Attached files
| file | filename |
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| EX-99.1 - EXHIBIT 99.1 - AMAG PHARMACEUTICALS, INC. | ex991q32017earningsrelease.htm |
| 8-K - 8-K - AMAG PHARMACEUTICALS, INC. | amagq320178-k.htm |
AMAG Pharmaceuticals
Q3-2017 Financial Results &
Corporate Update
November 2, 2017
1
Forward-Looking Statements
This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995
(PSLRA) and other federal securities laws. Any statements contained herein which do not describe historical facts, including, among
others, beliefs regarding the Makena market opportunity and Makena’s position in the market; future growth drivers for Makena,
including its ability to continue to gain share from compounders, grow the Makena @Home administration, expand use in the late
preterm birth segment, prepare to launch the Makena subcutaneous auto-injector and prepare for potential competitive threat; growth
drivers for Cord Blood Registry (CBR), including plans to differentiate CBR’s offerings, build value proposition on storing newborn stem
cells and leverage advancements in stem cell research; growth drivers for Feraheme, including continued growth in key segments,
completion of recent group purchasing organization (GPO) sales, optimizing net revenue per gram, and expectations that the size of the
addressable market, if the broader indication is approved, would double and would require minimal sales force expansion; expectations
regarding the commercial opportunity and revenue potential of Intrarosa, including the number of women who suffer from dyspareunia
in the U.S.; Intrarosa launch priorities, including affordable access for patients and increased market awareness and physician
prescribing; AMAG’s unrestricted commercial coverage goal of 65% by year end; beliefs that Intrarosa prescriptions will increase as
healthcare professionals gain clinical experience; AMAG’s 2017 updated financial guidance, including forecasted GAAP and non-GAAP
revenues, GAAP net income and operating income, and non-GAAP adjusted EBITDA; beliefs that AMAG’s strong cash and investments
balance and positive EBITDA generation support investments in its’ portfolio development; expectations regarding regulatory timelines
for Intrarosa, authorized generic readiness for the Makena intramuscular formulation, the Makena subcutaneous auto-injector, the
Feraheme broader label, bremelanotide and Velo, including anticipated FDA actions and commercial launches for each product, as
applicable; and AMAG’s key priorities related to its products and product candidates, portfolio expansion and financial goals; are
forward-looking statements which involve risks and uncertainties that could cause actual results to differ materially from those
discussed in such forward-looking statements.
Such risks and uncertainties include, among others, those risks identified in AMAG’s Securities and Exchange Commission (“SEC”) filings,
including its Annual Report on Form 10-K for the year ended December 31, 2016 and subsequent filings with the SEC. AMAG cautions
you not to place undue reliance on any forward-looking statements, which speak only as of the date they are made. AMAG disclaims
any obligation to publicly update or revise any such statements to reflect any change in expectations or in events, conditions or
circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set
forth in the forward-looking statements.
AMAG Pharmaceuticals® and Feraheme® are registered trademarks of AMAG Pharmaceuticals, Inc. MuGard® is a registered trademark
of Abeona Therapeutics, Inc. Makena® is a registered trademark of AMAG Pharmaceuticals IP, Ltd. Cord Blood Registry® and CBR® are
registered trademarks of Cbr Systems, Inc. Intrarosa® is a trademark of Endoceutics, Inc.
2
Q3-2017 Earnings Call Agenda
Q3-2017 Highlights and Recent Events 1
5 Q&A
2 Product Portfolio Commercial Overview
4 Key Priorities and Closing Remarks
3 Financial Results and Guidance Update
3
Bill Heiden
President & CEO
Q3-2017 Highlights and
Recent Events
4
AMAG’s Expanding Portfolio of Products
Feraheme
Treatment of iron
deficiency anemia (IDA)
in adult patients with
chronic kidney disease
(CKD)
The only FDA-approved
therapy to reduce
recurrent preterm birth
in certain at-risk women
World’s largest umbilical
cord stem cell collection
and storage company
Candidate for the
treatment of severe
preeclampsia
An investigational
product for the on-
demand treatment of
hypoactive sexual desire
disorder (HSDD)
MuGard
Management of oral
mucositis, a common
side effect of radiation or
chemotherapy
Maternal and Women’s Health Hematology /
Oncology Pregnancy
& Birth
Wellness
Post-Menopausal
Health
Makena
Velo
Option
Cord Blood
Registry
Bremelanotide Intrarosa
FDA-approved locally
administered non-
estrogen1 product to
treat moderate to
severe dyspareunia
(pain during sex), a
symptom of VVA, due
to menopause, which
does not carry a boxed
warning in its label
5
1 Intrarosa is converted by enzymes in the body into androgens and estrogens, though the mechanism of action is not fully established.
Q3 Highlights and Recent Events
Intrarosa
Launched the first and only FDA-
approved locally administered non-
estrogen product for dyspareunia
on July 24
Phase 3 study initiated to assess the
effectiveness of Intrarosa for HSDD
(hypoactive sexual desire disorder)
in post-menopausal women
Bremelanotide
Held productive pre-NDA meeting
with FDA
Expect to submit NDA for
bremelanotide in Q1-2018 for HSDD
for pre-menopausal women
6
Women’s Health Maternal Health
Makena
Achieved Makena market share of
greater than 50%
CBR
Reached 700,000 cord blood and
cord tissue units stored
CBR held its first ever Facebook
live event generating >200,000
views
Q3 Highlights and Recent Events Cont.
Feraheme
Received FDA acceptance for review of
Feraheme submission to broaden the
current label to include the treatment of
all adults with IDA with February 2, 2018
PDUFA date
Feraheme abstracts selected for:
– Nov. 3 podium presentation at ASN
(Phase 3 hypophosphatemia data)
– Dec. 11 poster presentation at ASH (Phase
3 safety and efficacy data)
7
Hematology Financial
Grew GAAP revenue
– 19% increase YTD-2017 compared
with YTD-2016
– 7% increase in Q3-2017 compared
with Q3-2016
Further delevered by ~$45M
– $20M of convertible senior notes due
in 2019 repurchased in Sept. 2017
– $25M of 7.785% Senior Notes due in
2023 repurchased in Oct. 2017
Ended Q3-2017 with ~$394M of cash
and investments
Product Portfolio
Commercial Overview
Nik Grund
Chief Commercial Officer
8
Makena: Continued Growth
$93.4
$97.6
Q3-2016 Q3-2017
Makena Revenue ($M)
M A T E R N A L H E A L T H : M A K E N A
+5%
1 Company estimates Makena market share based on distributor dispensing data and all other market share based on physician market
research data conducted by AMAG.
2 Based on 140,000 patients, >16 injections/patient and net revenue of ~$425-$450/injection.
3 Off guidance represents patients treated outside guidance of Society for Maternal Fetal Medicine, including patients treated with
unapproved therapies and untreated patients.
Off Guidance3
30%
September 30, 2017
Makena
50%
Compounded
Hydroxyprogesterone
Caproate
20%
$1B Market Opportunity2
Estimated Makena Market Share up 3 percentage points over Q2-20171
9
Inventory Weeks on Hand 2.6 2.9 2.4 est. 2.6
Makena: Increasing Underlying Demand1
M A T E R N A L H E A L T H : M A K E N A
Makena Ex-factory Doses Makena Demand Doses
0
50
100
150
200
250
Q1-2017 Q2-2017 Q3-2017 Q4-2017 guidance
(thousands)
1 Based on actual dispensing (shipments to physician/hospital/patients) data (doses) from the company’s distributor network.
Q3 Revenue Impacts
Storm impact depressing
dose per patient and
slowing new enrollments
Timing of July 4th holiday
drove up end of Q2
inventory
No increase in dose per
patient and lower than
expected share gains
10
M A T E R N A L H E A L T H : M A K E N A
Makena Growth Drivers
1 If regulatory approval is received.
Continue share gains from compounders
and grow Makena @Home administration 2
Expand use in late preterm birth segment 3
Prepare for potential competitive threat in
2018 4
Prepare for Q1-2018 launch of sub-q auto-
injector1 1
11
CBR: Attractive Recurring Revenue Stream
12
Differentiate CBR’s offerings
– Grew first time enrollments, the most
profitable segment
– Held first ever CBR Facebook live event
1
Build value proposition on storing
newborn stem cells
– Harmonizing annual storage price
– Stabilized new enrollment pricing
2
Leverage advancements in stem cell
research with OB/GYN’s and pregnant
families
3
CBR 2017 Growth Drivers $28.0 $29.4
Q3-2016 Q3-2017
GAAP CBR Revenue ($M)
$30.0 $30.8
Q3-2016 Q3-2017
Non-GAAP CBR Revenue1 ($M)
1 Non-GAAP CBR revenue includes purchase accounting adjustments related to CBR
deferred revenue of $2.0M and $1.4M for Q3-2016 and Q3-2017, respectively.
Solid Financial Performance; Expected Future Growth
$22.3
$26.1
Q3-2016 Q3-2017
Feraheme Revenue1 ($M)
17%
H E M A T O L O G Y / O N C O L O G Y : F E R A H E M E
2017 Growth Drivers
Continued growth in key segments
Pull through recent GPO access wins
Optimize net revenue per gram
Prepare for expanded label to include all
IDA patients2
– PDUFA date: February 2, 2018
– Would double addressable market, if
approved3
– Minimal expansion required from current
commercial footprint
1 Represents Feraheme revenues only. Excludes MuGard revenues as reported on financial statements.
2 If regulatory approval is received for expansion of the label to include all IDA patients who have an intolerance or unsatisfactory
response to oral iron.
3 AMAG estimates market opportunity using ~$600/gram and 1.3M grams (Q2-2017 IMS data annualized).
13
4.5M Total U.S. Patients Diagnosed with Iron Deficiency Anemia4
Diagnosed IDA Patients
Under the care of
other physician
specialists, including
1.5M in women’s
health
H E M A T O L O G Y / O N C O L O G Y : F E R A H E M E
14
1 If regulatory approval is received for broader IDA indication.
2 AMAG estimates market opportunity using ~$600/gram and 1.3M grams (Q3-2017 IMS data annualized).
3 AMAG estimates current market using IMS data and internal analytics.
4 Global Intravenous (I.V.) Iron Drugs Market Report: 2015 Edition.
Feraheme
25%3
Other IV irons
75%3
Label expansion
doubles
addressable IV
iron market1
Large IV Iron Market of $780M1,2
Current Addressable
IV Iron Market:
$390M3
Additional Addressable
Estimated IV Iron Market:
$390M
‒ Iron deficiency anemia
caused by other diseases
– Iron deficiency anemia
caused by CKD
Intrarosa Update
15
16
Intrarosa: Two Key Differentiators
W O M E N ’ S H E A L T H : I N T R A R O S A
Non-Estrogen1 with
No Boxed Warning Differentiated Mechanism of Action
1 Intrarosa is converted by enzymes in the body into androgens and estrogens, though the mechanism of action is not fully established.
®
DHEA levels decrease with age
Affected, but not currently seeking treatment
Utilizing OTC treatments
Dyspareunia: Sizable Untapped Treatment Market
Currently
on Rx estrogen
therapy
Local (intra-vaginal)
estrogen therapies = sales
of >$1B per year2
1.7M
women3
~6M
women3
~12M
women3
W O M E N ’ S H E A L T H : I N T R A R O S A
~20M women in U.S. suffer from dyspareunia, a symptom of VVA1
New potential patients
represent a market
opportunity of
~$14B/year4
17
1 Intrarosa is a steroid indicated for the treatment of moderate to severe dyspareunia, a symptom of vulvar and vaginal atrophy, due to menopause.
2 Based on IMS SMART Tool NSP and NPA data for total VVA prescriptions.
3 AMAG estimates based on:
a) Wysocki et al. Management of Vaginal Atrophy: Implications from the REVIVE Survey. Clinical Medicine Insights: Reproductive
Health 2014:8 23–30;
b) Kingsberg et al. Vulvar and Vaginal Atrophy in Postmenopausal Women: Findings from the REVIVE Survey. J Sex Med 2013;101790-1799; and
c) F. Palma et al: Vaginal atrophy of women in postmenopause. Results from a multicentric observational study: The AGATA study.
4 Company estimated based on IMS SMART Tool NSP and NPA data.
2017 Focus
Intrarosa Early Launch Priorities
18
W O M E N ’ S H E A L T H : I N T R A R O S A
1.
Create affordable
access for patients
Increase in percent
of covered lives
2.
Increase market
awareness
Number of first time
prescribers
3.
Increase HCP
prescribing
Market share
Number of HCPs
prescribing
NRx and TRx
(growth)
Focused on HCP experience and
patient access to treatment
Intrarosa Launched July 24, 2017
19
Launched speakers program with >160 meetings scheduled in Q4-2017
Samples being distributed to HCP offices to facilitate new patient starts
Broad and affordable patient access from launch
– Comprehensive commercial copay savings program
• $0 copay first month on therapy (regardless of formulary access)
• Refill copays are no greater than $25 (regardless of formulary access)
– Growing commercial insurance coverage
W O M E N ’ S H E A L T H : I N T R A R O S A
62%
14%
24%
49%
23%
2%
26%
Launch Priority 1: Tracking to 65% Year End Goal
W O M E N ’ S H E A L T H : I N T R A R O S A
1 IMS FIA data, last 24 months, July 2017.
2 Market research sponsored by AMAG and conducted by Insight Strategy Advisors.
3 MMIT data as of 7/24/17, 9/30/17 and 10/31/17. 20
Commercial Lives Covered3
At Launch At September 30 Today
Approximately 2/3 of prescriptions for VVA are commercial pay1
Top 18 accounts represent >85% of covered lives2
Commercial copay savings card widely available
Not covered Covered (unrestricted) Covered (PA/ST) Preferred
39%
38%
2% 21%
Ensuring Success: Increase Market Awareness
70%
18%
4%
4%
4%
OB/GYN
Nurse Practitioner
Physicians Asst.
Family and Internal Medicine
Other
21
W O M E N ’ S H E A L T H : I N T R A R O S A
1,963 Total HCPs Have Prescribed Intrarosa to date1
88% of Prescribing HCPs are OB/GYNs and NPs
HCPs continue to be exposed to Intrarosa with sales force
objective to drive expanded trial and clinical experience
– 19,000 HCPs have been visited by an Intrarosa sales rep at least once
1 Based on IMS data.
• Attendance of ~700 (largest since
conference began 20 years ago)
• Maternal and women’s healthcare
topics presented by nationally
recognized speakers/experts
Oct. 11-14, Seattle, WA
NAMS 2017 Annual Meeting
Planning Meeting
October 6, 2017
Confidential - For Internal Use Only. Do Not Distribute.
NAMS Annual Meeting
Oct. 11-13, Philadelphia, PA
• Intrarosa Booth
‒ High engagement during all exhibit sessions
• Product Theater
‒ 250+ attendees
• Intrarosa featured prominently in other
independent podium sessions
• Panay: Treating VVA/GSM with lubricants,
moisturizers and vaginal DHEA
• Pinkerton: NAMS 2017 position statement
on hormone therapy.
• WISDOM survey report
Recent Intrarosa Events
W O M E N ’ S H E A L T H : I N T R A R O S A
22
Ensuring Success: Increase HCP Prescribing
W O M E N ’ S H E A L T H : I N T R A R O S A
Vagifem/Yuva
fem
[VALUE]
Estrace
[VALUE]
Premarin
[VALUE]
Estring
[VALUE]
Osphena
[VALUE]
Intrarosa
[VALUE]
Overall Market Share1
(Week ending 10/13/17)
Product Market Share of
Intrarosa Prescribers1
(Since 7/24/17)
Intrarosa at overall 1% share, but amongst early
adopters has achieved an 8% share
[CATEG
ORY
NAME]
[VALUE] Estrace,
32%
Premari
n, 20%
[CATEG
ORY
NAME]
[VALUE]
[CATEG
ORY
NAME]
[VALUE]
[CATEG
ORY
NAME]
[VALUE]
23
1 Based on IMS data.
Performance vs. Previous Osphena® Launch
24
W O M E N ’ S H E A L T H : I N T R A R O S A
Aggregate TRx totals in first 13 weeks of launch – Intrarosa vs. Osphena1
TRx
Intrarosa
Osphena
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
1 2 3 4 5 6 7 8 9 10 11 12 13
Week #
1 Based on IMS data for the first 13 weeks of the respective launches.
Affected, but not currently seeking treatment
Utilizing OTC treatments
Dyspareunia: Sizable Untapped Treatment Market
Currently
on Rx estrogen
therapy
Local (intra-vaginal)
estrogen therapies = sales
of >$1B per year2
1.7M
women3
~6M
women3
~12M
women3
W O M E N ’ S H E A L T H : I N T R A R O S A
~20M women in U.S. suffer from dyspareunia, a symptom of VVA1
New potential patients
represent a market
opportunity of
~$14B/year4
25
2017 Focus
201
8
A
d
d
itio
n
al
E
ff
o
rt
s
1 Intrarosa is a steroid indicated for the treatment of moderate to severe dyspareunia, a symptom of vulvar and vaginal atrophy, due to menopause.
2 Based on IMS SMART Tool NSP and NPA data for total VVA prescriptions.
3 AMAG estimates based on:
a) Wysocki et al. Management of Vaginal Atrophy: Implications from the REVIVE Survey. Clinical Medicine Insights: Reproductive
Health 2014:8 23–30;
b) Kingsberg et al. Vulvar and Vaginal Atrophy in Postmenopausal Women: Findings from the REVIVE Survey. J Sex Med 2013;101790-1799; and
c) F. Palma et al: Vaginal atrophy of women in postmenopause. Results from a multicentric observational study: The AGATA study.
4 Company estimated based on IMS SMART Tool NSP and NPA data.
Only FDA-approved non-estrogen1 locally administered product for
moderate to severe dyspareunia due to menopause
– Only product without a boxed warning
Differentiated mechanism of action
Significant market opportunity with sizeable revenue potential
Only 13 weeks into launch, significant progress in:
– Creating immediate patient access
– Accelerating awareness
– Initiating physician and patient experience
Intrarosa: In Summary
W O M E N ’ S H E A L T H : I N T R A R O S A
1 Intrarosa is converted by enzymes in the body into androgens and
estrogens, though the mechanism of action is not fully established.
26
Financial Results and
Guidance Update
Ted Myles
Chief Financial Officer
27
$143.71
$153.7
($249.7)
$38.8
$380.21
$451.61
$64.3
($286.1)
Q3-2016 Q3-2017
Makena revenue CBR revenue Feraheme/MuGard revenue
GAAP Operating income (loss)
7%
YTD-2016 YTD-2017
19%
3-months Ended September 30 9-months Ended September 30
1 Excludes $40,000 in Q3-2016, $313,000 YTD-2016 and $53,000 YTD-2017 of “License fee, collaboration and other revenues”.
Continued Product Revenue Growth and Portfolio Investments
28
Intrarosa revenue
GAAP Financials ($M)
Continued Product Revenue Growth and Portfolio Investments
$395.81
$188.3
$455.71
$164.4
YTD 2016 YTD 2017
15%
$145.71
$76.2
$155.1
$56.7
Q3-2016 Q3-2017
6%
1 See slide 37 for a reconciliation of GAAP to non-GAAP financial results.
2 Excludes license fee, collaboration and other revenues of $40,000 in Q3-2016, $313,000 YTD-2016 and $53,000 YTD-2017.
3 Includes purchase accounting adjustments related to CBR deferred revenue of $1.4M in Q3-2017, $2.0M in Q3-2016, $4.1M YTD-2017 and
$15.6M YTD-2016.
29
3-months Ended September 30 9-months Ended September 30
Non-GAAP Financials1 ($M)
Makena revenue CBR revenue3 Feraheme/MuGard revenue
GAAP Operating income (loss) Intrarosa revenue
Updated 2017 Financial Guidance
30
($M)
2017 GAAP Guidance 2017 Non-GAAP Guidance1
Previous Updated Previous Updated
Makena sales $410 - $440 $385 - $395 $410 - $440 $385 - $395
Feraheme/MuGard sales $100 - $110 No change $100 - $110 No change
CBR service revenue $110 - $120 No change $115 - $1252 No change
Intrarosa sales $5 - $15 $1 - $3 $5 - $15 $1 - $3
Total revenue $625 - $685 $596 - $628 $630 - $690 $601 - $633
Net loss ($62) - ($31) ($235) – ($220) N/A N/A
Operating income (loss) ($23) - $27 ($319) – ($299) N/A N/A
Adjusted EBITDA N/A N/A $210 - $260 $210 - $230
1 See slide 38 for a reconciliation of 2017 financial guidance.
2 Revenue includes purchase accounting adjustments related to CBR deferred revenue.
Longer term debt maturities that better align with business
strategy
Strong cash and investments balance of $394M and positive
EBITDA generation support investments in:
– Next generation products in current portfolio
– Advancement of new product portfolio (Intrarosa and bremelanotide)
– Expansion of portfolio through business development
Financial Results and Improved Balance Sheet Support
Evolving Business Model
31
Key Priorities & Closing
Remarks
Bill Heiden
President & CEO
32
AMAG Portfolio: Multiple Value Drivers
Milestone 2017 2018 2019
INTRAROSA Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Commercial launch in dyspareunia
Initiate Phase 3 HSDD study
Initiate digital consumer campaign
MAKENA INTRAMUSCULAR FORMULATION Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Authorized generic readiness
MAKENA SUBCUTANEOUS AUTO-INJECTOR Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Topline PK data
sNDA submission
Expected FDA action and launch
FERAHEME IDA LABEL EXPANSION Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Topline data
Regulatory submission
Expected FDA action and launch
BREMELANOTIDE Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
NDA submission
FDA advisory committee meeting
Expected FDA action and launch
VELO – SEVERE PREECLAMPSIA Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Initiate Phase 2b/3a study
33
Key Priorities
Intrarosa
Drive successful launch
‒ Continue to increase the number of commercial covered lives ≥65%
‒ Expand number of prescribing physicians/nurses
‒ NRx and TRx (growth)
Makena
Increase patient market share and adherence to therapy
Prepare for Q1-2018 launch of sub-q auto-injector1
Prepare for potential 2018 competitive threat
CBR Continue to grow new enrollments
Feraheme
Hold/increase market share and grow market
Prepare for launch of broader IDA (all causes) label in 1H-20181
Bremelanotide Conclude all work in preparation for Q1-2018 NDA filing
Portfolio
Expansion
Expand and diversify product portfolio with longer-lived, durable assets
through licensing or acquisition transactions
Financial
Continue to drive toward non-GAAP revenue of $617M (midpoint of guidance)
Grow adjusted EBITDA to $220M (midpoint of guidance)
1 If regulatory approval is received.
34
AMAG Pharmaceuticals
Q&A
35
Appendix
36
Reconciliation of GAAP to Non-GAAP Financial
Results
($M)
GAAP operating income (loss)
Purchase accounting adjustments related to CBR
deferred revenue
Depreciation and intangible asset amortization
Non-cash inventory step-up adjustments
Stock-based compensation
Adjustments to contingent consideration
Restructuring costs
Transaction / acquisition related costs
Acquired IPR&D
Impairment charge of intangible assets
Non-GAAP adjusted EBITDA
Q3-2017 Q3-2016 YTD-2017 YTD-2016
($249.7) $38.8 ($286.1) $64.3
1.4 2.0 4.1 15.6
28.9 24.6 87.6 65.1
0.4 1.6 1.3 4.7
6.4 5.5 18.1 16.8
(49.9) 3.7 (47.1) 5.1
-- -- -- 0.7
-- -- 1.5 --
-- -- 65.8 --
319.2 -- 319.2 16.0
$56.7 $76.2 $164.4 $188.3
37
Reconciliation of GAAP to Non-GAAP 2017 Financial Guidance
2017 Financial Guidance
($M)
GAAP net loss ($235) – ($220)
Adjustments:
Interest expense, net 68
Loss on debt extinguishment 10
Provision for income tax benefit (162) – (157)
Operating income (loss) ($319) – ($299)
Purchase accounting adjustments related to CBR deferred revenue 6
Depreciation & intangible asset amortization 155
Non-cash inventory step-up adjustments 2
Stock-based compensation 27
Adjustments to contingent consideration (46)
Intangible asset impairment 319
Acquired IPR&D1 66
Non-GAAP adjusted EBITDA $210 - $230
1 Reflects final transaction accounting treatment for Endoceutics license transaction that closed April 3, 2017.
38
Share Count Reconciliation
1 Employee equity incentive awards and convertible notes would be anti-dilutive in this period.
2 Reflects the Non-GAAP dilutive impact of employee equity incentive awards.
3 Reflects the impact of the non-GAAP benefit of the bond hedge and warrants.
(M) Q3-2017 Q3-2016 YTD 2017 YTD 2016
Weighted average basic shares outstanding 35.3 34.2 34.9 34.4
Employee equity incentive awards --1 0.5 --1 0.4
Convertible notes --1 7.4 --1 --1
GAAP diluted shares outstanding 35.3 42.1 34.9 34.8
Employee equity incentive awards 0.22 -- 0.32 --
Effect of bond hedge and warrant -- (7.4)3 -- --
Non-GAAP diluted shares outstanding 35.5 34.7 35.2 34.8
39
AMAG Pharmaceuticals
Q3-2017 Financial Results &
Corporate Update
November 2, 2017
40