| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|---|---|---|---|---|---|---|---|---|---|---|
Operating activities: | |||||||||||
Net income (loss) | |||||||||||
303,262 | 214,985 | -10,783 | -60,400 | -88,278 | -38,984 | -60,644 | -65,478 | -84,801 | -61,251 | 150,672 | -22,906 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||||||||||
Depreciation | |||||||||||
12,540 | 10,706 | 6,708 | 7,481 | 6,984 | 6,380 | 6,591 | 7,074 | 6,594 | 4,840 | 3,935 | 2,868 |
Amount of amortization expense attributable to right-of-use asset from operating lease. | |||||||||||
1,542 | 0 | 0 | - | - | - | - | - | - | - | - | - |
Amortization of patents | |||||||||||
1,912 | 1,822 | 1,641 | 1,552 | 1,381 | 1,142 | 1,184 | 1,224 | 1,938 | 1,961 | 3,024 | 1,610 |
Amortization of licenses | |||||||||||
- | - | - | - | 1,873 | 1,882 | 2,007 | 2,457 | 3,252 | 2,376 | 2,344 | 2,339 |
Amortization of premium (discount) on investments, net | |||||||||||
7,485 | 1,013 | -6,752 | -6,813 | -7,812 | -7,470 | -5,572 | -4,193 | -5,410 | -5,075 | -2,026 | 225 |
Amortization of debt issuance costs | |||||||||||
1,942 | 1,810 | 1,616 | 1,225 | 1,133 | 595 | 415 | 619 | 507 | 507 | 507 | 529 |
Amortization of convertible senior notes discount | |||||||||||
37,338 | 33,363 | 30,920 | 23,890 | 22,075 | - | - | - | - | - | 7,107 | 6,477 |
Amortization of long-term financing liability for leased facility | |||||||||||
0 | 0 | 3,659 | 6,693 | 6,665 | 6,622 | 6,567 | 6,503 | 2,872 | - | - | - |
Amortization of 2 5/8 percent convertible subordinated notes discount | |||||||||||
- | - | - | - | - | - | - | - | 8,553 | 7,795 | - | - |
Stock-based compensation expense | |||||||||||
146,574 | 131,312 | 85,975 | 72,108 | 59,314 | 31,383 | 11,418 | 8,571 | 9,845 | 12,159 | 13,385 | 15,063 |
Gain on investment in Regulus Therapeutics, Inc. | |||||||||||
0 | 0 | 374 | 0 | 20,211 | 19,902 | 0 | 18,356 | - | 4,651 | - | - |
Difference between the purchase price of the facility and the carrying value of our financing liability at the time of the purchase. | |||||||||||
0 | 0 | -7,689 | 0 | 0 | - | - | - | - | - | - | - |
Equity in net loss of Regulus Therapeutics Inc. | |||||||||||
- | - | - | - | - | - | - | -1,406 | -3,554 | -6,879 | - | - |
Loss on early retirement of debt | |||||||||||
-21,865 | 0 | 0 | -3,983 | 0 | -8,292 | 0 | -4,770 | - | - | - | - |
Deferred income taxes (including benefit from valuation allowance release) | |||||||||||
-7,096 | -290,516 | 0 | 0 | - | - | - | - | - | - | - | - |
Amount of write-down of assets recognized in the income statement. Includes, but is not limited to, losses from tangible assets, intangible assets and goodwill and an other than temporary decline in value that has been recognized against investments accounted for under the cost method of accounting. | |||||||||||
2,034 | 1,012 | 3,302 | 2,297 | 1,881 | - | - | - | - | - | - | - |
Gain on investments, net | |||||||||||
- | - | - | - | - | 1,256 | 2,378 | 1,465 | 4,182 | -713 | 2,084 | -965 |
Non-cash losses related to patents, licensing and property, plant and equipment | |||||||||||
- | - | - | - | - | 1,305 | 6,306 | -825 | -1,924 | -1,512 | -696 | -1,877 |
Loss attributed to noncontrolling interest in Ibis Biosciences, Inc. | |||||||||||
- | - | - | - | - | - | - | - | - | - | - | -2,103 |
Gain from sale of Ibis Biosciences, Inc. to Abbott Molecular Inc. | |||||||||||
- | - | - | - | - | - | - | - | - | - | 185,657 | - |
Gain from derivative instruments issued to Abbott Molecular Inc. | |||||||||||
- | - | - | - | - | - | - | - | - | - | - | 5,326 |
Gain from the sale of property, plant and equipment | |||||||||||
- | - | - | - | - | - | - | - | - | 72 | - | - |
Tax benefit from other unrealized gains on securities | |||||||||||
- | - | - | - | - | -12,835 | -5,914 | -9,111 | - | - | - | - |
Excess tax benefits on share-based compensation | |||||||||||
- | - | - | - | - | - | - | - | - | - | 278 | - |
Changes in operating assets and liabilities: | |||||||||||
Contracts receivable | |||||||||||
47,674 | -47,595 | -45,088 | 96,687 | 7,453 | -7,199 | 10,580 | -6,399 | 5,679 | -10,479 | 6,778 | -1,238 |
Inventories | |||||||||||
5,411 | -1,400 | 2,493 | 590 | 609 | -1,743 | 1,912 | 1,982 | 1,655 | -284 | 17 | 1,323 |
Other current and long-term assets | |||||||||||
44,659 | 29,348 | 58,367 | -1,603 | 4,394 | 1,750 | 1,091 | -279 | -914 | 943 | 955 | 2,657 |
Long-term income tax receivable | |||||||||||
-8,418 | 223 | 9,114 | 0 | 0 | - | - | - | - | - | - | - |
Accounts payable | |||||||||||
-16,343 | -655 | 1,784 | -10,677 | 9,211 | 4,824 | 66 | 1,292 | 875 | 1,325 | -3,652 | 962 |
Income taxes | |||||||||||
31,656 | -710 | 435 | 1,069 | 0 | -4,034 | 0 | 0 | - | - | - | - |
Accrued compensation | |||||||||||
8,089 | 4,117 | 965 | 8,121 | 3,763 | 134 | 4,290 | -1,305 | 2,352 | 394 | -4,371 | -3,255 |
The increase (decrease) during the reporting period in the aggregate amount of expenses incurred but not yet paid and the change during the period in carrying value for all deferred liabilities due within one year or operating cycle. | |||||||||||
16,499 | -17,023 | 28,564 | 4,720 | -2,140 | - | - | - | - | - | - | - |
Income taxes payable | |||||||||||
- | - | - | - | - | - | - | - | - | -7,178 | -10,013 | - |
Deferred rent | |||||||||||
- | - | - | - | - | 153 | 217 | 255 | 382 | - | - | - |
Accrued liabilities | |||||||||||
- | - | - | - | - | 8,358 | 6,691 | -3,254 | 6,273 | 1,013 | 4,318 | 4,923 |
Deferred contract revenue | |||||||||||
-119,283 | 494,254 | 30,182 | -85,306 | 22,118 | -11,415 | 88,344 | 48,523 | -70,857 | -46,810 | -82,650 | 210,975 |
Net cash provided by (used in) operating activities | |||||||||||
345,720 | 602,888 | 174,149 | -112,105 | 21,125 | 6,285 | 63,493 | 1,876 | -111,929 | -63,593 | -108,441 | 212,031 |
Investing activities: | |||||||||||
Purchases of short-term investments | |||||||||||
1,946,726 | 1,794,735 | 877,810 | 300,912 | 493,467 | 391,883 | 425,554 | 217,877 | 371,108 | 530,137 | 776,381 | 483,129 |
Proceeds from sale of short-term investments | |||||||||||
1,951,734 | 882,824 | 557,369 | 364,572 | 419,584 | 294,727 | 172,762 | 242,659 | 488,918 | 577,533 | 578,886 | 265,951 |
Purchases of property, plant and equipment | |||||||||||
30,905 | 13,608 | 34,764 | 7,107 | 7,692 | 7,518 | 1,552 | 1,479 | 10,203 | 13,237 | 13,414 | 13,665 |
Proceeds from the sale of property, plant and equipment | |||||||||||
- | - | - | - | - | - | - | - | - | 185 | - | - |
Proceeds from land sold to BioMed | |||||||||||
- | - | - | - | - | - | - | - | - | 10,147 | - | - |
Reduction of cash due to deconsolidation of Regulus Therapeutics Inc. upon adoption of a new accounting standard | |||||||||||
- | - | - | - | - | - | - | - | - | 16,228 | - | - |
The cash outflow for acquisition of licenses and other assets not otherwise defined in the taxonomy. | |||||||||||
5,377 | 4,044 | 3,093 | 4,421 | 4,056 | 3,586 | 3,810 | 3,691 | 3,667 | 4,319 | 2,880 | 3,402 |
The cash outflow associated with the purchase of investments accounted for under the cost method of accounting. | |||||||||||
10,000 | 0 | 2,500 | 0 | 0 | - | - | - | - | - | - | - |
Proceeds from the sale of Regulus Therapeutics, Inc. | |||||||||||
0 | 0 | 2,507 | 4,467 | 25,527 | 22,949 | 0 | 0 | - | - | - | - |
Repurchase of $140 million of the principal amount of the 2 3/4 percent convertible senior notes | |||||||||||
- | - | - | - | - | 441,394 | 0 | - | - | - | - | - |
Net cash used in investing activities | |||||||||||
-41,274 | -929,563 | -358,291 | 56,599 | -60,052 | -82,848 | -255,726 | 17,999 | 108,026 | 23,694 | -212,290 | -234,245 |
Financing activities: | |||||||||||
Proceeds from issuance of equity, net | |||||||||||
119,657 | 27,900 | 22,931 | 13,417 | 24,888 | - | 62,958 | 9,470 | 3,567 | 4,356 | 13,156 | 12,714 |
Payments of tax withholdings related to vesting of employee stock awards and exercise of employee stock options | |||||||||||
19,242 | 0 | 0 | - | - | - | - | - | - | - | - | - |
Investment in Regulus Therapeutics Inc. | |||||||||||
- | - | - | - | - | - | - | 3,000 | - | - | - | - |
Purchases of strategic investments | |||||||||||
- | - | - | - | - | - | - | 790 | 359 | 250 | 1,349 | - |
Proceeds from the sale of strategic investments | |||||||||||
- | - | - | - | 52 | 2,463 | 2,428 | 2,177 | 4,445 | - | 2,848 | - |
Proceeds from equity, net | |||||||||||
- | - | - | - | - | 23,071 | - | - | - | - | - | - |
Proceeds from the issuance of 0.125 percent convertible senior notes | |||||||||||
109,500 | 0 | 0 | - | - | 487,035 | 0 | - | - | - | - | 5,000 |
0.125 percent convertible senior notes issuance costs | |||||||||||
10,428 | 0 | 0 | - | - | - | - | - | - | - | - | - |
Proceeds from issuance of warrants | |||||||||||
56,110 | 0 | 0 | - | - | - | - | - | - | - | - | - |
Purchase of note hedges | |||||||||||
108,684 | 0 | 0 | - | - | - | - | - | - | - | - | - |
Repurchases and retirements of common stock | |||||||||||
34,392 | 0 | 0 | - | - | - | - | - | - | - | - | - |
Proceeds from equipment financing arrangement | |||||||||||
- | - | - | - | - | - | 2,513 | 9,100 | 1,625 | 4,694 | 6,394 | 7,048 |
Excess tax benefits from stock-based compensation awards | |||||||||||
- | - | - | 1,861 | 396 | 1,463 | 0 | 0 | - | - | 278 | - |
Principal payments on debt and capital lease obligations | |||||||||||
12,500 | 0 | 3,599 | 7,066 | 9,058 | 10,587 | 11,039 | 10,419 | 5,864 | 4,354 | 2,827 | 7,239 |
Proceeds from issuance of common stock in Akcea Therapeutics, Inc. from its initial public offering, net of underwriters' discount | |||||||||||
0 | 0 | 110,438 | 0 | 0 | - | - | - | - | - | - | - |
Proceeds from building mortgage debt, net of issuance costs | |||||||||||
0 | 0 | 59,750 | 0 | 0 | - | - | - | - | - | - | - |
Proceeds from the issuance of common stock | |||||||||||
- | - | - | - | 0 | - | 173,292 | 0 | - | - | - | 49,962 |
Proceeds from borrowing on line of credit facility | |||||||||||
- | - | - | 4,000 | 8,500 | 0 | 0 | - | - | - | - | - |
Proceeds from the sale of Akcea Therapeutics, Inc. common stock to Novartis in a private placement | |||||||||||
0 | 0 | 50,000 | 0 | 0 | - | - | - | - | - | - | - |
Offering costs paid | |||||||||||
0 | 0 | 2,037 | 818 | 0 | - | - | - | - | - | - | - |
The cash outflow paid to settle financing liability for leased facility. | |||||||||||
0 | 0 | 80,133 | 0 | 0 | - | - | - | - | - | - | - |
Proceeds from sale of Ibis Biosciences, Inc to Abbott Molecular Inc. | |||||||||||
- | - | - | - | - | - | - | - | - | - | 175,000 | 40,000 |
Proceeds from Alnylam's capital contribution to Regulus Therapeutics Inc. | |||||||||||
- | - | - | - | - | - | - | - | - | - | 10,000 | 100 |
Net cash provided by financing activities | |||||||||||
100,021 | 475,865 | 229,087 | 11,394 | 24,726 | 59,588 | 227,724 | 39,130 | -672 | 4,696 | 202,001 | 107,585 |
Net increase in cash and cash equivalents | |||||||||||
404,467 | 149,190 | 44,945 | -44,112 | -14,201 | -16,975 | 35,491 | 59,005 | -4,575 | -35,203 | -118,730 | 85,371 |
Supplemental disclosures of cash flow information: | |||||||||||
Interest paid | |||||||||||
9,870 | 9,592 | 8,035 | 7,313 | 6,800 | 6,353 | 6,000 | 5,770 | 4,804 | 4,889 | 4,883 | 4,607 |
Income taxes paid | |||||||||||
9,041 | 0 | 0 | - | - | - | - | - | 2 | 7,270 | 13,205 | - |
Supplemental disclosures of non-cash investing and financing activities: | |||||||||||
Right-of-use assets obtained in exchange for lease liabilities | |||||||||||
14,178 | 0 | 0 | - | - | - | - | - | - | - | - | - |
Future cash outflow to pay for purchases of fixed assets and patents that have been incurred. | |||||||||||
3,126 | 4,428 | 1,983 | 3,439 | 1,162 | 2,151 | 704 | 647 | 902 | 922 | 870 | 2,873 |
Purchases of property, plant and equipment included in long-term obligations | |||||||||||
0 | 3,350 | 0 | 0 | - | - | - | - | - | - | - | - |
0.125 percent convertible senior notes principal issued related to our December 2019 debt exchange/issuance | |||||||||||
439,326 | 0 | 0 | 185,450 | 0 | 0 | - | - | - | - | - | - |
1 percent convertible senior notes principal extinguished related to our December 2019 debt exchange | |||||||||||
375,590 | 0 | 0 | 61,099 | 0 | 0 | - | - | - | - | - | - |
Future cash outflow to pay for deferred offering costs attributable to an offering of securities that have been incurred. | |||||||||||
- | - | - | 291 | 0 | - | - | - | - | - | - | - |
Capital lease obligations | |||||||||||
- | - | - | - | - | - | - | - | - | 770 | - | - |
Capitalized costs and financing liability associated with leased facility | |||||||||||
- | - | - | - | - | - | - | - | 59,730 | - | - | - |
Biogen Inc. is an American multinational biotechnology company. | |||||||||||
Proceeds from the issuance of common stock | |||||||||||
0 | 447,965 | 0 | 0 | - | - | - | - | - | - | - | - |
Novartis International AG is a Swiss multinational pharmaceutical company based in Basel, Switzerland. | |||||||||||
Proceeds from the issuance of common stock | |||||||||||
0 | 0 | 71,737 | 0 | - | - | - | - | - | - | - | - |