SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 10-Q
ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2003
MedImmune, Inc.
(Exact name of registrant as specified in its charter)
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Delaware |
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000-19131 |
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52-1555759 |
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(State or other
jurisdiction of |
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(Commission File No.) |
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(I. R. S.
Employer |
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code (301) 417-0770
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 November 5, 2003, 247,535,950 shares of Common Stock, par value $0.01 per share, were outstanding.
MEDIMMUNE, INC.
Index to Form 10-Q
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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Trademark information: Synagis® (palivizumab), CytoGam® (cytomegalovirus immune globulin intravenous (human)), RespiGam® (respiratory syncytial virus immune globulin intravenous (human)), and Vitaxin® are registered trademarks of MedImmune, Inc. NumaxTM is a trademark of MedImmune, Inc. Ethyol® (amifostine) and NeuTrexin® (trimetrexate glucuronate for injection) are registered trademarks of MedImmune Oncology, Inc. FluMistTM (Influenza Virus Vaccine Live, Intranasal) is a trademark of MedImmune Vaccines, Inc.
Unless otherwise indicated, this quarterly report is as of September 30, 2003. This quarterly report will not be updated as a result of new information or future events.
PART I – FINANCIAL INFORMATION
MEDIMMUNE, INC.
(in thousands)
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September
30, |
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December
31, |
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(Unaudited) |
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ASSETS: |
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Cash and cash equivalents |
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$ |
351,326 |
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$ |
130,056 |
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Marketable securities |
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242,320 |
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396,882 |
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Trade receivables, net |
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71,115 |
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113,774 |
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Inventory, net |
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106,528 |
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59,963 |
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Deferred tax assets |
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22,204 |
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25,735 |
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Other current assets |
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12,651 |
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17,023 |
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Total Current Assets |
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806,144 |
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743,433 |
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Marketable securities |
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1,119,181 |
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896,118 |
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Property and equipment, net |
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241,148 |
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183,992 |
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Deferred tax assets, net |
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206,309 |
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222,038 |
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Intangible assets, net |
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100,795 |
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113,275 |
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Goodwill |
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15,970 |
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15,970 |
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Other assets |
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35,817 |
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13,463 |
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Total Assets |
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$ |
2,525,364 |
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$ |
2,188,289 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY: |
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Accounts payable |
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$ |
18,709 |
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$ |
19,773 |
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Accrued expenses |
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96,941 |
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157,359 |
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Product royalties payable |
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18,429 |
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74,048 |
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Advances from Wyeth |
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13,096 |
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— |
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Deferred revenue |
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6,067 |
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6,789 |
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Other current liabilities |
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20,825 |
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8,684 |
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Total Current Liabilities |
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174,067 |
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266,653 |
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Long-term debt |
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701,118 |
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217,554 |
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Obligations to Evans |
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21,490 |
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24,755 |
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Other liabilities |
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1,928 |
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2,093 |
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Total Liabilities |
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898,603 |
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511,055 |
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Commitments and Contingencies |
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SHAREHOLDERS’ EQUITY: |
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Preferred stock, $.01 par value; authorized 5,525 shares; none issued or outstanding |
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— |
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— |
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Common stock, $.01 par value; authorized 420,000 shares; outstanding 247,632 at September 30, 2003 and 251,262 at December 31, 2002 |
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2,535 |
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2,513 |
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Paid-in capital |
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2,663,226 |
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2,613,075 |
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Deferred compensation |
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(2,152 |
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(6,823 |
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Accumulated deficit |
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(849,535 |
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(956,140 |
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Accumulated other comprehensive income |
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31,626 |
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24,609 |
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1,845,700 |
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1,677,234 |
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Less: Treasury stock at cost; 5,910 shares at September 30, 2003 and no shares at December 31, 2002 |
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(218,939 |
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— |
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Total Shareholders’ Equity |
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1,626,761 |
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1,677,234 |
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Total Liabilities and Shareholders’ Equity |
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$ |
2,525,364 |
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$ |
2,188,289 |
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The accompanying notes are an integral part of these financial statements.
1
MEDIMMUNE, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except per share data)
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For the |
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For the |
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2003 |
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2002 |
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2003 |
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2002 |
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Revenues: |
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Product sales |
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$ |
82,283 |
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$ |
60,842 |
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$ |
593,988 |
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$ |
439,903 |
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Other revenue |
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17,076 |
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13,401 |
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52,522 |
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28,758 |
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Total revenues |
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99,359 |
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74,243 |
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646,510 |
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468,661 |
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Costs and expenses: |
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Cost of sales |
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30,060 |
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22,296 |
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156,088 |
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117,815 |
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Research and development |
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52,734 |
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31,822 |
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112,302 |
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110,436 |
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Selling, general and administrative |
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53,380 |
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52,806 |
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220,367 |
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196,863 |
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Other operating expenses |
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1,935 |
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24,118 |
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24,806 |
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68,111 |
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Acquired in-process research and development |
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— |
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— |
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— |
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