UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
|
ý |
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) |
For the quarterly period ended September 30, 2003
OR
|
o |
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) |
For the transition period from to
Commission file number: 0-19311
IDEC PHARMACEUTICALS CORPORATION
(Exact name of registrant as specified in its charter)
|
Delaware |
|
33-0112644 |
|
(State or other
jurisdiction of |
|
(I.R.S. Employer |
|
|
|
|
|
3030 Callan Road, San Diego, CA 92121 |
||
|
(Address of principal executive offices) (Zip code) |
||
|
|
|
|
|
(858) 431-8500 |
||
|
(Registrant’s telephone number, including area code) |
||
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 ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined by Rule 12b-2 of the Exchange Act).
Yes ý No o
As of October 15, 2003 the Registrant had 155,673,020 shares of its common stock, $.0005 par value, issued and outstanding.
IDEC PHARMACEUTICALS CORPORATION
FORM 10-Q — QUARTERLY REPORT
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2003
TABLE OF CONTENTS
PART I — FINANCIAL INFORMATION
idec pharmaceuticals corporation and subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(Unaudited)
|
|
|
Three
months |
|
Nine
months |
|
||||||||
|
|
|
2003 |
|
2002 |
|
2003 |
|
2002 |
|
||||
|
Revenues: |
|
|
|
|
|
|
|
|
|
||||
|
Product sales, net |
|
$ |
4,427 |
|
$ |
4,958 |
|
$ |
15,069 |
|
$ |
8,258 |
|
|
Revenues from unconsolidated joint business |
|
133,960 |
|
98,613 |
|
363,236 |
|
269,250 |
|
||||
|
Corporate partner revenues |
|
143 |
|
127 |
|
1,032 |
|
3,062 |
|
||||
|
Total revenues |
|
138,530 |
|
103,698 |
|
379,337 |
|
280,570 |
|
||||
|
Operating costs and expenses: |
|
|
|
|
|
|
|
|
|
||||
|
Cost of sales |
|
639 |
|
232 |
|
5,282 |
|
1,121 |
|
||||
|
Research and development |
|
36,295 |
|
25,367 |
|
113,122 |
|
67,596 |
|
||||
|
Selling, general and administrative |
|
30,195 |
|
23,798 |
|
83,247 |
|
65,865 |
|
||||
|
Total operating costs and expenses |
|
67,129 |
|
49,397 |
|
201,651 |
|
134,582 |
|
||||
|
Income from operations |
|
71,401 |
|
54,301 |
|
177,686 |
|
145,988 |
|
||||
|
Interest income, net |
|
1,986 |
|
4,838 |
|
8,549 |
|
13,237 |
|
||||
|
Income before income taxes |
|
73,387 |
|
59,139 |
|
186,235 |
|
159,225 |
|
||||
|
Income taxes |
|
27,887 |
|
20,699 |
|
70,769 |
|
55,729 |
|
||||
|
Net income |
|
$ |
45,500 |
|
$ |
38,440 |
|
$ |
115,466 |
|
$ |
103,496 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Earnings per share: |
|
|
|
|
|
|
|
|
|
||||
|
Basic |
|
$ |
0.29 |
|
$ |
0.25 |
|
$ |
0.74 |
|
$ |
0.68 |
|
|
Diluted |
|
$ |
0.26 |
|
$ |
0.22 |
|
$ |
0.67 |
|
$ |
0.60 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Shares used in calculation of earnings per share: |
|
|
|
|
|
|
|
|
|
||||
|
Basic |
|
155,498 |
|
152,679 |
|
155,117 |
|
152,977 |
|
||||
|
Diluted |
|
187,011 |
|
178,362 |
|
181,050 |
|
180,096 |
|
||||
See accompanying notes to the condensed consolidated financial statements.
1
idec pharmaceuticals corporation and Subsidiaries
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except par value)
(Unaudited)
|
|
|
September
30, |
|
December
31, |
|
||
|
|
|
|
|
|
|
||
|
assets |
|
|
|
|
|
||
|
Current assets: |
|
|
|
|
|
||
|
Cash and cash equivalents |
|
$ |
363,678 |
|
$ |
350,129 |
|
|
Securities available-for-sale |
|
483,906 |
|
437,645 |
|
||
|
Accounts receivable, net |
|
1,133 |
|
4,920 |
|
||
|
Due from related parties |
|
112,680 |
|
100,288 |
|
||
|
Inventories |
|
38,532 |
|
33,665 |
|
||
|
Deferred tax assets |
|
24,872 |
|
27,675 |
|
||
|
Prepaid expenses and other current assets |
|
22,110 |
|
23,288 |
|
||
|
Total current assets |
|
1,046,911 |
|
977,610 |
|
||
|
|
|
|
|
|
|
||
|
Securities available-for-sale |
|
602,786 |
|
660,091 |
|
||
|
Property and equipment, net |
|
444,207 |
|
264,537 |
|
||
|
Deferred tax assets |
|
67,006 |
|
85,197 |
|
||
|
Restricted cash |
|
25,000 |
|
22,500 |
|
||
|
Investments and other assets |
|
53,985 |
|
49,754 |
|
||
|
Total assets |
|
$ |
2,239,895 |
|
$ |
2,059,689 |
|
|
|
|
|
|
|
|
||
|
liabilities and stockholders’ equity |
|
|
|
|
|
||
|
Current liabilities: |
|
|
|
|
|
||
|
Accounts payable and accrued costs and expenses |
|
$ |
65,716 |
|
$ |
55,493 |
|
|
Other current liabilities |
|
731 |
|
732 |
|
||
|
Total current liabilities |
|
66,447 |
|||||