[July 22, 2014] |
|
Cubist Reports Second Quarter 2014 Financial Results
LEXINGTON, Mass. --(Business Wire)--
Cubist
Pharmaceuticals, Inc. (NASDAQ: CBST) today announced results for the
second quarter ended June 30, 2014. The Company will host a conference
call and webcast today at 5:00 p.m. ET (details below).
Financial highlights for the second quarter of 2014 (unaudited)
-
Q2 2014 total net revenues were $294.4 million, up 14% compared to
$258.8 million in Q2 2013.
-
U.S. CUBICIN® (daptomycin for injection) net product revenues
increased 3% to $234.7 million from $227.1 million in Q2 2013 which
included a $6.6 million favorable adjustment to revenue reserves.
-
International product revenues were $17.5 million compared to $15.0
million in Q2 2013.
-
Non-GAAP adjusted operating income was $41.4 million compared to $51.3
million in the second quarter of 2013. GAAP operating income was $42.2
million compared to $28.1 million in the second quarter of 2013.
-
Non-GAAP diluted earnings per share (EPS) was $0.23 compared to $0.42
in the second quarter of 2013. GAAP diluted EPS was $0.30 compared to
$0.23 in the second quarter of 2013.
"This was another exciting quarter for Cubist in which we launched an
important new antibiotic treatment and made significant progress
advancing another key pipeline program," said Michael Bonney, CEO of
Cubist. "The FDA's approval of SIVEXTRO™, and acceptance of our New Drug
Application for our potential blockbuster, ceftolozane/tazobactam,
reinforces our position as the worldwide leader in the research,
development, and commercialization of antibiotics with activity against
a range of resistant and problematic pathogens."
As of June 30, 2014, Cubist had $643.5 million in cash, cash equivalents
and investments. The total number of Cubist's common shares outstanding
as of June 30, 2014, was 75,570,915.
Recent Pipeline Highlights
-
On June 20, Cubist received U.S. Food and Drug Administration (FDA)
approval for and subsequently launched SIVEXTRO™ (tedizolid
phosphate). SIVEXTRO is indicated for the treatment of adult acute
bacterial skin and skin structure infections caused by susceptible
Gram-positive bacteria, including methicillin-resistant Staphylococcus
aureus (MRSA), which has been categorized by the U.S. Centers for
Disease Control and Prevention (CDC) as a serious public health threat.
-
On June 19, the FDA accepted Cubist's New Drug Application (NDA) for
its investigational antibiotic ceftolozane/tazobactam with Priority
Review. The FDA has assigned a Prescription Drug User Fee Act (PDUFA)
action date of December 21, 2014. Cubist is seeking FDA approval of
ceftolozane/tazobactam for the treatment of complicated urinary tract
Infections (cUTI) and complicated intra-abdominal infections (cIAI).
-
On May 9, Cubist announced the first detailed results from positive
pivotal Phase 3 clinical trials of ceftolozane/tazobactam in
development to treat serious infections including cUTI and cIAI.
Cubist presented data on microbiological eradication of key
problematic Gram-negative pathogens, including Pseudomonas
aeruginosa and extended-spectrum beta-lactamase (ESBL)-producing Escherichia
coli (E. coli) and Klebsiella pneumoniae.
Use of Non-GAAP Financial Measures
Cubist has presented certain non-GAAP financial measures, including
non-GAAP adjusted operating income, non-GAAP net income, non-GAAP
diluted earnings per share, non-GAAP cost of product revenues, non-GAAP
R&D expenses, non-GAAP SG&A expenses, non-GAAP other income (expense)
and non-GAAP provision for income taxes. These non-GAAP financial
measures exclude certain amounts, expenses or income, from the
corresponding financial measures determined in accordance with
accounting principles generally accepted in the U.S. (GAAP). Management
believes this non-GAAP information is useful for investors, taken in
conjunction with Cubist's GAAP financial statements, because it provides
greater transparency regarding Cubist's operating performance.
Management uses these measures, among other factors, to assess and
analyze operational results and trends and to make financial and
operational decisions. Non-GAAP information is not prepared under a
comprehensive set of accounting rules and should only be used to
supplement an understanding of Cubist's operating results as reported
under GAAP, not as a substitute for GAAP. In addition, these non-GAAP
financial measures are unlikely to be comparable with non-GAAP
information provided by other companies. The determination of the
amounts that are excluded from non-GAAP financial measures is a matter
of management judgment and depends upon, among other factors, the nature
of the underlying expense or income amounts. Reconciliations between
these non-GAAP financial measures and the most comparable GAAP financial
measures are included in the tables accompanying this press release
after the unaudited condensed consolidated financial statements.
***********************CONFERENCE CALL & WEBCAST
INFORMATION***********************
CUBIST Q2 2014 FINANCIAL RESULTS Tuesday, July 22, 2014 at 5:00 pm
ET
U.S./Canada Attendee Dial-in: (855) 319-7654 International Attendee
Dial-in: (484) 756-4327 Conference ID: 55596186
24-HOUR REPLAY U.S./CANADA: (855) 859-2056 24-HOUR REPLAY
INTERNATIONAL: (404) 537-3406 Conference ID: 55596186
CALL WILL ALSO BE BROADCAST LIVE, LISTEN ONLY, VIA THE WEB AT: https://cubist.webex.com/cubist/onstage/g.php?t=a&d=625014646 Attendee
Password: 07222014
Replay will be available for 90 days at www.cubist.com
*********************************************************************************
About Cubist
Cubist Pharmaceuticals, Inc. is a global biopharmaceutical company
focused on the research, development, and commercialization of
pharmaceutical products that address significant unmet medical needs in
the acute care environment. Cubist is headquartered in Lexington,
Massachusetts, with a central international office located in Zurich,
Switzerland. Additional information can be found at Cubist's web site at www.cubist.com.
Also, connect with Cubist on Twitter @cubistbiopharma
and @cubistcareers,
LinkedIn,
or YouTube.
Cubist Safe Harbor Statement
This press release contains forward-looking statements. Any statements
contained herein which do not describe historical facts, including but
not limited to, statements regarding: our expected second quarter 2014
financial results; our belief that ceftolozane/tazobactam has the
potential to achieve blockbuster status; the anticipated PDUFA action
date for our NDA for ceftolozane/tazobactam; and the therapeutic
potential of SIVEXTRO and ceftolozane/tazobactam, are forward-looking
statements which involve risks and uncertainties that could cause actual
results to differ materially from those discussed in such
forward-looking statements. Such risks and uncertainties include, among
others: the risk that our final second quarter 2014 financial results
will differ materially from our expected results disclosed in this
release; regulatory developments, including the risk that the FDA may
not agree with our interpretation of the results from the clinical
studies of ceftolozane/tazobactam, may not approve on a timely basis or
at all our NDA for ceftolozane/tazobactam or may require additional
data, analysis, information or further studies that may not be
clinically feasible or financially practicable; the review of our NDA
for ceftolozane/tazobactam may take longer than anticipated, including
as a result of internal FDA constraints; our ability to achieve our
strategic milestones and initiatives, including as a result of our
ability to continue to grow revenues from the sale of our commercial
products, generic and other competition, manufacturing issues, our
ability to successfully develop, gain marketing approval for and
commercially launch our product candidates for their planned indications
and on their expected timelines, and our ability to discover, in-license
or acquire new products and product candidates; any marketing approval
for ceftolozane/tazobactam may impose significant limitations on its use
and additional post-marketing requirements; our ability to obtain
adequate pricing and reimbursement levels for our products; our ability
to successfully commercialize our products; the acceptance of and demand
for new pharmaceutical products; competitive risks from current and
future therapeutic alternatives to our products; our ability to obtain,
maintain and enforce intellectual property for our products and product
candidates; additional clinical trials of SIVEXTRO and/or
ceftolozane/tazobactam may produce negative or inconclusive results or
may not be initiated or conducted in a timely manner; technical
difficulties, excessive costs or other issues relating to the
manufacture or supply of our products and product candidates, including
our ability to work with our third party contract manufacturers that
manufacture and supply our product and product candidates on our behalf;
our ability to work with, and the performance of our third party
contract research organizations that help us conduct our clinical
trials; we may encounter other unanticipated or unexpected risks with
respect to the development or manufacture of our products and product
candidates; the fact that drug discovery and development is complex,
time consuming, expensive and fraught with a high risk of failure; and
those additional factors discussed in our most recent Annual Report on
Form 10-K and subsequent Quarterly Reports on Form 10-Q filed with the
Securities and Exchange Commission. We caution investors not to place
considerable reliance on the forward-looking statements contained in
this press release. These forward-looking statements speak only as of
the date of this document, and we undertake no obligation to update or
revise any of these statements.
Tables to follow
|
|
|
|
|
|
CUBIST PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
UNAUDITED
(in thousands)
|
|
|
|
|
|
|
|
|
June 30, 2014
|
|
|
December 31, 2013
|
ASSETS
|
Cash, cash equivalents and investments
|
|
$
|
643,482
|
|
|
|
$
|
578,558
|
Accounts receivable, net
|
|
107,395
|
|
|
|
123,155
|
Inventory
|
|
113,774
|
|
|
|
116,829
|
Property and equipment, net
|
|
179,584
|
|
|
|
177,544
|
Deferred tax assets, net
|
|
65,556
|
|
|
|
52,108
|
In-process research and development
|
|
237,400
|
|
|
|
896,400
|
Goodwill
|
|
383,018
|
|
|
|
383,018
|
Other intangible assets, net
|
|
1,350,383
|
|
|
|
721,066
|
Other assets
|
|
100,380
|
|
|
|
97,143
|
Total assets
|
|
$
|
3,180,972
|
|
|
|
$
|
3,145,821
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
Accounts payable and accrued liabilities
|
|
$
|
256,757
|
|
|
|
$
|
276,955
|
Deferred tax liabilities, net
|
|
363,358
|
|
|
|
357,802
|
Deferred revenue
|
|
34,335
|
|
|
|
37,421
|
Contingent consideration
|
|
165,230
|
|
|
|
223,322
|
Debt and other liabilities, net
|
|
873,593
|
|
|
|
856,590
|
Total liabilities
|
|
1,693,273
|
|
|
|
1,752,090
|
Total stockholders' equity
|
|
1,487,699
|
|
|
|
1,393,731
|
Total liabilities and stockholders' equity
|
|
$
|
3,180,972
|
|
|
|
$
|
3,145,821
|
|
|
|
|
|
|
CUBIST PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
UNAUDITED
(in thousands, except share and per share data)
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
|
Six Months Ended June 30,
|
|
|
2014
|
|
|
2013
|
|
|
|
2014
|
|
|
2013
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. CUBICIN product revenues, net
|
|
$
|
234,723
|
|
|
$
|
227,117
|
|
|
|
$
|
446,907
|
|
|
$
|
429,162
|
U.S. DIFICID product revenues, net
|
|
15,930
|
|
|
-
|
|
|
|
30,283
|
|
|
-
|
U.S. ENTEREG product revenues, net
|
|
14,606
|
|
|
12,386
|
|
|
|
28,527
|
|
|
23,589
|
Total U.S. product revenues, net
|
|
265,259
|
|
|
239,503
|
|
|
|
505,717
|
|
|
452,751
|
International product revenues
|
|
17,485
|
|
|
14,959
|
|
|
|
34,512
|
|
|
27,362
|
Other revenues
|
|
11,654
|
|
|
4,317
|
|
|
|
15,402
|
|
|
8,595
|
Total revenues, net
|
|
294,398
|
|
|
258,779
|
|
|
|
555,631
|
|
|
488,708
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of product revenues
|
|
88,613
|
|
|
63,041
|
|
|
|
162,154
|
|
|
118,716
|
Research and development expense
|
|
104,862
|
|
|
115,190
|
|
|
|
225,465
|
|
|
229,399
|
Contingent consideration (income) expense
|
|
(24,774
|
)
|
|
2,586
|
|
|
|
(58,092
|
)
|
|
4,639
|
Selling, general and administrative expense
|
|
80,057
|
|
|
49,889
|
|
|
|
149,719
|
|
|
98,090
|
Restructuring charges
|
|
3,469
|
|
|
-
|
|
|
|
5,908
|
|
|
-
|
Total costs and expenses
|
|
252,227
|
|
|
230,706
|
|
|
|
485,154
|
|
|
450,844
|
Operating income
|
|
42,171
|
|
|
28,073
|
|
|
|
70,477
|
|
|
37,864
|
Total other expense (income), net
|
|
14,135
|
|
|
6,678
|
|
|
|
28,222
|
|
|
12,880
|
Income before income taxes
|
|
28,036
|
|
|
21,395
|
|
|
|
42,255
|
|
|
24,984
|
Provision (benefit) for income taxes
|
|
4,008
|
|
|
6,153
|
|
|
|
(6,006
|
)
|
|
3,654
|
Net income
|
|
$
|
24,028
|
|
|
$
|
15,242
|
|
|
|
$
|
48,261
|
|
|
$
|
21,330
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income per common share
|
|
$
|
0.32
|
|
|
$
|
0.23
|
|
|
|
$
|
0.64
|
|
|
$
|
0.33
|
Diluted net income per common share
|
|
$
|
0.30
|
|
|
$
|
0.23
|
|
|
|
$
|
0.61
|
|
|
$
|
0.32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in calculating:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income per common share
|
|
75,421,354
|
|
|
65,558,376
|
|
|
|
75,179,275
|
|
|
65,248,707
|
Diluted net income per common share
|
|
86,108,783
|
|
|
67,731,976
|
|
|
|
85,853,847
|
|
|
67,385,141
|
|
|
|
|
|
|
CUBIST PHARMACEUTICALS, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
UNAUDITED
(in thousands)
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
|
Six Months Ended June 30,
|
|
|
2014
|
|
2013
|
|
|
2014
|
|
2013
|
Operating income reconciliation: 1
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating income
|
|
$
|
42,171
|
|
|
$
|
28,073
|
|
|
|
$
|
70,477
|
|
|
$
|
37,864
|
Cost of product revenues adjustments 1
|
|
17,157
|
|
|
5,611
|
|
|
|
33,141
|
|
|
10,999
|
Research and development expense adjustments 1
|
|
1,833
|
|
|
15,000
|
|
|
|
6,555
|
|
|
40,000
|
Contingent consideration (income) expense
|
|
(24,774
|
)
|
|
2,586
|
|
|
|
(58,092
|
)
|
|
4,639
|
Selling, general and administrative expense adjustments 1
|
|
1,497
|
|
|
-
|
|
|
|
2,158
|
|
|
-
|
Restructuring charges
|
|
3,469
|
|
|
-
|
|
|
|
5,908
|
|
|
-
|
Non-GAAP adjusted operating income
|
|
$
|
41,353
|
|
|
$
|
51,270
|
|
|
|
$
|
60,147
|
|
|
$
|
93,502
|
Non-GAAP other expense (income) 2
|
|
5,577
|
|
|
3,008
|
|
|
|
11,241
|
|
|
5,603
|
Non-GAAP provision for income taxes 2
|
|
16,732
|
|
|
15,240
|
|
|
|
22,061
|
|
|
28,705
|
Non-GAAP net income
|
|
$
|
19,044
|
|
|
$
|
33,022
|
|
|
|
$
|
26,845
|
|
|
$
|
59,194
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Detail on the adjustments included herein is provided in
the tables below.
2 A reconciliation to the most comparable GAAP financial
measure is included in the tables below.
|
|
|
|
|
|
CUBIST PHARMACEUTICALS, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
UNAUDITED
(in thousands, except percentages)
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
|
Six Months Ended June 30,
|
|
|
2014
|
|
2013
|
|
|
2014
|
|
2013
|
Cost of product revenues reconciliation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP cost of product revenues
|
|
$
|
88,613
|
|
|
$
|
63,041
|
|
|
|
$
|
162,154
|
|
|
$
|
118,716
|
|
Intangible asset amortization
|
|
(16,052
|
)
|
|
(4,552
|
)
|
|
|
(30,790
|
)
|
|
(8,977
|
)
|
Inventory fair value step-up
|
|
(1,105
|
)
|
|
(1,059
|
)
|
|
|
(2,351
|
)
|
|
(2,022
|
)
|
Non-GAAP cost of product revenues
|
|
$
|
71,456
|
|
|
$
|
57,430
|
|
|
|
$
|
129,013
|
|
|
$
|
107,717
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product gross margin reconciliation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP product gross margin
|
|
68.7
|
%
|
|
75.2
|
%
|
|
|
70.0
|
%
|
|
75.3
|
%
|
Intangible asset amortization
|
|
5.7
|
%
|
|
1.8
|
%
|
|
|
5.7
|
%
|
|
1.9
|
%
|
Inventory fair value step-up
|
|
0.4
|
%
|
|
0.4
|
%
|
|
|
0.4
|
%
|
|
0.4
|
%
|
Non-GAAP product gross margin
|
|
74.8
|
%
|
|
77.4
|
%
|
|
|
76.1
|
%
|
|
77.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development expenses reconciliation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP research and development expenses
|
|
$
|
104,862
|
|
|
$
|
115,190
|
|
|
|
$
|
225,465
|
|
|
$
|
229,399
|
|
Acquisition-related expenses
|
|
(1,017
|
)
|
|
-
|
|
|
|
(4,922
|
)
|
|
-
|
|
Intangible asset amortization
|
|
(816
|
)
|
|
-
|
|
|
|
(1,633
|
)
|
|
-
|
|
Upfront license fees
|
|
-
|
|
|
(15,000
|
)
|
|
|
-
|
|
|
(40,000
|
)
|
Non-GAAP research and development expenses
|
|
$
|
103,029
|
|
|
$
|
100,190
|
|
|
|
$
|
218,910
|
|
|
$
|
189,399
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses reconciliation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP selling, general and administrative expenses
|
|
$
|
80,057
|
|
|
$
|
49,889
|
|
|
|
$
|
149,719
|
|
|
$
|
98,090
|
|
Acquisition-related expenses
|
|
(1,497
|
)
|
|
-
|
|
|
|
(2,158
|
)
|
|
-
|
|
Non-GAAP selling, general and administrative expenses
|
|
$
|
78,560
|
|
|
$
|
49,889
|
|
|
|
$
|
147,561
|
|
|
$
|
98,090
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (income) expense reconciliation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP other (income) expense
|
|
$
|
14,135
|
|
|
$
|
6,678
|
|
|
|
$
|
28,222
|
|
|
$
|
12,880
|
|
Non-cash debt discount amortization
|
|
(8,558
|
)
|
|
(3,670
|
)
|
|
|
(16,981
|
)
|
|
(7,277
|
)
|
Non-GAAP other (income) expense
|
|
$
|
5,577
|
|
|
$
|
3,008
|
|
|
|
$
|
11,241
|
|
|
$
|
5,603
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit) for income taxes reconciliation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP provision (benefit) for income taxes
|
|
$
|
4,008
|
|
|
$
|
6,153
|
|
|
|
$
|
(6,006
|
)
|
|
$
|
3,654
|
|
Tax adjustment
|
|
12,724
|
|
|
9,087
|
|
|
|
28,067
|
|
|
25,051
|
|
Non-GAAP provision for income taxes
|
|
$
|
16,732
|
|
|
$
|
15,240
|
|
|
|
$
|
22,061
|
|
|
$
|
28,705
|
|
|
|
|
|
|
CUBIST PHARMACEUTICALS, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
UNAUDITED
(in thousands, except share and per share amounts)
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
Non-GAAP net income reconciliation:
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
|
$
|
24,028
|
|
|
$
|
15,242
|
|
|
$
|
48,261
|
|
|
$
|
21,330
|
|
|
Non-cash debt discount amortization
|
8,558
|
|
|
3,670
|
|
|
16,981
|
|
|
7,277
|
|
|
Intangible asset amortization
|
16,868
|
|
|
4,552
|
|
|
32,423
|
|
|
8,977
|
|
|
Inventory fair value step-up
|
1,105
|
|
|
1,059
|
|
|
2,351
|
|
|
2,022
|
|
|
Restructuring charges
|
3,469
|
|
|
-
|
|
|
5,908
|
|
|
-
|
|
|
Acquisition-related expenses
|
2,514
|
|
|
-
|
|
|
7,080
|
|
|
-
|
|
|
Upfront license fees
|
-
|
|
|
15,000
|
|
|
-
|
|
|
40,000
|
|
|
Contingent consideration (income) expense
|
(24,774
|
)
|
|
2,586
|
|
|
(58,092
|
)
|
|
4,639
|
|
|
Tax adjustment
|
(12,724
|
)
|
|
(9,087
|
)
|
|
(28,067
|
)
|
|
(25,051
|
)
|
|
Non-GAAP net income
|
$
|
19,044
|
|
|
$
|
33,022
|
|
|
$
|
26,845
|
|
|
$
|
59,194
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common share reconciliation:
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP diluted earnings per common share
|
$
|
0.30
|
|
|
$
|
0.23
|
|
|
$
|
0.61
|
|
|
$
|
0.32
|
|
|
Non-GAAP dilutive adjustments
|
(0.07
|
)
|
(1
|
)
|
0.19
|
|
(1
|
)
|
(0.27
|
)
|
(1
|
)
|
0.45
|
|
(1
|
)
|
Non-GAAP diluted earnings per common share
|
$
|
0.23
|
|
|
$
|
0.42
|
|
|
$
|
0.34
|
|
|
$
|
0.77
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in diluted per common share calculation
reconciliation:
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP shares used in diluted earnings per common share
|
86,108,783
|
|
|
67,731,976
|
|
|
85,853,847
|
|
|
67,385,141
|
|
|
Non-GAAP dilutive share adjustments
|
4,246,131
|
|
(2
|
)
|
15,424,084
|
|
(2
|
)
|
-
|
|
|
15,424,118
|
|
(2
|
)
|
Non-GAAP shares used in diluted earnings per common share
|
90,354,914
|
|
|
83,156,060
|
|
|
85,853,847
|
|
|
82,809,259
|
|
|
|
|
1. Includes impact of non-GAAP adjustments from GAAP net
income to non-GAAP net income and add back of interest expense and debt
issuance costs on Cubist's outstanding convertible notes, net of tax
effect
2. Additional dilutive weighted average shares issuable
upon conversion of Cubist's outstanding convertible notes
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