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FY Ending December 3120152016201720182019202020212022202320242025202620272028
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 Income Statement
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USD in millions, except per share/ specified
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Total Revenue 0.0 1.7 28.5 280.4 296.7 310.0 276.9 463.9 566.8 626.2 766.2 837.4 588.0 597.3 3,415.1
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 Y/Y %1564.3%884.7%5.8%4.5%-10.7%67.6%22.2%10.5%22.4%9.3%-29.8%1.6%
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COGS (ex Intangible Amort & Imp)0.0 (0.2)(2.6)(55.8)(178.9)(69.5)(59.1)(118.2)(94.8)(84.4)(104.6)(114.8)(88.4)(91.5)
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Gross Profit (ex Intangible Amort & Imp)0.0 1.5 25.9 224.6 117.8 240.5 217.8 345.7 471.9 541.9 661.6 722.7 499.6 505.8
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Gross Margin (ex Intangible Amort & Imp)87.6%90.9%80.1%39.7%77.6%78.7%74.5%83.3%86.5%86.4%86.3%85.0%84.7%
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COGS (Intangible Amort & Imp)0.0 0.0 0.0 (109.8)(14.8)(60.7)(67.2)(136.3)(145.8)(138.1)(138.1)(110.4)(7.3)(7.3)>> Forward schedule given in 10k
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Assumed COGS (Amortisation for Jornay PM)(21.0)(83.8)(83.8)(83.8)(83.8)>> Forward schedule given in 10Q
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Gross Profit (inc Intangible Amort & Imp)0.0 1.5 25.9 114.7 103.0 179.8 150.6 209.5 326.2 382.8 439.7 528.5 408.5 414.7
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Gross Margin (inc Intangible Amort & Imp)87.6%90.9%40.9%34.7%58.0%54.4%45.2%57.5%61.1%57.4%63.1%69.5%69.4%
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18.9 80.6 92.8 126.8 116.4 113.8 119.0 172.2 159.2
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SG&A Costs(16.8)(58.5)(74.1)(97.3)(93.9)(89.6)(92.2)(136.5)(121.2)(133.6)(162.3)(177.4)(124.5)(126.5)
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% of Sales3419.1%260.2%34.7%31.7%28.9%33.3%29.4%21.4%21.3%21.2%21.2%21.2%21.2%
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SBC Costs(2.2)(5.8)(7.9)(12.3)(14.4)(21.9)(24.3)(22.9)(27.1)(29.7)(35.2)(38.4)(27.0)(27.4)
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% of Sales338.2%27.9%4.4%4.9%7.1%8.8%4.9%4.8%4.7%4.6%4.6%4.6%4.6%
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Acquisition Related Expenses(19.9)0.0 0.0 0.0 0.0
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% of Sales3.2%0.0%0.0%0.0%0.0%
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Advertising and promotional (16.3)(11.0)(17.5)(9.5)(5.4)(4.2)(11.7)(7.4)(7.9)(8.5)(9.3)(6.5)(6.6)
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% of Sales954.3%38.7%6.2%3.2%1.7%1.5%2.5%1.3%1.3%1.1%1.1%1.1%1.1%
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R&D excluding SBC(7.8)(14.3)(7.7)(7.2)(8.2)(5.9)(6.0)(2.4)0.0 0.0 0.0 0.0 0.0 0.0
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% of Sales836.4%27.0%2.6%2.8%1.9%2.2%0.5%0.0%0.0%0.0%0.0%0.0%0.0%
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EBITDA(26.7)(93.4)(74.9)90.2 (8.3)117.8 91.1 172.3 316.2 350.9 455.7 497.6 341.6 345.3
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% -5460.4%-262.9%32.2%-2.8%38.0%32.9%37.1%55.8%56.0%59.5%59.4%58.1%57.8%
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COLL GM - EBITDA - R&D45.3%39.7%37.7%43.6%36.9%27.5%
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BDSI GM - EBITDA - R&D94.7%70.7%55.2%59.3%
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41.6%
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Depreciation (0.2)(0.7)(0.6)(1.1)(0.7)(0.9)(1.7)(2.7)(3.5)(3.5)(3.5)(3.5)(3.5)(3.5)
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Total % of Sales38.3%2.1%0.4%0.2%0.3%0.6%0.6%0.6%0.6%0.5%0.4%0.6%0.6%
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EBIT(26.9)(94.1)(75.4)(20.7)(23.7)56.2 22.2 33.3 167.0 188.4 230.3 299.9 247.0 250.7 8.5%
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%-5498.7%-264.9%-7.4%-8.0%18.1%8.0%7.2%29.5%30.1%30.1%35.8%42.0%42.0%
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Interest Expense, net(0.4)(0.1)0.0 (20.1)(0.9)(28.9)(21.0)(63.2)(83.3)(62.5)(70.4)(63.4)(56.4)(49.3)
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% of Average Debt 7.9%21.5%8.3%13.3%12.2%8.2%8.6%8.4%8.2%7.9%
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Floater % (SOFR + 450bps)10.9%10.9%10.9%10.9%10.9%
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Convertible Note %2.9%2.9%2.9%2.9%2.9%
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Interest income, net 0.0 0.0 0.6 1.7 1.9 0.2 0.0 1.0 15.6 12.3 2.8 3.9 4.2 4.3
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% of Average Cash & Equivalents 0.4%1.3%1.2%0.1%0.0%0.6%7.6%5.0%1.0%1.0%1.0%1.0%
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Exceptional 0.1 0.0 0.0 0.0 0.0 0.0 (4.6)0.0 (23.5)(7.2)0.0 0.0 0.0 0.0
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EBT (27.3)(94.2)(74.9)(39.1)(22.7)27.6 (3.4)(28.8)75.7 131.0 162.6 240.5 194.8 205.6
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Tax 0.0 0.0 0.0 0.0 0.0 (0.8)74.9 3.8 (27.6)(31.4)(39.0)(57.7)(46.8)(49.3)
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Tax Rate 3.0%36.4%24.0%24.0%24.0%24.0%24.0%
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Net Profit (27.3)(94.2)(74.9)(39.1)(22.7)26.8 71.5 (25.0)48.2 99.5 123.6 182.8 148.1 156.3
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%-5504.1%-262.9%-14.0%-7.7%8.6%25.8%-5.4%8.5%15.9%16.1%21.8%25.2%26.2%
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Weighted Average Share Outstanding 13.5 24.3 30.3 33.0 33.5 35.2 41.0 33.8 41.8 40.5 36.5 27.8 23.6 16.2 31
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Diluted EPS (2.01)(3.88)(2.47)(1.19)(0.68)0.76 1.74 (0.74)1.15 2.46 3.39 6.58 6.28 9.66 53.0%
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NTM EPS
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 Balance Sheet\
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USD in millions, except per share/ specified
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Cash & Cash Equivalents 95.7 153.2 118.7 146.6 170.0 174.1 186.4 173.7 238.9 96.9 372.1 417.2 422.3 433.2
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Marketable Securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 71.6 85.3 0.0 0.0 0.0 0.0
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Accounts Recievables 0.0 2.1 10.0 77.9 73.0 83.3 105.8 183.1 179.5 215.1 267.7 260.0 110.6 265.8 >> Why no factoring?
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Inventory 0.0 1.3 1.8 7.8 9.6 15.6 17.4 46.5 32.3 37.0 49.0 45.4 27.3 47.9
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Other 1.2 1.9 3.0 5.1 3.1 4.8 5.9 16.7 15.2 15.2 15.2 15.2 15.2 15.2
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Total Current Assets 96.9 158.6 133.5 237.5 255.7 277.9 315.5 420.0 537.6 449.4 704.0 737.7 575.4 762.1
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PP&E0.7 1.0 1.8 9.3 11.9 19.0 19.5 19.5 16.0 13.9 11.9 10.0 8.1 6.3
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Goodwill0.0 0.0 0.0 0.0 0.0 0.0 0.0 133.7 133.9 146.0 146.0 146.0 146.0 146.0
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Intangible Assets0.0 2.1 0.0 44.3 29.5 335.9 268.7 567.5 421.7 816.1 594.2 400.0 308.9 217.8
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Other 0.1 0.3 0.3 0.2 9.2 11.1 88.3 33.5 34.2 34.2 34.2 34.2 34.2 34.2
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Total Assets 97.7 162.0 135.6 291.2 306.3 643.8 692.1 1,174.1 1,143.3 1,459.6 1,490.2 1,327.8 1,072.5 1,166.3
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Trade Payables 3.5 9.1 5.7 12.2 6.2 10.0 4.2 3.5 8.7 2.9 11.5 4.3 7.9 4.7
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Accrued Expenses2.2 8.9 8.5 30.6 33.5 24.7 29.2 36.1 37.6 42.6 54.8 51.6 23.1 52.8
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Accrued Rebates, returns and discounts0.0 0.0 15.8 144.8 157.5 156.6 197.0 230.5 227.3 273.6 339.3 330.6 139.8 338.0
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Other 0.0 4.9 0.0 0.0 0.7 0.7 0.8 1.1 1.0 1.0 1.0 1.0 1.0 1.0
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Debt Due (LT) 2.7 2.7 1.5 1.6 3.8 47.5 48.4 162.5 183.3 64.6 64.6 64.6 64.6 356.5
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Total Current Liabilities 8.4 25.6 31.5 189.1 201.8 239.5 279.6 433.7 457.9 384.7 471.2 452.1 236.3 753.0
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Long-term Debt 4.1 1.5 0.0 9.9 7.7 110.0 61.7 397.6 221.7 550.3 485.7 421.1 356.5 0.0
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Convertible Notes0.0 0.0 0.0 0.0 0.0 99.6 140.0 140.9 262.1 235.8 235.8 235.8 235.8 235.8