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Was trying to figure out the Cost of Goods Sold for the following income statement and balance sheet. My understanding is its starting inventory+purchase during period- ending inventory. If that is the case the COGS is negative in this example. How is that possible?
| Consolidated Statements of Operations | |||||||
| (CHF in thousands, except per share amounts) | |||||||
2014 | 2013 | 2012 | Change 2013-2014 | % Change | Change 2012-2013 | % Change | |
| Revenues: | |||||||
| Product revenues, net | 1,261,829.70 | 0.00 | 0.00 | 1,261,829.70 | 0.00 | 0.00% | |
| Royalty revenues | 66,369.91 | 40,133.79 | 37,580.64 | 26,236.12 | 65.37% | 2,553.15 | 6.79% |
| Collaborative revenues | 543,701.09 | 150,118.20 | 97,626.06 | 393,582.89 | 262.18% | 52,492.14 | 53.77% |
| Total revenues | 1,871,900.70 | 190,251.99 | 135,206.70 | 1,681,648.71 | 883.91% | 55,045.29 | 40.71% |
| Costs and expenses: | 1,045,956.00 | ||||||
| Cost of product revenues | 84,430.38 | 0.00 | 0.00 | 84,430.38 | 0.00 | ||
| Royalty expenses | 22,399.76 | 16,892.71 | 18,846.05 | 5,507.05 | 32.60% | -1,953.34 | -10.36% |
| Research and development expenses | 939,125.86 | 845,851.03 | 730,213.60 | 93,274.83 | 11.03% | 115,637.43 | 15.84% |
| Sales, general and administrative expenses | 531,756.77 | 249,210.60 | 172,764.78 | 282,546.17 | 113.38% | 76,445.82 | 44.25% |
| Restructuring expense | 2,752.20 | 1,991.83 | 8,280.48 | 760.37 | 38.17% | -6,288.65 | -75.95% |
| Intangible asset impairment charge | 140,396.60 | 0.00 | 9,554.40 | 140,396.60 | -9,554.40 | -100.00% | |
| Acquisition-related expenses | 0.00 | 0.00 | 10,341.31 | 0.00 | -10,341.31 | -100.00% | |
| Total costs and expenses | 1,720,861.56 | 1,113,946.17 | 950,000.63 | 606,915.39 | 54.48% | 163,945.54 | 17.26% |
| EBITDA | 151,039.14 | -923,694.18 | -814,793.92 | 1,074,733.32 | -116.35% | -108,900.26 | 13.37% |
| Interest income | 2,492.11 | 2,594.29 | 6,648.27 | -102.18 | -3.94% | -4,053.99 | -60.98% |
| Interest expense | -51,025.80 | -25,577.93 | -17,505.78 | -25,447.88 | 99.49% | -8,072.14 | 46.11% |
| Change in fair value of derivative instruments | -22,294.93 | -54,710.88 | -2,450.97 | 32,415.96 | -59.25% | -52,259.91 | 2132.21% |
| Loss on exchanges of convertible senior subordinated notes | 0.00 | 0.00 | -24,067.80 | 0.00 | 24,067.80 | -100.00% | |
| Income (loss) before provision for income taxes | 80,210.52 | -1,001,388.70 | -852,170.21 | 1,081,599.22 | -108.01% | -149,218.50 | 17.51% |
| Provision for income taxes | 25,565.98 | 0.00 | 0.00 | 0.00 | |||
| Tax Rate | 0.319 | ||||||
| Net income (loss) | 54,644.53 | -1,001,388.70 | -852,170.21 | 1,056,033.24 | -105.46% | -149,218.50 | 17.51% |
| Net income (loss) per share | |||||||
| Basic | 0.23 | -4.43 | -4.49 | 4.66 | -105.10% | 0.05 | -1.22% |
| Diluted | 0.21 | -4.21 | -4.39 | 4.42 | -105.05% | 0.19 | -4.23% |
| Shares used in per share calculations: | |||||||
| Basic | 241,870 | 225,933 | 189,914 | 15,937.00 | 7.05% | 36,019.00 | 18.97% |
| Diluted | 257,086 | 237,933 | 193,914 | 19,153.00 | 8.05% | 44,019.00 | 22.70% |
498,956.00 | 463,866.00 | 383,828.00 | |||||
| Consolidated Balance Sheet | |||||||
| (CHF in thousands, except share and per share amounts) | |||||||
2014 | 2013 | Difference | % Change | ||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | 630,749.64 | 322,722.42 | 308,027.22 | ||||
| Marketable securities, available for sale | 605,863.08 | 996,813.21 | -390,950.12 | -39.22% | |||
| Restricted cash and cash equivalents | 68,842.11 | 0.00 | 68,842.11 | ||||
| Accounts receivable, net | 243,020.15 | 16,625.98 | 226,394.16 | 1361.69% | |||
| Inventories | 149,194.61 | 0.00 | 149,194.61 | ||||
| Prepaid expenses and other current assets | 19,757.70 | 17,382.37 | 2,375.33 | 13.67% | |||
0.00 | |||||||
| Total current assets | 1,717,427.29 | 1,353,543.98 | 363,883.31 | 26.88% | |||
0.00 | |||||||
| Restricted cash | 45,237.43 | 45,237.43 | 0.00 | 0.00% | |||
| Property and equipment, net | 176,724.55 | 95,985.89 | 80,738.66 | 84.12% | |||
| Intangible assets | 880,464.50 | 688,314.90 | 192,149.60 | 27.92% | |||
| Goodwill | 41,126.38 | 34,637.35 | 6,489.03 | 18.73% | |||
| Other assets | 14,952.64 | 22,800.51 | -7,847.88 | -34.42% | |||
0.00 | |||||||
| Total assets | 2,875,932.79 | 2,240,520.07 | 635,412.72 | 28.36% | |||
0.00 | |||||||
| Liabilities and Shareholders' Equity | 0.00 | ||||||
| Current liabilities: | 0.00 | ||||||
| Accounts payable | 99,049.93 | 47,574.28 | 51,475.66 | 108.20% | |||
| Accrued expenses and other current liabilities | 334,800.77 | 178,367.38 | 156,433.40 | 87.70% | |||
| Accrued interest | 4,462.70 | 4,594.07 | -131.37 | -2.86% | |||
| Deferred revenues, current portion | 59,764.10 | 99,019.41 | -39,255.31 | -39.64% | |||
| Accrued restructuring expense, current portion | 6,544.76 | 7,294.52 | -749.75 | -10.28% | |||
| Secured notes (due 2012) | 0.00 | 181,787.06 | -181,787.06 | -100.00% | |||
| Liability related to sale of milestone payments | 0.00 | 103,239.27 | -103,239.27 | -100.00% | |||
| Income taxes payable (Alios) | 16,023.53 | 0.00 | 16,023.53 | ||||
| Other obligations | 0.00 | 8,161.05 | -8,161.05 | -100.00% | |||
| Total current liabilities | 520,645.80 | 630,037.04 | 109,391.25 | 17.36% | |||
0.00 | |||||||
| Deferred revenues, excluding current portion | 156,712.07 | 212,385.02 | 55,672.96 | 26.21% | |||
| Accrued restructuring expense, excluding current portion | 28,372.59 | 31,978.05 | 3,605.46 | 11.27% | |||
| Convertible senior subordinated notes (due 2015) | 530,800.00 | 530,800.00 | 0.00 | 0.00% | |||
| Deferred tax liability | 323,399.19 | 212,688.91 | -110,710.28 | -52.05% | |||
| Construction financing obligation | 74,245.65 | 0.00 | -74,245.65 | ||||
| Other liabilities | 9,669.85 | 3,005.66 | -6,664.19 | -221.72% | |||
0.00 | |||||||
| Total liabilities | 1,643,845.14 | 1,620,894.67 | -22,950.47 | -1.42% | |||
0.00 | |||||||
| Total shareholders' equity | 1,232,087.65 | 619,625.40 | -612,462.25 | -98.84% | |||
0.00 | |||||||
| Total liabilities and shareholders' equity | 2,875,932.79 | 2,240,520.07 | -635,412.72 | -28.36% | |||