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ACTELION LTD AND SUBSIDIARIES
Contents:
CONSOLIDATED INCOME STATEMENTS
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED STATEMENTS OF CASH FLOWS
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
CONSOLIDATED US GAAP FINANCIAL STATEMENTS FOR MARCH 31, 2017
ACTELION LTD AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
Three months ended
March 31,
(in CHF thousands, except per share amounts) 2017 2016
Net revenue
Product sales 646,217 589,308
Contract revenue 36 227
Total net revenue 646,253 589,535
Operating (expenses) 1
Cost of sales 2
(65,407) (48,200)
Research and development (153,201) (139,469)
Selling, general and administration (199,591) (179,967)
Amortization of acquired intangible assets (13,608) (13,578)
Total operating (expenses) (431,807) (381,214)
Operating income 214,446 208,321
Interest income (expense), net (5) 238
Other financial income (expense), net 1,022 (1,448)
Total financial income (expenses) 1,017 (1,210)
Income before income tax benefit (expense) 215,463 207,111
Income tax benefit (expense) (18,827) (29,190)
Net income 196,636 177,921
Less: Net loss attributable to the noncontrolling interests 321 409
Net income attributable to Actelion's shareholders 196,957 178,330
Basic net income per share attributable to Actelion's shareholders 1.91 1.70
Weighted-average number of common shares (in thousands) 103,211 104,918
Diluted net income per share attributable to Actelion's shareholders 1.86 1.64
Weighted-average number of common shares (in thousands) 106,114 108,914
1 Includes stock-based compensation as follows:
Research and development (7,665) (7,488)
Selling, general and administration (10,077) (8,680)
Total stock-based compensation (17,742) (16,168)
2 Excludes amortization of intangible assets as presented separately.
ACTELION LTD AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Three months ended
March 31,
(in CHF thousands) 2017 2016
Net income 196,636 177,921
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments 1,305 3,703
Amortization of components of net periodic benefit costs 122 398
Other comprehensive income (loss), net of tax 1,427 4,101
Comprehensive income 198,063 182,022
Less: Comprehensive loss attributable to noncontrolling interests 321 409
Comprehensive income attributable to Actelion's shareholders 198,384 182,431
ACTELION LTD AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
March 31, December 31,
(in CHF thousands, except number of shares) 2017 2016
Assets
Current assets
Cash and cash equivalents 759,776 495,380
Trade and other receivables, net 484,488 445,868
Inventories 132,571 135,820
Other current assets 68,248 115,763
Total current assets 1,445,083 1,192,831
Noncurrent assets
Property, plant and equipment, net 347,942 350,215
Intangible assets, net 370,010 382,705
Goodwill 134,621 135,048
Deferred tax assets 18,462 20,528
Other noncurrent assets 19,571 25,150
Total noncurrent assets 890,606 913,646
Total assets 2,335,689 2,106,477
Liabilities
Current liabilities
Trade and other payables 98,051 83,009
Accrued expenses 280,502 445,730
Other current liabilities 144,623 40,211
Total current liabilities 523,176 568,950
Noncurrent liabilities
Pension liability 55,342 66,427
Contingent considerations 113,811 115,630
Other noncurrent liabilities 35,141 34,312
Total noncurrent liabilities 204,294 216,369
Total liabilities 727,470 785,319
Equity
Actelion's shareholders' equity
Common shares (par value CHF 0.50 per share;
authorized 147'753'077; issued 107'761'427
shares in 2017 and 2016, respectively) 53,881 53,881
Accumulated profit 2,257,476 2,187,889
Treasury shares, at cost (463,685) (680,053)
Accumulated other comprehensive income (loss) (234,793) (236,220)
Total Actelion's shareholders' equity 1,612,879 1,325,497
Noncontrolling interests
Equity attributable to noncontrolling interests (4,660) (4,339)
Total equity 1,608,219 1,321,158
Total liabilities and equity 2,335,689 2,106,477
ACTELION LTD AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Three months ended
March 31,
(in CHF thousands) 2017 2016
Cash flow from operating activities
Net income 196,636 177,921
Adjustments to reconcile net income to net cash provided from operating
activities:
Depreciation and amortization 22,075 21,619
Stock-based compensation, incl. treasury shares to members of Board of 17,742 16,416
Excess tax benefits from share-based payment arrangements - (992)
Deferred taxes 10,678 18,709
Deferred revenue (36) (230)
(Gains) Losses on derivative instruments 2,794 (11,817)
Accretion expense (benefit) on contingent considerations 1,946 2,536
Changes in operating assets and liabilities:
Trade and other receivables (38,208) (26,888)
Inventories 3,334 (36,474)
Trade and other payables 15,752 (8,334)
Accrued expenses (66,719) 24,872
Changes in other operating cash flow items 36,375 (5,025)
Net cash flow provided by (used in) operating activities 202,369 172,313
Cash flow from investing activities
Purchase of property, plant and equipment (6,784) (3,251)
Purchase of intangible assets (1,151) (2,042)
Acquisition of a business, incl. contingent consideration payments (1,214) (1,022)
Net cash flow provided by (used in) investing activities (9,149) (6,315)
Cash flow from financing activities
Proceeds from exercise of stock options, net of expense 71,942 6,455
Purchase of treasury shares (761) (105,817)
Excess tax benefits from share-based payment arrangements - 992
Net cash flow provided by (used in) financing activities 71,181 (98,370)
Net effect of exchange rates on cash and cash equivalents (5) (921)
Net change in cash and cash equivalents 264,396 66,707
Cash and cash equivalents at beginning of period 495,380 404,892
Cash and cash equivalents at end of period 759,776 471,599
ACTELION LTD AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
Noncontrolling
interests
(in CHF thousands, Additional Accum. other
Equity attrib.
to
except number of shares) Common shares paid-in Accumulated Treasury comprehensive
noncontrolling Total
Shares Amount capital profit shares income (loss) interests equity
At January 1, 2016 105,068,917 57,064 - 2,636,931 (1,137,399) (238,795) (2,788) 1,315,013
Comprehensive income (loss)1)
:
Net income 178,330 (409) 177,921
Other comprehensive income (loss) 4,101 4,101
Comprehensive income (loss)1)
182,022
Excess tax benefits from
share-based payments 432 432
Transactions in treasury shares (455,785) (16,429) (5,647) (68,148) (90,224)
Stock-based compensation expense 15,997 15,997
At March 31, 2016 104,613,132 57,064 - 2,809,614 (1,205,547) (234,694) (3,197) 1,423,240
Comprehensive income (loss)1)
:
Net income 518,056 (1,142) 516,914
Other comprehensive income (loss) (1,526) (1,526)
Comprehensive income (loss)1)
515,388
Excess tax benefits from
share-based payments 9,831 9,831
Transactions in treasury shares (1,505,930) 100,356 (302,528) (314,942) (517,114)
Stock-based compensation expense 48,326 48,326
Cancellation treasury shares (share
repurchase program) (3,183) - (837,253) 840,436 -
Dividend payment (158,513) (158,513)
At December 31, 2016 103,107,202 53,881 - 2,187,889 (680,053) (236,220) (4,339) 1,321,158
Comprehensive income (loss)1)
:
Net income 196,957 (321) 196,636
Other comprehensive income (loss) 1,427 1,427
Comprehensive income (loss)1)
198,063
Transactions in treasury shares 1,530,939 (17,055) (127,370) 216,368 71,943
Stock-based compensation expense 17,055 17,055
At March 31, 2017 104,638,141 53,881 - 2,257,476 (463,685) (234,793) (4,660) 1,608,219
1) Comprehensive income (loss) is presented net of tax.
Actelion's shareholders