothecated or disposed of in any way, whether by operation of law or otherwise, and the Restricted Stock Units shall not be subject to execution, attachment or similar process. All rights with respect to this Award Agreement and the Restricted Stock Units shall be exercisable during your lifetime only by you or your guardian or legal representative.
5. Dividend Equivalent Payments. On each dividend payment date for each cash dividend (regular or extraordinary) on the Stock, the Company will credit your equity award account with dividend equivalents in the form of additional Restricted Stock Units. All such additional Restricted Stock Units shall be subject to the same vesting requirements applicable to the Restricted Stock Units in respect of which they were credited and shall be settled in accordance with, and at the time of, settlement of the vested Restricted Stock Units to which they are related. The number of Restricted Stock Units to be credited shall equal the quotient, rounded to such fraction as determined by the Committee, calculated by dividing (a) by (b), where “(a)” is the product of (i) the cash dividend payable per share of Stock, multiplied by (ii) the number of Restricted Stock Units credited to your account as of the record date, and “(b)”
is the Fair Market Value of a share of Stock on the dividend payment date. If your vested Restricted Stock Units have been settled after the record date but prior to the dividend payment date, any Restricted Stock Units that would be credited pursuant to the preceding sentence shall be settled on or as soon as practicable after the dividend payment date. Nothing herein shall preclude the Committee from exercising its discretion under the Plan to determine whether to eliminate fractional units or credit fractional units to accounts, and the manner in which fractional units will be credited.
6. Settlement of Restricted Stock Units.
(a) Manner of Settlement. You are not required to make any monetary payment (other than applicable tax withholding, if required) as a condition to settlement of the Restricted Stock Units, the consideration for which shall be services rendered to the Company or for its benefit. The Company will issue to you, in settlement of your Restricted Stock Units and subject to the provisions of Section 7 below, the number of whole shares of Stock that equals the number of whole Restricted Stock Units that become vested, and such vested Restricted Stock Units will terminate and cease to be outstanding upon such issuance of the shares. Upon issuance of such shares, the Company will determine the form of delivery (e.g., a stock certificate or electronic entry evidencing such shares) and may deliver such shares on your behalf electronically to the Company’s designated stock plan administrator or such other broker-dealer as the Company may choose at its sole discretion, within reason.
(b) Timing of Settlement. Your Restricted Stock Units will be settled by the Company, via the issuance of Stock as described herein, on the date that the Restricted Stock Units become vested and nonforfeitable. However, if a scheduled issuance date falls on a Saturday, Sunday or federal holiday, such issuance date shall instead fall on the next following day that the principal executive offices of the Company are open for business. In all cases, the issuance and delivery of shares under this Award Agreement is intended to comply with Treasury Regulation Section 1.409A-1(b)(4) and shall be construed and administered in such a manner. If you die after vesting but before settlement, your Restricted Stock Units shall be paid to your estate.
7. Tax Withholding.
(a) Subject to Sections 7(b) and 7(c), you must satisfy any federal, state, local or other income, employment, or other taxes that the Company or any of its subsidiaries or affiliates may be obligated to withhold with respect to your Restricted Stock Units (“Tax-Withholding Obligation”) by tendering a cash payment to the Company, on or before the date your Restricted Stock Units vest (or the time of any other applicable tax withholding event, as the case may be), that covers such Tax-Withholding Obligation, with any such payment to be made at the time and in the manner specified by the Company. The Committee shall have discretion to allow any other method of satisfying any such Tax-Withholding Obligations as it may determine to be adequate.
(b) The Committee may from time to time provide that any Tax-Withholding Obligation that arises in connection with the settlement of vested Restricted Stock Units will be
satisfied by the Company withholding from the shares otherwise issuable to you in connection with such vested Restricted Stock Units a number of shares the fair market value of which (as determined by the Company at the time of the applicable withholding based on the Company’s practice) is sufficient to cover the Tax-Withholding Obligation and issuing to you the remaining shares in settlement of your vested Restricted Stock Units. Any shares of Stock withheld to satisfy any such Tax-Withholding Obligation shall not exceed the number of whole shares required to satisfy the applicable withholding obligations, as determined by the Company. To the extent the Committee has provided for such a share withholding to satisfy the applicable Tax-Withholding Obligation in the circumstances, this Section 7(b) shall control over Section 7(a).
(c) In the event that you are a party to a written letter agreement with the Company that provides, as of the date that the Restricted Stock Units vest, any Tax-Withholding Obligation that arises in connection with the settlement of vested Restricted Stock Units will be satisfied by the Company (or any third-party broker designated by the Company) selling in one or more transactions on the open market, for and on your behalf, from the Shares that would otherwise be delivered to you in payment of your vested Restricted Stock Units, a number of such Shares (valued at the applicable sale prices applying the applicable broker’s customary methodology) to satisfy such Tax-Withholding Obligation arising in connection with such payment of your Restricted Stock Units (a “Sell-To-Cover Transaction”), then the terms of such letter agreement as in effect on the applicable Restricted Stock Unit vesting date shall apply as to the satisfaction of the applicable Tax-Withholding Obligation and, in such circumstances, this Section 7(c) shall control over Sections 7(a) and 7(b).
(d) Unless the Tax-Withholding Obligations of the Company and/or any of its subsidiaries or affiliates are satisfied, the Company shall have no obligation to deliver to you any Stock. In the event any such obligation to withhold arises prior to the delivery to you of Stock hereunder or it is determined after the delivery of Stock to you that the amount of the Company’s withholding obligation was greater than the amount withheld by the Company, you agree to indemnify and hold the Company (and each of its subsidiaries and affiliates) harmless from any failure by the Company (and its subsidiaries and affiliates) to withhold the proper amount.
8. Adjustments for Corporate Transactions and Other Events.
(a) Stock Dividend, Stock Split and Reverse Stock Split. Upon a stock dividend of, or stock split or reverse stock split affecting, the Stock, the number of outstanding Restricted Stock Units shall, without further action of the Committee, be adjusted to reflect such event; provided, however, that any fractional Restricted Stock Units resulting from any such adjustment shall be eliminated. Adjustments under this paragraph will be made by the Committee, whose determination as to what adjustments, if any, will be made and the extent thereof will be final, binding and conclusive.
(b) Treatment on Change in Control. Notwithstanding anything herein to the contrary, in connection with a Change in Control, the Board shall determine in its sole discretion, and shall, to the extent applicable, ensure that the definitive documentation setting forth the terms of the Change in Control provides, that either:
(i) the Company shall continue to maintain in effect, or the Company’s successor shall assume, the Plan, this Award Agreement and all Restricted Stock Units outstanding hereunder (together with all other outstanding equity incentive plans, award agreements and awards of the Company), and such Restricted Stock Units shall continue to remain outstanding, with the number and kind of shares or units associated with such Restricted Stock Units adjusted to reflect the Change in Control in accordance with the terms of the Plan, and otherwise in accordance with and subject to their terms and conditions (including, without limitation, with respect to vesting, exercise, forfeiture, repurchase and restrictive covenants) as in effect immediately prior to the Change in Control; or
(ii) the Restricted Stock Units shall be cancelled immediately prior to and contingent upon the consummation of such Change in Control in exchange for a cash payment to you in respect thereof in an amount calculated based on the value of the Restricted Stock Units at the time of such Change in Control as determined by the Board in its sole discretion, in all cases, assuming the Award was fully vested and exercisable and/or not subject to forfeiture, as applicable. For avoidance of doubt: In respect of any outstanding Restricted Stock Unit, you shall be eligible to receive an amount in cash equal to the per-share consideration received by sellers of the class of shares subject to such Restricted Stock Unit generally in the Change in Control.
Payments described in this Section 8(b) shall be made on, or as soon as administratively practicable following, the Change in Control.
9. Non-Guarantee of Employment or Service Relationship. Nothing in the Plan or this Award Agreement shall alter your employment status or other service relationship with the Company, nor be construed as a contract of employment or service relationship between the Company and you, or as a contractual right of you to continue in the employ of, or in a service relationship with, the Company for any period of time, or as a limitation of the right of the Company to discharge you at any time with or without cause or notice and whether or not such discharge results in the forfeiture of any nonvested and forfeitable Restricted Stock Units or any other adverse effect on your interests under the Plan.
10. Rights as Stockholder. You shall not have any of the rights of a stockholder with respect to any shares of Stock that may be issued in settlement of the Restricted Stock Units until such shares of Stock have been issued to you. No adjustment shall be made for dividends, distributions, or other rights for which the record date is prior to the date such shares are issued, except as provided in Section 5 of this Award Agreement with respect to dividend equivalent payments or as otherwise permitted under the Plan.
11. The Company’s Rights. The existence of the Restricted Stock Units shall not affect in any way the right or power of the Company or its stockholders to make or authorize any or all adjustments, recapitalizations, reorganizations, or other changes in the Company's capital structure or its business, or any merger or consolidation of the Company, or any issue of bonds, debentures, preferred or other stocks with preference ahead of or convertible into, or otherwise affecting the Stock or the rights thereof, or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of the Company's assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise.
12. Restrictions on Issuance of Shares. The issuance of shares of Stock upon settlement of the Restricted Stock Units shall be subject to and in compliance with all applicable requirements of federal, state, or foreign law with respect to such securities. No shares of Stock may be issued hereunder if the issuance of such shares would constitute a violation of any applicable federal, state, or foreign securities laws or other law or regulations or the requirements of any stock exchange or market system upon which the Stock may then be listed. The inability of the Company to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Company’s legal counsel to be necessary to the lawful issuance of any shares subject to the Restricted Stock Units shall relieve the Company of any liability in respect of the failure to issue such shares as to which such requisite authority shall not have been obtained. As a condition to the settlement of the Restricted Stock Units, the Company may require you to satisfy any qualifications that may be necessary or appropriate, to evidence compliance with any applicable law or regulation, and to make any representation or warranty with respect thereto as may be requested by the Company.
13. Notices. All notices and other communications made or given pursuant to this Award Agreement shall be given in writing and shall be deemed effectively given upon receipt or, in the case of notices delivered by the Company to you, five (5) days after deposit in the United States mail, postage prepaid, addressed to you at the last address you provided to the Company, or in the case of notices delivered to the Company by you, addressed to the Committee, care of the Company for the attention of its Secretary at its principal executive office or, in either case, if the receiving party consents in advance, transmitted and received via telecopy or via such other electronic transmission mechanism as may be available to the parties. Notwithstanding the foregoing, the Company may, in its sole discretion, decide to deliver any documents related to participation in the Plan and this award of Restricted Stock Units by electronic means or to request your consent to participate in the Plan or accept this award of Restricted Stock Units by electronic means. You hereby consent to receive such documents by electronic delivery and, if requested, to agree to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company.
14. Entire Agreement. This Award Agreement, together with the relevant Notice and the Plan, contain the entire agreement between the parties with respect to the Restricted Stock Units granted hereunder. Any oral or written agreements, representations, warranties, written inducements, or other communications made prior to the execution of this Award Agreement with respect to the Restricted Stock Units granted hereunder shall be void and ineffective for all purposes.
15. Amendment. This Award Agreement may be amended from time to time by the Committee in its discretion; provided, however, that this Award Agreement may not be modified in a manner that would have a materially adverse effect on the Restricted Stock Units as determined in the discretion of the Committee, except as provided in the Plan or in a written document signed by each of the parties hereto.
16. 409A Savings Clause. This Award Agreement and the Restricted Stock Units granted hereunder are intended to fit within the “short-term deferral” exemption from Section 409A of the Code as set forth in Treasury Regulation Section 1.409A-1(b)(4). In administering this Award Agreement, the Company shall interpret this Award Agreement in a manner consistent with such exemption. Notwithstanding the foregoing, if it is determined that the Restricted Stock Units fail to satisfy the requirements of the short-term deferral rule and are otherwise deferred compensation subject to Section 409A, and if you are a “Specified Employee” (within the meaning set forth Section 409A(a)(2)(B)(i) of the Code) as of the date of your separation from service (within the meaning of Treasury Regulation Section 1.409A-1(h)), then the issuance of any shares that would otherwise be made upon the date of the separation from service or within the first six (6) months thereafter will not be made on the originally scheduled date(s) and will instead be issued in a lump sum on the date that is six (6) months and one day after the date of the separation from service, but if and only if such delay in the issuance of the shares is necessary to avoid the imposition of additional taxation on you in respect of the shares under Section 409A of the Code. Each installment of shares that vests is intended to constitute a “separate payment” for purposes of Section 409A of the Code and Treasury Regulation Section 1.409A-2(b)(2). For purposes of Section 409A of the Code, the payment of dividend equivalents under Section 5 of this Award Agreement shall be construed as earnings and the time and form of payment of such dividend equivalents shall be treated separately from the time and form of payment of the underlying Restricted Stock Units.
17. [Reserved.]
18. No Obligation to Minimize Taxes. The Company has no duty or obligation to minimize the tax consequences to you of this award of Restricted Stock Units and shall not be liable to you for any adverse tax consequences to you arising in connection with this award. You are hereby advised to consult with your own personal tax, financial and/or legal advisors regarding the tax consequences of this award and by signing the Notice, you have agreed that you have done so or knowingly and voluntarily declined to do so.
19. Conformity with Plan. This Award Agreement is intended to conform in all respects with, and is subject to all applicable provisions of, the Plan. Inconsistencies between this Award Agreement and the Plan shall be resolved in accordance with the terms of the Plan. In the event of any ambiguity in this Award Agreement or any matters as to which this Award Agreement is silent, the Plan shall govern. A copy of the Plan is available on the Company’s intranet or upon written request to the Committee.
20. No Funding. This Award Agreement constitutes an unfunded and unsecured promise by the Company to issue shares of Stock in the future in accordance with its terms. You have the status of a general unsecured creditor of the Company as a result of receiving the grant of Restricted Stock Units.
21. Effect on Other Employee Benefit Plans. The value of the Restricted Stock Units subject to this Award Agreement shall not be included as compensation, earnings, salaries, or other similar terms used when calculating your benefits under any employee benefit plan sponsored by the Company or any Affiliate, except as such plan otherwise expressly provides.
The Company expressly reserves its rights to amend, modify, or terminate any of the Company’s or any Affiliate’s employee benefit plans.
22. Governing Law. The validity, construction, and effect of this Award Agreement, and of any determinations or decisions made by the Committee relating to this Award Agreement, and the rights of any and all persons having or claiming to have any interest under this Award Agreement, shall be determined exclusively in accordance with the laws of the State of Delaware, without regard to its provisions concerning the applicability of laws of other jurisdictions. Any suit with respect hereto will be brought in the federal or state courts in the district which includes the city or town in which the Company’s principal executive office is located, and you hereby agree and submit to the personal jurisdiction and venue thereof.
23. Headings. The headings in this Award Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Award Agreement.
24. Electronic Delivery of Documents. By your signing the Notice, you (i) consent to the electronic delivery of this Award Agreement, all information with respect to the Plan and the Restricted Stock Units, and any reports of the Company provided generally to the Company’s stockholders; (ii) acknowledge that you may receive from the Company a paper copy of any documents delivered electronically at no cost to you by contacting the Company by telephone or in writing; (iii) further acknowledge that you may revoke your consent to the electronic delivery of documents at any time by notifying the Company of such revoked consent by telephone, postal service or electronic mail; and (iv) further acknowledge that you understand that you are not required to consent to electronic delivery of documents.
25. No Future Entitlement. By your signing the Notice, you acknowledge and agree that: (i) the grant of a restricted stock unit award is a one-time benefit which does not create any contractual or other right to receive future grants of restricted stock units, or compensation in lieu of restricted stock units, even if restricted stock units have been granted repeatedly in the past; (ii) all determinations with respect to any such future grants and the terms thereof will be at the sole discretion of the Committee; (iii) the value of the restricted stock units is an extraordinary item of compensation which is outside the scope of your employment contract, if any; (iv) the value of the restricted stock units is not part of normal or expected compensation or salary for any purpose, including, but not limited to, calculating any termination, severance, resignation, redundancy, end of service payments or similar payments, or bonuses, long-service awards, pension or retirement benefits; (v) the vesting of the restricted stock units ceases upon termination of Service with the Company or transfer of employment from the Company, or other cessation of eligibility for any reason, except as may otherwise be explicitly provided in this Award Agreement; (vi) the Company does not guarantee any future value of the restricted stock units; and (vii) no claim or entitlement to compensation or damages arises if the restricted stock units decrease or do not increase in value and you irrevocably release the Company from any such claim that does arise.
26. Personal Data. For purposes of the implementation, administration and management of the restricted stock units or the effectuation of any acquisition, equity or debt financing, joint venture, merger, reorganization, consolidation, recapitalization, business
combination, liquidation, dissolution, share exchange, sale of stock, sale of material assets or other similar corporate transaction involving the Company (a “Corporate Transaction”), you consent, by execution of the Notice, to the collection, receipt, use, retention and transfer, in electronic or other form, of your personal data by and among the Company and its third party vendors or any potential party to a potential Corporate Transaction. You understand that personal data (including but not limited to, name, home address, telephone number, employee number, employment status, social security number, tax identification number, date of birth, nationality, job and payroll location, data for tax withholding purposes and shares awarded, cancelled, vested and unvested) may be transferred to third parties assisting in the implementation, administration and management of the restricted stock units or the effectuation of a Corporate Transaction and you expressly authorize such transfer as well as the retention, use, and the subsequent transfer of the data by the recipient(s). You understand that these recipients may be located in your country or elsewhere, and that the recipient’s country may have different data privacy laws and protections than your country. You understand that data will be held only as long as is necessary to implement, administer and manage the restricted stock units or effect a Corporate Transaction. You understand that you may, at any time, request a list with the names and addresses of any potential recipients of the personal data, view data, request additional information about the storage and processing of data, require any necessary amendments to data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing the Company’s Secretary. You understand, however, that refusing or withdrawing your consent may affect your ability to accept a restricted stock unit award.
27. Counterparts. The Notice may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
{Glossary begins on next page}
GLOSSARY
(a) “Affiliate” means any entity, whether now or hereafter existing, which controls, is controlled by, or is under common control with Halozyme Therapeutics, Inc. (including but not limited to joint ventures, limited liability companies, and partnerships). For this purpose, the term “control” (including the term “controlled by”) means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of the relevant entity, whether through the ownership of voting securities, by contract or otherwise.
(b) “Award Agreement” means this document, as amended from time to time, together with the Plan which is incorporated herein by reference.
(c) “Cause” means, solely for purposes of this Award Agreement, a determination made in good faith by the Committee, which determination will be conclusive, that you have:
(i) been convicted of, or plead nolo contendere to, a felony or crime involving moral turpitude;
(ii) committed fraud with respect to, or misappropriated any funds or property of the Participating Company Group, or any customer or vendor;
(iii) illegally used or illegally distributed controlled substances;
(iv) willfully violated any material written rule, regulation, procedure or policy of the Participating Company applicable to you that results in demonstrable harm to the Company, as determined by the Committee in good faith; or
(v) materially breached any employment, nondisclosure, nonsolicitation or other similar material agreement executed by you for the benefit of the Company that results in demonstrable harm to the Company, as determined by the Committee in good faith.
(d) “Code” means the Internal Revenue Code of 1986, as amended, and the Treasury regulations and other guidance promulgated thereunder.
(e) “Committee” means the Compensation Committee or other committee of the Board of Directors of the Company duly appointed to administer the Plan and having such powers as shall be specified by the Board of Directors.
(f) “Company” means Halozyme Therapeutics, Inc. and its Affiliates, except where the context otherwise requires. For purposes of determining whether a Change in Control (as defined in the Plan) has occurred, Company shall mean only Halozyme Therapeutics, Inc.
(g) “Fair Market Value” has the meaning set forth in the Plan. The Plan generally defines Fair Market Value to mean the closing price per share of Stock on the relevant date on the principal exchange or market on which the Stock is then listed or admitted to trading or, if no sale is reported for that date, the last preceding business day on which a sale was reported.
(h) “Good Reason” means, solely for purposes of this Award Agreement, the occurrence of any of the following events without your consent:
(i) any material diminution in your annual base salary or annual target bonus opportunity (expressed as a percentage of annual base salary); or
(ii) any requirement by the Participating Company that you physically relocate from your current work location to another work location 30 or more miles away; provided, however, that any such condition shall not constitute Good Reason unless both (x) you provide written notice to the Company of the condition claimed to constitute Good Reason within sixty (60) days of the initial existence of such condition (such notice to be delivered in accordance with Section 13), and (y) the Company fails to remedy such condition within thirty (30) days of receiving such written notice thereof; and provided, further, that in all events the termination of your employment with the Company shall not constitute a termination for Good Reason unless such termination occurs not more than one hundred and twenty (120) days following the initial existence of the condition claimed to constitute Good Reason.
(i) “Grant Date” means the effective date of a grant of Restricted Stock Units made to you as set forth in the relevant Notice.
(j) “Notice” means the statement, letter or other written notification provided to you by the Company setting forth the terms of a grant of Restricted Stock Units made to you.
(k) “Plan” means the Halozyme Therapeutics, Inc. 2021 Stock Incentive Plan, as amended from time to time.
(l) “Qualifying Termination” means the occurrence of any of the following events within two years following the occurrence of a Change in Control:
(i) termination by the Participating Company of your Service for any reason other than Cause; or
(ii) your voluntary resignation for Good Reason; or
(iii) a termination of your Service due to your death or Disability.
For purposes of determining whether a Qualifying Termination has occurred, if at the time of your termination of Service you are a party to a Change in Control Agreement or a participant in the Change in Control Severance Plan, the terms “Cause” and “Good Reason” are used as defined in your Change in Control Agreement, or if you are not then a party to a Change in Control Agreement, as defined in the Change in Control Severance Plan. For clarity, if you are not a party to a Change in Control Agreement or a participant in the Change in Control Severance Plan, the definitions set forth above for such terms shall apply.
(m) “Restricted Stock Unit” means the Company’s commitment to issue one share of Stock at a future date, subject to the terms of the Award Agreement and the Plan.
(n) “Service” means your employment, service as a non-executive director, or other service relationship with the Company and its Affiliates. Your Service will be considered to have ceased
with the Company and its Affiliates if, immediately after a sale, merger, or other corporate transaction, the trade, business, or entity with which you are employed or otherwise have a service relationship is not Halozyme Therapeutics, Inc. or its successor or an Affiliate of Halozyme Therapeutics, Inc. or its successor.
(o) “Stock” means the common stock, US$0.001 par value per share, of Halozyme Therapeutics, Inc., as adjusted from time to time in accordance with Section 4.2 of the Plan.
(p) “You” or “Your” means the recipient of the Restricted Stock Units as reflected on the applicable Notice. Whenever the word “you” or “your” is used in any provision of this Award Agreement under circumstances where the provision should logically be construed, as determined by the Committee, to apply to the estate, personal representative, or beneficiary to whom the Restricted Stock Units may be transferred by will or by the laws of descent and distribution, the words “you” and “your” shall be deemed to include such person.
{End of Agreement}
EXHIBIT 31.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Helen I. Torley, M.B. Ch.B., M.R.C.P., Chief Executive Officer of Halozyme Therapeutics, Inc. certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of Halozyme Therapeutics, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;
4.The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:
a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and
5.The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):
a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and
b)any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Dated: | August 6, 2024 | | | | | /s/ Helen I. Torley, M.B. Ch.B., M.R.C.P. |
| | | | | | Helen I. Torley, M.B. Ch.B., M.R.C.P |
| | | | | | President and Chief Executive Officer |
EXHIBIT 31.2
CERTIFICATION OF CHIEF FINANCIAL OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Nicole LaBrosse, Chief Financial Officer of Halozyme Therapeutics, Inc. certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of Halozyme Therapeutics, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;
4.The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:
a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and
5.The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):
a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and
b)any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Dated: | August 6, 2024 | | | | | /s/ Nicole LaBrosse |
| | | | | | Nicole LaBrosse |
| | | | | | Senior Vice President and Chief Financial Officer |
EXHIBIT 32
CERTIFICATION OF
CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Halozyme Therapeutics, Inc. (the “Registrant”) on Form 10-Q for the quarter ended June 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Helen I. Torley, M.B. Ch.B., M.R.C.P., Chief Executive Officer of the Registrant, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:
(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m); and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Dated: | August 6, 2024 | | | | | /s/ Helen I. Torley, M.B. Ch.B., M.R.C.P. |
| | | | | | Helen I. Torley, M.B. Ch.B., M.R.C.P. |
| | | | | | President and Chief Executive Officer |
In connection with the Quarterly Report of Halozyme Therapeutics, Inc. (the “Registrant”) on Form 10-Q for the quarter ended June 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Nicole LaBrosse, Chief Financial Officer of the Registrant, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:
(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m); and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Dated: | August 6, 2024 | | | | | /s/ Nicole LaBrosse |
| | | | | | Nicole LaBrosse |
| | | | | | Senior Vice President and Chief Financial Officer |
v3.24.2.u1
Cover Page - shares
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6 Months Ended |
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Jun. 30, 2024 |
Jul. 31, 2024 |
Cover [Abstract] |
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Document Period End Date |
Jun. 30, 2024
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Entity File Number |
001-32335
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Entity Registrant Name |
HALOZYME THERAPEUTICS, INC.
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Entity Incorporation, State or Country Code |
DE
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Entity Tax Identification Number |
88-0488686
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Entity Address, Address Line One |
12390 El Camino Real
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San Diego
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CA
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794-8889
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Title of 12(b) Security |
Common Stock, $0.001 par value
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Trading Symbol |
HALO
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NASDAQ
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v3.24.2.u1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Current assets |
|
|
Cash and cash equivalents |
$ 187,864
|
$ 118,370
|
Marketable securities, available-for-sale |
341,166
|
217,630
|
Accounts receivable, net and contract assets |
214,524
|
234,210
|
Inventories, net |
159,312
|
127,601
|
Prepaid expenses and other current assets |
84,931
|
48,613
|
Total current assets |
987,797
|
746,424
|
Property and equipment, net |
75,000
|
74,944
|
Prepaid expenses and other assets |
52,481
|
17,816
|
Goodwill |
416,821
|
416,821
|
Intangible assets, net |
437,354
|
472,879
|
Deferred tax assets, net |
0
|
4,386
|
Total assets |
1,969,453
|
1,733,270
|
Current liabilities |
|
|
Accounts payable |
15,430
|
11,816
|
Accrued expenses |
117,930
|
100,678
|
Total current liabilities |
133,360
|
112,494
|
Long-term debt, net |
1,502,515
|
1,499,248
|
Other long-term liabilities |
30,507
|
37,720
|
Deferred tax liabilities, net |
13,647
|
0
|
Total liabilities |
1,680,029
|
1,649,462
|
Commitments and contingencies (Note 11) |
|
|
Stockholders’ equity |
|
|
Preferred stock - $0.001 par value; 20,000 shares authorized; no shares issued and outstanding |
0
|
0
|
Common stock - $0.001 par value; 300,000 shares authorized; 126,535 and 126,770 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively |
127
|
127
|
Additional paid-in capital |
30,747
|
2,409
|
Accumulated other comprehensive loss |
(2,068)
|
(9,278)
|
Retained earnings |
260,618
|
90,550
|
Total stockholders’ equity |
289,424
|
83,808
|
Total liabilities and stockholders’ equity |
$ 1,969,453
|
$ 1,733,270
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v3.24.2.u1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Statement of Financial Position [Abstract] |
|
|
Preferred stock, par value (usd per share) |
$ 0.001
|
$ 0.001
|
Preferred stock, shares authorized (in shares) |
20,000,000
|
20,000,000
|
Preferred stock, shares issued (in shares) |
0
|
0
|
Preferred stock, shares outstanding (in shares) |
0
|
0
|
Common stock, par value (usd per share) |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized (in shares) |
300,000,000
|
300,000,000
|
Common stock, shares issued (in shares) |
126,535,000
|
126,770,000
|
Common stock, shares outstanding (in shares) |
126,535,000
|
126,770,000
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.24.2.u1
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Revenues |
|
|
|
|
Total revenues |
$ 231,353
|
$ 221,038
|
$ 427,232
|
$ 383,181
|
Operating expenses |
|
|
|
|
Cost of sales |
39,607
|
50,070
|
67,936
|
85,240
|
Amortization of intangibles |
17,762
|
17,835
|
35,525
|
35,670
|
Research and development |
21,038
|
19,727
|
40,149
|
37,706
|
Selling, general and administrative |
35,711
|
38,948
|
70,845
|
76,305
|
Total operating expenses |
114,118
|
126,580
|
214,455
|
234,921
|
Operating income |
117,235
|
94,458
|
212,777
|
148,260
|
Other income (expense) |
|
|
|
|
Investment and other income, net |
5,032
|
3,192
|
10,025
|
6,171
|
Interest expense |
(4,524)
|
(4,494)
|
(9,031)
|
(9,037)
|
Net income before income taxes |
117,743
|
93,156
|
213,771
|
145,394
|
Income tax expense |
24,498
|
18,402
|
43,703
|
31,025
|
Net income |
$ 93,245
|
$ 74,754
|
$ 170,068
|
$ 114,369
|
Earnings per share |
|
|
|
|
Basic (usd per share) |
$ 0.73
|
$ 0.57
|
$ 1.34
|
$ 0.86
|
Diluted (usd per share) |
$ 0.72
|
$ 0.56
|
$ 1.32
|
$ 0.84
|
Weighted average common shares outstanding |
|
|
|
|
Basic (in shares) |
127,116
|
131,730
|
127,029
|
133,369
|
Diluted (in shares) |
129,222
|
133,543
|
129,097
|
135,758
|
Royalties |
|
|
|
|
Revenues |
|
|
|
|
Total revenues |
$ 124,918
|
$ 111,740
|
$ 245,511
|
$ 211,380
|
Product sales, net |
|
|
|
|
Revenues |
|
|
|
|
Total revenues |
78,886
|
73,889
|
137,469
|
134,683
|
Revenues under collaborative agreements |
|
|
|
|
Revenues |
|
|
|
|
Total revenues |
$ 27,549
|
$ 35,409
|
$ 44,252
|
$ 37,118
|
X |
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v3.24.2.u1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Statement of Comprehensive Income [Abstract] |
|
|
|
|
Net income |
$ 93,245
|
$ 74,754
|
$ 170,068
|
$ 114,369
|
Other comprehensive income |
|
|
|
|
Unrealized (loss) gain on marketable securities, net |
(150)
|
(169)
|
(463)
|
755
|
Foreign currency translation adjustment |
(15)
|
1
|
(7)
|
23
|
Unrealized gain (loss) on derivative instruments, net |
76
|
(1,425)
|
8,691
|
(1,425)
|
Realized gain on derivative instruments, net |
(493)
|
(46)
|
(1,011)
|
(46)
|
Comprehensive income |
$ 92,663
|
$ 73,115
|
$ 177,278
|
$ 113,676
|
X |
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v3.24.2.u1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Operating activities |
|
|
Net income |
$ 170,068
|
$ 114,369
|
Adjustments to reconcile net income to net cash provided by operating activities |
|
|
Share-based compensation |
19,345
|
17,588
|
Depreciation and amortization |
5,012
|
5,415
|
Amortization of intangible assets |
35,525
|
35,670
|
Amortization of debt discount |
3,665
|
3,652
|
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(5,399)
|
(2,342)
|
Realized gain on marketable securities |
(7)
|
0
|
Loss on disposal of equipment |
1,678
|
517
|
Recognition of deferred revenue |
0
|
(2,404)
|
Lease payments recognized |
509
|
621
|
Deferred income taxes |
15,532
|
15,381
|
Changes in operating assets and liabilities |
|
|
Accounts receivable, net and other contract assets |
19,687
|
(15,307)
|
Inventories, net |
(61,635)
|
(31,987)
|
Prepaid expenses and other assets |
(38,748)
|
13,749
|
Accounts payable and accrued expenses |
19,989
|
(1,116)
|
Net cash provided by operating activities |
185,221
|
153,806
|
Investing activities |
|
|
Purchases of marketable securities |
(292,183)
|
(109,919)
|
Proceeds from sales and maturities of marketable securities |
173,590
|
114,505
|
Purchases of property and equipment |
(6,127)
|
(9,754)
|
Net cash used in investing activities |
(124,720)
|
(5,168)
|
Financing activities |
|
|
Repayment of 2024 Convertible Notes |
0
|
(13,483)
|
Repurchase of common stock |
0
|
(150,083)
|
Proceeds from issuance of common stock under equity incentive plans, net of taxes paid related to net share settlement |
8,993
|
1,398
|
Net cash provided by (used in) financing activities |
8,993
|
(162,168)
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
69,494
|
(13,530)
|
Cash, cash equivalents and restricted cash at beginning of period |
118,370
|
234,695
|
Cash, cash equivalents and restricted cash at end of period |
187,864
|
221,165
|
Supplemental disclosure of non-cash investing and financing activities |
|
|
Amounts accrued for purchases of property and equipment |
498
|
655
|
Right-of-use assets obtained in exchange for lease obligation |
1,466
|
1,037
|
Common stock issued for conversion of 2024 Convertible Notes |
$ 0
|
$ 125
|
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v3.24.2.u1
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
Total |
Common Stock |
Additional Paid-In Capital |
Accumulated Other Comprehensive (Loss) Income |
Retained Earnings |
Equity, beginning balance (in shares) at Dec. 31, 2022 |
|
135,154
|
|
|
|
Equity, beginning balance at Dec. 31, 2022 |
$ 169,798
|
$ 135
|
$ 27,368
|
$ (922)
|
$ 143,217
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
Share-based compensation expense |
17,588
|
|
17,588
|
|
|
Issuance of common stock pursuant to exercise of stock options and vesting of restricted stock and performance stock units, net (in shares) |
|
578
|
|
|
|
Issuance of common stock pursuant to exercise of stock options and vesting of restricted stock units, net and shares issued under the ESPP plan |
1,398
|
$ 1
|
1,397
|
|
|
Issuance of common stock for the conversion of the 2024 Convertible Notes (in shares) |
|
289
|
|
|
|
Issuance of common stock for the conversion of the 2024 Convertible Notes |
(126)
|
|
(126)
|
|
|
Repurchase of common stock (in shares) |
|
(4,165)
|
|
|
|
Repurchase of common stock |
(151,301)
|
$ (4)
|
(34,159)
|
|
(117,138)
|
Other comprehensive income (loss) |
(693)
|
|
|
(693)
|
|
Net income |
114,369
|
|
|
|
114,369
|
Equity, ending balance (in shares) at Jun. 30, 2023 |
|
131,856
|
|
|
|
Equity, ending balance at Jun. 30, 2023 |
151,033
|
$ 132
|
12,068
|
(1,615)
|
140,448
|
Equity, beginning balance (in shares) at Mar. 31, 2023 |
|
131,662
|
|
|
|
Equity, beginning balance at Mar. 31, 2023 |
65,850
|
$ 132
|
0
|
24
|
65,694
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
Share-based compensation expense |
9,622
|
|
9,622
|
|
|
Issuance of common stock pursuant to exercise of stock options and vesting of restricted stock and performance stock units, net (in shares) |
|
194
|
|
|
|
Issuance of common stock pursuant to exercise of stock options and vesting of restricted stock units, net and shares issued under the ESPP plan |
2,446
|
|
2,446
|
|
|
Other comprehensive income (loss) |
(1,639)
|
|
|
(1,639)
|
|
Net income |
74,754
|
|
|
|
74,754
|
Equity, ending balance (in shares) at Jun. 30, 2023 |
|
131,856
|
|
|
|
Equity, ending balance at Jun. 30, 2023 |
151,033
|
$ 132
|
12,068
|
(1,615)
|
140,448
|
Equity, beginning balance (in shares) at Dec. 31, 2023 |
|
126,770
|
|
|
|
Equity, beginning balance at Dec. 31, 2023 |
83,808
|
$ 127
|
2,409
|
(9,278)
|
90,550
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
Share-based compensation expense |
19,345
|
|
19,345
|
|
|
Issuance of common stock pursuant to exercise of stock options and vesting of restricted stock and performance stock units, net (in shares) |
|
831
|
|
|
|
Issuance of common stock pursuant to exercise of stock options and vesting of restricted stock units, net and shares issued under the ESPP plan |
8,993
|
$ 1
|
8,992
|
|
|
Repurchase of common stock (in shares) |
|
(1,066)
|
|
|
|
Repurchase of common stock |
0
|
$ (1)
|
1
|
|
|
Other comprehensive income (loss) |
7,210
|
|
|
7,210
|
|
Net income |
170,068
|
|
|
|
170,068
|
Equity, ending balance (in shares) at Jun. 30, 2024 |
|
126,535
|
|
|
|
Equity, ending balance at Jun. 30, 2024 |
289,424
|
$ 127
|
30,747
|
(2,068)
|
260,618
|
Equity, beginning balance (in shares) at Mar. 31, 2024 |
|
127,186
|
|
|
|
Equity, beginning balance at Mar. 31, 2024 |
177,808
|
$ 127
|
11,794
|
(1,486)
|
167,373
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
Share-based compensation expense |
9,471
|
|
9,471
|
|
|
Issuance of common stock pursuant to exercise of stock options and vesting of restricted stock and performance stock units, net (in shares) |
|
415
|
|
|
|
Issuance of common stock pursuant to exercise of stock options and vesting of restricted stock units, net and shares issued under the ESPP plan |
9,482
|
$ 1
|
9,481
|
|
|
Repurchase of common stock (in shares) |
|
(1,066)
|
|
|
|
Repurchase of common stock |
0
|
$ (1)
|
1
|
|
|
Other comprehensive income (loss) |
(582)
|
|
|
(582)
|
|
Net income |
93,245
|
|
|
|
93,245
|
Equity, ending balance (in shares) at Jun. 30, 2024 |
|
126,535
|
|
|
|
Equity, ending balance at Jun. 30, 2024 |
$ 289,424
|
$ 127
|
$ 30,747
|
$ (2,068)
|
$ 260,618
|
X |
- DefinitionAmount of increase to additional paid-in capital (APIC) for recognition of cost for award under share-based payment arrangement.
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v3.24.2.u1
Organization and Business
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6 Months Ended |
Jun. 30, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Organization and Business |
Organization and Business Halozyme Therapeutics, Inc. is a biopharmaceutical company advancing disruptive solutions to improve patient experiences and outcomes for emerging and established therapies. As the innovators of ENHANZE® drug delivery technology (“ENHANZE”) with our proprietary enzyme, rHuPH20, our commercially validated solution is used to facilitate the subcutaneous (“SC”) delivery of injected drugs and fluids with the goal of improving the patient experience with rapid SC delivery and reduced treatment burden. We license our technology to biopharmaceutical companies to collaboratively develop products that combine ENHANZE with our partners’ proprietary compounds. We also develop, manufacture and commercialize, for ourselves or with our partners, drug-device combination products using our advanced auto-injector technologies that are designed to provide commercial or functional advantages such as improved convenience, reliability and tolerability, and enhanced patient comfort and adherence. Our ENHANZE partners’ approved products and product candidates are based on rHuPH20, our patented recombinant human hyaluronidase enzyme. rHuPH20 works by breaking down hyaluronan (“HA”), a naturally occurring carbohydrate that is a major component of the extracellular matrix of the SC space. This temporarily reduces the barrier to bulk fluid flow allowing for improved and more rapid SC delivery of high dose, high volume injectable biologics, such as monoclonal antibodies and other large therapeutic molecules, as well as small molecules and fluids. We refer to the application of rHuPH20 to facilitate the delivery of other drugs or fluids as ENHANZE. We license our ENHANZE technology to form collaborations with biopharmaceutical companies that develop and/or market drugs requiring or benefiting from injection via the SC route of administration. In the development of proprietary intravenous (“IV”) drugs combined with our ENHANZE technology, data has been generated supporting the potential for ENHANZE to reduce patient treatment burden, as a result of shorter duration of SC administration with ENHANZE compared to IV administration. ENHANZE may enable fixed-dose SC dosing compared to weight-based dosing typically required for IV administration, extend the dosing interval for drugs that are already administered subcutaneously and potentially allow for lower rates of infusion-related reactions. ENHANZE may enable more flexible treatment options such as home administration by a healthcare professional or potentially the patient or caregiver. Lastly, certain proprietary drugs co-formulated with ENHANZE have been granted additional exclusivity, extending the patent life of the product beyond the patent expiry of the proprietary IV drug. We currently have ENHANZE collaborations and licensing agreements with F. Hoffmann-La Roche, Ltd. and Hoffmann-La Roche, Inc. (“Roche”), Takeda Pharmaceuticals International AG and Baxalta US Inc. (“Takeda”), Pfizer Inc. (“Pfizer”), Janssen Biotech, Inc. (“Janssen”), AbbVie, Inc. (“AbbVie”), Eli Lilly and Company (“Lilly”), Bristol-Myers Squibb Company (“BMS”), argenx BVBA (“argenx”), ViiV Healthcare (the global specialist HIV Company majority owned by GlaxoSmithKline) (“ViiV”), Chugai Pharmaceutical Co., Ltd. (“Chugai”) and Acumen Pharmaceuticals, Inc. (“Acumen”). In addition to receiving upfront licensing fees from our ENHANZE collaborations, we are entitled to receive event and sales-based milestone payments, revenues from the sale of bulk rHuPH20 and royalties from commercial sales of approved partner products co-formulated with ENHANZE. We currently earn royalties from sales of eight commercial products including sales of one commercial product from each of the Takeda, Janssen and argenx collaborations and five commercial products from the Roche collaboration. We have commercialized auto-injector products with several pharmaceutical companies including Teva Pharmaceutical Industries, Ltd. (“Teva”) and Otter Pharmaceuticals, LLC (“Otter”). We have development programs including auto-injectors with Idorsia Pharmaceuticals Ltd. (“Idorsia”). Our commercial portfolio of proprietary products includes Hylenex®, utilizing rHuPH20, and XYOSTED®, utilizing our auto-injector technology. Except where specifically noted or the context otherwise requires, references to “Halozyme,” “the Company,” “we,” “our,” and “us” in these notes to our condensed consolidated financial statements refer to Halozyme Therapeutics, Inc. and each of its directly and indirectly wholly owned subsidiaries as disclosed in Note 2, Summary of Significant Accounting Policies.
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v3.24.2.u1
Summary of Significant Accounting Policies
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6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
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Summary of Significant Accounting Policies |
Summary of Significant Accounting Policies Basis of Presentation The accompanying interim unaudited condensed consolidated financial statements have been prepared for purposes of and in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) related to a quarterly report on Form 10-Q. Accordingly, they do not include all of the information and disclosures required by U.S. GAAP for a complete set of financial statements. These condensed consolidated financial statements and notes thereto should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 20, 2024. The unaudited financial information for the interim periods presented herein reflects all adjustments which, in the opinion of management, are necessary for a fair presentation of the financial condition and results of operations for the periods presented, with such adjustments consisting only of normal recurring adjustments. Operating results for interim periods are not necessarily indicative of the operating results for an entire fiscal year. The accompanying condensed consolidated financial statements include the accounts of Halozyme Therapeutics, Inc. and our wholly owned subsidiaries, Halozyme, Inc. and Antares Pharma, Inc., and Antares Pharma, Inc.’s wholly owned Swiss subsidiaries, Antares Pharma IPL AG and Antares Pharma AG. All intercompany accounts and transactions have been eliminated. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts reported in our condensed consolidated financial statements and accompanying notes. On an ongoing basis, we evaluate our estimates and judgments, which are based on historical and anticipated results and trends and on various other assumptions that we believe to be reasonable under the circumstances. By their nature, estimates are subject to an inherent degree of uncertainty and, as such, actual results may differ from our estimates. Cash Equivalents and Marketable Securities Cash equivalents consist of highly liquid investments, readily convertible to cash, which mature within 90 days or less from the date of purchase. As of June 30, 2024, our cash and cash equivalents consisted of money market funds, bank certificate of deposits, U.S. treasury securities and demand deposits at commercial banks. Marketable securities are investments with original maturities of more than 90 days from the date of purchase that are specifically identified to fund current operations. Marketable securities are considered available-for-sale. These investments are classified as current assets, even though the stated maturity date may be one year or more beyond the current balance sheet date which reflects management’s intention to use the proceeds from the sale of these investments to fund our operations, as necessary. Such available-for-sale investments are carried at fair value with unrealized gains and losses recorded in other comprehensive income and included as a separate component of stockholders’ equity. The cost of marketable securities is adjusted for amortization of premiums or accretion of discounts to maturity, and such amortization or accretion is included in investment and other income, net in our condensed consolidated statements of income. We use the specific identification method for calculating realized gains and losses on marketable securities sold. None of the realized gains and losses and declines in value that were judged to be as a result of credit loss on marketable securities, if any, are included in investment and other income, net in our condensed consolidated statements of income. Fair Value of Financial Instruments The authoritative guidance for fair value measurements establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. Our financial instruments include cash equivalents, available-for-sale marketable securities, accounts receivable, prepaid expenses and other assets, accounts payable, accrued expenses and long-term debt. Fair value estimates of these instruments are made at a specific point in time based on relevant market information. These estimates may be subjective in nature and involve uncertainties and matters of significant judgment and therefore, cannot be determined with precision. The carrying amount of cash equivalents, accounts receivable, prepaid expenses and other assets, accounts payable and accrued expenses are generally considered to be representative of their respective fair values because of the short-term nature of those instruments. Available-for-sale marketable securities consist of asset-backed securities, corporate debt securities, U.S. Treasury securities, agency bonds and commercial paper, and are measured at fair value using Level 1 and Level 2 inputs. Level 2 financial instruments are valued using market prices on less active markets and proprietary pricing valuation models with observable inputs, including interest rates, yield curves, maturity dates, issue dates, settlement dates, reported trades, broker-dealer quotes, issue spreads, benchmark securities or other market related data. We obtain the fair value of Level 2 investments from our investment manager, who obtains these fair values from a third-party pricing source. We validate the fair values of Level 2 financial instruments provided by our investment manager by comparing these fair values to a third-party pricing source. Accounts Receivable, net Accounts receivable is recorded at the invoiced amount and is non-interest bearing. Accounts receivable is recorded net of estimated prompt pay discounts, distribution fees and chargebacks. We believe the risk of accounts being uncollectible is minimal; therefore, no significant allowances for doubtful accounts were established as of June 30, 2024 and December 31, 2023. Inventories Inventories are stated at lower of cost or net realizable value. Cost is determined on a first-in, first-out basis. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Inventories are reviewed periodically for potential excess, dated or obsolete status. We evaluate the carrying value of inventories on a regular basis, taking into account such factors as historical and anticipated future sales compared to quantities on hand, the price we expect to obtain for products in their respective markets compared with historical cost and the remaining shelf life of goods on hand. Leases We have entered into operating leases primarily for real estate and automobiles. These leases have contractual terms which range from three years to twelve years. We determine if an arrangement contains a lease at inception. Right of use (“ROU”) assets and liabilities resulting from operating leases are included in property and equipment, accrued expenses and other long-term liabilities on our condensed consolidated balance sheets. Operating lease ROU assets and liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the discount rate to calculate the present value of future payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives and initial direct costs incurred. Our leases often include options to extend or terminate the lease. These options are included in the lease term when it is reasonably certain that we will exercise that option. Short-term leases with an initial term of 12 months or less are not recorded on our condensed consolidated balance sheet. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components, which are generally accounted for separately. For certain leases, such as automobiles, we account for the lease and non-lease components as a single lease component. Property and Equipment, Net Property and equipment, including ROU assets are recorded at cost, less accumulated depreciation and amortization. Equipment is depreciated using the straight-line method over its estimated useful life ranging from three years to ten years and leasehold improvements are amortized using the straight-line method over the estimated useful life of the asset or the lease term, whichever is shorter. Impairment of Long-Lived Assets We account for long-lived assets in accordance with authoritative guidance for impairment or disposal of long-lived assets. Long-lived assets are reviewed for events or changes in circumstances, which indicate that their carrying value may not be recoverable. Comprehensive Income Comprehensive income is defined as the change in equity during the period from transactions and other events and circumstances from non-owner sources. Convertible Notes The 2024 Convertible Notes, the 2027 Convertible Notes and the 2028 Convertible Notes (collectively, the “Convertible Notes”) are accounted for in accordance with authoritative guidance for debt and derivatives. We evaluate all the embedded conversion options contained in the Convertible Notes to determine if there are embedded features that require bifurcation as a derivative as required by U.S. GAAP. Based on our analysis, we account for each of our Convertible Notes as single units of accounting, a liability, because we concluded that the conversion features do not require bifurcation as a derivative under embedded derivative authoritative guidance. Cash Flow Hedges - Currency Risks Beginning in the second quarter of 2023, we entered into a cash flow hedging program to mitigate foreign currency exchange risk associated with forecasted royalty revenue denominated in Swiss francs. Under the program, we can hedge these forecasted royalties up to a maximum of four years into the future. We hedge these cash flow exposures to reduce the risk of our earnings and cash flows being adversely affected by fluctuations in exchange rates. In accordance with the hedge accounting treatment, all hedging relationships are formally documented at the inception of the hedge and are highly effective in offsetting changes to future cash flows on hedged transactions. Both at inception of the hedge and on an ongoing basis, we assess whether the foreign currency forward contracts are highly effective in offsetting changes in cash flows of hedged items on a prospective and retrospective basis. If we determine a (i) foreign currency forward contract is not highly effective as a cash flow hedge, (ii) foreign currency forward contract has ceased to be a highly effective hedge or (iii) forecasted transaction is no longer probable of occurring, we would discontinue hedge accounting treatment prospectively. We measure effectiveness based on the change in fair value of the forward currency forward contract and the fair value of the hypothetical foreign currency forward contract with terms that match the critical terms of the risk being hedged. No portion of our foreign currency forward contracts were excluded from the assessment of hedge effectiveness. As of June 30, 2024, all hedges were determined to be highly effective. The assets or liabilities associated with our hedging contracts are recorded at fair market value in prepaid expense and other current assets, accrued expenses, or other long-term liabilities, respectively, in our condensed consolidated balance sheets. Gains and losses related to changes in the fair market value of these hedging contracts are recorded as a component of accumulated other comprehensive income (loss) (“AOCI”) within stockholder’s equity in our condensed consolidated balance sheets and reclassified to royalty revenue in our condensed consolidated statements of income in the same period as the recognition of the underlying hedged transaction. In the event the underlying forecasted transaction does not occur, or it becomes probable that it will not occur, within the defined hedge period, we reclassify the gains or losses on the related cash flow hedge from AOCI to royalties revenue in our condensed consolidated statements of income. Settlements from the cash flow hedge are included in operating activities on the condensed consolidated statements of cash flows. Since the fair market value of these hedging contracts is derived from current market rates, the hedging contracts are classified as derivative financial instruments. We do not use derivatives for speculative or trading purposes. As of June 30, 2024, amounts expected to be recognized as a net gain out of AOCI into our condensed consolidated statements of income during the next 12 months are not material. Business Combinations Under the acquisition method of accounting, we allocate the fair value of the total consideration transferred to the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values on the date of acquisition. These valuations require us to make estimates and assumptions, especially with respect to intangible assets. We record the excess consideration over the aggregate fair value of tangible and intangible assets, net of liabilities assumed, as goodwill. Costs incurred to complete a business combination, such as legal and other professional fees, are expensed as incurred. If the initial accounting for a business combination is incomplete by the end of a reporting period that falls within the measurement period, we report provisional amounts in our financial statements. During the measurement period, we adjust the provisional amounts recognized at the acquisition date to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date. We record these adjustments to the provisional amounts with a corresponding offset to goodwill. Any adjustments identified after the measurement period are recorded in our condensed consolidated statements of income. Goodwill, Intangible Assets and Other Long-Lived Asset Assets acquired, including intangible assets and in-process research and development (“IPR&D”), and liabilities assumed are measured at fair value as of the acquisition date. Goodwill, which has an indefinite useful life, represents the excess of cost over fair value of the net assets acquired. Intangible assets acquired in a business combination that are used for IPR&D activities are considered indefinite lived until the completion or abandonment of the associated research and development efforts. Upon reaching the end of the relevant research and development project (i.e., upon commercialization), the IPR&D asset is amortized over its estimated useful life. If the relevant research and development project is abandoned, the IPR&D asset is expensed in the period of abandonment. Goodwill and IPR&D are not amortized; however, they are reviewed for impairment at least annually during the second quarter, or more frequently if an event occurs indicating the potential for impairment. Goodwill and IPR&D are considered to be impaired if the carrying value of the reporting unit or IPR&D asset exceeds its respective fair value. We perform our goodwill impairment analysis at the reporting unit level, which aligns with our reporting and operating segment structure and availability of discrete financial information. During the goodwill impairment review, we assess qualitative factors to determine whether it is more likely than not that the fair values of our reporting unit is less than the carrying amount, including goodwill. The qualitative factors include, but are not limited to, macroeconomic conditions, industry and market considerations, and our overall financial performance. If, after assessing the totality of these qualitative factors, we determine that it is not more likely than not that the fair value of our reporting unit is less than the carrying amounts, then no additional assessment is deemed necessary. Otherwise, we proceed to compare the estimated fair value of the reporting unit with the carrying value, including goodwill. If the carrying amount of the reporting unit exceeds the fair value, we record an impairment loss based on the difference. We may elect to bypass the qualitative assessment in a period and proceed to perform the quantitative goodwill impairment test. Our identifiable intangible assets with finite useful lives are typically comprised of acquired device technologies and product rights. The cost of identifiable intangible assets with finite lives is generally amortized on a straight-line basis over the assets’ respective estimated useful lives. We perform regular reviews to determine if any event has occurred that may indicate intangible assets with finite useful lives and other long-lived assets are potentially impaired. If indicators of impairment exist, an impairment test is performed to assess the recoverability of the affected assets by determining whether the carrying amount of such assets exceeds the undiscounted expected future cash flows. If the affected assets are not recoverable, we estimate the fair value of the assets and record an impairment loss if the carrying value of the assets exceeds the fair value. Factors that may indicate potential impairment include a significant decline in our stock price and market capitalization compared to the net book value, significant changes in the ability of a particular asset to generate positive cash flows for our strategic business objectives, and the pattern of utilization of a particular asset. Revenue Recognition We generate revenues from payments received (i) as royalties from licensing our ENHANZE technology and other royalty arrangements, (ii) under collaborative agreements and (iii) from sales of our proprietary and partnered products. We recognize revenue when we transfer promised goods or services to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. To determine revenue recognition for contracts with customers, we perform the following five steps: (i) identify the promised goods or services in the contract; (ii) identify the performance obligations in the contract, including whether they are distinct in the context of the contract; (iii) determine the transaction price, including the constraint on variable consideration; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) we satisfy the performance obligations. ENHANZE and Device Royalties Under the terms of our ENHANZE collaboration and license agreements, our partners will pay us royalties at an on average mid-single digit percent rate of their sales if products under the collaboration are commercialized. All amounts owed to us are noncancelable after the underlying triggering event occurs, and nonrefundable once paid. Unless terminated earlier in accordance with its terms, collaborations generally continue in effect until the last to expire royalty payment term, as determined on a product by product and country by country basis, with each royalty term starting on the first commercial sale of that product and ending the later of: (i) a specified period or term set forth in the agreement or (ii) expiration of the last to expire of the valid claims of our patents covering rHuPH20 or other specified patents developed under the collaboration which valid claim covers a product developed under the collaboration. In general, when there are no valid claims of a specified patent developed under the collaboration covering the product in a given country, the royalty rate is reduced for those sales in that country upon the expiration of our patents covering rHuPH20. Janssen’s patents covering DARZALEX SC do not impact the timing for this royalty reduction. Partners may terminate the agreement prior to expiration for any reason in its entirety or on a target-by-target basis generally upon 90 days prior written notice to us. Upon any such termination, the license granted to partners (in total or with respect to the terminated target, as applicable) will terminate provided; however, that in the event of expiration of the agreement (as opposed to a termination), the on-going licenses granted may become perpetual, non-exclusive and fully paid. Sales-based milestones and royalties are recognized in the period the underlying sales or milestones occur. We do not receive final royalty reports from our ENHANZE partners until after we complete our financial statements for a prior quarter. Therefore, we recognize revenue based on estimates of the royalty earned, which are based on internal estimates and available preliminary reports provided by our partners. We will record adjustments in the following quarter, if necessary, when final royalty reports are received. To date, we have not recorded any material adjustments. We also earn royalties in connection with several of our licenses granted under license and development arrangements with our device partners. These royalties are based upon a percentage of commercial sales of partnered products with rates ranging from mid-single digits to low double digits and are tiered based on levels of net sales. These sales-based royalties, for which the license was deemed the predominant element to which the royalties relate, are estimated and recognized in the period in which the partners’ commercial sales occur. The royalties are generally reported and payable to us within 45 to 60 days after the end of the period in which the commercial sales are made. We base our estimates of royalties earned on actual sales information from our partners when available or estimated, prescription sales from external sources and estimated net selling price. We will record adjustments in the following quarter, if necessary, when final royalty reports are received. To date, we have not recorded any material adjustments. Revenue under ENHANZE and Device Collaborative Agreements ENHANZE Collaboration and License Agreements Under these agreements, we grant the collaboration partner a worldwide license to develop and commercialize products using our ENHANZE technology to combine our patented rHuPH20 enzyme with their proprietary biologics directed at up to a specified number of targets. Targets are usually licensed on an exclusive, global basis. Targets selected subsequent to inception of the arrangement generally require payment of an additional license fee. The collaboration partner is responsible for all development, manufacturing, clinical, regulatory, sales and marketing costs for any products developed under the agreement. We are responsible for supply of bulk rHuPH20 based on the collaboration partner’s purchase orders, and may also be separately engaged to perform research and development services. While these collaboration agreements are similar in that they originate from the same framework, each one is the result of an arms-length negotiation and thus may vary from one to the other. We generally collect an upfront license payment from collaboration partners, and are also entitled to receive event-based payments subject to collaboration partners’ achievement of specified development, regulatory and sales-based milestones. In several agreements, collaboration partners pay us annual fees to maintain their exclusive license rights if they are unable to advance product development to specified stages. We earn separate fees for bulk rHuPH20 supplies and research and development services. Although these agreements are in form identified as collaborative agreements, we concluded for accounting purposes they represent contracts with customers and are not subject to accounting literature on collaborative arrangements. This is because we grant to partners licenses to our intellectual property and provide supply of bulk rHuPH20 and research and development services which are all outputs of our ongoing activities, in exchange for respective consideration. Under these collaborative agreements, our partners lead development of assets, and we do not share in significant financial risks of their development or commercialization activities. Accordingly, we concluded our collaborative agreements are appropriately accounted for pursuant to U.S. GAAP. Under all of our ENHANZE collaborative agreements, we have identified licenses to use functional intellectual property as the only performance obligation. The intellectual property underlying the license is our proprietary ENHANZE technology which represents application of rHuPH20 to facilitate delivery of drugs. Each of the licenses grants the partners rights to use our intellectual property as it exists and is identified on the effective date of the license, because there is no ongoing development of the ENHANZE technology required. Therefore, we recognize revenue from licenses at the point when the license becomes effective and the partner has received access to our intellectual property, usually at the inception of the agreement. When partners can select additional targets to add to the licenses granted, we consider these rights to be options. We evaluate whether such options contain material rights, i.e. have exercise prices that are discounted compared to what we would charge for a similar license to a new partner. The exercise price of these options includes a combination of the target selection fees, event-based milestone payments and royalties. When these amounts in aggregate are not offered at a discount that exceeds discounts available to other customers, we conclude the option does not contain a material right, and we consider grants of additional licensing rights upon option exercises to be separate contracts (target selection contracts). Generally, we provide indemnification and protection of licensed intellectual property for our customers. These provisions are part of assurance that the licenses meet the agreements’ representations and are not obligations to provide goods or services. We also fulfill purchase orders for supply of bulk rHuPH20 and perform research and development services pursuant to project authorization forms for our partners, which represent separate contracts. In addition to our licenses, we price our supply of bulk rHuPH20 and research and development services at our regular selling prices, called standalone selling prices (“SSP”). Therefore, our partners do not have material rights to order these items at prices not reflective of SSP. Refer to the discussion below regarding recognition of revenue for these separate contracts. Transaction price for a contract represents the amount to which we are entitled in exchange for providing goods and services to the customer. Transaction price does not include amounts subject to uncertainties unless it is probable that there will be no significant reversal of revenue when the uncertainty is resolved. Apart from the upfront license payment (or target selection fees in the target selection contracts), all other fees we may earn under our collaborative agreements are subject to significant uncertainties of product development. Achievement of many of the event-based development and regulatory milestones may not be probable until such milestones are actually achieved. This generally relates to milestones such as obtaining marketing authorization approvals. With respect to other development milestones, e.g., dosing of a first patient in a clinical trial, achievement could be considered probable prior to its actual occurrence, based on the progress towards commencement of the trial. In order to evaluate progress towards commencement of a trial, we assess the status of activities leading up to our partner’s initiation of a trial such as feedback received from the applicable regulatory authorities, completion of Investigational New Drug (“IND”) or equivalent filings, readiness and availability of drug, readiness of study sites and our partner’s commitment of resources to the program. We do not include any amounts subject to uncertainties in the transaction price until it is probable that the amount will not result in a significant reversal of revenue in the future. At the end of each reporting period, we re-evaluate the probability of achievement of such milestones and any related constraint, and if necessary, adjust our estimate of the overall transaction price. When target exchange rights are held by partners, and the amounts attributed to these rights are not refundable, they are included in the transaction price. However, they are recorded as deferred revenues because we have a potential performance obligation to provide a new target upon an exchange right being exercised. These amounts are recognized in revenue when the right of exchange expires or is exercised. Because our agreements have one type of performance obligation (licenses) which are typically all transferred at the same time at agreement inception, allocation of transaction price often is not required. However, allocation is required when licenses for some of the individual targets are subject to rights of exchange, because revenue associated with these targets cannot be recognized. When allocation is needed, we perform an allocation of the upfront amount based on relative SSP of licenses for individual targets. We determine license SSP using an income-based valuation approach utilizing risk-adjusted discounted cash flow projections of the estimated return a licensor would receive. When amounts subject to uncertainties, such as milestones and royalties, are included in the transaction price, we attribute them to the specific individual target licenses which generate such milestone or royalty amounts. We also estimate SSP of bulk rHuPH20 and research and development services, to determine that our partners do not have material rights to order them at discounted prices. For supplies of bulk rHuPH20, because we effectively act as a contract manufacturer to our partners, we estimate and charge SSP based on the typical contract manufacturer margins consistent with all of our partners. We determine SSP of research and development services based on a fully-burdened labor rate. Our rates are comparable to those we observe in other collaborative agreements. We also have a history of charging similar rates to all of our partners. Upfront amounts allocated to licenses to individual targets are recognized as revenue when the license is transferred to the partner, as discussed above, if the license is not subject to exchange rights, or when the exchange right expires or is exercised. Development milestones and other fees are recognized in revenue when they are included in the transaction price, because by that time, we have already transferred the related license to the partner. In contracts to provide research and development services, such services represent the only performance obligation. The fees are charged based on hours worked by our employees and the fixed contractual rate per hour, plus third-party pass-through costs, on a monthly basis. We recognize revenues as the related services are performed based on the amounts billed, as the partner consumes the benefit of research and development work simultaneously as we perform these services, and the amounts billed reflect the value of these services to the customer. Device License, Development and Supply Arrangements We have several license, development and supply arrangements with pharmaceutical partners, under which we grant a license to our device technology and provide research and development services that often involve multiple performance obligations and highly-customized deliverables. For such arrangements, we identify each of the promised goods and services within the contract and the distinct performance obligations at inception of the contract and allocate consideration to each performance obligation based on relative SSP, which is generally determined based on the expected cost plus mark-up. If the contract includes an enforceable right to payment for performance completed to date and performance obligations are satisfied over time, we recognize revenue over the development period using either the input or output method depending on which is most appropriate given the nature of the distinct deliverable. For other contracts that do not contain an enforceable right to payment for performance completed to date, revenue is recognized when control of the product is transferred to the customer. Factors that may indicate transfer of control has occurred include the transfer of legal title, transfer of physical possession, the customer has obtained the significant risks and rewards of ownership of the assets, and we have a present right to payment. Our payment terms for development contracts may include an upfront payment equal to a percentage of the total contract value with the remaining portion to be billed upon completion and transfer of the individual deliverables or satisfaction of the individual performance obligations. We record a contract liability for cash received in advance of performance, which is presented within deferred revenue and deferred revenue, long-term in our condensed consolidated balance sheets and recognized as revenue in our condensed consolidated statements of income when the associated performance obligations have been satisfied. License fees and milestones received in exchange for the grant of a license to our functional intellectual property, such as patented technology and know-how in connection with a partnered development arrangement, are generally recognized at inception of the arrangement, or over the development period depending on the facts and circumstances, as the license is generally not distinct from the non-licensed goods or services to be provided under the contract. Milestone payments that are contingent upon the occurrence of future events are evaluated and recorded at the most likely amount, and to the extent that it is probable that a significant reversal of revenue will not occur when the associated uncertainty is resolved. Refer to Note 4, Revenue, for further discussion on our collaborative arrangements. Product Sales, Net Proprietary Product Sales Our commercial portfolio of proprietary products includes XYOSTED and Hylenex recombinant which we sell primarily to wholesale pharmaceutical distributors and specialty pharmacies, who sell the products to hospitals, retail chain drug stores and other end-user customers. Sales to wholesalers are made pursuant to purchase orders subject to the terms of a master agreement, and delivery of individual packages of products represents performance obligations under each purchase order. We use contract manufacturers to produce our proprietary products and third-party logistics (“3PL”) vendors to process and fulfill orders. We concluded we are the principal in the sales to wholesalers because we control access to services rendered by both vendors and direct their activities. We have no significant obligations to wholesalers to generate pull-through sales. Revenue is recognized when control has transferred to the customer, which is typically upon delivery, at the net selling price, which reflects the variable consideration for which reserves and sales allowances are established for estimated returns, wholesale distribution fees, prompt payment discounts, government rebates and chargebacks, plan rebate arrangements and patient discount and support programs. We recognize revenue from product sales and related cost of sales upon product delivery to the wholesaler location. At that time, the wholesalers take control of the product as they take title, bear the risk of loss of ownership, and have an enforceable obligation to pay us. They also have the ability to direct sales of product to their customers on terms and at prices they negotiate. Although wholesalers have product return rights, we do not believe they have a significant incentive to return the product to us. The determination of certain reserves and sales allowances requires us to make a number of judgements and estimates to reflect our best estimate of the transaction price and the amount of consideration to which we believe we would be ultimately entitled to receive. The expected value is determined based on unit sales data, contractual terms with customers and third-party payers, historical and estimated future percentage of rebates incurred on sales, historical and future insurance plan billings, any new or anticipated changes in programs or regulations that would impact the amount of the actual rebates, customer purchasing patterns, product expiration dates and levels of inventory in the distribution channel. The estimated amounts of credit for product returns, chargebacks, distribution fees, prompt payment discounts, rebates and customer co-pay support programs are included in accrued expenses and accounts receivable, net in our condensed consolidated balance sheets upon recognition of revenue from product sales. We monitor actual product returns, chargebacks, discounts and fees subsequent to the sale. If these amounts differ from our estimates, we make adjustments to these allowances, which are applied to increase or reduce product sales revenue and earnings in the period of adjustment. Selling prices initially billed to wholesalers are subject to discounts for prompt payment and subsequent chargebacks when wholesalers sell our products at negotiated discounted prices to members of certain group purchasing organizations (“GPOs”), Pharmacy Benefit Managers (“PBMs”) and government programs. We also pay quarterly distribution fees to certain wholesalers for inventory reporting and chargeback processing, and to PBMs and GPOs as administrative fees for services and for access to their members. We concluded the benefits received in exchange for these fees are not distinct from our sales of our products, and accordingly we apply these amounts to reduce revenues. Wholesalers also have rights to return unsold product nearing or past the expiration date. Because of the shelf life of our products and our lengthy return period, there may be a significant period of time between when the product is shipped and when we issue credits on returned product. We estimate the transaction price when we receive each purchase order taking into account the expected reductions of the selling price initially billed to the wholesaler arising from all of the above factors. We have compiled historical experience and data to estimate future returns and chargebacks of our products and the impact of the other discounts and fees we pay. When estimating these adjustments to the transaction price, we reduce it sufficiently to be able to assert that it is probable that there will be no significant reversal of revenue when the ultimate adjustment amounts are known. Each purchase order contains only one type of product, and is usually shipped to the wholesaler in a single shipment. Therefore, allocation of the transaction price to individual packages is not required. In connection with the orders placed by wholesalers, we incur costs such as commissions to our sales representatives. However, as revenue from product sales is recognized upon delivery to the wholesaler, which occurs shortly after we receive a purchase order, we do not capitalize these commissions and other costs, based on application of the practical expedient allowed within the applicable guidance. Partnered Product Sales Bulk rHuPH20 We sell bulk rHuPH20 to partners for use in research and development and, subsequent to receiving marketing approval, we sell it for use in collaboration commercial products. Sales are made pursuant to purchase orders subject to the terms of the collaborative agreement or a supply agreement, and delivery of units of bulk rHuPH20 represent performance obligations under each purchase order. We provide a standard warranty that the product conforms to specifications. We use contract manufacturers to produce bulk rHuPH20 and have concluded we are the principal in the sales to partners. The transaction price for each purchase order of bulk rHuPH20 is fixed based on the cost of production plus a contractual markup, and is not subject to adjustments. Allocation of the transaction price to individual quantities of the product is usually not required because each order contains only one type of product. We recognize revenue from the sale of bulk rHuPH20 as product sales and related cost of sales upon transfer of title to our partners. At that time, the partners take control of the product, bear the risk of loss of ownership, and have an enforceable obligation to pay us. Devices We are party to several license, development, supply and distribution arrangements with pharmaceutical partners, under which we produce and are the exclusive supplier of certain products, devices and/or components. Revenue is recognized when or as control of the goods transfers to the customer as discussed below. We are the exclusive supplier of OTREXUP® to Otter. Because this product is custom manufactured with no alternative use and we have a contractual right to payment for performance completed to date, control is continuously transferred to the customer as the product is produced pursuant to firm purchase orders. Revenue is recognized over time using the output method based on the contractual selling price and number of units produced. The amount of revenue recognized in excess of the amount shipped/billed to the customer, if any, is recorded as contract assets in our condensed consolidated balance sheets due to the short-term nature in which the amount is ultimately expected to be billed and collected from the customer. Other device partnered product sales are recognized at the point in time in which control is transferred to the customer, which is typically upon shipment. Sales terms and pricing are governed by the respective supply and distribution agreements, and there is generally no right of return. Revenue is recognized at the transaction price, which includes the contractual per unit selling price and estimated variable consideration, such as volume-based pricing arrangements, if any. We recognize revenue, including the estimated variable consideration we expect to receive for contract margin on future commercial sales, upon shipment of the goods to our partner. The estimated variable consideration is recognized at an amount we believe is not subject to significant reversal of revenue based on historical experience and is adjusted at each reporting period if the most likely amount of expected consideration changes or becomes fixed. Cost of Sales Cost of sales consists primarily of raw materials, third-party manufacturing costs, fill and finish costs, freight costs, internal costs and manufacturing overhead associated with the production of proprietary and partnered products. Cost of sales also consists of the write-down of excess, dated and obsolete inventories and the write-off of inventories that do not meet certain product specifications, if any. Research and Development Expenses Research and development expenses include salaries and benefits, allocation of facilities and other overhead expenses, research related manufacturing services, contract services, and other outside expenses related to manufacturing, preclinical and regulatory activities and our partner development platforms. Research and development expenses are charged to operating expenses as incurred when these expenditures relate to our research and development efforts and have no alternative future uses. We are obligated to make upfront payments upon execution of certain research and development agreements. Advance payments, including nonrefundable amounts, for goods or services that will be used or rendered for future research and development activities are deferred. Such amounts are recognized as expense as the related goods are delivered or the related services are performed or such time when we do not expect the goods to be delivered or services to be performed. Share-Based Compensation We record compensation expense associated with stock options, restricted stock units (“RSUs”), performance stock units (“PSUs”) and shares issued under our employee stock purchase plan (“ESPP”) in accordance with the authoritative guidance for share-based compensation. The cost of employee services received in exchange for an award of an equity instrument is measured at the grant date, based on the estimated fair value of the award, and is recognized as expense on a straight-line basis over the requisite service period of the award. Share-based compensation expense for an award with a performance condition is recognized when the achievement of such performance condition is determined to be probable. If the outcome of such performance condition is not determined to be probable or is not met, no compensation expense is recognized and any previously recognized compensation expense is reversed. Forfeitures are recognized as a reduction of share-based compensation expense as they occur. Income Taxes We provide for income taxes using the liability method. Under this method, deferred income tax assets and liabilities are determined based on the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases at each reporting period. We measure deferred tax assets and liabilities using enacted tax rates for the year in which the differences are expected to reverse. Significant judgment is required by management to determine our provision for income taxes, our deferred tax assets and liabilities, and any associated valuation allowances recorded against our net deferred tax assets, which are based on complex and evolving tax regulations. Deferred tax assets (“DTA”) and other tax benefits are recorded when they are more likely than not to be realized. On a quarterly basis, we assess the need for valuation allowance on our DTAs, weighing all positive and negative evidence, to assess if it is more-likely-than-not that some or all of our DTAs will be realized. We recorded a provision for income taxes of $24.5 million and $43.7 million using an effective tax rate of 20.5% and 19.1% for the three and six months ended June 30, 2024. The difference between our effective tax rate and the U.S. federal statutory rate of 21% is primarily due to state income taxes, research and development credit generations, tax benefits on the Foreign Derived Intangible Income Deduction (“FDII”) (net of reserves), tax detriments on 162(m) and other share-based compensation. Segment Information We operate our business in one operating segment, which includes all activities related to the research, development and commercialization of our proprietary enzymes and devices. This segment also includes revenues and expenses related to (i) research and development and manufacturing activities conducted under our collaborative agreements with third parties, and (ii) product sales of proprietary and partnered products. The chief operating decision-maker (“CODM”), our Chief Executive Officer (“CEO”), reviews the operating results on an aggregate basis and manages the operations as a single operating segment. Adoption and Pending Adoption of Recent Accounting Pronouncements The following table provides a brief description of recently issued accounting standards, those adopted in the current period and those not yet adopted: | | | | | | | | | | | | | | | | | | | | | | | | | | | Standard | | Description | | Effective Date | | Adoption Method | | Effect on the Financial Statements or Other Significant Matters | In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. | | The new standard is intended to improve annual and interim reportable segment disclosure requirements regardless of number of reporting units, primarily through enhanced disclosures of significant expenses. The amendment requires public entities to disclose significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit and loss. | | Annual periods beginning after December 15, 2023 (our 2024 Form 10-K), and interim periods within fiscal years beginning after December 15, 2024 (our Q1 2025 Form 10-Q) - Early adoption is permitted, including adoption in an interim period
| | Retrospective | | We are currently evaluating the impact of the standard on our consolidated financial statements and related disclosures. | In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. | | The new guidance includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. | | Annual periods beginning after December 15, 2024 (our 2025 Form 10-K) - Early adoption is permitted | | Prospective or Retrospective | | We are currently evaluating the impact of the standard on our consolidated financial statements and related disclosures. |
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- DefinitionThe entire disclosure for all significant accounting policies of the reporting entity.
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v3.24.2.u1
Fair Value Measurement
|
6 Months Ended |
Jun. 30, 2024 |
Fair Value Disclosures [Abstract] |
|
Fair Value Measurement |
Fair Value Measurement Available-for-sale marketable securities consisted of the following (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2024 | | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Estimated Fair Value | Asset-backed securities | | $ | 928 | | | $ | — | | | $ | (2) | | | $ | 926 | | Corporate debt securities | | 52,579 | | | — | | | (126) | | | 52,453 | | U.S. treasury securities | | 282,769 | | | 1 | | | (170) | | | 282,600 | | | | | | | | | | | Agency bonds | | 5,199 | | | — | | | (12) | | | 5,187 | | | | | | | | | | | Total marketable securities, available-for-sale | | $ | 341,475 | | | $ | 1 | | | $ | (310) | | | $ | 341,166 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Estimated Fair Value | Asset-backed securities | | $ | 3,512 | | | $ | — | | | $ | (8) | | | $ | 3,504 | | Corporate debt securities | | 6,022 | | | 1 | | | (10) | | | 6,013 | | U.S. treasury securities | | 175,996 | | | 200 | | | (12) | | | 176,184 | | Agency bonds | | 16,119 | | | — | | | (16) | | | 16,103 | | | | | | | | | | | Commercial paper | | 15,826 | | | — | | | — | | | 15,826 | | Total marketable securities, available-for-sale | | $ | 217,475 | | | $ | 201 | | | $ | (46) | | | $ | 217,630 | |
As of June 30, 2024, 41 available-for-sale marketable securities with a fair market value of $315.5 million were in a gross unrealized loss position of $0.3 million. Based on our review of these marketable securities, we believe none of the unrealized loss is as a result of a credit loss as of June 30, 2024 because we do not intend to sell these securities and it is not more-likely-than-not that we will be required to sell these securities before the recovery of their amortized cost basis. The estimated fair value of our contractual maturities of available-for-sale debt securities were as follows (in thousands): | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | | | | Due within one year | | $ | 304,661 | | | $ | 197,633 | | Due after one year but within five years | | 36,505 | | | 19,997 | | Total estimated fair value of contractual maturities, available-for-sale | | $ | 341,166 | | | $ | 217,630 | |
The following table summarizes, by major security type, our cash equivalents and available-for-sale marketable securities measured at fair value on a recurring basis and are categorized using the fair value hierarchy (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | | | Level 1 | | Level 2 | | Total Estimated Fair Value | | Level 1 | | Level 2 | | Total Estimated Fair Value | Assets | | | | | | | | | | | | | Cash equivalents | | | | | | | | | | | | | Money market funds | | $ | 56,965 | | | $ | — | | | $ | 56,965 | | | $ | 22,142 | | | $ | — | | | $ | 22,142 | | U.S. treasury securities | | 20,000 | | | — | | | 20,000 | | | 2,000 | | | — | | | 2,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | Available-for-sale marketable securities | | | | | | | | | | | | | Asset-backed securities | | — | | | 926 | | | 926 | | | — | | | 3,504 | | | 3,504 | | Corporate debt securities | | — | | | 52,453 | | | 52,453 | | | — | | | 6,013 | | | 6,013 | | U.S. treasury securities | | 282,600 | | | — | | | 282,600 | | | 176,184 | | | — | | | 176,184 | | Agency bonds | | 5,187 | | | — | | | 5,187 | | | 16,103 | | | — | | | 16,103 | | | | | | | | | | | | | | | Commercial paper | | — | | | — | | | — | | | — | | | 15,826 | | | 15,826 | | Derivative instruments | | | | | | | | | | | | | Currency hedging contracts (1) | | — | | | 1,389 | | | 1,389 | | | — | | | — | | | — | | Total assets | | $ | 364,752 | | | $ | 54,768 | | | $ | 419,520 | | | $ | 216,429 | | | $ | 25,343 | | | $ | 241,772 | | | | | | | | | | | | | | | Liabilities | | | | | | | | | | | | | Derivative instruments | | | | | | | | | | | | | Currency hedging contracts (1) | | $ | — | | | $ | 688 | | | $ | 688 | | | $ | — | | | $ | 9,480 | | | $ | 9,480 | | (1) Based on observable market transactions of spot currency rates, forward currency rates or equivalently-termed instruments. Carrying amounts of the financial assets and liabilities are equal to the fair value. As of June 30, 2024, the derivative assets and liabilities recorded within prepaid expenses and other current assets, prepaid expense and other assets and other long-term liabilities in our condensed consolidated balance sheets were $1.2 million, $0.2 million and $0.7 million, respectively. We had no available for sale securities that were classified within Level 3 as of June 30, 2024 and December 31, 2023.
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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v3.24.2.u1
Revenue
|
6 Months Ended |
Jun. 30, 2024 |
Revenue from Contract with Customer [Abstract] |
|
Revenue |
Revenue Our disaggregated revenues were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2024 | | 2023 | | 2024 | | 2023 | Royalties | | $ | 124,918 | | | $ | 111,740 | | | $ | 245,511 | | | $ | 211,380 | | | | | | | | | | | Product sales, net | | | | | | | | | Proprietary product sales | | 44,139 | | | 32,293 | | | 79,394 | | | 60,254 | | Bulk rHuPH20 sales | | 24,634 | | | 27,133 | | | 35,144 | | | 49,202 | | Device partnered product sales | | 10,113 | | | 14,463 | | | 22,931 | | | 25,227 | | Total product sales, net | | 78,886 | | | 73,889 | | | 137,469 | | | 134,683 | | | | | | | | | | | Revenues under collaborative agreements | | | | | | | | | | | | | | | | | | Event-based development and regulatory milestones and other fees | | 25,500 | | | 33,000 | | | 39,500 | | | 33,000 | | | | | | | | | | | Device licensing and development revenue | | 2,049 | | | 2,409 | | | 4,752 | | | 4,118 | | Total revenues under collaborative agreements | | 27,549 | | | 35,409 | | | 44,252 | | | 37,118 | | | | | | | | | | | Total revenues | | $ | 231,353 | | | $ | 221,038 | | | $ | 427,232 | | | $ | 383,181 | |
During the three months ended June 30, 2024, we recognized revenue related to licenses granted to partners in prior periods in the amount of $150.4 million. This amount represents royalties earned in the current period in addition to $25.5 million of variable consideration in the contracts where uncertainties were resolved and the development milestones are expected to be achieved or were achieved. We also recognized revenue of $0.5 million during the three months ended June 30, 2024 that had been included in accrued expense and other long-term liabilities in our condensed consolidated balance sheets as of December 31, 2023. During the six months ended June 30, 2024, we recognized revenue related to licenses granted to partners in prior periods in the amount of $285.0 million. This amount represents royalties earned in the current period in addition to $39.5 million of variable consideration in the contracts where uncertainties were resolved and the development milestones are expected to be achieved or were achieved. We also recognized revenue of $0.6 million during the six months ended June 30, 2024 that had been included in accrued expense and other long-term liabilities in our condensed consolidated balance sheets as of December 31, 2023. Accounts receivable, other contract assets and deferred revenues (contract liabilities) from contracts with customers, including partners, consisted of the following (in thousands): | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | Accounts receivable, net | | $ | 210,416 | | | $ | 233,254 | | Other contract assets | | 4,108 | | | 956 | | Deferred revenues | | 4,856 | | | 4,048 | | | | | | |
As of June 30, 2024, the amounts included in the transaction price of our contracts with customers, including collaboration partners, and allocated to goods and services not yet provided were $89.2 million, of which $84.3 million relates to unfulfilled product purchase orders and $4.9 million has been collected and is reported as accrued expense and other long-term liabilities in our condensed consolidated balance sheets. The unfulfilled product purchase orders are estimated to be delivered by the end of 2025. Of the total deferred revenues of $4.9 million, $1.3 million is expected to be used by our customers within the next 12 months. We recognized contract assets of $4.1 million as of June 30, 2024, which related to development milestones deemed probable of receipt for intellectual property licenses granted to partners in prior periods and for goods or services when control has transferred to the customer, and corresponding revenue is recognized on an over time basis but is not yet billable to the customer in accordance with the terms of the contract.
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v3.24.2.u1
Certain Balance Sheet Items
|
6 Months Ended |
Jun. 30, 2024 |
Balance Sheet Related Disclosures [Abstract] |
|
Certain Balance Sheet Items |
Certain Balance Sheet Items Accounts receivable, net and contract assets consisted of the following (in thousands): | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | Accounts receivable from product sales to partners | | $ | 29,307 | | | $ | 58,588 | | Accounts receivable from revenues under collaborative agreements | | 9,803 | | | 16,183 | | Accounts receivable from royalty payments | | 128,015 | | | 118,170 | | Accounts receivable from other product sales | | 49,909 | | | 47,060 | | | | | | | Contract assets | | 4,108 | | | 956 | | Total accounts receivable and contract assets | | 221,142 | | | 240,957 | | Allowance for distribution fees and discounts | | (6,618) | | | (6,747) | | Total accounts receivable, net and contract assets | | $ | 214,524 | | | $ | 234,210 | |
Inventories, net consisted of the following (in thousands): | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | Raw materials | | $ | 27,223 | | | $ | 23,646 | | Work-in-process | | 36,690 | | | 34,025 | | Finished goods | | 126,643 | | | 69,930 | | Total inventories, net | | 190,556 | | | 127,601 | | Less long-term portion (1) | | 31,244 | | | — | | Total inventories, net current | | $ | 159,312 | | | $ | 127,601 | |
(1) Long-term portion of inventories, net represents inventory expected to remain on hand beyond one year and therefore is included in prepaid expenses and other assets in the condensed consolidated balance sheets. Prepaid expenses and other assets consisted of the following (in thousands): | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | Prepaid manufacturing expenses | | $ | 30,928 | | | $ | 36,850 | | | | | | | Other prepaid expenses | | 53,936 | | | 12,902 | | Other assets (1) | | 21,304 | | | 16,677 | | Total prepaid expenses and other assets | | 106,168 | | | 66,429 | | Less long-term portion (1) | | (21,237) | | | (17,816) | | Total prepaid expenses and other assets, current | | $ | 84,931 | | | $ | 48,613 | |
(1) Excludes long-term inventories, net discussed in the table above. Prepaid manufacturing expenses include raw materials, slot reservation fees and other amounts paid to contract manufacturing organizations. Such amounts are reclassified to work-in-process inventory as materials are used or the contract manufacturing organization services are complete. Property and equipment, net consisted of the following (in thousands): | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | Research equipment | | $ | 8,796 | | | $ | 8,588 | | Manufacturing equipment | | 37,427 | | | 32,472 | | Computer and office equipment | | 9,183 | | | 9,722 | | Leasehold improvements | | 7,042 | | | 6,987 | | Subtotal | | 62,448 | | | 57,769 | | Accumulated depreciation and amortization | | (22,239) | | | (19,661) | | Subtotal | | 40,209 | | | 38,108 | | Right of use of assets | | 34,791 | | | 36,836 | | Total property and equipment, net | | $ | 75,000 | | | $ | 74,944 | | Depreciation and amortization expense was approximately $2.6 million and $2.8 million, inclusive of ROU asset amortization of $1.4 million and $1.4 million for the three months ended June 30, 2024 and 2023, respectively. Depreciation and amortization expense was approximately $5.0 million and $5.4 million, inclusive of ROU asset amortization of $2.9 million and $2.8 million for the six months ended June 30, 2024 and 2023, respectively. Accrued expenses consisted of the following (in thousands): | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | | | | | | Accrued compensation and payroll taxes | | $ | 12,561 | | | $ | 17,361 | | Accrued outsourced manufacturing expenses | | 13,523 | | | 12,361 | | Income taxes payable | | 29,265 | | | 963 | | Product returns and sales allowance | | 42,653 | | | 41,932 | | Other accrued expenses | | 19,771 | | | 33,584 | | Lease liability | | 30,664 | | | 32,197 | | Total accrued expenses | | 148,437 | | | 138,398 | | Less long-term portion | | (30,507) | | | (37,720) | | Total accrued expenses, current | | $ | 117,930 | | | $ | 100,678 | |
Expense associated with the accretion of the lease liabilities was approximately $0.6 million and $0.6 million for the three months ended June 30, 2024 and 2023, respectively and $1.2 million and $1.3 million for the six months ended June 30, 2024 and 2023, respectively. Total lease expense for the three months ended June 30, 2024 and 2023 was $2.0 million and $2.0 million, respectively, and $4.0 million and $4.1 million for the six months ended June 30, 2024 and 2023, respectively. Cash paid for amounts related to leases for the three months ended June 30, 2024 and 2023 was $1.7 million and $1.7 million, respectively, and $3.5 million and $3.4 million for the six months ended June 30, 2024 and 2023, respectively.
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- DefinitionThe entire disclosure for supplemental balance sheet disclosures, including descriptions and amounts for assets, liabilities, and equity.
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v3.24.2.u1
Goodwill and Intangible Assets
|
6 Months Ended |
Jun. 30, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Goodwill and Intangible Assets |
Goodwill and Intangible Assets Goodwill A summary of the activity impacting goodwill is presented below (in thousands): | | | | | | | | | Balance as of December 31, 2023 | | $ | 416,821 | | Adjustment | | — | | Balance as of June 30, 2024 | | $ | 416,821 | |
Intangible Assets Our acquired intangible assets are amortized using the straight-line method over their estimated useful lives of seven to ten years. The following table shows the cost, accumulated amortization and weighted average useful life in years for our acquired intangible assets as of June 30, 2024 (in thousands). | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Weighted Average Useful Life (in years) | | Gross Carrying Value | | Accumulated Amortization | | Net Carrying Value | Auto Injector technology platform | | 7 | | $ | 402,000 | | | $ | 120,878 | | | $ | 281,122 | | XYOSTED proprietary product | | 10 | | 136,200 | | | 28,668 | | | 107,532 | | | | | | | | | | | Total finite-lived intangibles, net | | | | $ | 538,200 | | | $ | 149,546 | | | $ | 388,654 | | ATRS-1902 (IPR&D) | | Indefinite | | | | | | 48,700 | | Total intangibles, net | | $ | 437,354 | |
Estimated future annual amortization of finite-lived intangible assets is shown in the following table (in thousands). Actual amortization expense to be reported in future periods could differ from these estimates as a result of acquisitions, divestitures, and asset impairments, among other factors.
| | | | | | | | | Year | | Amortization Expense | Remainder of 2024 | | $ | 35,524 | | 2025 | | 71,049 | | 2026 | | 71,049 | | 2027 | | 71,049 | | 2028 | | 71,049 | | Thereafter | | 68,934 | | Total | | $ | 388,654 | |
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- DefinitionThe entire disclosure for goodwill and intangible assets.
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v3.24.2.u1
Long-Term Debt, Net
|
6 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
Long-Term Debt, Net |
Long-Term Debt, Net 1.00% Convertible Notes due 2028 In August 2022, we completed the sale of $720.0 million in aggregate principal amount of 1.00% Convertible Senior Notes due 2028 (the “2028 Convertible Notes”). The net proceeds in connection with the issuance of the 2028 Convertible Notes, after deducting the initial purchasers’ fee of $18.0 million, was approximately $702.0 million. We also incurred additional debt issuance costs totaling $1.0 million. Debt issuance costs and the initial purchasers’ fee are presented as a debt discount. The 2028 Convertible Notes pay interest semi-annually in arrears on February 15th and August 15th of each year at an annual rate of 1.00%. The 2028 Convertible Notes are general unsecured obligations and rank senior in right of payment to all indebtedness that is expressly subordinated in right of payment to the 2028 Convertible Notes, rank equally in right of payment with all existing and future liabilities that are not so subordinated, are effectively junior to any secured indebtedness to the extent of the value of the assets securing such indebtedness, and are structurally subordinated to all indebtedness and other liabilities (including trade payables) of our current or future subsidiaries. The 2028 Convertible Notes have a maturity date of August 15, 2028. Holders may convert their 2028 Convertible Notes at their option only in the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on December 31, 2022, if the last reported sale price per share of common stock exceeds 130% of the conversion price for each of at least 20 trading days during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter; (2) during the five consecutive business days immediately after any five consecutive trading day period (such five consecutive trading day period, the “measurement period”) in which the trading price per $1,000 principal amount of notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price per share of our common stock on such trading day and the conversion rate on such trading day; (3) upon the occurrence of certain corporate events or distributions on our common stock, as described in the offering memorandum for the 2028 Convertible Notes; (4) if we call such notes for redemption; and (5) at any time from, and including, February 15, 2028 until the close of business on the second scheduled trading day immediately before the maturity date. As of June 30, 2024, the 2028 Convertible Notes were not convertible. Upon conversion, we will pay cash for the settlement of principal, and for the premium, if applicable, we will pay cash, deliver shares of common stock or a combination of cash and shares of common stock, at our election. The initial conversion rate for the 2028 Convertible Notes is 17.8517 shares of common stock per $1,000 in principal amount of 2028 Convertible Notes, equivalent to a conversion price of approximately $56.02 per share of our common stock. The conversion rate is subject to adjustment in some events but will not be adjusted for any accrued or unpaid interest. As of June 30, 2024, we were in compliance with all covenants and there was no material adverse change in our business, operations or financial condition. Capped Call Transactions In connection with the offering of the 2028 Convertible Notes, we entered into capped call transactions with certain counterparties (the “Capped Call Transactions”). The Capped Call Transactions are expected generally to reduce potential dilution to holders of our common stock upon conversion of the 2028 Convertible Notes or at our election (subject to certain conditions) offset any cash payments we are required to make in excess of the principal amount of such converted 2028 Convertible Notes. The cap price of the Capped Call Transactions is initially $75.4075 per share of common stock, representing a premium of 75% above the last reported sale price of $43.09 per share of common stock on August 15, 2022, and is subject to certain adjustments under the terms of the Capped Call Transactions. As of June 30, 2024, no capped calls had been exercised. Pursuant to their terms, the capped calls qualify for classification within stockholders’ equity in our condensed consolidated balance sheets, and their fair value is not remeasured and adjusted as long as they continue to qualify for stockholders’ equity classification. We paid approximately $69.1 million for the Capped Calls, including applicable transaction costs, which was recorded as a reduction to additional paid-in capital in our condensed consolidated balance sheets. The Capped Call Transactions are separate transactions entered into by us with the capped call Counterparties, are not part of the terms of the Convertible Notes, and do not affect any holder’s rights under the Convertible Notes. Holders of the Convertible Notes do not have any rights with respect to the Capped Call Transactions. 0.25% Convertible Notes due 2027 In March 2021, we completed the sale of $805.0 million in aggregate principal amount of 0.25% Convertible Senior Notes due 2027 (the “2027 Convertible Notes”). The net proceeds in connection with the issuance of the 2027 Convertible Notes, after deducting the initial purchasers’ fee of $20.1 million, was approximately $784.9 million. We also incurred additional debt issuance costs totaling $0.4 million. Debt issuance costs and the initial purchasers’ fee are presented as a debt discount. The 2027 Convertible Notes pay interest semi-annually in arrears on March 1st and September 1st of each year at an annual rate of 0.25%. The 2027 Convertible Notes are general unsecured obligations and rank senior in right of payment to all indebtedness that is expressly subordinated in right of payment to the 2027 Convertible Notes, rank equally in right of payment with all existing and future liabilities that are not so subordinated, are effectively junior to any secured indebtedness to the extent of the value of the assets securing such indebtedness and are structurally subordinated to all indebtedness and other liabilities (including trade payables) of our current or future subsidiaries. The 2027 Convertible Notes have a maturity date of March 1, 2027. Holders may convert their 2027 Convertible Notes at their option only in the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on June 30, 2021, if the last reported sale price per share of common stock exceeds 130% of the conversion price for each of at least 20 trading days during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter; (2) during the five consecutive business days immediately after any five consecutive trading day period (such five consecutive trading day period, the “measurement period”) in which the trading price per $1,000 principal amount of notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price per share of our common stock on such trading day and the conversion rate on such trading day; (3) upon the occurrence of certain corporate events or distributions on our common stock, as described in the offering memorandum for the 2027 Convertible Notes; (4) if we call such notes for redemption; and (5) at any time from, and including, September 1, 2026 until the close of business on the scheduled trading day immediately before the maturity date. As of June 30, 2024, the 2027 Convertible Notes were not convertible. Upon conversion, we will pay cash for the settlement of principal and for the premium, if applicable, we will pay cash, deliver shares of common stock or a combination of cash and shares of common stock, at our election. The initial conversion rate for the 2027 Convertible Notes is 12.9576 shares of common stock per $1,000 in principal amount of 2027 Convertible Notes, equivalent to a conversion price of approximately $77.17 per share of our common stock. The conversion rate is subject to adjustment. As of June 30, 2024, we were in compliance with all covenants and there was no material adverse change in our business, operations or financial condition. 1.25% Convertible Notes due 2024 In November 2019, we completed the sale of $460.0 million in aggregate principal amount of 1.25% Convertible Senior Notes due 2024 (the “2024 Convertible Notes”). The net proceeds in connection with the issuance of the 2024 Convertible Notes, after deducting the initial purchasers’ fee of $12.7 million, was approximately $447.3 million. We also incurred debt issuance cost totaling $0.3 million. Debt issuance costs and the initial purchasers’ fee were presented as a debt discount. In January 2021, we notified the note holders of our irrevocable election to settle the principal of the 2024 Convertible Notes in cash and for the premium, to deliver shares of common stock. The conversion rate for the 2024 Convertible Notes was 41.9208 shares of common stock per $1,000 in principal amount of 2024 Convertible Notes, equivalent to a conversion price of approximately $23.85 per share of our common stock. The conversion rate was subject to adjustment. In January 2023, we issued a notice for the redemption of 2024 Convertible Notes. Holders of the notes could convert their notes at any time prior to the close of the business day prior to the redemption date. In March 2023, holders of the notes elected to convert the 2024 Convertible Notes in full. In connection with the conversion, we paid approximately $13.5 million in cash which included principal and accrued interest, and issued 288,886 shares of our common stock representing the intrinsic value based on the contractual conversion rate. Net Carrying Amounts of our Convertible Notes The carrying amount and fair value of our Convertible Notes were as follows (in thousands). | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | Principal amount | | | | | | | | | | 2027 Convertible Notes | | $ | 805,000 | | | $ | 805,000 | | 2028 Convertible Notes | | 720,000 | | | 720,000 | | Total principal amount | | $ | 1,525,000 | | | $ | 1,525,000 | | | | | | | Unamortized debt discount | | | | | | | | | | 2027 Convertible Notes | | $ | (9,237) | | | $ | (10,950) | | 2028 Convertible Notes | | (13,248) | | | (14,802) | | Total unamortized debt discount | | $ | (22,485) | | | $ | (25,752) | | | | | | | Carrying amount | | | | | | | | | | 2027 Convertible Notes | | $ | 795,763 | | | $ | 794,050 | | 2028 Convertible Notes | | 706,752 | | | 705,198 | | Total carrying amount | | $ | 1,502,515 | | | $ | 1,499,248 | | | | | | | Fair value based on trading levels (Level 2) | | | | | | | | | | 2027 Convertible Notes | | $ | 768,920 | | | $ | 695,826 | | 2028 Convertible Notes | | 801,115 | | | 670,522 | | Total fair value of outstanding notes | | $ | 1,570,035 | | | $ | 1,366,348 | | | | | | | Remaining amortization per period of debt discount (in years) | | | | | | | | | | 2027 Convertible Notes | | 2.7 | | 3.2 | 2028 Convertible Notes | | 4.1 | | 4.6 |
The following table summarizes the components of interest expense and the effective interest rates for each of our Convertible Notes (in thousands). | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2024 | | 2023 | | 2024 | | 2023 | Coupon interest | | | | | | | | | 2024 Convertible Notes | | $ | — | | $ | — | | $ | — | | | $ | 36 | | 2027 Convertible Notes | | 503 | | 503 | | 1,006 | | | 1,006 | | 2028 Convertible Notes | | 1,800 | | 1,800 | | 3,600 | | | 3,600 | | Total coupon interest | | $ | 2,303 | | $ | 2,303 | | $ | 4,606 | | | $ | 4,642 | | | | | | | | | | | Amortization of debt discount | | | | | | | | | 2024 Convertible Notes | | $ | — | | $ | — | | $ | — | | | $ | 24 | | 2027 Convertible Notes | | 857 | | 852 | | 1,713 | | | 1,702 | | 2028 Convertible Notes | | 778 | | 767 | | 1,553 | | | 1,531 | | Total amortization of debt discount | | $ | 1,635 | | $ | 1,619 | | $ | 3,266 | | | $ | 3,257 | | | | | | | | | | | Interest expense | | | | | | | | | 2024 Convertible Notes | | $ | — | | $ | — | | $ | — | | | $ | 60 | | 2027 Convertible Notes | | 1,360 | | 1,355 | | 2,719 | | | 2,708 | | 2028 Convertible Notes | | 2,578 | | 2,567 | | 5,153 | | | 5,131 | | Total interest expense | | $ | 3,938 | | $ | 3,922 | | $ | 7,872 | | | $ | 7,899 | | | | | | | | | | | Effective interest rates | | | | | | | | | | | | | | | | | | 2027 Convertible Notes | | 0.7 | % | | 0.7 | % | | 0.7 | % | | 0.7 | % | 2028 Convertible Notes | | 1.5 | % | | 1.5 | % | | 1.5 | % | | 1.5 | % |
Revolving Credit and Term Loan Facilities In May 2022, we entered into a credit agreement, which was subsequently amended in August 2022 (the “Amendment”), with Bank of America, N.A., as Administrative Agent, Swing Line Lender and an L/C Issuer, and the other lenders and L/C Issuers party thereto (the “2022 Credit Agreement), evidencing a credit facility (the “2022 Facility”) that provides for (i) a $575 million revolving credit facility (the “Revolving Credit Facility”) and (ii) a $250 million term loan facility (the “Term Facility”). Concurrently, with the entry into the Amendment, we repaid the entire outstanding Term Loan Facility and repaid all outstanding loans under the Revolving Credit Facility under the 2022 Credit Agreement. The 2022 Facility will mature on November 30, 2026 unless either the Revolving Credit Facility or the Term Facility is extended prior to such date in accordance with the 2022 Credit Agreement. The Term Facility requires quarterly scheduled repayments of the term loans in each of the first, second, third and fourth years following the closing in annual amounts equal to 2.50%, 5.00%, 7.50% and 10.00% of the initial principal amount of the term loans, respectively. The term loans are also subject to mandatory prepayments from the proceeds of certain asset sales, subject to our right to reinvest the proceeds thereof. Borrowings under the 2022 Facility bear interest, at our option, at a rate equal to an applicable margin plus: (a) the applicable Term Secured Overnight Financing Rate (“SOFR”) (which includes a SOFR adjustment of 0.10%), or (b) a base rate determined by reference to the highest of (1) the federal funds effective rate plus 0.50%, (2) the Bank of America prime rate, (3) the Term SOFR rate for an interest period of one month plus 1.10%, and (4) 1.00%. The margin for the 2022 Facility ranges, based on our consolidated total net leverage ratio, from 0.25% to 1.25% in the case of base rate loans and from 1.25% to 2.25% in the case of Term SOFR rate loans. In addition to paying interest on the outstanding principal under the Facility, we will pay (i) a commitment fee in respect of the unutilized commitments thereunder and (ii) customary letter of credit fees and agency fees. The commitment fees range from 0.15% to 0.35% per annum based on our consolidated net leverage ratio. As of June 30, 2024, the Revolving Credit Facility was undrawn. We incurred a total of $3.6 million in third-party costs related to the 2022 Credit Agreement which are recorded as debt issuance cost within prepaid expenses and other assets in our condensed consolidated balance sheets. As of June 30, 2024, the unamortized debt issuance cost related to the revolving credit facility was $1.9 million.
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- DefinitionThe entire disclosure for long-term debt.
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v3.24.2.u1
Share-based Compensation
|
6 Months Ended |
Jun. 30, 2024 |
Share-Based Payment Arrangement, Noncash Expense [Abstract] |
|
Share-based Compensation |
Share-based Compensation The following table summarized share-based compensation expense included in our condensed consolidated statements of income related to share-based awards (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2024 | | 2023 | | 2024 | | 2023 | Research and development | | $ | 2,568 | | | $ | 3,670 | | | $ | 5,913 | | | $ | 6,771 | | Selling, general and administrative | | 6,903 | | | 5,952 | | | 13,432 | | | 10,817 | | Total share-based compensation expense | | $ | 9,471 | | | $ | 9,622 | | | $ | 19,345 | | | $ | 17,588 | |
Share-based compensation expense by type of share-based award was as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2024 | | 2023 | | 2024 | | 2023 | Stock options | | $ | 3,894 | | | $ | 4,190 | | | $ | 8,193 | | | $ | 7,645 | | RSUs, PSUs and ESPP | | 5,577 | | | 5,432 | | | 11,152 | | | 9,943 | | Total share-based compensation expense | | $ | 9,471 | | | $ | 9,622 | | | $ | 19,345 | | | $ | 17,588 | |
We granted stock options to purchase approximately 0.1 million and 0.4 million shares of common stock during the three months ended June 30, 2024 and 2023, respectively and 0.6 million and 1.6 million during the six months ended June 30, 2024 and 2023, respectively. The exercise price of stock options granted is equal to the closing price of the common stock on the date of grant. The fair value of each option award is estimated on the date of grant using the Black-Scholes-Merton option pricing model (“Black-Scholes Model”). Expected volatility is based on historical volatility of our common stock. The expected term of options granted is based on analyses of historical employee termination rates and option exercises. The risk-free interest rate is based on the U.S. Treasury yield for a period consistent with the expected term of the option in effect at the time of the grant. The dividend yield assumption is based on the expectation of no future dividend payments. The assumptions used in the Black-Scholes Model were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2024 | | 2023 | | 2024 | | 2023 | Expected volatility | | 40.01 - 40.07% | | 40.26 - 40.72% | | 40.01 - 40.08% | | 39.68 - 40.72% | Average expected term (in years) | | 5.4 | | 5.0 | | 5.0 | | 4.8 | Risk-free interest rate | | 4.64 - 4.70% | | 3.37 - 3.70% | | 3.80 - 4.70% | | 3.37 - 4.27% | Expected dividend yield | | — | | | — | | | — | | | — | |
In February 2021, our Board of Directors approved our 2021 ESPP and our stockholders approved the plan in May 2021. The ESPP enables eligible employees to purchase shares of our common stock at the end of each offering period at a price equal to 85% of the fair market value of the shares on the first business day or the last business day of the offering period, whichever is lower. Share purchases are funded through payroll deduction of at least 1% and up to 15% of an employee’s compensation for each payroll period, and no employee may purchase shares under the ESPP that exceeds $25,000 worth of our common stock for a calendar year. As of June 30, 2024, 2,579,790 shares were available for future purchase. The offering period is generally for a six-month period and the first offering period commenced on June 16, 2021. Offering periods shall commence on or about the sixteenth day of June and December of each year and end on or about the fifteenth day of the next December and June, respectively, occurring thereafter. During the six months ended June 30, 2024, 24,432 shares were issued pursuant to the ESPP. Total unrecognized estimated compensation cost by type of award and the weighted-average remaining requisite service period over which such expense is expected to be recognized was as follows (in thousands, unless otherwise noted): | | | | | | | | | | | | | | | | | June 30, 2024 | | | Unrecognized Expense | | Remaining Weighted-Average Recognition Period (in years) | Stock options | | $ | 35,381 | | | 2.56 | | | | | | RSUs | | 50,035 | | | 2.92 | PSUs | | 9,577 | | | 2.05 | ESPP | | 253 | | | 0.40 |
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- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.24.2.u1
Stockholders' Equity
|
6 Months Ended |
Jun. 30, 2024 |
Equity [Abstract] |
|
Stockholders' Equity |
Stockholders’ Equity During the six months ended June 30, 2024 and 2023, we issued an aggregate of 475,828 and 240,223 shares of common stock, respectively, in connection with the exercises of stock options at a weighted average exercise price of $23.90 and $17.66 per share, respectively, for net proceeds of approximately $11.4 million and $4.2 million, respectively. For the six months ended June 30, 2024 and 2023, we issued 331,693 and 318,181 shares of common stock, respectively, upon vesting of certain RSUs and PSUs for which the RSU and PSU holders surrendered 88,825 and 70,733 RSUs and PSUs, respectively, to pay for minimum withholding taxes totaling approximately $6.5 million and $7.0 million, respectively. Stock options and unvested restricted units totaling approximately 8.0 million and 7.8 million shares of our common stock were outstanding as of June 30, 2024 and December 31, 2023, respectively. Share Repurchases In December 2021, the Board of Directors authorized a second capital return program to repurchase up to $750.0 million of outstanding stock over a three-year period. We accelerated the initiation of our planned 2024 share repurchases and in November 2023, we entered into an Accelerated Share Repurchase (“ASR”) agreement with Bank of America, N.A. to accelerate the remaining $250.0 million of share repurchases remaining under the approved capital return program. Pursuant to the agreement, at the inception of the ASR, we paid $250.0 million to Bank of America, N.A. and took initial delivery of 5.5 million shares. In June 2024, we finalized the transaction at an average price per share of $38.35 and received an additional 1.1 million shares. Our December 2021 share repurchase program was completed in June 2024 with a total of 19.1 million shares repurchased over the three-year period at an average price per share of $39.31. All shares repurchased under our capital return programs have been retired and have resumed their status of authorized and unissued shares In February 2024, our Board of Directors authorized a new capital return program to repurchase up to $750.0 million of our outstanding common stock.
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v3.24.2.u1
Earnings per share
|
6 Months Ended |
Jun. 30, 2024 |
Earnings Per Share [Abstract] |
|
Earnings per share |
Earnings per share Basic earnings per share is computed by dividing net income for the period by the weighted average number of common shares outstanding during the period, without consideration for common stock equivalents. Outstanding stock options, unvested RSUs, unvested PSUs, common shares expected to be issued under our ESPP and the Convertible Notes are considered common stock equivalents and are only included in the calculation of diluted earnings per common share when net income is reported and their effect is dilutive. Potentially dilutive common shares issuable upon vesting of stock options, RSUs and PSUs are determined using the average share price for each period under the treasury stock method. Potentially dilutive common shares issuable upon conversion of the Convertible Notes are determined using the if-converted method. Since we have committed to settle the principal amount of the Convertible Notes in cash upon conversion only, the number of shares for the conversion spread will be included as a dilutive common stock equivalent. A reconciliation of the numerators and the denominators of the basic and diluted earnings per share computations is as follows (in thousands, except per share amounts): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2024 | | 2023 | | 2024 | | 2023 | Numerator | | | | | | | | | Net income | | $ | 93,245 | | | $ | 74,754 | | | $ | 170,068 | | | $ | 114,369 | | Denominator | | | | | | | | | Weighted average common shares outstanding for basic earnings per share | | 127,116 | | | 131,730 | | | 127,029 | | | 133,369 | | Dilutive potential common stock outstanding | | | | | | | | | Stock options | | 1,762 | | | 1,656 | | | 1,669 | | | 1,910 | | RSUs, PSUs and ESPP | | 344 | | | 157 | | | 399 | | | 363 | | Convertible Notes | | — | | | — | | | — | | | 116 | | Weighted average common shares outstanding for diluted earnings per share | | 129,222 | | | 133,543 | | | 129,097 | | | 135,758 | | Earnings per share | | | | | | | | | Basic | | $ | 0.73 | | | $ | 0.57 | | | $ | 1.34 | | | $ | 0.86 | | Diluted | | $ | 0.72 | | | $ | 0.56 | | | $ | 1.32 | | | $ | 0.84 | |
Shares which have been excluded from the calculation of diluted earnings per common share because their effect was anti-dilutive include the following (shares in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | Six Months Ended June 30, | | | 2024 | 2023 | | 2024 | | 2023 | Anti-dilutive securities (1) | | 26.7 | | 27.7 | | | 26.8 | | | 27.4 | |
(1) The anti-dilutive securities include outstanding stock options, unvested RSUs, unvested PSUs, common shares expected to be issued under our ESPP and Convertible Notes
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v3.24.2.u1
Commitments and Contingencies
|
6 Months Ended |
Jun. 30, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
Commitments and Contingencies From time to time, we may be involved in disputes, including litigation, relating to claims arising out of operations in the normal course of our business. Any of these claims could subject us to costly legal expenses and, while we generally believe that we have adequate insurance to cover many different types of liabilities, our insurance carriers may deny coverage or our policy limits may be inadequate to fully satisfy any damage awards or settlements. If this were to happen, the payment of any such awards could have a material adverse effect on our condensed consolidated statements of income and balance sheets. Additionally, any such claims, whether or not successful, could damage our reputation and business. We currently are not a party to any legal proceedings, the adverse outcome of which, in our opinion, individually or in the aggregate, would have a material adverse effect on our condensed consolidated statements of income or balance sheets.
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- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
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Summary of Significant Accounting Policies (Policies)
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6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
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Basis of Presentation |
Basis of Presentation The accompanying interim unaudited condensed consolidated financial statements have been prepared for purposes of and in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) related to a quarterly report on Form 10-Q. Accordingly, they do not include all of the information and disclosures required by U.S. GAAP for a complete set of financial statements. These condensed consolidated financial statements and notes thereto should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 20, 2024. The unaudited financial information for the interim periods presented herein reflects all adjustments which, in the opinion of management, are necessary for a fair presentation of the financial condition and results of operations for the periods presented, with such adjustments consisting only of normal recurring adjustments. Operating results for interim periods are not necessarily indicative of the operating results for an entire fiscal year.
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Consolidation |
The accompanying condensed consolidated financial statements include the accounts of Halozyme Therapeutics, Inc. and our wholly owned subsidiaries, Halozyme, Inc. and Antares Pharma, Inc., and Antares Pharma, Inc.’s wholly owned Swiss subsidiaries, Antares Pharma IPL AG and Antares Pharma AG. All intercompany accounts and transactions have been eliminated.
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Use of Estimates |
Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts reported in our condensed consolidated financial statements and accompanying notes. On an ongoing basis, we evaluate our estimates and judgments, which are based on historical and anticipated results and trends and on various other assumptions that we believe to be reasonable under the circumstances. By their nature, estimates are subject to an inherent degree of uncertainty and, as such, actual results may differ from our estimates
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Cash Equivalents |
Cash equivalents consist of highly liquid investments, readily convertible to cash, which mature within 90 days or less from the date of purchase. As of June 30, 2024, our cash and cash equivalents consisted of money market funds, bank certificate of deposits, U.S. treasury securities and demand deposits at commercial banks.
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Marketable Securities |
Marketable securities are investments with original maturities of more than 90 days from the date of purchase that are specifically identified to fund current operations. Marketable securities are considered available-for-sale. These investments are classified as current assets, even though the stated maturity date may be one year or more beyond the current balance sheet date which reflects management’s intention to use the proceeds from the sale of these investments to fund our operations, as necessary. Such available-for-sale investments are carried at fair value with unrealized gains and losses recorded in other comprehensive income and included as a separate component of stockholders’ equity. The cost of marketable securities is adjusted for amortization of premiums or accretion of discounts to maturity, and such amortization or accretion is included in investment and other income, net in our condensed consolidated statements of income. We use the specific identification method for calculating realized gains and losses on marketable securities sold. None of the realized gains and losses and declines in value that were judged to be as a result of credit loss on marketable securities, if any, are included in investment and other income, net in our condensed consolidated statements of income.
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Fair Value of Financial Instruments |
Fair Value of Financial Instruments The authoritative guidance for fair value measurements establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. Our financial instruments include cash equivalents, available-for-sale marketable securities, accounts receivable, prepaid expenses and other assets, accounts payable, accrued expenses and long-term debt. Fair value estimates of these instruments are made at a specific point in time based on relevant market information. These estimates may be subjective in nature and involve uncertainties and matters of significant judgment and therefore, cannot be determined with precision. The carrying amount of cash equivalents, accounts receivable, prepaid expenses and other assets, accounts payable and accrued expenses are generally considered to be representative of their respective fair values because of the short-term nature of those instruments. Available-for-sale marketable securities consist of asset-backed securities, corporate debt securities, U.S. Treasury securities, agency bonds and commercial paper, and are measured at fair value using Level 1 and Level 2 inputs. Level 2 financial instruments are valued using market prices on less active markets and proprietary pricing valuation models with observable inputs, including interest rates, yield curves, maturity dates, issue dates, settlement dates, reported trades, broker-dealer quotes, issue spreads, benchmark securities or other market related data. We obtain the fair value of Level 2 investments from our investment manager, who obtains these fair values from a third-party pricing source. We validate the fair values of Level 2 financial instruments provided by our investment manager by comparing these fair values to a third-party pricing source.
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Accounts Receivable, net |
Accounts Receivable, net Accounts receivable is recorded at the invoiced amount and is non-interest bearing. Accounts receivable is recorded net of estimated prompt pay discounts, distribution fees and chargebacks. We believe the risk of accounts being uncollectible is minimal; therefore, no significant allowances for doubtful accounts were established as of June 30, 2024 and December 31, 2023.
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Inventories |
Inventories Inventories are stated at lower of cost or net realizable value. Cost is determined on a first-in, first-out basis. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Inventories are reviewed periodically for potential excess, dated or obsolete status. We evaluate the carrying value of inventories on a regular basis, taking into account such factors as historical and anticipated future sales compared to quantities on hand, the price we expect to obtain for products in their respective markets compared with historical cost and the remaining shelf life of goods on hand.
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Leases |
Leases We have entered into operating leases primarily for real estate and automobiles. These leases have contractual terms which range from three years to twelve years. We determine if an arrangement contains a lease at inception. Right of use (“ROU”) assets and liabilities resulting from operating leases are included in property and equipment, accrued expenses and other long-term liabilities on our condensed consolidated balance sheets. Operating lease ROU assets and liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the discount rate to calculate the present value of future payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives and initial direct costs incurred. Our leases often include options to extend or terminate the lease. These options are included in the lease term when it is reasonably certain that we will exercise that option. Short-term leases with an initial term of 12 months or less are not recorded on our condensed consolidated balance sheet. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components, which are generally accounted for separately. For certain leases, such as automobiles, we account for the lease and non-lease components as a single lease component.
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Property and Equipment, Net |
Property and Equipment, Net Property and equipment, including ROU assets are recorded at cost, less accumulated depreciation and amortization. Equipment is depreciated using the straight-line method over its estimated useful life ranging from three years to ten years and leasehold improvements are amortized using the straight-line method over the estimated useful life of the asset or the lease term, whichever is shorter.
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Impairment of Long-Lived Assets |
Impairment of Long-Lived Assets We account for long-lived assets in accordance with authoritative guidance for impairment or disposal of long-lived assets. Long-lived assets are reviewed for events or changes in circumstances, which indicate that their carrying value may not be recoverable.
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Comprehensive Income |
Comprehensive Income Comprehensive income is defined as the change in equity during the period from transactions and other events and circumstances from non-owner sources.
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Convertible Notes |
Convertible Notes The 2024 Convertible Notes, the 2027 Convertible Notes and the 2028 Convertible Notes (collectively, the “Convertible Notes”) are accounted for in accordance with authoritative guidance for debt and derivatives. We evaluate all the embedded conversion options contained in the Convertible Notes to determine if there are embedded features that require bifurcation as a derivative as required by U.S. GAAP. Based on our analysis, we account for each of our Convertible Notes as single units of accounting, a liability, because we concluded that the conversion features do not require bifurcation as a derivative under embedded derivative authoritative guidance.
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Cash Flow Hedges - Currency Risks |
Cash Flow Hedges - Currency Risks Beginning in the second quarter of 2023, we entered into a cash flow hedging program to mitigate foreign currency exchange risk associated with forecasted royalty revenue denominated in Swiss francs. Under the program, we can hedge these forecasted royalties up to a maximum of four years into the future. We hedge these cash flow exposures to reduce the risk of our earnings and cash flows being adversely affected by fluctuations in exchange rates. In accordance with the hedge accounting treatment, all hedging relationships are formally documented at the inception of the hedge and are highly effective in offsetting changes to future cash flows on hedged transactions. Both at inception of the hedge and on an ongoing basis, we assess whether the foreign currency forward contracts are highly effective in offsetting changes in cash flows of hedged items on a prospective and retrospective basis. If we determine a (i) foreign currency forward contract is not highly effective as a cash flow hedge, (ii) foreign currency forward contract has ceased to be a highly effective hedge or (iii) forecasted transaction is no longer probable of occurring, we would discontinue hedge accounting treatment prospectively. We measure effectiveness based on the change in fair value of the forward currency forward contract and the fair value of the hypothetical foreign currency forward contract with terms that match the critical terms of the risk being hedged. No portion of our foreign currency forward contracts were excluded from the assessment of hedge effectiveness. As of June 30, 2024, all hedges were determined to be highly effective. The assets or liabilities associated with our hedging contracts are recorded at fair market value in prepaid expense and other current assets, accrued expenses, or other long-term liabilities, respectively, in our condensed consolidated balance sheets. Gains and losses related to changes in the fair market value of these hedging contracts are recorded as a component of accumulated other comprehensive income (loss) (“AOCI”) within stockholder’s equity in our condensed consolidated balance sheets and reclassified to royalty revenue in our condensed consolidated statements of income in the same period as the recognition of the underlying hedged transaction. In the event the underlying forecasted transaction does not occur, or it becomes probable that it will not occur, within the defined hedge period, we reclassify the gains or losses on the related cash flow hedge from AOCI to royalties revenue in our condensed consolidated statements of income. Settlements from the cash flow hedge are included in operating activities on the condensed consolidated statements of cash flows. Since the fair market value of these hedging contracts is derived from current market rates, the hedging contracts are classified as derivative financial instruments. We do not use derivatives for speculative or trading purposes. As of June 30, 2024, amounts expected to be recognized as a net gain out of AOCI into our condensed consolidated statements of income during the next 12 months are not material.
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Business Combinations |
Business Combinations Under the acquisition method of accounting, we allocate the fair value of the total consideration transferred to the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values on the date of acquisition. These valuations require us to make estimates and assumptions, especially with respect to intangible assets. We record the excess consideration over the aggregate fair value of tangible and intangible assets, net of liabilities assumed, as goodwill. Costs incurred to complete a business combination, such as legal and other professional fees, are expensed as incurred. If the initial accounting for a business combination is incomplete by the end of a reporting period that falls within the measurement period, we report provisional amounts in our financial statements. During the measurement period, we adjust the provisional amounts recognized at the acquisition date to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date. We record these adjustments to the provisional amounts with a corresponding offset to goodwill. Any adjustments identified after the measurement period are recorded in our condensed consolidated statements of income.
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Goodwill and Intangible Assets |
Assets acquired, including intangible assets and in-process research and development (“IPR&D”), and liabilities assumed are measured at fair value as of the acquisition date. Goodwill, which has an indefinite useful life, represents the excess of cost over fair value of the net assets acquired. Intangible assets acquired in a business combination that are used for IPR&D activities are considered indefinite lived until the completion or abandonment of the associated research and development efforts. Upon reaching the end of the relevant research and development project (i.e., upon commercialization), the IPR&D asset is amortized over its estimated useful life. If the relevant research and development project is abandoned, the IPR&D asset is expensed in the period of abandonment. Goodwill and IPR&D are not amortized; however, they are reviewed for impairment at least annually during the second quarter, or more frequently if an event occurs indicating the potential for impairment. Goodwill and IPR&D are considered to be impaired if the carrying value of the reporting unit or IPR&D asset exceeds its respective fair value. We perform our goodwill impairment analysis at the reporting unit level, which aligns with our reporting and operating segment structure and availability of discrete financial information. During the goodwill impairment review, we assess qualitative factors to determine whether it is more likely than not that the fair values of our reporting unit is less than the carrying amount, including goodwill. The qualitative factors include, but are not limited to, macroeconomic conditions, industry and market considerations, and our overall financial performance. If, after assessing the totality of these qualitative factors, we determine that it is not more likely than not that the fair value of our reporting unit is less than the carrying amounts, then no additional assessment is deemed necessary. Otherwise, we proceed to compare the estimated fair value of the reporting unit with the carrying value, including goodwill. If the carrying amount of the reporting unit exceeds the fair value, we record an impairment loss based on the difference. We may elect to bypass the qualitative assessment in a period and proceed to perform the quantitative goodwill impairment test. Our identifiable intangible assets with finite useful lives are typically comprised of acquired device technologies and product rights. The cost of identifiable intangible assets with finite lives is generally amortized on a straight-line basis over the assets’ respective estimated useful lives.
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Intangible Assets and Other Long-Lived Assets |
We perform regular reviews to determine if any event has occurred that may indicate intangible assets with finite useful lives and other long-lived assets are potentially impaired. If indicators of impairment exist, an impairment test is performed to assess the recoverability of the affected assets by determining whether the carrying amount of such assets exceeds the undiscounted expected future cash flows. If the affected assets are not recoverable, we estimate the fair value of the assets and record an impairment loss if the carrying value of the assets exceeds the fair value. Factors that may indicate potential impairment include a significant decline in our stock price and market capitalization compared to the net book value, significant changes in the ability of a particular asset to generate positive cash flows for our strategic business objectives, and the pattern of utilization of a particular asset.
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Revenue Recognition and Cost of Sales |
Revenue Recognition We generate revenues from payments received (i) as royalties from licensing our ENHANZE technology and other royalty arrangements, (ii) under collaborative agreements and (iii) from sales of our proprietary and partnered products. We recognize revenue when we transfer promised goods or services to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. To determine revenue recognition for contracts with customers, we perform the following five steps: (i) identify the promised goods or services in the contract; (ii) identify the performance obligations in the contract, including whether they are distinct in the context of the contract; (iii) determine the transaction price, including the constraint on variable consideration; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) we satisfy the performance obligations. ENHANZE and Device Royalties Under the terms of our ENHANZE collaboration and license agreements, our partners will pay us royalties at an on average mid-single digit percent rate of their sales if products under the collaboration are commercialized. All amounts owed to us are noncancelable after the underlying triggering event occurs, and nonrefundable once paid. Unless terminated earlier in accordance with its terms, collaborations generally continue in effect until the last to expire royalty payment term, as determined on a product by product and country by country basis, with each royalty term starting on the first commercial sale of that product and ending the later of: (i) a specified period or term set forth in the agreement or (ii) expiration of the last to expire of the valid claims of our patents covering rHuPH20 or other specified patents developed under the collaboration which valid claim covers a product developed under the collaboration. In general, when there are no valid claims of a specified patent developed under the collaboration covering the product in a given country, the royalty rate is reduced for those sales in that country upon the expiration of our patents covering rHuPH20. Janssen’s patents covering DARZALEX SC do not impact the timing for this royalty reduction. Partners may terminate the agreement prior to expiration for any reason in its entirety or on a target-by-target basis generally upon 90 days prior written notice to us. Upon any such termination, the license granted to partners (in total or with respect to the terminated target, as applicable) will terminate provided; however, that in the event of expiration of the agreement (as opposed to a termination), the on-going licenses granted may become perpetual, non-exclusive and fully paid. Sales-based milestones and royalties are recognized in the period the underlying sales or milestones occur. We do not receive final royalty reports from our ENHANZE partners until after we complete our financial statements for a prior quarter. Therefore, we recognize revenue based on estimates of the royalty earned, which are based on internal estimates and available preliminary reports provided by our partners. We will record adjustments in the following quarter, if necessary, when final royalty reports are received. To date, we have not recorded any material adjustments. We also earn royalties in connection with several of our licenses granted under license and development arrangements with our device partners. These royalties are based upon a percentage of commercial sales of partnered products with rates ranging from mid-single digits to low double digits and are tiered based on levels of net sales. These sales-based royalties, for which the license was deemed the predominant element to which the royalties relate, are estimated and recognized in the period in which the partners’ commercial sales occur. The royalties are generally reported and payable to us within 45 to 60 days after the end of the period in which the commercial sales are made. We base our estimates of royalties earned on actual sales information from our partners when available or estimated, prescription sales from external sources and estimated net selling price. We will record adjustments in the following quarter, if necessary, when final royalty reports are received. To date, we have not recorded any material adjustments. Revenue under ENHANZE and Device Collaborative Agreements ENHANZE Collaboration and License Agreements Under these agreements, we grant the collaboration partner a worldwide license to develop and commercialize products using our ENHANZE technology to combine our patented rHuPH20 enzyme with their proprietary biologics directed at up to a specified number of targets. Targets are usually licensed on an exclusive, global basis. Targets selected subsequent to inception of the arrangement generally require payment of an additional license fee. The collaboration partner is responsible for all development, manufacturing, clinical, regulatory, sales and marketing costs for any products developed under the agreement. We are responsible for supply of bulk rHuPH20 based on the collaboration partner’s purchase orders, and may also be separately engaged to perform research and development services. While these collaboration agreements are similar in that they originate from the same framework, each one is the result of an arms-length negotiation and thus may vary from one to the other. We generally collect an upfront license payment from collaboration partners, and are also entitled to receive event-based payments subject to collaboration partners’ achievement of specified development, regulatory and sales-based milestones. In several agreements, collaboration partners pay us annual fees to maintain their exclusive license rights if they are unable to advance product development to specified stages. We earn separate fees for bulk rHuPH20 supplies and research and development services. Although these agreements are in form identified as collaborative agreements, we concluded for accounting purposes they represent contracts with customers and are not subject to accounting literature on collaborative arrangements. This is because we grant to partners licenses to our intellectual property and provide supply of bulk rHuPH20 and research and development services which are all outputs of our ongoing activities, in exchange for respective consideration. Under these collaborative agreements, our partners lead development of assets, and we do not share in significant financial risks of their development or commercialization activities. Accordingly, we concluded our collaborative agreements are appropriately accounted for pursuant to U.S. GAAP. Under all of our ENHANZE collaborative agreements, we have identified licenses to use functional intellectual property as the only performance obligation. The intellectual property underlying the license is our proprietary ENHANZE technology which represents application of rHuPH20 to facilitate delivery of drugs. Each of the licenses grants the partners rights to use our intellectual property as it exists and is identified on the effective date of the license, because there is no ongoing development of the ENHANZE technology required. Therefore, we recognize revenue from licenses at the point when the license becomes effective and the partner has received access to our intellectual property, usually at the inception of the agreement. When partners can select additional targets to add to the licenses granted, we consider these rights to be options. We evaluate whether such options contain material rights, i.e. have exercise prices that are discounted compared to what we would charge for a similar license to a new partner. The exercise price of these options includes a combination of the target selection fees, event-based milestone payments and royalties. When these amounts in aggregate are not offered at a discount that exceeds discounts available to other customers, we conclude the option does not contain a material right, and we consider grants of additional licensing rights upon option exercises to be separate contracts (target selection contracts). Generally, we provide indemnification and protection of licensed intellectual property for our customers. These provisions are part of assurance that the licenses meet the agreements’ representations and are not obligations to provide goods or services. We also fulfill purchase orders for supply of bulk rHuPH20 and perform research and development services pursuant to project authorization forms for our partners, which represent separate contracts. In addition to our licenses, we price our supply of bulk rHuPH20 and research and development services at our regular selling prices, called standalone selling prices (“SSP”). Therefore, our partners do not have material rights to order these items at prices not reflective of SSP. Refer to the discussion below regarding recognition of revenue for these separate contracts. Transaction price for a contract represents the amount to which we are entitled in exchange for providing goods and services to the customer. Transaction price does not include amounts subject to uncertainties unless it is probable that there will be no significant reversal of revenue when the uncertainty is resolved. Apart from the upfront license payment (or target selection fees in the target selection contracts), all other fees we may earn under our collaborative agreements are subject to significant uncertainties of product development. Achievement of many of the event-based development and regulatory milestones may not be probable until such milestones are actually achieved. This generally relates to milestones such as obtaining marketing authorization approvals. With respect to other development milestones, e.g., dosing of a first patient in a clinical trial, achievement could be considered probable prior to its actual occurrence, based on the progress towards commencement of the trial. In order to evaluate progress towards commencement of a trial, we assess the status of activities leading up to our partner’s initiation of a trial such as feedback received from the applicable regulatory authorities, completion of Investigational New Drug (“IND”) or equivalent filings, readiness and availability of drug, readiness of study sites and our partner’s commitment of resources to the program. We do not include any amounts subject to uncertainties in the transaction price until it is probable that the amount will not result in a significant reversal of revenue in the future. At the end of each reporting period, we re-evaluate the probability of achievement of such milestones and any related constraint, and if necessary, adjust our estimate of the overall transaction price. When target exchange rights are held by partners, and the amounts attributed to these rights are not refundable, they are included in the transaction price. However, they are recorded as deferred revenues because we have a potential performance obligation to provide a new target upon an exchange right being exercised. These amounts are recognized in revenue when the right of exchange expires or is exercised. Because our agreements have one type of performance obligation (licenses) which are typically all transferred at the same time at agreement inception, allocation of transaction price often is not required. However, allocation is required when licenses for some of the individual targets are subject to rights of exchange, because revenue associated with these targets cannot be recognized. When allocation is needed, we perform an allocation of the upfront amount based on relative SSP of licenses for individual targets. We determine license SSP using an income-based valuation approach utilizing risk-adjusted discounted cash flow projections of the estimated return a licensor would receive. When amounts subject to uncertainties, such as milestones and royalties, are included in the transaction price, we attribute them to the specific individual target licenses which generate such milestone or royalty amounts. We also estimate SSP of bulk rHuPH20 and research and development services, to determine that our partners do not have material rights to order them at discounted prices. For supplies of bulk rHuPH20, because we effectively act as a contract manufacturer to our partners, we estimate and charge SSP based on the typical contract manufacturer margins consistent with all of our partners. We determine SSP of research and development services based on a fully-burdened labor rate. Our rates are comparable to those we observe in other collaborative agreements. We also have a history of charging similar rates to all of our partners. Upfront amounts allocated to licenses to individual targets are recognized as revenue when the license is transferred to the partner, as discussed above, if the license is not subject to exchange rights, or when the exchange right expires or is exercised. Development milestones and other fees are recognized in revenue when they are included in the transaction price, because by that time, we have already transferred the related license to the partner. In contracts to provide research and development services, such services represent the only performance obligation. The fees are charged based on hours worked by our employees and the fixed contractual rate per hour, plus third-party pass-through costs, on a monthly basis. We recognize revenues as the related services are performed based on the amounts billed, as the partner consumes the benefit of research and development work simultaneously as we perform these services, and the amounts billed reflect the value of these services to the customer. Device License, Development and Supply Arrangements We have several license, development and supply arrangements with pharmaceutical partners, under which we grant a license to our device technology and provide research and development services that often involve multiple performance obligations and highly-customized deliverables. For such arrangements, we identify each of the promised goods and services within the contract and the distinct performance obligations at inception of the contract and allocate consideration to each performance obligation based on relative SSP, which is generally determined based on the expected cost plus mark-up. If the contract includes an enforceable right to payment for performance completed to date and performance obligations are satisfied over time, we recognize revenue over the development period using either the input or output method depending on which is most appropriate given the nature of the distinct deliverable. For other contracts that do not contain an enforceable right to payment for performance completed to date, revenue is recognized when control of the product is transferred to the customer. Factors that may indicate transfer of control has occurred include the transfer of legal title, transfer of physical possession, the customer has obtained the significant risks and rewards of ownership of the assets, and we have a present right to payment. Our payment terms for development contracts may include an upfront payment equal to a percentage of the total contract value with the remaining portion to be billed upon completion and transfer of the individual deliverables or satisfaction of the individual performance obligations. We record a contract liability for cash received in advance of performance, which is presented within deferred revenue and deferred revenue, long-term in our condensed consolidated balance sheets and recognized as revenue in our condensed consolidated statements of income when the associated performance obligations have been satisfied. License fees and milestones received in exchange for the grant of a license to our functional intellectual property, such as patented technology and know-how in connection with a partnered development arrangement, are generally recognized at inception of the arrangement, or over the development period depending on the facts and circumstances, as the license is generally not distinct from the non-licensed goods or services to be provided under the contract. Milestone payments that are contingent upon the occurrence of future events are evaluated and recorded at the most likely amount, and to the extent that it is probable that a significant reversal of revenue will not occur when the associated uncertainty is resolved. Refer to Note 4, Revenue, for further discussion on our collaborative arrangements. Product Sales, Net Proprietary Product Sales Our commercial portfolio of proprietary products includes XYOSTED and Hylenex recombinant which we sell primarily to wholesale pharmaceutical distributors and specialty pharmacies, who sell the products to hospitals, retail chain drug stores and other end-user customers. Sales to wholesalers are made pursuant to purchase orders subject to the terms of a master agreement, and delivery of individual packages of products represents performance obligations under each purchase order. We use contract manufacturers to produce our proprietary products and third-party logistics (“3PL”) vendors to process and fulfill orders. We concluded we are the principal in the sales to wholesalers because we control access to services rendered by both vendors and direct their activities. We have no significant obligations to wholesalers to generate pull-through sales. Revenue is recognized when control has transferred to the customer, which is typically upon delivery, at the net selling price, which reflects the variable consideration for which reserves and sales allowances are established for estimated returns, wholesale distribution fees, prompt payment discounts, government rebates and chargebacks, plan rebate arrangements and patient discount and support programs. We recognize revenue from product sales and related cost of sales upon product delivery to the wholesaler location. At that time, the wholesalers take control of the product as they take title, bear the risk of loss of ownership, and have an enforceable obligation to pay us. They also have the ability to direct sales of product to their customers on terms and at prices they negotiate. Although wholesalers have product return rights, we do not believe they have a significant incentive to return the product to us. The determination of certain reserves and sales allowances requires us to make a number of judgements and estimates to reflect our best estimate of the transaction price and the amount of consideration to which we believe we would be ultimately entitled to receive. The expected value is determined based on unit sales data, contractual terms with customers and third-party payers, historical and estimated future percentage of rebates incurred on sales, historical and future insurance plan billings, any new or anticipated changes in programs or regulations that would impact the amount of the actual rebates, customer purchasing patterns, product expiration dates and levels of inventory in the distribution channel. The estimated amounts of credit for product returns, chargebacks, distribution fees, prompt payment discounts, rebates and customer co-pay support programs are included in accrued expenses and accounts receivable, net in our condensed consolidated balance sheets upon recognition of revenue from product sales. We monitor actual product returns, chargebacks, discounts and fees subsequent to the sale. If these amounts differ from our estimates, we make adjustments to these allowances, which are applied to increase or reduce product sales revenue and earnings in the period of adjustment. Selling prices initially billed to wholesalers are subject to discounts for prompt payment and subsequent chargebacks when wholesalers sell our products at negotiated discounted prices to members of certain group purchasing organizations (“GPOs”), Pharmacy Benefit Managers (“PBMs”) and government programs. We also pay quarterly distribution fees to certain wholesalers for inventory reporting and chargeback processing, and to PBMs and GPOs as administrative fees for services and for access to their members. We concluded the benefits received in exchange for these fees are not distinct from our sales of our products, and accordingly we apply these amounts to reduce revenues. Wholesalers also have rights to return unsold product nearing or past the expiration date. Because of the shelf life of our products and our lengthy return period, there may be a significant period of time between when the product is shipped and when we issue credits on returned product. We estimate the transaction price when we receive each purchase order taking into account the expected reductions of the selling price initially billed to the wholesaler arising from all of the above factors. We have compiled historical experience and data to estimate future returns and chargebacks of our products and the impact of the other discounts and fees we pay. When estimating these adjustments to the transaction price, we reduce it sufficiently to be able to assert that it is probable that there will be no significant reversal of revenue when the ultimate adjustment amounts are known. Each purchase order contains only one type of product, and is usually shipped to the wholesaler in a single shipment. Therefore, allocation of the transaction price to individual packages is not required. In connection with the orders placed by wholesalers, we incur costs such as commissions to our sales representatives. However, as revenue from product sales is recognized upon delivery to the wholesaler, which occurs shortly after we receive a purchase order, we do not capitalize these commissions and other costs, based on application of the practical expedient allowed within the applicable guidance. Partnered Product Sales Bulk rHuPH20 We sell bulk rHuPH20 to partners for use in research and development and, subsequent to receiving marketing approval, we sell it for use in collaboration commercial products. Sales are made pursuant to purchase orders subject to the terms of the collaborative agreement or a supply agreement, and delivery of units of bulk rHuPH20 represent performance obligations under each purchase order. We provide a standard warranty that the product conforms to specifications. We use contract manufacturers to produce bulk rHuPH20 and have concluded we are the principal in the sales to partners. The transaction price for each purchase order of bulk rHuPH20 is fixed based on the cost of production plus a contractual markup, and is not subject to adjustments. Allocation of the transaction price to individual quantities of the product is usually not required because each order contains only one type of product. We recognize revenue from the sale of bulk rHuPH20 as product sales and related cost of sales upon transfer of title to our partners. At that time, the partners take control of the product, bear the risk of loss of ownership, and have an enforceable obligation to pay us. Devices We are party to several license, development, supply and distribution arrangements with pharmaceutical partners, under which we produce and are the exclusive supplier of certain products, devices and/or components. Revenue is recognized when or as control of the goods transfers to the customer as discussed below. We are the exclusive supplier of OTREXUP® to Otter. Because this product is custom manufactured with no alternative use and we have a contractual right to payment for performance completed to date, control is continuously transferred to the customer as the product is produced pursuant to firm purchase orders. Revenue is recognized over time using the output method based on the contractual selling price and number of units produced. The amount of revenue recognized in excess of the amount shipped/billed to the customer, if any, is recorded as contract assets in our condensed consolidated balance sheets due to the short-term nature in which the amount is ultimately expected to be billed and collected from the customer. Other device partnered product sales are recognized at the point in time in which control is transferred to the customer, which is typically upon shipment. Sales terms and pricing are governed by the respective supply and distribution agreements, and there is generally no right of return. Revenue is recognized at the transaction price, which includes the contractual per unit selling price and estimated variable consideration, such as volume-based pricing arrangements, if any. We recognize revenue, including the estimated variable consideration we expect to receive for contract margin on future commercial sales, upon shipment of the goods to our partner. The estimated variable consideration is recognized at an amount we believe is not subject to significant reversal of revenue based on historical experience and is adjusted at each reporting period if the most likely amount of expected consideration changes or becomes fixed. Cost of Sales Cost of sales consists primarily of raw materials, third-party manufacturing costs, fill and finish costs, freight costs, internal costs and manufacturing overhead associated with the production of proprietary and partnered products. Cost of sales also consists of the write-down of excess, dated and obsolete inventories and the write-off of inventories that do not meet certain product specifications, if any.
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Research and Development Expenses |
Research and Development Expenses Research and development expenses include salaries and benefits, allocation of facilities and other overhead expenses, research related manufacturing services, contract services, and other outside expenses related to manufacturing, preclinical and regulatory activities and our partner development platforms. Research and development expenses are charged to operating expenses as incurred when these expenditures relate to our research and development efforts and have no alternative future uses. We are obligated to make upfront payments upon execution of certain research and development agreements. Advance payments, including nonrefundable amounts, for goods or services that will be used or rendered for future research and development activities are deferred. Such amounts are recognized as expense as the related goods are delivered or the related services are performed or such time when we do not expect the goods to be delivered or services to be performed.
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Share-Based Compensation |
Share-Based Compensation We record compensation expense associated with stock options, restricted stock units (“RSUs”), performance stock units (“PSUs”) and shares issued under our employee stock purchase plan (“ESPP”) in accordance with the authoritative guidance for share-based compensation. The cost of employee services received in exchange for an award of an equity instrument is measured at the grant date, based on the estimated fair value of the award, and is recognized as expense on a straight-line basis over the requisite service period of the award. Share-based compensation expense for an award with a performance condition is recognized when the achievement of such performance condition is determined to be probable. If the outcome of such performance condition is not determined to be probable or is not met, no compensation expense is recognized and any previously recognized compensation expense is reversed. Forfeitures are recognized as a reduction of share-based compensation expense as they occur.
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Income Taxes |
Income Taxes We provide for income taxes using the liability method. Under this method, deferred income tax assets and liabilities are determined based on the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases at each reporting period. We measure deferred tax assets and liabilities using enacted tax rates for the year in which the differences are expected to reverse. Significant judgment is required by management to determine our provision for income taxes, our deferred tax assets and liabilities, and any associated valuation allowances recorded against our net deferred tax assets, which are based on complex and evolving tax regulations. Deferred tax assets (“DTA”) and other tax benefits are recorded when they are more likely than not to be realized. On a quarterly basis, we assess the need for valuation allowance on our DTAs, weighing all positive and negative evidence, to assess if it is more-likely-than-not that some or all of our DTAs will be realized. We recorded a provision for income taxes of $24.5 million and $43.7 million using an effective tax rate of 20.5% and 19.1% for the three and six months ended June 30, 2024. The difference between our effective tax rate and the U.S. federal statutory rate of 21% is primarily due to state income taxes, research and development credit generations, tax benefits on the Foreign Derived Intangible Income Deduction (“FDII”) (net of reserves), tax detriments on 162(m) and other share-based compensation.
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Segment Information |
Segment Information We operate our business in one operating segment, which includes all activities related to the research, development and commercialization of our proprietary enzymes and devices. This segment also includes revenues and expenses related to (i) research and development and manufacturing activities conducted under our collaborative agreements with third parties, and (ii) product sales of proprietary and partnered products. The chief operating decision-maker (“CODM”), our Chief Executive Officer (“CEO”), reviews the operating results on an aggregate basis and manages the operations as a single operating segment.
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Adoption and Pending Adoption of Recent Accounting Pronouncements |
Adoption and Pending Adoption of Recent Accounting Pronouncements The following table provides a brief description of recently issued accounting standards, those adopted in the current period and those not yet adopted: | | | | | | | | | | | | | | | | | | | | | | | | | | | Standard | | Description | | Effective Date | | Adoption Method | | Effect on the Financial Statements or Other Significant Matters | In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. | | The new standard is intended to improve annual and interim reportable segment disclosure requirements regardless of number of reporting units, primarily through enhanced disclosures of significant expenses. The amendment requires public entities to disclose significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit and loss. | | Annual periods beginning after December 15, 2023 (our 2024 Form 10-K), and interim periods within fiscal years beginning after December 15, 2024 (our Q1 2025 Form 10-Q) - Early adoption is permitted, including adoption in an interim period
| | Retrospective | | We are currently evaluating the impact of the standard on our consolidated financial statements and related disclosures. | In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. | | The new guidance includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. | | Annual periods beginning after December 15, 2024 (our 2025 Form 10-K) - Early adoption is permitted | | Prospective or Retrospective | | We are currently evaluating the impact of the standard on our consolidated financial statements and related disclosures. |
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v3.24.2.u1
Fair Value Measurement (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Fair Value Disclosures [Abstract] |
|
Schedule of available-for-sale marketable securities |
Available-for-sale marketable securities consisted of the following (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2024 | | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Estimated Fair Value | Asset-backed securities | | $ | 928 | | | $ | — | | | $ | (2) | | | $ | 926 | | Corporate debt securities | | 52,579 | | | — | | | (126) | | | 52,453 | | U.S. treasury securities | | 282,769 | | | 1 | | | (170) | | | 282,600 | | | | | | | | | | | Agency bonds | | 5,199 | | | — | | | (12) | | | 5,187 | | | | | | | | | | | Total marketable securities, available-for-sale | | $ | 341,475 | | | $ | 1 | | | $ | (310) | | | $ | 341,166 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Estimated Fair Value | Asset-backed securities | | $ | 3,512 | | | $ | — | | | $ | (8) | | | $ | 3,504 | | Corporate debt securities | | 6,022 | | | 1 | | | (10) | | | 6,013 | | U.S. treasury securities | | 175,996 | | | 200 | | | (12) | | | 176,184 | | Agency bonds | | 16,119 | | | — | | | (16) | | | 16,103 | | | | | | | | | | | Commercial paper | | 15,826 | | | — | | | — | | | 15,826 | | Total marketable securities, available-for-sale | | $ | 217,475 | | | $ | 201 | | | $ | (46) | | | $ | 217,630 | |
|
Schedule of contractual maturities of available-for-sale debt securities |
The estimated fair value of our contractual maturities of available-for-sale debt securities were as follows (in thousands): | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | | | | Due within one year | | $ | 304,661 | | | $ | 197,633 | | Due after one year but within five years | | 36,505 | | | 19,997 | | Total estimated fair value of contractual maturities, available-for-sale | | $ | 341,166 | | | $ | 217,630 | |
|
Schedule of assets measured at fair value on a recurring basis |
The following table summarizes, by major security type, our cash equivalents and available-for-sale marketable securities measured at fair value on a recurring basis and are categorized using the fair value hierarchy (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | | | Level 1 | | Level 2 | | Total Estimated Fair Value | | Level 1 | | Level 2 | | Total Estimated Fair Value | Assets | | | | | | | | | | | | | Cash equivalents | | | | | | | | | | | | | Money market funds | | $ | 56,965 | | | $ | — | | | $ | 56,965 | | | $ | 22,142 | | | $ | — | | | $ | 22,142 | | U.S. treasury securities | | 20,000 | | | — | | | 20,000 | | | 2,000 | | | — | | | 2,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | Available-for-sale marketable securities | | | | | | | | | | | | | Asset-backed securities | | — | | | 926 | | | 926 | | | — | | | 3,504 | | | 3,504 | | Corporate debt securities | | — | | | 52,453 | | | 52,453 | | | — | | | 6,013 | | | 6,013 | | U.S. treasury securities | | 282,600 | | | — | | | 282,600 | | | 176,184 | | | — | | | 176,184 | | Agency bonds | | 5,187 | | | — | | | 5,187 | | | 16,103 | | | — | | | 16,103 | | | | | | | | | | | | | | | Commercial paper | | — | | | — | | | — | | | — | | | 15,826 | | | 15,826 | | Derivative instruments | | | | | | | | | | | | | Currency hedging contracts (1) | | — | | | 1,389 | | | 1,389 | | | — | | | — | | | — | | Total assets | | $ | 364,752 | | | $ | 54,768 | | | $ | 419,520 | | | $ | 216,429 | | | $ | 25,343 | | | $ | 241,772 | | | | | | | | | | | | | | | Liabilities | | | | | | | | | | | | | Derivative instruments | | | | | | | | | | | | | Currency hedging contracts (1) | | $ | — | | | $ | 688 | | | $ | 688 | | | $ | — | | | $ | 9,480 | | | $ | 9,480 | | (1) Based on observable market transactions of spot currency rates, forward currency rates or equivalently-termed instruments. Carrying amounts of the financial assets and liabilities are equal to the fair value. As of June 30, 2024, the derivative assets and liabilities recorded within prepaid expenses and other current assets, prepaid expense and other assets and other long-term liabilities in our condensed consolidated balance sheets were $1.2 million, $0.2 million and $0.7 million, respectively.
|
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v3.24.2.u1
Revenue (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Revenue from Contract with Customer [Abstract] |
|
Schedule of disaggregation of revenues |
Our disaggregated revenues were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2024 | | 2023 | | 2024 | | 2023 | Royalties | | $ | 124,918 | | | $ | 111,740 | | | $ | 245,511 | | | $ | 211,380 | | | | | | | | | | | Product sales, net | | | | | | | | | Proprietary product sales | | 44,139 | | | 32,293 | | | 79,394 | | | 60,254 | | Bulk rHuPH20 sales | | 24,634 | | | 27,133 | | | 35,144 | | | 49,202 | | Device partnered product sales | | 10,113 | | | 14,463 | | | 22,931 | | | 25,227 | | Total product sales, net | | 78,886 | | | 73,889 | | | 137,469 | | | 134,683 | | | | | | | | | | | Revenues under collaborative agreements | | | | | | | | | | | | | | | | | | Event-based development and regulatory milestones and other fees | | 25,500 | | | 33,000 | | | 39,500 | | | 33,000 | | | | | | | | | | | Device licensing and development revenue | | 2,049 | | | 2,409 | | | 4,752 | | | 4,118 | | Total revenues under collaborative agreements | | 27,549 | | | 35,409 | | | 44,252 | | | 37,118 | | | | | | | | | | | Total revenues | | $ | 231,353 | | | $ | 221,038 | | | $ | 427,232 | | | $ | 383,181 | |
|
Schedule of accounts receivable, deferred revenues from contracts with customers, and amounts under collaborative agreements included in transaction price |
Accounts receivable, other contract assets and deferred revenues (contract liabilities) from contracts with customers, including partners, consisted of the following (in thousands): | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | Accounts receivable, net | | $ | 210,416 | | | $ | 233,254 | | Other contract assets | | 4,108 | | | 956 | | Deferred revenues | | 4,856 | | | 4,048 | | | | | | |
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v3.24.2.u1
Certain Balance Sheet Items (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Balance Sheet Related Disclosures [Abstract] |
|
Schedule of accounts receivable |
Accounts receivable, net and contract assets consisted of the following (in thousands): | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | Accounts receivable from product sales to partners | | $ | 29,307 | | | $ | 58,588 | | Accounts receivable from revenues under collaborative agreements | | 9,803 | | | 16,183 | | Accounts receivable from royalty payments | | 128,015 | | | 118,170 | | Accounts receivable from other product sales | | 49,909 | | | 47,060 | | | | | | | Contract assets | | 4,108 | | | 956 | | Total accounts receivable and contract assets | | 221,142 | | | 240,957 | | Allowance for distribution fees and discounts | | (6,618) | | | (6,747) | | Total accounts receivable, net and contract assets | | $ | 214,524 | | | $ | 234,210 | |
|
Schedule of inventories |
Inventories, net consisted of the following (in thousands): | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | Raw materials | | $ | 27,223 | | | $ | 23,646 | | Work-in-process | | 36,690 | | | 34,025 | | Finished goods | | 126,643 | | | 69,930 | | Total inventories, net | | 190,556 | | | 127,601 | | Less long-term portion (1) | | 31,244 | | | — | | Total inventories, net current | | $ | 159,312 | | | $ | 127,601 | |
(1) Long-term portion of inventories, net represents inventory expected to remain on hand beyond one year and therefore is included in prepaid expenses and other assets in the condensed consolidated balance sheets.
|
Schedule of prepaid expenses and other assets |
Prepaid expenses and other assets consisted of the following (in thousands): | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | Prepaid manufacturing expenses | | $ | 30,928 | | | $ | 36,850 | | | | | | | Other prepaid expenses | | 53,936 | | | 12,902 | | Other assets (1) | | 21,304 | | | 16,677 | | Total prepaid expenses and other assets | | 106,168 | | | 66,429 | | Less long-term portion (1) | | (21,237) | | | (17,816) | | Total prepaid expenses and other assets, current | | $ | 84,931 | | | $ | 48,613 | |
(1) Excludes long-term inventories, net discussed in the table above.
|
Schedule of property and equipment, net |
Property and equipment, net consisted of the following (in thousands): | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | Research equipment | | $ | 8,796 | | | $ | 8,588 | | Manufacturing equipment | | 37,427 | | | 32,472 | | Computer and office equipment | | 9,183 | | | 9,722 | | Leasehold improvements | | 7,042 | | | 6,987 | | Subtotal | | 62,448 | | | 57,769 | | Accumulated depreciation and amortization | | (22,239) | | | (19,661) | | Subtotal | | 40,209 | | | 38,108 | | Right of use of assets | | 34,791 | | | 36,836 | | Total property and equipment, net | | $ | 75,000 | | | $ | 74,944 | |
|
Schedule of accrued expenses |
Accrued expenses consisted of the following (in thousands): | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | | | | | | Accrued compensation and payroll taxes | | $ | 12,561 | | | $ | 17,361 | | Accrued outsourced manufacturing expenses | | 13,523 | | | 12,361 | | Income taxes payable | | 29,265 | | | 963 | | Product returns and sales allowance | | 42,653 | | | 41,932 | | Other accrued expenses | | 19,771 | | | 33,584 | | Lease liability | | 30,664 | | | 32,197 | | Total accrued expenses | | 148,437 | | | 138,398 | | Less long-term portion | | (30,507) | | | (37,720) | | Total accrued expenses, current | | $ | 117,930 | | | $ | 100,678 | |
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v3.24.2.u1
Goodwill and Intangible Assets (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Schedule of Goodwill |
A summary of the activity impacting goodwill is presented below (in thousands): | | | | | | | | | Balance as of December 31, 2023 | | $ | 416,821 | | Adjustment | | — | | Balance as of June 30, 2024 | | $ | 416,821 | |
|
Schedule of Finite-Lived Intangible Assets |
The following table shows the cost, accumulated amortization and weighted average useful life in years for our acquired intangible assets as of June 30, 2024 (in thousands). | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Weighted Average Useful Life (in years) | | Gross Carrying Value | | Accumulated Amortization | | Net Carrying Value | Auto Injector technology platform | | 7 | | $ | 402,000 | | | $ | 120,878 | | | $ | 281,122 | | XYOSTED proprietary product | | 10 | | 136,200 | | | 28,668 | | | 107,532 | | | | | | | | | | | Total finite-lived intangibles, net | | | | $ | 538,200 | | | $ | 149,546 | | | $ | 388,654 | | ATRS-1902 (IPR&D) | | Indefinite | | | | | | 48,700 | | Total intangibles, net | | $ | 437,354 | |
|
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense |
Estimated future annual amortization of finite-lived intangible assets is shown in the following table (in thousands). Actual amortization expense to be reported in future periods could differ from these estimates as a result of acquisitions, divestitures, and asset impairments, among other factors.
| | | | | | | | | Year | | Amortization Expense | Remainder of 2024 | | $ | 35,524 | | 2025 | | 71,049 | | 2026 | | 71,049 | | 2027 | | 71,049 | | 2028 | | 71,049 | | Thereafter | | 68,934 | | Total | | $ | 388,654 | |
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v3.24.2.u1
Long-Term Debt, Net (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments |
Net Carrying Amounts of our Convertible Notes The carrying amount and fair value of our Convertible Notes were as follows (in thousands). | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | Principal amount | | | | | | | | | | 2027 Convertible Notes | | $ | 805,000 | | | $ | 805,000 | | 2028 Convertible Notes | | 720,000 | | | 720,000 | | Total principal amount | | $ | 1,525,000 | | | $ | 1,525,000 | | | | | | | Unamortized debt discount | | | | | | | | | | 2027 Convertible Notes | | $ | (9,237) | | | $ | (10,950) | | 2028 Convertible Notes | | (13,248) | | | (14,802) | | Total unamortized debt discount | | $ | (22,485) | | | $ | (25,752) | | | | | | | Carrying amount | | | | | | | | | | 2027 Convertible Notes | | $ | 795,763 | | | $ | 794,050 | | 2028 Convertible Notes | | 706,752 | | | 705,198 | | Total carrying amount | | $ | 1,502,515 | | | $ | 1,499,248 | | | | | | | Fair value based on trading levels (Level 2) | | | | | | | | | | 2027 Convertible Notes | | $ | 768,920 | | | $ | 695,826 | | 2028 Convertible Notes | | 801,115 | | | 670,522 | | Total fair value of outstanding notes | | $ | 1,570,035 | | | $ | 1,366,348 | | | | | | | Remaining amortization per period of debt discount (in years) | | | | | | | | | | 2027 Convertible Notes | | 2.7 | | 3.2 | 2028 Convertible Notes | | 4.1 | | 4.6 |
|
Interest Income and Interest Expense Disclosure |
The following table summarizes the components of interest expense and the effective interest rates for each of our Convertible Notes (in thousands). | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2024 | | 2023 | | 2024 | | 2023 | Coupon interest | | | | | | | | | 2024 Convertible Notes | | $ | — | | $ | — | | $ | — | | | $ | 36 | | 2027 Convertible Notes | | 503 | | 503 | | 1,006 | | | 1,006 | | 2028 Convertible Notes | | 1,800 | | 1,800 | | 3,600 | | | 3,600 | | Total coupon interest | | $ | 2,303 | | $ | 2,303 | | $ | 4,606 | | | $ | 4,642 | | | | | | | | | | | Amortization of debt discount | | | | | | | | | 2024 Convertible Notes | | $ | — | | $ | — | | $ | — | | | $ | 24 | | 2027 Convertible Notes | | 857 | | 852 | | 1,713 | | | 1,702 | | 2028 Convertible Notes | | 778 | | 767 | | 1,553 | | | 1,531 | | Total amortization of debt discount | | $ | 1,635 | | $ | 1,619 | | $ | 3,266 | | | $ | 3,257 | | | | | | | | | | | Interest expense | | | | | | | | | 2024 Convertible Notes | | $ | — | | $ | — | | $ | — | | | $ | 60 | | 2027 Convertible Notes | | 1,360 | | 1,355 | | 2,719 | | | 2,708 | | 2028 Convertible Notes | | 2,578 | | 2,567 | | 5,153 | | | 5,131 | | Total interest expense | | $ | 3,938 | | $ | 3,922 | | $ | 7,872 | | | $ | 7,899 | | | | | | | | | | | Effective interest rates | | | | | | | | | | | | | | | | | | 2027 Convertible Notes | | 0.7 | % | | 0.7 | % | | 0.7 | % | | 0.7 | % | 2028 Convertible Notes | | 1.5 | % | | 1.5 | % | | 1.5 | % | | 1.5 | % |
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v3.24.2.u1
Share-based Compensation (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Share-Based Payment Arrangement, Noncash Expense [Abstract] |
|
Schedule of share-based compensation expense |
The following table summarized share-based compensation expense included in our condensed consolidated statements of income related to share-based awards (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2024 | | 2023 | | 2024 | | 2023 | Research and development | | $ | 2,568 | | | $ | 3,670 | | | $ | 5,913 | | | $ | 6,771 | | Selling, general and administrative | | 6,903 | | | 5,952 | | | 13,432 | | | 10,817 | | Total share-based compensation expense | | $ | 9,471 | | | $ | 9,622 | | | $ | 19,345 | | | $ | 17,588 | |
|
Schedule of share-based compensation expense by type |
Share-based compensation expense by type of share-based award was as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2024 | | 2023 | | 2024 | | 2023 | Stock options | | $ | 3,894 | | | $ | 4,190 | | | $ | 8,193 | | | $ | 7,645 | | RSUs, PSUs and ESPP | | 5,577 | | | 5,432 | | | 11,152 | | | 9,943 | | Total share-based compensation expense | | $ | 9,471 | | | $ | 9,622 | | | $ | 19,345 | | | $ | 17,588 | |
|
Schedule of assumptions used in Black-Scholes model |
The assumptions used in the Black-Scholes Model were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2024 | | 2023 | | 2024 | | 2023 | Expected volatility | | 40.01 - 40.07% | | 40.26 - 40.72% | | 40.01 - 40.08% | | 39.68 - 40.72% | Average expected term (in years) | | 5.4 | | 5.0 | | 5.0 | | 4.8 | Risk-free interest rate | | 4.64 - 4.70% | | 3.37 - 3.70% | | 3.80 - 4.70% | | 3.37 - 4.27% | Expected dividend yield | | — | | | — | | | — | | | — | |
|
Schedule of unrecognized estimated compensation cost by type |
Total unrecognized estimated compensation cost by type of award and the weighted-average remaining requisite service period over which such expense is expected to be recognized was as follows (in thousands, unless otherwise noted): | | | | | | | | | | | | | | | | | June 30, 2024 | | | Unrecognized Expense | | Remaining Weighted-Average Recognition Period (in years) | Stock options | | $ | 35,381 | | | 2.56 | | | | | | RSUs | | 50,035 | | | 2.92 | PSUs | | 9,577 | | | 2.05 | ESPP | | 253 | | | 0.40 |
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v3.24.2.u1
Earnings per share (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Earnings Per Share [Abstract] |
|
Schedule of reconciliation of numerators and denominators of basic and diluted computations |
A reconciliation of the numerators and the denominators of the basic and diluted earnings per share computations is as follows (in thousands, except per share amounts): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2024 | | 2023 | | 2024 | | 2023 | Numerator | | | | | | | | | Net income | | $ | 93,245 | | | $ | 74,754 | | | $ | 170,068 | | | $ | 114,369 | | Denominator | | | | | | | | | Weighted average common shares outstanding for basic earnings per share | | 127,116 | | | 131,730 | | | 127,029 | | | 133,369 | | Dilutive potential common stock outstanding | | | | | | | | | Stock options | | 1,762 | | | 1,656 | | | 1,669 | | | 1,910 | | RSUs, PSUs and ESPP | | 344 | | | 157 | | | 399 | | | 363 | | Convertible Notes | | — | | | — | | | — | | | 116 | | Weighted average common shares outstanding for diluted earnings per share | | 129,222 | | | 133,543 | | | 129,097 | | | 135,758 | | Earnings per share | | | | | | | | | Basic | | $ | 0.73 | | | $ | 0.57 | | | $ | 1.34 | | | $ | 0.86 | | Diluted | | $ | 0.72 | | | $ | 0.56 | | | $ | 1.32 | | | $ | 0.84 | |
|
Antidilutive securities excluded from calculation of diluted earnings per common share |
Shares which have been excluded from the calculation of diluted earnings per common share because their effect was anti-dilutive include the following (shares in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | Six Months Ended June 30, | | | 2024 | 2023 | | 2024 | | 2023 | Anti-dilutive securities (1) | | 26.7 | | 27.7 | | | 26.8 | | | 27.4 | |
(1) The anti-dilutive securities include outstanding stock options, unvested RSUs, unvested PSUs, common shares expected to be issued under our ESPP and Convertible Notes
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v3.24.2.u1
Fair Value Measurement - Components of Available-for-sale Marketable Securities (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Schedule of Available-for-sale Securities |
|
|
Amortized Cost |
$ 341,475
|
$ 217,475
|
Gross Unrealized Gains |
1
|
201
|
Gross Unrealized Losses |
(310)
|
(46)
|
Estimated Fair Value |
341,166
|
217,630
|
Asset-backed securities |
|
|
Schedule of Available-for-sale Securities |
|
|
Amortized Cost |
928
|
3,512
|
Gross Unrealized Gains |
0
|
0
|
Gross Unrealized Losses |
(2)
|
(8)
|
Estimated Fair Value |
926
|
3,504
|
Corporate debt securities |
|
|
Schedule of Available-for-sale Securities |
|
|
Amortized Cost |
52,579
|
6,022
|
Gross Unrealized Gains |
0
|
1
|
Gross Unrealized Losses |
(126)
|
(10)
|
Estimated Fair Value |
52,453
|
6,013
|
U.S. treasury securities |
|
|
Schedule of Available-for-sale Securities |
|
|
Amortized Cost |
282,769
|
175,996
|
Gross Unrealized Gains |
1
|
200
|
Gross Unrealized Losses |
(170)
|
(12)
|
Estimated Fair Value |
282,600
|
176,184
|
Agency bonds |
|
|
Schedule of Available-for-sale Securities |
|
|
Amortized Cost |
5,199
|
16,119
|
Gross Unrealized Gains |
0
|
0
|
Gross Unrealized Losses |
(12)
|
(16)
|
Estimated Fair Value |
5,187
|
16,103
|
Commercial paper |
|
|
Schedule of Available-for-sale Securities |
|
|
Amortized Cost |
|
15,826
|
Gross Unrealized Gains |
|
0
|
Gross Unrealized Losses |
|
0
|
Estimated Fair Value |
$ 0
|
$ 15,826
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v3.24.2.u1
Fair Value Measurement - Narrative (Details)
|
Jun. 30, 2024
USD ($)
security
|
Dec. 31, 2023
USD ($)
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
Number of loss positions | security |
41
|
|
Fair market value of gross unrealized loss position |
$ 315,500,000
|
|
Unrealized loss position of debt securities |
310,000
|
$ 46,000
|
Credit loss |
0
|
|
Available-for-sale marketable securities |
341,166,000
|
217,630,000
|
Level 3 |
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
Available-for-sale marketable securities |
$ 0
|
$ 0
|
X |
- DefinitionAmount, before tax, of unrealized loss in accumulated other comprehensive income (AOCI) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).
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v3.24.2.u1
Fair Value Measurement - Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Assets |
|
|
Available-for-sale marketable securities |
$ 341,166
|
$ 217,630
|
Total assets |
419,520
|
241,772
|
Liabilities |
|
|
Derivative asset, current |
1,200
|
|
Derivative asset, noncurrent |
200
|
|
Derivative liability, noncurrent |
$ 700
|
|
Derivative Asset, Statement of Financial Position [Extensible Enumeration] |
Total prepaid expenses and other assets, current
|
|
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration] |
Prepaid Expense and Other Assets, Noncurrent
|
|
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] |
Other long-term liabilities
|
|
Currency hedging contracts |
|
|
Assets |
|
|
Derivative instruments |
$ 1,389
|
0
|
Liabilities |
|
|
Derivative instruments |
688
|
9,480
|
Asset-backed securities |
|
|
Assets |
|
|
Available-for-sale marketable securities |
926
|
3,504
|
Corporate debt securities |
|
|
Assets |
|
|
Available-for-sale marketable securities |
52,453
|
6,013
|
U.S. treasury securities |
|
|
Assets |
|
|
Available-for-sale marketable securities |
282,600
|
176,184
|
Agency bonds |
|
|
Assets |
|
|
Available-for-sale marketable securities |
5,187
|
16,103
|
Commercial paper |
|
|
Assets |
|
|
Available-for-sale marketable securities |
0
|
15,826
|
Money market funds |
|
|
Assets |
|
|
Cash equivalents |
56,965
|
22,142
|
U.S. treasury securities |
|
|
Assets |
|
|
Cash equivalents |
20,000
|
2,000
|
Level 1 |
|
|
Assets |
|
|
Total assets |
364,752
|
216,429
|
Level 1 | Currency hedging contracts |
|
|
Assets |
|
|
Derivative instruments |
0
|
0
|
Liabilities |
|
|
Derivative instruments |
0
|
0
|
Level 1 | Asset-backed securities |
|
|
Assets |
|
|
Available-for-sale marketable securities |
0
|
0
|
Level 1 | Corporate debt securities |
|
|
Assets |
|
|
Available-for-sale marketable securities |
0
|
0
|
Level 1 | U.S. treasury securities |
|
|
Assets |
|
|
Available-for-sale marketable securities |
282,600
|
176,184
|
Level 1 | Agency bonds |
|
|
Assets |
|
|
Available-for-sale marketable securities |
5,187
|
16,103
|
Level 1 | Commercial paper |
|
|
Assets |
|
|
Available-for-sale marketable securities |
0
|
0
|
Level 1 | Money market funds |
|
|
Assets |
|
|
Cash equivalents |
56,965
|
22,142
|
Level 1 | U.S. treasury securities |
|
|
Assets |
|
|
Cash equivalents |
20,000
|
2,000
|
Level 2 |
|
|
Assets |
|
|
Total assets |
54,768
|
25,343
|
Level 2 | Currency hedging contracts |
|
|
Assets |
|
|
Derivative instruments |
1,389
|
0
|
Liabilities |
|
|
Derivative instruments |
688
|
9,480
|
Level 2 | Asset-backed securities |
|
|
Assets |
|
|
Available-for-sale marketable securities |
926
|
3,504
|
Level 2 | Corporate debt securities |
|
|
Assets |
|
|
Available-for-sale marketable securities |
52,453
|
6,013
|
Level 2 | U.S. treasury securities |
|
|
Assets |
|
|
Available-for-sale marketable securities |
0
|
0
|
Level 2 | Agency bonds |
|
|
Assets |
|
|
Available-for-sale marketable securities |
0
|
0
|
Level 2 | Commercial paper |
|
|
Assets |
|
|
Available-for-sale marketable securities |
0
|
15,826
|
Level 2 | Money market funds |
|
|
Assets |
|
|
Cash equivalents |
0
|
0
|
Level 2 | U.S. treasury securities |
|
|
Assets |
|
|
Cash equivalents |
$ 0
|
$ 0
|
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v3.24.2.u1
Revenue - Disaggregated Revenues (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenues |
$ 231,353
|
$ 221,038
|
$ 427,232
|
$ 383,181
|
Royalties |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenues |
124,918
|
111,740
|
245,511
|
211,380
|
Product sales, net |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenues |
78,886
|
73,889
|
137,469
|
134,683
|
Proprietary product sales |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenues |
44,139
|
32,293
|
79,394
|
60,254
|
Bulk rHuPH20 sales |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenues |
24,634
|
27,133
|
35,144
|
49,202
|
Device partnered product sales |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenues |
10,113
|
14,463
|
22,931
|
25,227
|
Collaborative Agreements |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenues |
27,549
|
35,409
|
44,252
|
37,118
|
Event-based development and regulatory milestones and other fees |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenues |
25,500
|
33,000
|
39,500
|
33,000
|
Device licensing and development revenue |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenues |
$ 2,049
|
$ 2,409
|
$ 4,752
|
$ 4,118
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
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v3.24.2.u1
Revenue - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2024 |
Jun. 30, 2024 |
Dec. 31, 2023 |
Disaggregation of Revenue [Line Items] |
|
|
|
Revenue recognized variable consideration and other uncertainties satisfied |
$ 25,500
|
$ 39,500
|
|
Revenue recognized previously included in deferred revenue |
500
|
600
|
|
Deferred revenues |
4,856
|
4,856
|
$ 4,048
|
Contract assets |
4,108
|
4,108
|
$ 956
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 |
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
Revenue, remaining performance obligation |
$ 1,300
|
$ 1,300
|
|
Deferred revenue, remaining performance obligation, expected timing |
12 months
|
12 months
|
|
Other collaborators |
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
Revenue, remaining performance obligation |
$ 89,200
|
$ 89,200
|
|
License Fees and Event-Based |
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
Revenue recognized from prior periods |
150,400
|
285,000
|
|
Product |
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
Revenue remaining performance obligations, related to unfulfilled product purchase orders |
$ 84,300
|
$ 84,300
|
|
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v3.24.2.u1
Certain Balance Sheet Items - Accounts Receivable, net (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
Contract assets |
$ 4,108
|
$ 956
|
Total accounts receivable and contract assets |
221,142
|
240,957
|
Allowance for distribution fees and discounts |
(6,618)
|
(6,747)
|
Total accounts receivable, net and contract assets |
214,524
|
234,210
|
Device partnered product sales |
|
|
Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
Accounts receivable |
29,307
|
58,588
|
Revenues under collaborative agreements |
|
|
Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
Accounts receivable |
9,803
|
16,183
|
Royalties |
|
|
Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
Accounts receivable |
128,015
|
118,170
|
Other product sales |
|
|
Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
Accounts receivable |
$ 49,909
|
$ 47,060
|
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v3.24.2.u1
Certain Balance Sheet Items - Inventories (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Balance Sheet Related Disclosures [Abstract] |
|
|
Raw materials |
$ 27,223
|
$ 23,646
|
Work-in-process |
36,690
|
34,025
|
Finished goods |
126,643
|
69,930
|
Total inventories, net |
190,556
|
127,601
|
Less long-term portion |
31,244
|
0
|
Total inventories, net |
$ 159,312
|
$ 127,601
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v3.24.2.u1
Certain Balance Sheet Items - Prepaid Expenses and Other Assets (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Balance Sheet Related Disclosures [Abstract] |
|
|
Prepaid manufacturing expenses |
$ 30,928
|
$ 36,850
|
Other prepaid expenses |
53,936
|
12,902
|
Other assets |
21,304
|
16,677
|
Total prepaid expenses and other assets |
106,168
|
66,429
|
Less long-term portion |
(21,237)
|
(17,816)
|
Total prepaid expenses and other assets, current |
$ 84,931
|
$ 48,613
|
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v3.24.2.u1
Certain Balance Sheet Items - Property and Equipment, net (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Property and equipment, gross |
$ 62,448
|
|
$ 62,448
|
|
$ 57,769
|
Accumulated depreciation and amortization |
(22,239)
|
|
(22,239)
|
|
(19,661)
|
Subtotal |
40,209
|
|
40,209
|
|
38,108
|
Right of use of assets |
34,791
|
|
34,791
|
|
36,836
|
Total property and equipment, net |
75,000
|
|
75,000
|
|
74,944
|
Depreciation and amortization |
2,600
|
$ 2,800
|
5,012
|
$ 5,415
|
|
Right-of-use asset amortization |
1,400
|
$ 1,400
|
2,900
|
$ 2,800
|
|
Research equipment |
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Property and equipment, gross |
8,796
|
|
8,796
|
|
8,588
|
Manufacturing equipment |
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Property and equipment, gross |
37,427
|
|
37,427
|
|
32,472
|
Computer and office equipment |
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Property and equipment, gross |
9,183
|
|
9,183
|
|
9,722
|
Leasehold improvements |
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Property and equipment, gross |
$ 7,042
|
|
$ 7,042
|
|
$ 6,987
|
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v3.24.2.u1
Certain Balance Sheet Items - Accrued Expenses (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Balance Sheet Related Disclosures [Abstract] |
|
|
|
|
|
Accrued compensation and payroll taxes |
$ 12,561
|
|
$ 12,561
|
|
$ 17,361
|
Accrued outsourced manufacturing expenses |
13,523
|
|
13,523
|
|
12,361
|
Income taxes payable |
29,265
|
|
29,265
|
|
963
|
Product returns and sales allowance |
42,653
|
|
42,653
|
|
41,932
|
Other accrued expenses |
19,771
|
|
19,771
|
|
33,584
|
Lease liability |
30,664
|
|
30,664
|
|
32,197
|
Total accrued expenses |
148,437
|
|
148,437
|
|
138,398
|
Less long-term portion |
(30,507)
|
|
(30,507)
|
|
(37,720)
|
Total accrued expenses, current |
117,930
|
|
117,930
|
|
$ 100,678
|
Expense associated with accretion of lease liabilities |
600
|
$ 600
|
1,200
|
$ 1,300
|
|
Total operating lease cost |
2,000
|
2,000
|
4,000
|
4,100
|
|
Cash paid for amounts related to leases |
$ 1,700
|
$ 1,700
|
$ 3,500
|
$ 3,400
|
|
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Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands |
6 Months Ended |
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] |
|
|
Gross Carrying Value |
$ 538,200
|
|
Accumulated Amortization |
149,546
|
|
Total |
388,654
|
|
ATRS-1902 (IPR&D) |
48,700
|
|
Total intangibles, net |
$ 437,354
|
$ 472,879
|
Auto Injector technology platform |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Weighted Average Useful Life (in years) |
7 years
|
|
Gross Carrying Value |
$ 402,000
|
|
Accumulated Amortization |
120,878
|
|
Total |
$ 281,122
|
|
XYOSTED proprietary product |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Weighted Average Useful Life (in years) |
10 years
|
|
Gross Carrying Value |
$ 136,200
|
|
Accumulated Amortization |
28,668
|
|
Total |
$ 107,532
|
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v3.24.2.u1
Long-Term Debt, Net - Narrative (Details)
|
1 Months Ended |
|
|
|
Mar. 31, 2023
USD ($)
shares
|
Aug. 31, 2022
USD ($)
trading_day
businessDay
$ / shares
|
May 31, 2022
USD ($)
|
Mar. 31, 2021
USD ($)
trading_day
businessDay
$ / shares
|
Jan. 31, 2021
$ / shares
|
Nov. 30, 2019
USD ($)
|
Jun. 30, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
Aug. 15, 2022
$ / shares
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
Aggregate principal |
|
|
|
|
|
|
$ 1,525,000,000
|
$ 1,525,000,000
|
|
Conversion of debt, principal |
$ 13,500,000
|
|
|
|
|
|
|
|
|
Stock issued for conversion of debt instrument (in shares) | shares |
288,886
|
|
|
|
|
|
|
|
|
1.00% Convertible Senior Notes due 2028 |
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
Aggregate principal |
|
|
|
|
|
|
720,000,000
|
720,000,000
|
|
Cap call transaction, cap price per share (usd per share) | $ / shares |
|
$ 75.4075
|
|
|
|
|
|
|
|
Sale of stock premium over last reported sale price, percentage |
|
75.00%
|
|
|
|
|
|
|
|
Sale of stock, price per share (usd per share) | $ / shares |
|
|
|
|
|
|
|
|
$ 43.09
|
Payment for capped calls |
|
$ 69,100,000
|
|
|
|
|
|
|
|
1.00% Convertible Senior Notes due 2028 | Convertible Debt |
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
Interest rate, stated percentage |
|
1.00%
|
|
|
|
|
|
|
|
Aggregate principal |
|
$ 720,000,000
|
|
|
|
|
|
|
|
Lenders fee |
|
18,000,000
|
|
|
|
|
|
|
|
Proceeds from issuance of 2028 Convertible Notes |
|
702,000,000
|
|
|
|
|
|
|
|
Payment of debt issuance cost |
|
$ 1,000,000
|
|
|
|
|
|
|
|
Debt, convertible, conversion ratio |
|
17.8517
|
|
|
|
|
|
|
|
Debt, convertible, conversion price (usd per share) | $ / shares |
|
$ 56.02
|
|
|
|
|
|
|
|
1.00% Convertible Senior Notes due 2028 | Convertible Debt | Period One |
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
Convertible, threshold percentage of stock price trigger |
|
130.00%
|
|
|
|
|
|
|
|
Convertible, threshold trading days | trading_day |
|
20
|
|
|
|
|
|
|
|
Convertible, threshold consecutive trading days | trading_day |
|
30
|
|
|
|
|
|
|
|
1.00% Convertible Senior Notes due 2028 | Convertible Debt | Period Two |
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
Convertible, threshold percentage of stock price trigger |
|
98.00%
|
|
|
|
|
|
|
|
Convertible, threshold consecutive trading days | trading_day |
|
5
|
|
|
|
|
|
|
|
Convertible, threshold consecutive business days | businessDay |
|
5
|
|
|
|
|
|
|
|
0.25% Convertible Senior Notes due 2027 |
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
Aggregate principal |
|
|
|
|
|
|
805,000,000
|
$ 805,000,000
|
|
Proceeds from issuance of 2028 Convertible Notes |
|
|
|
$ 784,900,000
|
|
|
|
|
|
0.25% Convertible Senior Notes due 2027 | Convertible Debt |
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
Interest rate, stated percentage |
|
|
|
0.25%
|
|
|
|
|
|
Aggregate principal |
|
|
|
$ 805,000,000
|
|
|
|
|
|
Lenders fee |
|
|
|
20,100,000
|
|
|
|
|
|
Payment of debt issuance cost |
|
|
|
$ 400,000
|
|
|
|
|
|
Debt, convertible, conversion ratio |
|
|
|
12.9576
|
|
|
|
|
|
Debt, convertible, conversion price (usd per share) | $ / shares |
|
|
|
$ 77.17
|
|
|
|
|
|
0.25% Convertible Senior Notes due 2027 | Convertible Debt | Period One |
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
Convertible, threshold percentage of stock price trigger |
|
|
|
130.00%
|
|
|
|
|
|
Convertible, threshold trading days | trading_day |
|
|
|
20
|
|
|
|
|
|
Convertible, threshold consecutive trading days | trading_day |
|
|
|
30
|
|
|
|
|
|
0.25% Convertible Senior Notes due 2027 | Convertible Debt | Period Two |
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
Convertible, threshold percentage of stock price trigger |
|
|
|
98.00%
|
|
|
|
|
|
Convertible, threshold consecutive trading days | trading_day |
|
|
|
5
|
|
|
|
|
|
Convertible, threshold consecutive business days | businessDay |
|
|
|
5
|
|
|
|
|
|
2024 Convertible Notes |
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
Proceeds from issuance of 2028 Convertible Notes |
|
|
|
|
|
$ 447,300,000
|
|
|
|
2024 Convertible Notes | Convertible Debt |
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
Interest rate, stated percentage |
|
|
|
|
|
1.25%
|
|
|
|
Aggregate principal |
|
|
|
|
|
$ 460,000,000.0
|
|
|
|
Lenders fee |
|
|
|
|
|
12,700,000
|
|
|
|
Payment of debt issuance cost |
|
|
|
|
|
$ 300,000
|
|
|
|
Debt, convertible, conversion ratio |
|
|
|
|
41.9208
|
|
|
|
|
Debt, convertible, conversion price (usd per share) | $ / shares |
|
|
|
|
$ 23.85
|
|
|
|
|
Credit Agreement | Revolving Credit Facility |
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
Credit facility, maximum borrowing capacity |
|
|
$ 575,000,000
|
|
|
|
|
|
|
Debt issuance costs |
|
|
|
|
|
|
3,600,000
|
|
|
Credit Agreement | Minimum | Revolving Credit Facility |
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
Commitment fee percentage |
|
|
0.15%
|
|
|
|
|
|
|
Credit Agreement | Maximum | Revolving Credit Facility |
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
Commitment fee percentage |
|
|
0.35%
|
|
|
|
|
|
|
Credit Agreement | SOFR | Revolving Credit Facility | Variable Rate Component One |
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
Basis spread on variable rate |
|
|
0.10%
|
|
|
|
|
|
|
Credit Agreement | SOFR | Minimum | Revolving Credit Facility |
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
Basis spread on variable rate |
|
|
1.00%
|
|
|
|
|
|
|
Credit Agreement | SOFR | Minimum | Revolving Credit Facility | Variable Rate Component Two |
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
Basis spread on variable rate |
|
|
1.25%
|
|
|
|
|
|
|
Credit Agreement | SOFR | Maximum | Revolving Credit Facility |
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
Basis spread on variable rate |
|
|
1.10%
|
|
|
|
|
|
|
Credit Agreement | SOFR | Maximum | Revolving Credit Facility | Variable Rate Component Two |
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
Basis spread on variable rate |
|
|
2.25%
|
|
|
|
|
|
|
Credit Agreement | Fed Funds Rate | Revolving Credit Facility |
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
Basis spread on variable rate |
|
|
0.50%
|
|
|
|
|
|
|
Credit Agreement | Base Rate | Minimum | Revolving Credit Facility |
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
Basis spread on variable rate |
|
|
0.25%
|
|
|
|
|
|
|
Credit Agreement | Base Rate | Maximum | Revolving Credit Facility |
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
Basis spread on variable rate |
|
|
1.25%
|
|
|
|
|
|
|
Credit Agreement | Term Loan Facility |
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
Credit facility, maximum borrowing capacity |
|
|
$ 250,000,000
|
|
|
|
|
|
|
Unamortized debt issuance cost |
|
|
|
|
|
|
$ 1,900,000
|
|
|
Credit Agreement | Term Loan Facility | Year one |
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
Interest rate, stated percentage |
|
|
2.50%
|
|
|
|
|
|
|
Credit Agreement | Term Loan Facility | Year two |
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
Interest rate, stated percentage |
|
|
5.00%
|
|
|
|
|
|
|
Credit Agreement | Term Loan Facility | Year three |
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
Interest rate, stated percentage |
|
|
7.50%
|
|
|
|
|
|
|
Credit Agreement | Term Loan Facility | Year four |
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
Interest rate, stated percentage |
|
|
10.00%
|
|
|
|
|
|
|
X |
- DefinitionDebt Instrument, Cap Call Transaction, Cap Price Per Share
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v3.24.2.u1
Long-Term Debt, Net - Carrying Amount of Convertible Notes (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Debt Instrument [Line Items] |
|
|
Total principal amount |
$ 1,525,000
|
$ 1,525,000
|
Total unamortized debt discount |
(22,485)
|
(25,752)
|
Long-term debt, excluding current maturities |
1,502,515
|
1,499,248
|
Total carrying amount |
1,502,515
|
1,499,248
|
Total fair value of outstanding notes |
1,570,035
|
1,366,348
|
2027 Convertible Notes |
|
|
Debt Instrument [Line Items] |
|
|
Total principal amount |
805,000
|
805,000
|
Total unamortized debt discount |
(9,237)
|
(10,950)
|
Long-term debt, excluding current maturities |
795,763
|
794,050
|
Total fair value of outstanding notes |
$ 768,920
|
$ 695,826
|
Remaining amortization per period of debt discount (in years) |
2 years 8 months 12 days
|
3 years 2 months 12 days
|
2028 Convertible Notes |
|
|
Debt Instrument [Line Items] |
|
|
Total principal amount |
$ 720,000
|
$ 720,000
|
Total unamortized debt discount |
(13,248)
|
(14,802)
|
Long-term debt, excluding current maturities |
706,752
|
705,198
|
Total fair value of outstanding notes |
$ 801,115
|
$ 670,522
|
Remaining amortization per period of debt discount (in years) |
4 years 1 month 6 days
|
4 years 7 months 6 days
|
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v3.24.2.u1
Long-Term Debt, Net - Components of Interest Expense (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Debt Instrument [Line Items] |
|
|
|
|
Total amortization of debt discount |
|
|
$ 3,665
|
$ 3,652
|
Convertible Debt |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Total coupon interest |
$ 2,303
|
$ 2,303
|
4,606
|
4,642
|
Total amortization of debt discount |
1,635
|
1,619
|
3,266
|
3,257
|
Total interest expense |
3,938
|
3,922
|
7,872
|
7,899
|
2024 Convertible Notes | Convertible Debt |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Total coupon interest |
0
|
0
|
0
|
36
|
Total amortization of debt discount |
0
|
0
|
0
|
24
|
Total interest expense |
0
|
0
|
0
|
60
|
2027 Convertible Notes | Convertible Debt |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Total coupon interest |
503
|
503
|
1,006
|
1,006
|
Total amortization of debt discount |
857
|
852
|
1,713
|
1,702
|
Total interest expense |
$ 1,360
|
$ 1,355
|
$ 2,719
|
$ 2,708
|
Effective interest rates |
0.70%
|
0.70%
|
0.70%
|
0.70%
|
2028 Convertible Notes | Convertible Debt |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Total coupon interest |
$ 1,800
|
$ 1,800
|
$ 3,600
|
$ 3,600
|
Total amortization of debt discount |
778
|
767
|
1,553
|
1,531
|
Total interest expense |
$ 2,578
|
$ 2,567
|
$ 5,153
|
$ 5,131
|
Effective interest rates |
1.50%
|
1.50%
|
1.50%
|
1.50%
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Share-based Compensation - Share-based Compensation Expense (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] |
|
|
|
|
Total share-based compensation expense |
$ 9,471
|
$ 9,622
|
$ 19,345
|
$ 17,588
|
Stock options |
|
|
|
|
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] |
|
|
|
|
Total share-based compensation expense |
3,894
|
4,190
|
8,193
|
7,645
|
RSUs, PSUs and ESPP |
|
|
|
|
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] |
|
|
|
|
Total share-based compensation expense |
5,577
|
5,432
|
11,152
|
9,943
|
Research and development |
|
|
|
|
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] |
|
|
|
|
Total share-based compensation expense |
2,568
|
3,670
|
5,913
|
6,771
|
Selling, general and administrative |
|
|
|
|
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] |
|
|
|
|
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|
$ 5,952
|
$ 13,432
|
$ 10,817
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Share-based Compensation - Narrative (Details) - USD ($) $ in Thousands |
1 Months Ended |
3 Months Ended |
6 Months Ended |
Feb. 28, 2021 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
Stock options granted (in shares) |
|
100,000
|
400,000
|
600,000
|
1,600,000
|
2021 ESPP Plan |
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
Number of shares available for grant (in shares) |
|
2,579,790
|
|
2,579,790
|
|
ESPP | 2021 ESPP Plan |
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
ESPP purchase price of common stock, percent of market price |
85.00%
|
|
|
|
|
Minimum employee subscription rate |
1.00%
|
|
|
|
|
Maximum employee subscription rate |
15.00%
|
|
|
|
|
Maximum contribution amount |
$ 25
|
|
|
|
|
Purchase period (in months) |
6 months
|
|
|
|
|
Shares issued (in shares) |
|
|
|
24,432
|
|
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v3.24.2.u1
Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions |
1 Months Ended |
6 Months Ended |
31 Months Ended |
|
|
Jun. 30, 2024 |
Nov. 30, 2023 |
Dec. 31, 2021 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Feb. 29, 2024 |
Dec. 31, 2023 |
Stockholders' equity (deficit) (textual) |
|
|
|
|
|
|
|
|
Capital return program, authorized amount (in shares) |
|
|
$ 750.0
|
|
|
|
|
|
Capital return program, purchase period |
|
|
3 years
|
|
|
|
|
|
ASR |
|
|
|
|
|
|
|
|
Stockholders' equity (deficit) (textual) |
|
|
|
|
|
|
|
|
Stock repurchased |
|
$ 250.0
|
|
|
|
|
|
|
ASR, payment to bank |
|
$ 250.0
|
|
|
|
|
|
|
Stock repurchased (in shares) |
1,100,000
|
5,500,000
|
|
|
|
|
|
|
Weighted-average price paid per share (usd per share) |
$ 38.35
|
|
|
|
|
|
|
|
2021 Share Repurchase Program |
|
|
|
|
|
|
|
|
Stockholders' equity (deficit) (textual) |
|
|
|
|
|
|
|
|
Capital return program, purchase period |
|
|
|
|
|
3 years
|
|
|
Stock repurchased (in shares) |
|
|
|
|
|
19,100,000
|
|
|
Weighted-average price paid per share (usd per share) |
|
|
|
|
|
$ 39.31
|
|
|
2024 Capital Return Program |
|
|
|
|
|
|
|
|
Stockholders' equity (deficit) (textual) |
|
|
|
|
|
|
|
|
Capital return program, authorized amount (in shares) |
|
|
|
|
|
|
$ 750.0
|
|
Stock options |
|
|
|
|
|
|
|
|
Stockholders' equity (deficit) (textual) |
|
|
|
|
|
|
|
|
Number of shares of common stock issued as a result of stock option exercises (in shares) |
|
|
|
475,828
|
240,223
|
|
|
|
Stock options weighted average exercise price (usd per share) |
|
|
|
$ 23.90
|
$ 17.66
|
|
|
|
Net proceeds from stock options exercised |
|
|
|
$ 11.4
|
$ 4.2
|
|
|
|
RSUs and PSUs |
|
|
|
|
|
|
|
|
Stockholders' equity (deficit) (textual) |
|
|
|
|
|
|
|
|
Stock issued during period, shares, restricted stock award, net of forfeitures (in shares) |
|
|
|
331,693
|
318,181
|
|
|
|
Unit holders awards surrendered to pay for minimum withholding taxes (in shares) |
|
|
|
88,825
|
70,733
|
|
|
|
Payments for tax withholding for restricted stock units vested, net |
|
|
|
$ 6.5
|
$ 7.0
|
|
|
|
Stock options and restricted units |
|
|
|
|
|
|
|
|
Stockholders' equity (deficit) (textual) |
|
|
|
|
|
|
|
|
Outstanding stock options and restricted stock units (in shares) |
8,000,000.0
|
|
|
8,000,000.0
|
|
8,000,000.0
|
|
7,800,000
|
X |
- DefinitionAmount authorized for purchase of share under share repurchase plan. Includes, but is not limited to, repurchase of stock and unit of ownership.
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v3.24.2.u1
Earnings per share - Computation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Numerator |
|
|
|
|
Net income |
$ 93,245
|
$ 74,754
|
$ 170,068
|
$ 114,369
|
Denominator |
|
|
|
|
Weighted average common shares outstanding for basic earnings per share (in shares) |
127,116
|
131,730
|
127,029
|
133,369
|
Dilutive potential common stock outstanding |
|
|
|
|
Weighted average common shares outstanding for diluted earnings per share (in shares) |
129,222
|
133,543
|
129,097
|
135,758
|
Earnings per share |
|
|
|
|
Basic (usd per share) |
$ 0.73
|
$ 0.57
|
$ 1.34
|
$ 0.86
|
Diluted (usd per share) |
$ 0.72
|
$ 0.56
|
$ 1.32
|
$ 0.84
|
Convertible Notes |
|
|
|
|
Dilutive potential common stock outstanding |
|
|
|
|
Dilutive potential common stock outstanding (in shares) |
0
|
0
|
0
|
116
|
Stock options |
|
|
|
|
Dilutive potential common stock outstanding |
|
|
|
|
Dilutive potential common stock outstanding (in shares) |
1,762
|
1,656
|
1,669
|
1,910
|
RSUs, PSUs and ESPP |
|
|
|
|
Dilutive potential common stock outstanding |
|
|
|
|
Dilutive potential common stock outstanding (in shares) |
344
|
157
|
399
|
363
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