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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
Quarterly report pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934
For the quarterly period ended June 30, 2020
or
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: 0-27756
 https://cdn.kscope.io/dd3fa052ddbca29ec0d2e61c4a7f9101-alxn-20200630_g1.jpg
ALEXION PHARMACEUTICALS, INC.
(Exact Name of Registrant as Specified in Its Charter)
Delaware13-3648318
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)
121 Seaport Boulevard, Boston Massachusetts 02210
(Address of Principal Executive Offices) (Zip Code)
475-230-2596
(Registrant’s telephone number, including area code)
N/A
(Former name, former address, and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock $0.0001 par valueALXNNASDAQ Stock Market LLC
 
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 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.
Large accelerated filer  x   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
Common Stock $0.0001 par value219,172,983
ClassOutstanding as of July 28, 2020



 
Alexion Pharmaceuticals, Inc.
Table of Contents

 
Page
PART I.
Item 1.
Item 2.
Item 3.
Item 4.
PART II.
Item 1.
Item 1A.
Item 2.
Item 5.
Item 6.
SIGNATURES



Alexion Pharmaceuticals, Inc.
Condensed Consolidated Balance Sheets
(unaudited)
(amounts in millions, except per share amounts)
 June 30,December 31,
 20202019
Assets
Current Assets:
Cash and cash equivalents$2,825.0  $2,685.5  
Marketable securities26.8  64.0  
Trade accounts receivable, net1,372.2  1,243.2  
Inventories577.7  627.6  
Prepaid expenses and other current assets566.2  456.1  
Total current assets5,367.9  5,076.4  
Property, plant and equipment, net1,196.4  1,163.3  
Intangible assets, net2,059.7  3,344.3  
Goodwill5,075.2  5,037.4  
Right of use operating assets209.9  204.0  
Deferred tax assets2,332.4  2,290.2  
Other assets461.7  429.0  
Total assets$16,703.2  $17,544.6  
Liabilities and Stockholders' Equity
Current Liabilities:
Accounts payable and accrued expenses$861.6  $966.7  
Current portion of long-term debt126.8  126.7  
Other current liabilities131.7  100.9  
Total current liabilities1,120.1  1,194.3  
Long-term debt, less current portion2,311.6  2,375.0  
Contingent consideration374.7  192.4  
Deferred tax liabilities1,946.8  2,081.4  
Noncurrent operating lease liabilities169.4  164.1  
Other liabilities289.8  265.6  
Total liabilities6,212.4  6,272.8  
Commitments and contingencies (Note 16)
Stockholders' Equity:
Common stock, $0.0001 par value; 290.0 shares authorized; 239.2 and 237.8 shares issued at June 30, 2020 and December 31, 2019, respectively
    
Additional paid-in capital8,942.4  8,804.7  
Treasury stock, at cost, 20.1 and 16.5 shares at June 30, 2020 and December 31, 2019, respectively
(2,470.0) (2,105.9) 
Accumulated other comprehensive loss(110.9) (66.8) 
Retained earnings4,129.3  4,639.8  
Total stockholders' equity10,490.8  11,271.8  
Total liabilities and stockholders' equity$16,703.2  $17,544.6  

The accompanying notes are an integral part of these condensed consolidated financial statements.
2


Alexion Pharmaceuticals, Inc.
Condensed Consolidated Statements of Operations
(unaudited)
(amounts in millions, except per share amounts)
 Three months ended June 30,Six months ended June 30,
 2020201920202019
Net product sales$1,444.5  $1,202.5  $2,889.1  $2,342.7  
Other revenue0.1  0.8  0.3  1.0  
Total revenues1,444.6  1,203.3  2,889.4  2,343.7  
Costs and expenses:
Cost of sales (exclusive of amortization of purchased intangible assets)144.9  99.2  256.6  185.0  
Research and development221.1  187.6  422.0  383.5  
Selling, general and administrative301.4  299.3  621.3  580.8  
Acquired in-process research and development  (4.1)   (4.1) 
Amortization of purchased intangible assets73.7  80.1  147.4  160.1  
Change in fair value of contingent consideration15.8  6.1  21.6  (22.6) 
Acquisition-related costs4.6    42.7    
Restructuring expenses  2.5  (0.8) 11.6  
Impairment of intangible assets2,053.3    2,053.3    
Total costs and expenses2,814.8  670.7  3,564.1  1,294.3  
Operating (loss) income(1,370.2) 532.6  (674.7) 1,049.4  
Other income and expense:
Investment income (expense) 41.5  (14.9) 36.3  27.6  
Interest expense(23.6) (18.3) (49.4) (38.2) 
Other income and (expense)0.2  0.1  (0.7) 2.5  
(Loss) income before income taxes(1,352.1) 499.5  (688.5) 1,041.3  
Income tax (benefit) expense(284.0) 39.7  (178.0) (6.4) 
Net (loss) income$(1,068.1) $459.8  $(510.5) $1,047.7  
Earnings (loss) per common share
Basic$(4.84) $2.05  $(2.31) $4.68  
Diluted$(4.84) $2.04  $(2.31) $4.64  
Shares used in computing earnings (loss) per common share
Basic220.6  224.2  221.1  224.0  
Diluted220.6  225.6  221.1  225.7  

The accompanying notes are an integral part of these condensed consolidated financial statements.
3


Alexion Pharmaceuticals, Inc.
Condensed Consolidated Statements of Comprehensive Income
(unaudited)
(amounts in millions)
Three months ended June 30,Six months ended June 30,
2020201920202019
Net (loss) income$(1,068.1) $459.8  $(510.5) $1,047.7  
Other comprehensive loss, net of tax:
Foreign currency translation1.5  1.5  (6.5) (0.5) 
Unrealized gains on debt securities0.3    0.1  0.2  
Unrealized losses on hedging activities, net of tax of $(3.3) $(12.1) $(11.5) and $(14.3), respectively
(11.2) (38.9) (37.7) (47.9) 
Other comprehensive loss, net of tax(9.4) (37.4) (44.1) (48.2) 
Comprehensive (loss) income$(1,077.5) $422.4  $(554.6) $999.5  

The accompanying notes are an integral part of these condensed consolidated financial statements.

4


Alexion Pharmaceuticals, Inc.
Condensed Consolidated Statements of Changes in Stockholders’ Equity
(unaudited)
(amounts in millions)
Three months ended June 30, 2020Common StockAdditional
Paid-In
Capital
Treasury Stock
at Cost
Accumulated Other
Comprehensive
Income (Loss)
Retained EarningsTotal
Stockholders’
Equity
 Shares IssuedAmountSharesAmount
Balances, March 31, 2020238.9  $  $8,864.9  17.8  $(2,213.0) $(101.5) $5,197.4  $11,747.8  
Repurchase of common stock—  —  —  2.3  (253.7) —  —  (253.7) 
Issuance of common stock under stock option and stock purchase plans0.1  —  10.1  —  —  —  —  10.1  
Issuance of restricted common stock0.2  —  —  —  —  —  —    
Share-based compensation expense—  —  67.4  —  (3.3) —  —  64.1  
Net loss—  —  —  —  —  —  (1,068.1) (1,068.1) 
Other comprehensive loss—  —  —  —  —  (9.4) —  (9.4) 
Balances, June 30, 2020239.2  $  $8,942.4  20.1  $(2,470.0) $(110.9) $4,129.3  $10,490.8  
Three months ended June 30, 2019Common StockAdditional
Paid-In
Capital
Treasury Stock
at Cost
Accumulated Other
Comprehensive
Income (Loss)
Retained EarningsTotal
Stockholders’
Equity
 Shares IssuedAmountSharesAmount
Balances, March 31, 2019237.0  $  $8,604.9  12.8  $(1,701.2) $(20.5) $2,823.4  $9,706.6  
Repurchase of common stock—  —  —  0.3  (37.6) —  —  (37.6) 
Issuance of common stock under stock option and stock purchase plans0.1  —  11.2  —  —  —  —  11.2  
Issuance of restricted common stock0.2  —  —  —  —  —  —    
Share-based compensation expense—  —  60.9  —  —  —  —  60.9  
Net income—  —  —  —  —  —  459.8  459.8  
Other comprehensive loss—  —  —  —  —  (37.4) —  (37.4) 
Balances, June 30, 2019237.3  $  $8,677.0  13.1  $(1,738.8) $(57.9) $3,283.2  $10,163.5  
Six months ended June 30, 2020Common StockAdditional Paid-In CapitalTreasury Stock at CostAccumulated Other Comprehensive Income (Loss)Retained EarningsTotal Stockholders’ Equity
Shares IssuedAmountSharesAmount
Balances, December 31, 2019237.8  $  $8,804.7  16.5  $(2,105.9) $(66.8) $4,639.8  $11,271.8  
Repurchase of common stock—  —  —  3.6  (360.8) —  —  (360.8) 
Issuance of common stock under stock option and stock purchase plans0.2  —  12.9  —  —  —  —  12.9  
Issuance of restricted common stock1.2  —  —  —  —  —  —    
Share-based compensation expense—  —  124.8  —  (3.3) —  —  121.5  
Net loss—  —  —  —  —  —  (510.5) (510.5) 
Other comprehensive loss—  —  —  —  —  (44.1) —  (44.1) 
Balances, June 30, 2020239.2  $  $8,942.4  20.1  $(2,470.0) $(110.9) $4,129.3  $10,490.8  
5


Six months ended June 30, 2019Common StockAdditional Paid-In CapitalTreasury Stock at CostAccumulated Other Comprehensive Income (Loss)Retained EarningsTotal Stockholders’ Equity
Shares IssuedAmountSharesAmount
Balances, December 31, 2018236.2  $  $8,539.1  12.7  $(1,689.9) $(9.7) $2,325.8  $9,165.3  
Repurchase of common stock—  —  —  0.4  (48.9) —  —  (48.9) 
Issuance of common stock under stock option and stock purchase plans0.2  —  21.3  —  —  —  —  21.3  
Issuance of restricted common stock0.9  —  —  —  —  —  —    
Share-based compensation expense—  —  116.6  —  —  —  —  116.6  
Net income—  —  —  —  —  —  1,047.7  1,047.7  
Other comprehensive loss—  —  —