0001297184falseDE00012971842023-02-282023-02-28

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event Reported): February 28, 2023

Amphastar Pharmaceuticals, Inc.

(Exact Name of Registrant as Specified in Charter)

Delaware

001-36509

33-0702205

(State or Other Jurisdiction of
Incorporation)

(Commission File Number)

(I.R.S. Employer Identification
Number)

11570 6th Street

Rancho Cucamonga, California

91730

(Address of Principal Executive Offices)

(Zip Code)

Registrant's telephone number, including area code: (909) 980-9484

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.0001 per share

AMPH

The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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.

Item 2.02. Results of Operations and Financial Condition.

On February 28, 2023, Amphastar Pharmaceuticals, Inc. issued a press release announcing its financial results for the three months and fiscal year ended December 31, 2022. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits:

Exhibit No.

    

Description

99.1

Press release, dated February 28, 2023, issued by Amphastar Pharmaceuticals, Inc.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: February 28, 2023

Amphastar Pharmaceuticals, Inc.

By:

/s/ WILLIAM J. PETERS

William J. Peters

Chief Financial Officer, Executive Vice President and Treasurer

EXHIBIT 99.1

Amphastar Pharmaceuticals Reports Financial Results for the Three Months and Full-Year Ended December 31, 2022

Reports Net Revenues of $135.0 Million for the Three Months Ended December 31, 2022

RANCHO CUCAMONGA, CA – February 28, 2023 – Amphastar Pharmaceuticals, Inc. (NASDAQ: AMPH) (“Amphastar” or the “Company”) today reported results for the three months and full-year ended December 31, 2022.

Fourth Quarter Highlights

Net revenues of $135.0 million for the fourth quarter
GAAP net income of $33.9 million, or $0.66 per share, for the fourth quarter
Adjusted non-GAAP net income of $37.6 million, or $0.73 per share, for the fourth quarter

Full-Year Highlights

Net revenues of $499.0 million for the fiscal year
GAAP net income of $91.4 million, or $1.74 per share, for the fiscal year
Adjusted non-GAAP net income of $103.2 million, or $1.97 per share, for the fiscal year

Dr. Jack Zhang, Amphastar’s President and Chief Executive Officer, commented: “We are pleased to report our strongest quarter yet, driven by sales of epinephrine, Primatene MIST®, glucagon, and other finished pharmaceutical products. Looking ahead to 2023, we anticipate launching multiple new products to continue driving our growth.”

Three Months Ended

Year Ended

 

December 31, 

December 31, 

 

2022

2021

2022

2021

 

(in thousands, except per share data)

 

Net revenues

    

$

135,023

    

$

120,887

    

$

498,987

    

$

437,768

GAAP net income attributable to Amphastar

$

33,913

$

19,760

$

91,386

$

62,116

Adjusted non-GAAP net income attributable to Amphastar*

$

37,638

$

20,833

$

103,186

$

67,999

GAAP diluted EPS attributable to Amphastar stockholders

$

0.66

$

0.39

$

1.74

$

1.25

Adjusted non-GAAP diluted EPS attributable to Amphastar stockholders*

$

0.73

$

0.42

$

1.97

$

1.37


 * Adjusted non-GAAP net income attributable to Amphastar and Adjusted non-GAAP diluted EPS attributable to Amphastar stockholders are non-GAAP financial measures. Please see the discussion in the section entitled “Non-GAAP Financial Measures” and the reconciliation of GAAP to non-GAAP financial measures in Table III of this press release.


Fourth Quarter Results

Three Months Ended

December 31, 

Change

2022

2021

Dollars

    

%

(in thousands)

Net revenues:

    

    

    

    

Primatene MIST®

$

22,279

$

21,489

$

790

4

%

Epinephrine

21,427

18,868

2,559

14

%

Glucagon

18,319

15,335

2,984

19

%

Lidocaine

13,286

12,099

1,187

10

%

Phytonadione

11,666

13,921

(2,255)

(16)

%

Enoxaparin

7,812

7,942

(130)

(2)

%

Naloxone

4,845

6,546

(1,701)

(26)

%

Other finished pharmaceutical products

 

33,082

 

21,776

 

11,306

 

52

%

Total finished pharmaceutical products net revenues

$

132,716

$

117,976

$

14,740

 

12

%

API

2,307

2,911

(604)

(21)

%

Total net revenues

$

135,023

$

120,887

$

14,136

12

%

Changes in net revenues as compared to fourth quarter in prior year were primarily driven by:

Primatene MIST® sales increased primarily due to an increase in unit volumes
Epinephrine sales increased by $1.8 million due to an increase in average selling price, with the remainder of the increase due to increased unit volumes as a result of competitor shortages
Glucagon sales increased primarily due to an increase in unit volumes
Phytonadione sales decreased due to decreased unit volumes
Naloxone sales decreased primarily due to a lower average selling price
Other finished pharmaceutical product sales changes were primarily due to:
oAn increase in unit volumes for dextrose and sodium bicarbonate, which were in high demand due to competitor shortages
oHigher unit volumes of isoproterenol
oLaunches of ganirelix and vasopressin, in June 2022 and August 2022, respectively
Active Pharmaceutical ingredient (“API”) sales decreased primarily due to the timing of customer purchases

Three Months Ended

December 31, 

Change

2022

2021

Dollars

    

%

(in thousands)

Net revenues

$

135,023

$

120,887

$

14,136

12

%

Cost of revenues

63,855

64,653

(798)

(1)

%

Gross profit

$

71,168

$

56,234

$

14,934

27

%

as % of net revenues

53%

47%

Changes in the cost of revenues and the resulting increase in gross margins were primarily driven by:

Increased sales of higher-margin products such as Primatene MIST®, epinephrine, and glucagon, as well as the launches of ganirelix and vasopressin in 2022
These factors were partially offset by overall increases in labor and input costs


Three Months Ended

December 31, 

Change

2022

2021

Dollars

    

%

(in thousands)

Selling, distribution, and marketing

$

5,472

$

4,075

$

1,397

34

%

General and administrative

10,628

10,621

7

0

%

Research and development

17,236

17,286

(50)

0

%

Non-operating income (expense), net

3,428

2,910

518

18

%

Selling, distribution, and marketing expenses increased primarily due to increased advertising and freight expenses
Research and development expenses remained flat during the quarter as a result of a decrease in expenditure for materials and components, which was partially offset by an increase in clinical trial expense for our insulin and inhalation product pipeline
The change in non-operating income, net is primarily a result of foreign currency gains

Year-End Results

Year Ended December 31, 

Change

2022

2021

Dollars

    

%

(in thousands)

Net revenues:

    

    

    

    

Primatene MIST®

$

84,309

$

73,113

$

11,196

15

%

Epinephrine

74,204

57,530

16,674

29

%

Glucagon

55,322

47,639

7,683

16

%

Lidocaine

52,539

44,413

8,126

18

%

Phytonadione

 

49,500

 

45,498

4,002

9

%

Enoxaparin

34,950

35,962

(1,012)

(3)

%

Naloxone

26,269

27,540

(1,271)

(5)

%

Other finished pharmaceutical products

 

109,412

 

87,875

 

21,537

 

25

%

Total finished pharmaceutical products net revenues

$

486,505

$

419,570

$

66,935

 

16

%

API

12,482

18,198

(5,716)

(31)

%

Total net revenues

$

498,987

$

437,768

$

61,219

14

%

Changes in net revenues were primarily driven by:

Primatene MIST® sales increased primarily due to increased unit volumes, which was primarily a result of the continued success of our advertising campaign throughout the year
Epinephrine sales increased primarily due to an increase in unit volumes, arising from high demand due to competitor shortages, contributing $9.0 million in sales, as well as a higher average selling price, which contributed $7.7 million to the increase in sales
Glucagon sales increased due to an increase in unit volumes as the prior year period did not include a full year of sales due to glucagon’s launch in the first quarter of 2021
Lidocaine sales increased due to an increase in unit volumes, which contributed $4.4 million, as well as a higher average selling price, which contributed $3.8 million to the increase in sales
Phytonadione sales increased due to a higher average selling price
Other finished pharmaceutical product sales changes were primarily due to:
oHigher unit volumes of calcium chloride, dextrose, and sodium bicarbonate, which were in high demand due to competitor shortages
oLaunches of ganirelix and vasopressin in June 2022 and August 2022, respectively
API sales decreased primarily due to the timing of customer purchases


Year Ended December 31, 

Change

2022

2021

Dollars

    

%

(in thousands)

Net revenues

$

498,987

$

437,768

$

61,219

14

%

Cost of revenues

250,127

238,029

12,098

5

%

Gross profit

$

248,860

$

199,739

$

49,121

25

%

as % of net revenues

50%

46%

Changes in the cost of revenues and the resulting increase in gross margins were primarily driven by:

Increased sales of higher-margin products such as Primatene MIST®, epinephrine, and glucagon, as well as the launches of ganirelix and vasopressin in 2022
These factors were partially offset by overall increases in labor and input costs

Year Ended December 31, 

Change

2022

2021

Dollars

    

%

(in thousands)

Selling, distribution, and marketing

$

21,531

$

17,486

$

4,045

23

%

General and administrative

45,061

51,434

(6,373)

(12)

%

Research and development

74,771

60,932

13,839

23

%

Non-operating income (expense), net

8,543

14,252

(5,709)

(40)

%

Selling, distribution, and marketing expenses increased due to increased freight expense and advertising expense for Primatene MIST®
General and administrative expenses decreased primarily due to a decrease in legal expenses and a decrease in expenses in China due to the restructuring of Amphastar’s Chinese subsidiary, Amphastar Nanjing Pharmaceutical, Co., Ltd. (“ANP”), in 2021
Research and development expenses increased due to:
Increases in expenditures for materials and components, primarily for our AMP-018 and insulin products candidates
An increase in clinical trial expense primarily due to external studies related to our insulin and inhalation product pipeline
This was partially offset by a decrease in expenses in China due to the completion of the restructuring of ANP in 2021
The change in non-operating income, net is primarily due to:
$5.4 million litigation settlement received in January 2022 in connection with the Regadenoson patent litigation
$13.6 million gain on the deconsolidation of Hanxin Pharmaceutical Technology Co., Ltd related to the ANP restructuring in 2021

Cash flow provided by operating activities for the year ended December 31, 2022 was $89.2 million.

Pipeline Information

The Company currently has three ANDAs on file with the FDA targeting products with a market size of over $3 billion, three biosimilar products in development targeting products with a market size of over $11 billion, and six generic products in development targeting products with a market size of over $9 billion. This market information is based on IQVIA data for the 12 months ended December 31, 2022. The Company is developing multiple proprietary products with injectable and intranasal dosage forms.

Amphastar’s Chinese subsidiary, ANP, currently has 17 Drug Master Files, or DMFs, on file with the FDA and is developing several additional DMFs.


Company Information

Amphastar is a bio-pharmaceutical company that focuses primarily on developing, manufacturing, marketing, and selling technically-challenging generic and proprietary injectable, inhalation, and intranasal products. Additionally, the Company sells insulin API products. Most of the Company’s finished products are used in hospital or urgent care clinical settings and are primarily contracted and distributed through group purchasing organizations and drug wholesalers. More information and resources are available at www.amphastar.com.

Amphastar’s logo and other trademarks or service marks of Amphastar, including, but not limited to Amphastar®, Primatene MIST®, Amphadase®, and Cortrosyn®, are the property of Amphastar.

Non-GAAP Financial Measures

To supplement its consolidated financial statements, which are prepared and presented in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company is disclosing non-GAAP financial measures when providing financial results. The Company believes that an evaluation of its ongoing operations (and comparisons of its current operations with historical and future operations) would be difficult if the disclosure of its financial results were limited to financial measures prepared only in accordance with GAAP. As a result, the Company is disclosing certain non-GAAP results, including (i) Adjusted non-GAAP net income (loss) attributed to Amphastar and (ii) Adjusted non-GAAP diluted EPS attributed to Amphastar’s stockholders, which exclude amortization expense, share-based compensation, impairment charges, legal settlements, and other one-time events in order to supplement investors’ and other readers’ understanding and assessment of the Company’s financial performance because the Company’s management uses these measures internally for forecasting, budgeting, and measuring its operating performance. Whenever the Company uses such non-GAAP measures, it will provide a reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures. Investors and other readers are encouraged to review the related GAAP financial measures and the reconciliation of non-GAAP measures to their most directly comparable GAAP measures set forth below and should consider non-GAAP measures only as a supplement to, not as a substitute for or as a superior measure to, measures of financial performance prepared in accordance with GAAP.

Conference Call Information

The Company will hold a conference call to discuss its financial results today, February 28, 2023, at 2:00 p.m. Pacific Time.

To access the conference call, dial toll-free (877) 407-0989 or (201) 389-0921 for international callers, five minutes before the conference.

The call can also be accessed on the Investors page on the Company’s website at www.amphastar.com.

Forward-Looking Statements

All statements in this press release and in the conference call referenced above that are not historical are forward-looking statements, including, among other things, statements relating to our expectations regarding future financial performance and business trends, our future growth, backlog, sales and marketing of our products, market size and expansion, product development, the timing of FDA filings or approvals, including the DMFs of ANP, the timing of product launches, acquisitions and other matters related to our pipeline of product candidates, the timing and results of clinical trials, our share buyback program, and other future events, such as the impact of the COVID-19 pandemic including its variants, the Russia-Ukraine conflict and resulting macroeconomic conditions, such as inflation and rising interest rates, and related responses of business and governments to the pandemic and international conflict on our operations and personnel, and on


commercial activity and demand across our business operations and results of operations. These statements are not facts but rather are based on Amphastar’s historical performance and our current expectations, estimates, and projections regarding our business, operations, and other similar or related factors. Words such as “may,” “might,” “will,” “could,” “would,” “should,” “anticipate,” “predict,” “potential,” “continue,” “expect,” “intend,” “plan,” “project,” “believe,” “estimate,” and other similar or related expressions are used to identify these forward-looking statements, although not all forward-looking statements contain these words. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and assumptions that are difficult or impossible to predict and, in some cases, beyond Amphastar’s control. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described in Amphastar’s filings with the Securities and Exchange Commission, including in our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on March 11, 2022, in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, filed with the SEC on May 10, 2022, in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, filed with the SEC on August 9, 2022, and in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, filed with the SEC on November 7, 2022. In particular, the extent of COVID-19 including its variants, the Russia-Ukraine conflict and resulting macroeconomic conditions, such as inflation and rising interest rates, impacts on our business will depend on several factors, including the actions taken by governments, businesses, and consumers in response, which continues to evolve and remain uncertain at this time. You can locate these reports through our website at http://ir.amphastar.com and on the SEC’s website at www.sec.gov. The forward-looking statements in this release speak only as of the date of the release. Amphastar undertakes no obligation to revise or update information or any forward-looking statements in this press release or the conference call referenced above to reflect events or circumstances in the future, even if new information becomes available or if subsequent events cause our expectations to change.

Contact Information:

Amphastar Pharmaceuticals, Inc.

Bill Peters

Chief Financial Officer

(909) 980-9484


Table I

Amphastar Pharmaceuticals, Inc.

Condensed Consolidated Statement of Operations

(Unaudited; in thousands, except per share data)

Three Months Ended

Year Ended

 

December 31, 

December 31, 

 

    

2022

    

2021

    

2022

    

2021

 

Net revenues

    

$

135,023

    

$

120,887

    

$

498,987

    

$

437,768

Cost of revenues

 

63,855

 

64,653

 

250,127

 

238,029

Gross profit

 

71,168

 

56,234

 

248,860

 

199,739

Operating expenses:

Selling, distribution, and marketing

 

5,472

 

4,075

 

21,531

 

17,486

General and administrative

 

10,628

 

10,621

 

45,061

 

51,434

Research and development

 

17,236

 

17,286

 

74,771

 

60,932

Total operating expenses

 

33,336

 

31,982

 

141,363

 

129,852

Income from operations

 

37,832

 

24,252

 

107,497

 

69,887

Non-operating income (expense), net

 

3,428

 

2,910

 

8,543

 

14,252

Income before income taxes

 

41,260

 

27,162

 

116,040

 

84,139

Income tax provision

 

7,290

 

7,194

 

23,477

 

20,630

Net income before equity in losses of unconsolidated affiliate

33,970

19,968

92,563

63,509

Equity in losses of unconsolidated affiliate

(57)

(208)

(1,177)

(208)

Net income

$

33,913

$

19,760

$

91,386

$

63,301

Net income attributable to non-controlling interests

$

$

$

$

1,185

Net income attributable to Amphastar

$

33,913

$

19,760

$

91,386

$

62,116

Net income per share attributable to Amphastar stockholders:

Basic

$

0.70

$

0.41

$

1.88

$

1.30

Diluted

$

0.66

$

0.39

$

1.74

$

1.25

Weighted-average shares used to compute net income per share attributable to Amphastar stockholders:

Basic

 

48,298

 

47,836

 

48,551

 

47,777

Diluted

 

51,716

 

50,057

 

52,427

 

49,784


Table II

Amphastar Pharmaceuticals, Inc.

Condensed Consolidated Balance Sheets

(Unaudited; in thousands, except share data)

    

December 31, 

    

December 31, 

2022

2021

ASSETS

Current assets:

Cash and cash equivalents

$

156,098

$

126,353

Restricted cash

235

235

Short-term investments

19,664

10,320

Restricted short-term investments

 

2,200

 

2,200

Accounts receivable, net

 

88,804

 

78,804

Inventories

 

103,584

 

92,807

Income tax refunds and deposits

 

171

 

126

Prepaid expenses and other assets

 

7,563

 

7,274

Total current assets

 

378,319

 

318,119

Property, plant, and equipment, net

 

238,266

 

244,244

Finance lease right-of-use assets

753

353

Operating lease right-of-use assets

25,554

26,894

Investment in unconsolidated affiliate

2,414

3,985

Goodwill and intangible assets, net

 

37,298

 

38,870

Other assets

 

20,856

 

16,665

Deferred tax assets

 

38,527

 

22,399

Total assets

$

741,987

$

671,529

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable and accrued liabilities

$

84,242

$

89,545

Income taxes payable

 

4,571

 

9,081

Current portion of long-term debt

 

3,046

 

2,202

Current portion of operating lease liabilities

3,003

2,982

Total current liabilities

 

94,862

 

103,810

Long-term reserve for income tax liabilities

 

7,225

 

6,531

Long-term debt, net of current portion and unamortized debt issuance costs

 

72,839

 

74,776

Long-term operating lease liabilities, net of current portion

23,694

24,703

Deferred tax liabilities

 

144

 

534

Other long-term liabilities

 

14,565

 

15,653

Total liabilities

 

213,329

 

226,007

Commitments and contingencies

Stockholders’ equity:

Preferred stock: par value $0.0001; 20,000,000 shares authorized; no shares issued and outstanding

 

 

Common stock: par value $0.0001; 300,000,000 shares authorized; 58,110,231 and 48,112,069 shares issued and outstanding as of December 31, 2022 and 56,440,202 and 47,714,912 shares issued and outstanding as of December 31, 2021, respectively

 

6

 

6

Additional paid-in capital

 

455,077

 

422,423

Retained earnings

 

271,723

 

180,337

Accumulated other comprehensive loss

 

(8,624)

 

(6,765)

Treasury stock

 

(189,524)

 

(150,479)

Total equity

528,658

445,522

Total liabilities and stockholders’ equity

$

741,987

$

671,529


Table III

Amphastar Pharmaceuticals, Inc.

Reconciliation of Non-GAAP Measures

(Unaudited; in thousands, except per share data)

Three Months Ended

Year Ended

December 31, 

December 31, 

    

2022

    

2021

    

2022

    

2021

GAAP net income

    

$

33,913

    

$

19,760

    

$

91,386

    

$

63,301

Adjusted for:

Intangible amortization

 

331

 

360

 

1,419

 

1,290

Share-based compensation

 

4,304

 

3,850

 

17,860

 

18,687

Impairment of long-lived assets

 

 

9

 

 

348

Gain on ANP Restructuring

(13,587)

Reserves for litigation and settlements

(2,717)

(4,929)

274

Income tax provision on pre-tax adjustments

 

(910)

 

(429)

 

(2,550)

 

(2,043)

Non-GAAP net income

$

37,638

$

20,833

$

103,186

$

68,270

Non-GAAP net income attributable to non-controlling interests

$

$

$

$

271

Non-GAAP net income attributable to Amphastar

$

37,638

$

20,833

$

103,186

$

67,999

Non-GAAP net income per share attributable to Amphastar stockholders:

Basic

$

0.78

$

0.44

$

2.13

$

1.42

Diluted

$

0.73

$

0.42

$

1.97

$

1.37

Weighted-average shares used to compute non-GAAP net income per share attributable to Amphastar stockholders:

Basic

 

48,298

 

47,836

 

48,551

 

47,777

Diluted

 

51,716

 

50,057

 

52,427

 

49,784

Three Months Ended December 31, 2022

 

Selling,

General

Research

Non-operating

 

Non-controlling

Cost of

distribution

and

and

income

Income

 

interest

    

revenue

    

and marketing

    

administrative

    

development

    

(expense), net

    

tax provision

    

adjustment

GAAP

$

63,855

$

5,472

$

10,628

$

17,236

$

3,428

$

7,290

$

Intangible amortization

(205)

(126)

Share-based compensation

(941)

(186)

(2,791)

(386)

Income tax provision on pre-tax adjustments

910

Non-GAAP

$

62,709

$

5,286

$

7,711

$

16,850

$

3,428

$

8,200

$


Three Months Ended December 31, 2021

 

Selling,

General

Research

Non-operating

 

Non-controlling

Cost of

distribution

and

and

income

Income

 

interest

    

revenue

    

and marketing

    

administrative

    

development

    

(expense), net

    

tax provision

    

adjustment

GAAP

$

64,653

$

4,075

$

10,621

$

17,286

$

2,910

$

7,194

$

Intangible amortization

(235)

(125)

Share-based compensation

(811)

(158)

(2,553)

(328)

Impairment of long-lived assets

(9)

Reserves for litigation and settlements

(2,717)

Income tax provision on pre-tax adjustments

429

Non-GAAP

$

63,598

$

3,917

$

7,943

$

16,958

$

193

$

7,623

$

Year Ended December 31, 2022

Selling,

General

Research

Non-operating

Non-controlling

Cost of

distribution

and

and

income

Income

interest

    

revenue

    

and marketing

    

administrative

    

development

    

(expense), net

    

tax provision

    

adjustment

GAAP

$

250,127

$

21,531

$

45,061

$

74,771

$

8,543

$

23,477

$

Intangible amortization

(865)

(554)

Share-based compensation

(4,179)

(726)

(11,180)

(1,775)

Reserves for litigation and settlements

(800)

(5,729)

Income tax provision on pre-tax adjustments

2,550

Non-GAAP

$

245,083

$

20,805

$

32,527

$

72,996

$

2,814

$

26,027

$

Year Ended December 31, 2021

 

Selling,

General

Research

Non-operating

 

Non-controlling

Cost of

distribution

and

and

income

Income

 

interest

    

revenue

    

and marketing

    

administrative

    

development

    

(expense), net

    

tax provision

    

adjustment

GAAP

$

238,029

$

17,486

$

51,434

$

60,932

$

14,252

$

20,630

$

1,185

Intangible amortization

(963)

(327)

26

Share-based compensation

(3,778)

(596)

(12,622)

(1,691)

870

Impairment of long-lived assets

(93)

(33)

(222)

7

Gain on ANP Restructuring

(13,587)

(2,062)

Reserves for litigation and settlements

(1,295)

(1,021)

Income tax provision on pre-tax adjustments

2,043

245

Non-GAAP

$

233,195

$

16,890

$

37,157

$

59,019

$

(356)

$

22,673

$

271