STAINES-UPON-THAMES,
"
"
GAAP selling, general and administrative (SG&A) expenses were
Income tax benefit was
GAAP diluted earnings per share results from continuing operations were
Six-Month Fiscal 2017 Results
Net sales were
On a GAAP basis, income from continuing operations was
On an adjusted basis, adjusted net income was
BUSINESS SEGMENT RESULTS
Specialty Brands Segment
Net sales for the Specialty Brands segment were
H.P. Acthar® Gel net sales were
Net sales of the Therakos® immunology platform were
Specialty Generics Segment
Net sales in the second quarter decreased 18.0% to
LIQUIDITY
During the second quarter, the company continued share repurchases, buying 2.4 million ordinary shares for
Despite the significant capital allocation activities undertaken in the quarter,
CONFERENCE CALL AND WEBCAST
ABOUT
NON-GAAP FINANCIAL MEASURES
This press release contains financial measures, including adjusted net income, adjusted diluted earnings per share, adjusted gross profit, adjusted SG&A, net sales growth on a constant-currency basis, adjusted effective tax rate, and free cash flow, which are considered "non-GAAP" financial measures under applicable
Adjusted net income, adjusted gross profit and adjusted SG&A represent amounts prepared in accordance with accounting principles generally accepted in the U.S. (GAAP) and adjusted for certain items that management believes are not reflective of the operational performance of the business. The adjustments for these items are on a pre-tax basis for adjusted gross profit and adjusted SG&A and on an after-tax basis for adjusted net income. Adjustments to GAAP amounts include, as applicable to each measure, restructuring and related charges, net; amortization and impairment charges; discontinued operations; acquisition-related expenses; changes in fair value of contingent consideration obligations; inventory step-up expenses; significant legal and environmental charges; pension settlement charges; recurrent cash tax payments to the
The adjusted effective tax rate is calculated as the income tax effects on continuing and discontinued operations plus the income tax impact included in
Net sales growth on a constant-currency basis measures the change in net sales between current- and prior-year periods using a constant currency, the exchange rate in effect during the applicable prior-year period.
Free cash flow for the second quarter represents net cash provided by operating activities of
The company has provided these adjusted financial measures because they are used by management, along with financial measures in accordance with GAAP, to evaluate the company's operating performance. In addition, the company believes that they will be used by certain investors to measure
These adjusted measures should be considered supplemental to and not a substitute for financial information prepared in accordance with GAAP. The company's definition of these adjusted measures may differ from similarly titled measures used by others.
Because adjusted financial measures exclude the effect of items that will increase or decrease the company's reported results of operations, management strongly encourages investors to review the company's consolidated financial statements and publicly filed reports in their entirety. A reconciliation of certain of these historical adjusted financial measures to the most directly comparable GAAP financial measures is included in the tables accompanying this release.
Further information regarding non-GAAP financial measures can be found on the Investor Relations page of the company's website.
CAUTIONARY STATEMENTS RELATED TO FORWARD-LOOKING STATEMENTS
Statements in this document that are not strictly historical, including statements regarding future financial condition and operating results, economic, business, competitive and/or regulatory factors affecting
There are a number of important factors that could cause actual events to differ materially from those suggested or indicated by such forward-looking statements and you should not place undue reliance on any such forward-looking statements. These factors include risks and uncertainties related to, among other things: general economic conditions and conditions affecting the industries in which
These and other factors are identified and described in more detail in the "Risk Factors" sections of
CONTACTS
Investor Relations
Senior Vice President, Investor Strategy and IRO
314-654-6649
cole.lannum@mallinckrodt.com
Director, Investor Relations
314-654-3638
daniel.speciale@mallinckrodt.com
Media
Senior Communications Manager
908-238-6765
rhonda.sciarra@mallinckrodt.com
Chief Public Affairs Officer
314-654-3318
meredith.fischer@mallinckrodt.com
MALLINCKRODT PLC |
|||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
|||||||||||
(unaudited, in millions, except per share data) |
|||||||||||
Three Months Ended |
|||||||||||
June 30, |
Percent of |
June 24, |
Percent of |
||||||||
Net sales |
$ |
824.5 |
100.0 |
% |
$ |
866.6 |
100.0 |
% |
|||
Cost of sales |
408.4 |
49.5 |
377.8 |
43.6 |
|||||||
Gross profit |
416.1 |
50.5 |
488.8 |
56.4 |
|||||||
Selling, general and administrative expenses |
232.1 |
28.2 |
224.9 |
26.0 |
|||||||
Research and development expenses |
69.2 |
8.4 |
74.8 |
8.6 |
|||||||
Restructuring charges, net |
0.6 |
0.1 |
14.0 |
1.6 |
|||||||
Loss on divestiture and license |
2.1 |
0.3 |
— |
— |
|||||||
Operating income |
112.1 |
13.6 |
175.1 |
20.2 |
|||||||
Interest expense |
(92.2) |
(11.2) |
(95.6) |
(11.0) |
|||||||
Interest income |
0.6 |
0.1 |
0.4 |
— |
|||||||
Other income (expense), net |
10.0 |
1.2 |
(1.3) |
(0.2) |
|||||||
Income from continuing operations before income taxes |
30.5 |
3.7 |
78.6 |
9.1 |
|||||||
Income tax benefit |
(40.1) |
(4.9) |
(98.1) |
(11.3) |
|||||||
Income from continuing operations |
70.6 |
8.6 |
176.7 |
20.4 |
|||||||
(Loss) income from discontinued operations, net of income taxes |
(7.8) |
(0.9) |
22.6 |
2.6 |
|||||||
Net income |
$ |
62.8 |
7.6 |
% |
$ |
199.3 |
23.0 |
% |
|||
Basic earnings per share: |
|||||||||||
Income from continuing operations |
$ |
0.72 |
$ |
1.63 |
|||||||
(Loss) income from discontinued operations |
(0.08) |
0.21 |
|||||||||
Net income |
0.64 |
1.84 |
|||||||||
Diluted earnings per share: |
|||||||||||
Income from continuing operations |
$ |
0.72 |
$ |
1.62 |
|||||||
(Loss) income from discontinued operations |
(0.08) |
0.21 |
|||||||||
Net income |
0.64 |
1.82 |
|||||||||
Weighted-average number of shares outstanding: |
|||||||||||
Basic |
98.5 |
108.6 |
|||||||||
Diluted |
98.7 |
109.4 |
|||||||||
MALLINCKRODT PLC |
|||||||||||||||||||||||||||
NON-GAAP MEASURES |
|||||||||||||||||||||||||||
(unaudited, in millions except per share data) |
|||||||||||||||||||||||||||
Three Months Ended |
|||||||||||||||||||||||||||
June 30, 2017 |
June 24, 2016 |
||||||||||||||||||||||||||
Gross |
Selling, |
Net |
Diluted |
Gross |
Selling, |
Net |
Diluted |
||||||||||||||||||||
GAAP |
$ |
416.1 |
$ |
232.1 |
$ |
62.8 |
$ |
0.64 |
$ |
488.8 |
$ |
224.9 |
$ |
199.3 |
$ |
1.82 |
|||||||||||
Adjustments: |
|||||||||||||||||||||||||||
Intangible asset amortization |
172.4 |
(2.3) |
174.7 |
1.77 |
174.0 |
(1.8) |
175.8 |
1.61 |
|||||||||||||||||||
Restructuring and related charges, net (1) |
0.5 |
(0.4) |
1.5 |
0.02 |
0.6 |
(0.7) |
15.2 |
0.14 |
|||||||||||||||||||
Inventory step-up expense |
2.9 |
— |
2.9 |
0.03 |
2.6 |
— |
2.6 |
0.02 |
|||||||||||||||||||
Income from discontinued operations |
— |
— |
7.8 |
0.08 |
— |
— |
(22.6) |
(0.21) |
|||||||||||||||||||
Change in contingent consideration fair value |
— |
(2.0) |
2.0 |
0.02 |
— |
4.3 |
(4.3) |
(0.04) |
|||||||||||||||||||
Acquisition related expenses |
— |
(1.1) |
1.1 |
0.01 |
— |
(0.1) |
0.1 |
— |
|||||||||||||||||||
Intrathecal divestiture |
— |
— |
2.1 |
0.02 |
— |
— |
— |
— |
|||||||||||||||||||
Income taxes (2) |
— |
— |
(72.3) |
(0.73) |
— |
— |
(144.3) |
(1.32) |
|||||||||||||||||||
As adjusted |
$ |
591.9 |
$ |
226.3 |
$ |
182.6 |
$ |
1.85 |
$ |
666.0 |
$ |
226.6 |
$ |
221.8 |
$ |
2.03 |
|||||||||||
Percent of net sales |
71.8 |
% |
27.4 |
% |
22.1 |
% |
76.9 |
% |
26.1 |
% |
25.6 |
% |
|||||||||||||||
(1) |
Includes pre-tax accelerated depreciation. |
||||
(2) |
Includes tax effects of above adjustments as well as the elimination of deferred tax benefits recognized upon pay down of intercompany installment notes created by internal sales of acquired intangible assets. |
MALLINCKRODT PLC |
||||||||||||||||
SEGMENT NET SALES AND CONSTANT-CURRENCY GROWTH |
||||||||||||||||
(unaudited, in millions) |
||||||||||||||||
Three Months Ended |
||||||||||||||||
June 30, |
June 24, |
Percent |
Currency |
Constant- |
||||||||||||
Specialty Brands |
$ |
594.5 |
$ |
589.3 |
0.9 |
% |
(0.3) |
% |
1.2 |
% |
||||||
Specialty Generics |
216.0 |
263.4 |
(18.0) |
(0.2) |
(17.8) |
|||||||||||
810.5 |
852.7 |
(4.9) |
(0.3) |
(4.6) |
||||||||||||
Other(1) |
14.0 |
13.9 |
0.7 |
— |
0.7 |
|||||||||||
Net sales |
$ |
824.5 |
$ |
866.6 |
(4.9) |
% |
(0.3) |
% |
(4.6) |
% |
||||||
(1) |
Represents net sales from an ongoing, post-divestiture supply agreement with the acquirer of the CMDS business. Amounts for periods prior to the divestiture represent the reclassification of intercompany sales to third-party sales to conform with the presentation of the ongoing supply agreement. |
MALLINCKRODT PLC |
||||||||||||||||
SELECT PRODUCT LINE NET SALES |
||||||||||||||||
(unaudited, in millions) |
||||||||||||||||
Three Months Ended |
||||||||||||||||
June 30, |
June 24, |
Percent |
Currency |
Constant- |
||||||||||||
Specialty Brands |
||||||||||||||||
Acthar |
$ |
319.4 |
$ |
298.3 |
7.1 |
% |
— |
% |
7.1 |
% |
||||||
Inomax |
125.5 |
121.1 |
3.6 |
— |
3.6 |
|||||||||||
Ofirmev |
75.7 |
70.7 |
7.1 |
— |
7.1 |
|||||||||||
Therakos immunotherapy |
51.2 |
52.5 |
(2.5) |
(3.7) |
1.2 |
|||||||||||
Hemostasis products |
13.5 |
13.9 |
(2.9) |
(0.1) |
(2.8) |
|||||||||||
Other |
9.2 |
32.8 |
(72.0) |
(0.1) |
(71.9) |
|||||||||||
Specialty Brands Total |
$ |
594.5 |
$ |
589.3 |
0.9 |
% |
(0.3) |
% |
1.2 |
% |
||||||
Specialty Generics |
||||||||||||||||
Hydrocodone (API) and hydrocodone-containing tablets |
$ |
23.0 |
$ |
38.2 |
(39.8) |
% |
— |
% |
(39.8) |
% |
||||||
Oxycodone (API) and oxycodone-containing tablets |
25.1 |
30.6 |
(18.0) |
— |
(18.0) |
|||||||||||
Methylphenidate ER |
20.2 |
24.3 |
(16.9) |
— |
(16.9) |
|||||||||||
Other controlled substances |
107.7 |
124.7 |
(13.6) |
— |
(13.6) |
|||||||||||
Other products |
40.0 |
45.6 |
(12.3) |
(1.4) |
(10.9) |
|||||||||||
Specialty Generics Total |
$ |
216.0 |
$ |
263.4 |
(18.0) |
% |
(0.2) |
% |
(17.8) |
% |
MALLINCKRODT PLC |
|||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
|||||||||||
(unaudited, in millions, except per share data) |
|||||||||||
Six Months Ended |
|||||||||||
June 30, |
Percent of |
June 24, |
Percent of |
||||||||
Net sales |
$ |
1,635.4 |
100.0 |
% |
$ |
1,682.4 |
100.0 |
% |
|||
Cost of sales |
800.7 |
49.0 |
768.5 |
45.7 |
|||||||
Gross profit |
834.7 |
51.0 |
913.9 |
54.3 |
|||||||
Selling, general and administrative expenses |
540.2 |
33.0 |
434.2 |
25.8 |
|||||||
Research and development expenses |
131.4 |
8.0 |
132.9 |
7.9 |
|||||||
Restructuring charges, net |
17.8 |
1.1 |
22.4 |
1.3 |
|||||||
Non-restructuring impairments |
— |
— |
16.9 |
1.0 |
|||||||
Gains on divestiture and license |
(57.0) |
(3.5) |
— |
— |
|||||||
Operating income |
202.3 |
12.4 |
307.5 |
18.3 |
|||||||
Interest expense |
(186.4) |
(11.4) |
(192.8) |
(11.5) |
|||||||
Interest income |
1.5 |
0.1 |
0.6 |
— |
|||||||
Other income (expense), net |
2.5 |
0.2 |
(2.0) |
(0.1) |
|||||||
Income from continuing operations before income taxes |
19.9 |
1.2 |
113.3 |
6.7 |
|||||||
Income tax benefit |
(79.6) |
(4.9) |
(161.9) |
(9.6) |
|||||||
Income from continuing operations |
99.5 |
6.1 |
275.2 |
16.4 |
|||||||
Income from discontinued operations, net of income taxes |
362.5 |
22.2 |
42.4 |
2.5 |
|||||||
Net income |
$ |
462.0 |
28.2 |
% |
$ |
317.6 |
18.9 |
% |
|||
Basic earnings per share: |
|||||||||||
Income from continuing operations |
$ |
0.99 |
$ |
2.50 |
|||||||
Income from discontinued operations |
3.59 |
0.39 |
|||||||||
Net income |
4.58 |
2.89 |
|||||||||
Diluted earnings per share: |
|||||||||||
Income from continuing operations |
$ |
0.98 |
$ |
2.48 |
|||||||
Income from discontinued operations |
3.58 |
0.38 |
|||||||||
Net income |
4.57 |
2.87 |
|||||||||
Weighted-average number of shares outstanding: |
|||||||||||
Basic |
100.9 |
109.9 |
|||||||||
Diluted |
101.2 |
110.8 |
|||||||||
MALLINCKRODT PLC |
|||||||||||||||||||||||||||
NON-GAAP MEASURES |
|||||||||||||||||||||||||||
(unaudited, in millions except per share data) |
|||||||||||||||||||||||||||
Six Months Ended |
|||||||||||||||||||||||||||
June 30, 2017 |
June 24, 2016 |
||||||||||||||||||||||||||
Gross |
Selling, |
Net |
Diluted |
Gross |
Selling, |
Net |
Diluted |
||||||||||||||||||||
GAAP |
$ |
834.7 |
$ |
540.2 |
$ |
462.0 |
$ |
4.57 |
$ |
913.9 |
$ |
434.2 |
$ |
317.6 |
$ |
2.87 |
|||||||||||
Adjustments: |
|||||||||||||||||||||||||||
Intangible asset amortization |
345.2 |
(4.6) |
349.8 |
3.46 |
347.2 |
(3.6) |
350.8 |
3.17 |
|||||||||||||||||||
Restructuring and related charges, net (1) |
1.0 |
(1.4) |
20.2 |
0.20 |
1.2 |
(1.8) |
25.3 |
0.23 |
|||||||||||||||||||
Inventory step-up expense |
5.9 |
— |
5.9 |
0.06 |
4.7 |
— |
4.7 |
0.04 |
|||||||||||||||||||
Income from discontinued operations |
— |
— |
(362.5) |
(3.58) |
— |
— |
(42.4) |
(0.38) |
|||||||||||||||||||
Change in contingent consideration fair value |
— |
(0.2) |
0.2 |
— |
— |
10.6 |
(10.6) |
(0.10) |
|||||||||||||||||||
Acquisition related expenses |
— |
(1.1) |
1.1 |
0.01 |
— |
(2.0) |
2.0 |
0.02 |
|||||||||||||||||||
Non-restructuring impairment charges |
— |
— |
— |
— |
— |
— |
16.9 |
0.15 |
|||||||||||||||||||
Debt refinancing |
— |
— |
10.0 |
0.10 |
— |
— |
— |
— |
|||||||||||||||||||
Pension settlement charge |
— |
(69.2) |
69.2 |
0.68 |
— |
— |
— |
— |
|||||||||||||||||||
Intrathecal divestiture |
— |
— |
(57.0) |
(0.56) |
— |
— |
— |
— |
|||||||||||||||||||
Income taxes (2) |
— |
— |
(142.5) |
(1.41) |
— |
— |
(239.7) |
(2.16) |
|||||||||||||||||||
As adjusted |
$ |
1,186.8 |
$ |
463.7 |
$ |
356.4 |
$ |
3.52 |
$ |
1,267.0 |
$ |
437.4 |
$ |
424.6 |
$ |
3.83 |
|||||||||||
Percent of net sales |
72.6 |
% |
28.4 |
% |
21.8 |
% |
75.3 |
% |
26.0 |
% |
25.2 |
% |
|||||||||||||||
(1) |
Includes pre-tax accelerated depreciation. |
||||
(2) |
Includes tax effects of above adjustments as well as the elimination of deferred tax benefits recognized upon pay down of intercompany installment notes created by internal sales of acquired intangible assets. |
MALLINCKRODT PLC |
||||||||||||||||
SEGMENT NET SALES AND CONSTANT-CURRENCY GROWTH |
||||||||||||||||
(unaudited, in millions) |
||||||||||||||||
Six Months Ended |
||||||||||||||||
June 30, |
June 24, |
Percent |
Currency |
Constant- |
||||||||||||
Specialty Brands |
$ |
1,151.7 |
$ |
1,124.3 |
2.4 |
% |
(0.4) |
% |
2.8 |
% |
||||||
Specialty Generics |
454.6 |
527.8 |
(13.9) |
— |
(13.9) |
|||||||||||
1,606.3 |
1,652.1 |
(2.8) |
(0.3) |
(2.5) |
||||||||||||
Other(1) |
29.1 |
30.3 |
(4.0) |
— |
(4.0) |
|||||||||||
Net sales |
$ |
1,635.4 |
$ |
1,682.4 |
(2.8) |
% |
(0.3) |
% |
(2.5) |
% |
||||||
(1) |
Represents net sales from an ongoing, post-divestiture supply agreement with the acquirer of the CMDS business. Amounts for periods prior to the divestiture represent the reclassification of intercompany sales to third-party sales to conform with the presentation of the ongoing supply agreement. |
MALLINCKRODT PLC |
||||||||||||||||
SELECT PRODUCT LINE NET SALES |
||||||||||||||||
(unaudited, in millions) |
||||||||||||||||
Six Months Ended |
||||||||||||||||
June 30, |
June 24, |
Percent |
Currency |
Constant- |
||||||||||||
Specialty Brands |
||||||||||||||||
Acthar |
$ |
591.2 |
$ |
546.7 |
8.1 |
% |
— |
% |
8.1 |
% |
||||||
Inomax |
253.9 |
236.6 |
7.3 |
— |
7.3 |
|||||||||||
Ofirmev |
149.1 |
141.8 |
5.1 |
— |
5.1 |
|||||||||||
Therakos immunotherapy |
102.4 |
102.7 |
(0.3) |
(4.3) |
4.0 |
|||||||||||
Hemostasis products |
26.6 |
25.3 |
5.1 |
(0.1) |
5.2 |
|||||||||||
Other |
28.5 |
71.2 |
(60.0) |
(0.1) |
(59.9) |
|||||||||||
Specialty Brands Total |
$ |
1,151.7 |
$ |
1,124.3 |
2.4 |
% |
(0.4) |
% |
2.8 |
% |
||||||
Specialty Generics |
||||||||||||||||
Hydrocodone (API) and hydrocodone-containing tablets |
$ |
53.3 |
$ |
79.0 |
(32.5) |
% |
— |
% |
(32.5) |
% |
||||||
Oxycodone (API) and oxycodone-containing tablets |
47.2 |
68.5 |
(31.1) |
— |
(31.1) |
|||||||||||
Methylphenidate ER |
43.9 |
48.9 |
(10.2) |
— |
(10.2) |
|||||||||||
Other controlled substances |
215.1 |
246.6 |
(12.8) |
— |
(12.8) |
|||||||||||
Other products |
95.1 |
84.8 |
12.1 |
(0.1) |
12.2 |
|||||||||||
Specialty Generics Total |
$ |
454.6 |
$ |
527.8 |
(13.9) |
% |
— |
% |
(13.9) |
% |
MALLINCKRODT PLC |
|||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||||
(unaudited, in millions) |
|||||||
June 30, |
December 30, |
||||||
Assets |
|||||||
Current Assets: |
|||||||
Cash and cash equivalents |
$ |
330.2 |
$ |
342.0 |
|||
Accounts receivable, net |
482.1 |
431.0 |
|||||
Inventories |
339.4 |
350.7 |
|||||
Prepaid expenses and other current assets |
134.0 |
131.9 |
|||||
Notes receivable |
154.0 |
— |
|||||
Current assets held for sale |
— |
310.9 |
|||||
Total current assets |
1,439.7 |
1,566.5 |
|||||
Property, plant and equipment, net |
940.7 |
881.5 |
|||||
Goodwill |
3,446.2 |
3,498.1 |
|||||
Intangible assets, net |
8,604.7 |
9,000.5 |
|||||
Other assets |
189.9 |
259.7 |
|||||
Total Assets |
$ |
14,621.2 |
$ |
15,206.3 |
|||
Liabilities and Shareholders' Equity |
|||||||
Current Liabilities: |
|||||||
Current maturities of long-term debt |
$ |
519.4 |
$ |
271.2 |
|||
Accounts payable |
113.9 |
112.1 |
|||||
Accrued payroll and payroll-related costs |
92.8 |
76.1 |
|||||
Accrued interest |
54.1 |
68.7 |
|||||
Income taxes payable |
122.0 |
101.7 |
|||||
Accrued and other current liabilities |
460.2 |
557.1 |
|||||
Current liabilities held for sale |
— |
120.3 |
|||||
Total current liabilities |
1,362.4 |
1,307.2 |
|||||
Long-term debt |
5,338.5 |
5,880.8 |
|||||
Pension and postretirement benefits |
67.7 |
136.4 |
|||||
Environmental liabilities |
73.6 |
73.0 |
|||||
Deferred income taxes |
2,254.4 |
2,398.1 |
|||||
Other income tax liabilities |
67.5 |
70.4 |
|||||
Other liabilities |
361.1 |
356.1 |
|||||
Total Liabilities |
9,525.2 |
10,222.0 |
|||||
Shareholders' Equity: |
|||||||
Preferred shares |
— |
— |
|||||
Ordinary shares |
23.7 |
23.6 |
|||||
Ordinary shares held in treasury at cost |
(1,296.9) |
(919.8) |
|||||
Additional paid-in capital |
5,459.7 |
5,424.0 |
|||||
Retained earnings |
917.5 |
529.0 |
|||||
Accumulated other comprehensive income |
(8.0) |
(72.5) |
|||||
Total Shareholders' Equity |
5,096.0 |
4,984.3 |
|||||
Total Liabilities and Shareholders' Equity |
$ |
14,621.2 |
$ |
15,206.3 |
MALLINCKRODT PLC |
|||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||
(unaudited, in millions) |
|||||||
Six Months Ended |
|||||||
June 30, |
June 24, |
||||||
Cash Flows From Operating Activities: |
|||||||
Net income |
$ |
462.0 |
$ |
317.6 |
|||
Adjustments to reconcile net cash from operating activities: |
|||||||
Depreciation and amortization |
406.0 |
419.0 |
|||||
Share-based compensation |
31.8 |
22.1 |
|||||
Deferred income taxes |
(157.6) |
(215.4) |
|||||
Non-cash impairment charges |
— |
16.9 |
|||||
Gain on divestitures |
(419.1) |
(2.1) |
|||||
Other non-cash items |
32.4 |
18.6 |
|||||
Changes in assets and liabilities, net of the effects of acquisitions: |
|||||||
Accounts receivable, net |
(52.6) |
(17.2) |
|||||
Inventories |
(8.5) |
8.0 |
|||||
Accounts payable |
(10.7) |
4.4 |
|||||
Income taxes |
12.5 |
58.4 |
|||||
Other |
(73.7) |
52.7 |
|||||
Net cash from operating activities |
222.5 |
683.0 |
|||||
Cash Flows From Investing Activities: |
|||||||
Capital expenditures |
(101.6) |
(84.5) |
|||||
Acquisitions and intangibles, net of cash acquired |
— |
(169.5) |
|||||
Proceeds from divestitures, net of cash |
576.9 |
3.0 |
|||||
Other |
(9.9) |
4.6 |
|||||
Net cash from investing activities |
465.4 |
(246.4) |
|||||
Cash Flows From Financing Activities: |
|||||||
Issuance of external debt |
40.0 |
36.3 |
|||||
Repayment of external debt and capital leases |
(332.8) |
(177.5) |
|||||
Debt financing costs |
(13.0) |
— |
|||||
Proceeds from exercise of share options |
3.9 |
4.9 |
|||||
Repurchase of shares |
(380.8) |
(326.6) |
|||||
Other |
(19.5) |
(23.0) |
|||||
Net cash from financing activities |
(702.2) |
(485.9) |
|||||
Effect of currency rate changes on cash |
1.6 |
2.1 |
|||||
Net change in cash, cash equivalents and restricted cash |
(12.7) |
(47.2) |
|||||
Cash, cash equivalents and restricted cash at beginning of period |
361.1 |
588.4 |
|||||
Cash, cash equivalents and restricted cash at end of period |
$ |
348.4 |
$ |
541.2 |
1 Generally accepted accounting principles in
2 The as-reported and constant currency growth percentages are identical for H.P. Acthar Gel, INOMAX and OFIRMEV.
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