JAZZ PHARMACEUTICALS INC - S-1/A - 20070517 - FINANCIAL_DATA
SUMMARY CONSOLIDATED FINANCIAL DATA
The following table summarizes our financial data. We have derived the following summary of our consolidated statements
of operations data for the years ended December 31, 2004, 2005 and 2006 from our audited consolidated financial statements appearing elsewhere in this prospectus. The summary of our consolidated statements of operations data for the three
months ended March 31, 2006 and 2007, and the consolidated balance sheet data as of March 31, 2007, have been derived from our unaudited consolidated financial statements included elsewhere in this prospectus, which in the opinion of management,
reflect all adjustments, which include only normal recurring adjustments, necessary to state fairly our financial position and results of operations. Our historical results are not necessarily indicative of the results that may be expected in the
future. The summary of our financial data set forth below should be read together with our consolidated financial statements and the related notes to those statements, as well as “Selected Consolidated Financial Data” and
“Management’s Discussion and Analysis of Financial Condition and Results of Operations,” appearing elsewhere in this prospectus. The pro forma balance sheet data give effect to the conversion of all outstanding shares of convertible
preferred stock into common stock immediately prior to the closing of this offering. The pro forma as adjusted balance sheet data give effect to the conversion of all outstanding shares of convertible preferred stock into common stock immediately
prior to the closing of this offering, and to reflect the sale of shares of our common stock in this offering at an assumed initial public offering price of $25.00 per share, the mid-point of the range reflected on the cover page on this prospectus,
after deducting the underwriting discounts and commissions and estimated offering expenses payable by us.
Year Ended December 31,
Three Months Ended March 31,
2004
2005(1)
2006
2006
2007
(Unaudited)
(In thousands, except per share amounts)
Consolidated Statements of Operations Data:
Revenues:
Product sales, net
$
—
$
18,796
$
43,299
$
9,771
$
11,625
Royalties, net
—
146
594
66
211
Contract revenue
—
2,500
963
—
2,252
Total revenues
—
21,442
44,856
9,837
14,088
Operating expenses:
Cost of product sales (excluding amortization of acquired developed technology)
—
4,292
6,968
1,569
2,003
Research and development
17,988
45,783
54,956
12,894
14,867
Selling, general and administrative
7,459
23,551
51,384
12,219
14,339
Amortization of intangible assets
—
4,960
9,600
2,400
2,362
Purchased in-process research and development
—
21,300
—
—
—
Total operating expenses
25,447
99,886
122,908
29,082
33,571
Loss from operations
(25,447
)
(78,444
)
(78,052
)
(19,245
)
(19,483
)
Interest income
643
1,318
2,307
581
1,091
Interest expense (including $4,595 and $9,024 for the years ended December 31, 2005 and 2006, respectively, and $2,185 and $2,254 for the
three months ended March 31, 2006 and 2007, respectively, pertaining to related parties)
—
(7,129
)
(14,129
)
(3,777
)
(3,268
)
Other income (expense)
—
(901
)
(1,109
)
62
(3,069
)
Gain on extinguishment of development financing obligation
—
—
31,592
—
—
Gain on sale of product rights
—
—
—
—
5,145
Net loss
(24,804
)
(85,156
)
(59,391
)
(22,379
)
(19,584
)
Beneficial conversion feature
—
—
(21,920
)
(3,501
)
—
Loss attributable to common stockholders
$
(24,804
)
$
(85,156
)
$
(81,311
)
$
(25,880
)
$
(19,584
)
Loss per share attributable to common stockholders, basic and diluted
$
(1,550.25
)
$
(14,192.67
)
$
(6,254.69
)
$
(2,875.56
)
$
(851.48
)
Weighted-average common shares used in computing loss per share attributable to common stockholders, basic and diluted
16
6
13
9
23
Pro-forma loss per share attributable to common stockholders (unaudited), basic and diluted(2)
$
(6.04
)
$
(1.11
)
Weighted-average common shares used in computing pro forma loss per share attributable to common stockholders (unaudited), basic and
diluted(2)
Senior secured notes (including $52,100 as of March 31, 2007 (unaudited), held by related parties)
74,429
74,429
74,429
Convertible preferred stock
263,852
—
—
Common stock subject to repurchase
8,749
12,954
12,954
Accumulated deficit
(197,227
)
(197,227
)
(197,227
)
Total stockholders’ equity (deficit)
(195,420
)
75,815
213,015
(1)
We acquired Orphan Medical on June 24, 2005, and the results of Orphan Medical are included in the consolidated financial statements from that date.
(2)
Assumes the conversion of all outstanding shares of convertible preferred stock outstanding as of December 31, 2006 and March 31, 2007, as applicable, into common stock.
(3)
Each $1.00 increase (decrease) in the assumed initial public offering price of $25.00 per share, would increase (decrease) each of cash and cash equivalents, working capital, total
assets and total stockholders’ equity by approximately $5.6 million, assuming that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same, and after deducting the underwriting discounts and
commissions and estimated offering expenses payable by us. We may also increase or decrease the number of shares we are offering. Each increase (decrease) of one million shares in the number of shares offered by us would increase (decrease) each of
cash and cash equivalents, working capital, total assets and total stockholders’ equity by approximately $23.3 million, assuming that the assumed initial public offering price remains the same, and after deducting the estimated underwriting
discounts and commissions and estimated offering expenses payable by us. The pro forma as adjusted information discussed above is illustrative only and will adjust based on the actual initial public offering price and other terms of this offering
determined at pricing.
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