SEC Filings

8-K
PERNIX THERAPEUTICS HOLDINGS, INC. filed this Form 8-K on 02/19/2019
Entire Document
 

 

54 $163 $156 $146 $21 $15 $29 $0 $40 $80 $120 $160 $200 2015A 2016A 2017A Total Net Sales Adjusted EBITDA 2015A 2016A 2017A Net Sales Treximet (1) $89 $82 $68 Zohydro 17 25 24 Silenor 21 17 22 Other Products 37 32 31 Total Net Sales $163 $156 $146 Cost of Sales Treximet $21 $16 $19 Zohydro 4 7 6 Silenor 2 3 3 Other Products 17 15 14 Other 7 2 2 Total COGS $51 $43 $45 Selling Expense $40 $42 $35 Marketing Expense 22 14 12 G&A Expense 36 43 30 R&D Expense 8 6 1 D&A 95 86 73 Other Operating Expenses 24 47 7 Total Operating Expense $226 $238 $158 Loss From Operations ($114) ($125) ($56) Adjusted EBITDA $21 $15 $29 Non - GAAP Annual Financials Historical Revenue and Adj. EBITDA • Acquisitions of Treximet ® (Aug. 2014) and Zohydro ® ER with BeadTek ® (Apr. 2015) drove strong performance historically, but a challenging managed care environment negatively impacted gross - to - nets and the trajectory of those products • Net revenues in 2016 included a $15.3M reduction as a result of the unfavorable arbitration ruling in Pernix’s Treximet ® rebate dispute with GSK • In July 2016, the Company announced a restructuring of its sales force, resulting in a reduction of 54 positions primarily focused on the Treximet ® franchise – the realigned cost structure contributed to higher Adj. EBITDA in 2017 vs. 2016 ($ in millions) Historical Annual Financials A B A B 1 ) Treximet ® sales adjusted for GSK settlement (adjusted net sales by ($ 12.5 M) and $ 15.3 M in 2015 and 2016 , respectively).