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Government Regulation above. 34 To obtain regulatory approval in the U.S. and other jurisdictions, we must comply with numerous and varying requirements regarding safety, efficacy, chemistry, manufacturing and controls, clinical studies (including good clinical practices), commercial sales, pricing, and distribution of our product candidates, as described in Item 1. Even if we are successful in…
The business is unprofitable at the operating level (-79.49% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue up 20.2% YoY with margins expanding 16.2pp.
ROIC dropped from -137.88% to -254.89%, capital efficiency is deteriorating. Negative free cash flow of -$472M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$670M
▲ +20.2% YoY
Net Income (TTM)
-$609M
▼ -1.1% YoY
Op. Margin
-83.73%
▲ +16.2pp YoY
ROIC
-665.01%
▼ -117.0pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$503M
▼ -12.1% YoY
Op. Cash Flow (TTM)
-$497M
▼ -12.6% YoY
Net Debt
-$413M
Net Cash Position
Cash & Equiv.
$413M
5Y CAGR: +19.9%
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