Financial Statements for Salix Pharmaceuticals, Ltd.

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Salix Pharmaceuticals, Ltd. financials

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Income Statement

Balance Sheet

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In Millions of USD (except for per share items)	3 months ending 2013-03-31	3 months ending 2012-12-31	3 months ending 2012-09-30	3 months ending 2012-06-30	3 months ending 2012-03-31
Revenue	202.60	198.17	185.13	181.01	171.13
Other Revenue, Total	-	-	-	-	-
Total Revenue	202.60	198.17	185.13	181.01	171.13
Cost of Revenue, Total	33.07	30.68	26.47	33.26	34.19
Gross Profit	169.53	167.49	158.66	147.75	136.94
Selling/General/Admin. Expenses, Total	76.27	70.92	61.54	65.28	60.44
Research & Development	30.32	36.56	32.82	27.16	26.70
Depreciation/Amortization	11.17	11.32	11.35	11.34	11.35
Interest Expense(Income) - Net Operating	-	-	-	-	-
Unusual Expense (Income)	2.50	3.01	10.20	0.00	14.37
Other Operating Expenses, Total	-	-	-	-	-
Total Operating Expense	153.33	152.49	142.38	137.04	147.05
Operating Income	49.27	45.69	42.75	43.97	24.08
Interest Income(Expense), Net Non-Operating	-	-	-	-	-
Gain (Loss) on Sale of Assets	-	-	-	-	-
Other, Net	-	-	-	-	-
Income Before Tax	33.96	30.20	27.34	35.12	19.16
Income After Tax	22.44	17.62	16.54	20.13	9.95
Minority Interest	-	-	-	-	-
Equity In Affiliates	-	-	-	-	-
Net Income Before Extra. Items	22.44	17.62	16.54	20.13	9.95
Accounting Change	-	-	-	-	-
Discontinued Operations	-	-	-	-	-
Extraordinary Item	-	-	-	-	-
Net Income	22.44	17.62	16.54	20.13	9.95
Preferred Dividends	-	-	-	-	-
Income Available to Common Excl. Extra Items	22.44	17.62	16.54	20.13	9.95
Income Available to Common Incl. Extra Items	22.44	17.62	16.54	20.13	9.95
Basic Weighted Average Shares	-	-	-	-	-
Basic EPS Excluding Extraordinary Items	-	-	-	-	-
Basic EPS Including Extraordinary Items	-	-	-	-	-
Dilution Adjustment	-	0.09	-	-	-
Diluted Weighted Average Shares	63.42	61.91	62.98	63.60	66.30
Diluted EPS Excluding Extraordinary Items	0.35	0.29	0.26	0.32	0.15
Diluted EPS Including Extraordinary Items	-	-	-	-	-
Dividends per Share - Common Stock Primary Issue	0.00	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	-	-	-	-	-
Net Income after Stock Based Comp. Expense	-	-	-	-	-
Basic EPS after Stock Based Comp. Expense	-	-	-	-	-
Diluted EPS after Stock Based Comp. Expense	-	-	-	-	-
Depreciation, Supplemental	-	-	-	-	-
Total Special Items	-	-	-	-	-
Normalized Income Before Taxes	-	-	-	-	-
Effect of Special Items on Income Taxes	-	-	-	-	-
Income Taxes Ex. Impact of Special Items	-	-	-	-	-
Normalized Income After Taxes	-	-	-	-	-
Normalized Income Avail to Common	-	-	-	-	-
Basic Normalized EPS	-	-	-	-	-
Diluted Normalized EPS	0.38	0.31	0.36	0.32	0.26

In Millions of USD (except for per share items)	12 months ending 2012-12-31	12 months ending 2011-12-31	12 months ending 2010-12-31	12 months ending 2009-12-31
Revenue	735.44	540.49	336.97	232.89
Other Revenue, Total	-	-	-	-
Total Revenue	735.44	540.49	336.97	232.89
Cost of Revenue, Total	124.60	95.37	68.68	52.02
Gross Profit	610.85	445.12	268.30	180.87
Selling/General/Admin. Expenses, Total	258.19	186.99	156.10	120.02
Research & Development	123.23	104.35	73.35	89.47
Depreciation/Amortization	45.35	10.91	10.37	11.48
Interest Expense(Income) - Net Operating	-	-	-	-
Unusual Expense (Income)	27.58	27.00	34.66	-
Other Operating Expenses, Total	-	-	-	-
Total Operating Expense	578.95	424.62	343.15	273.00
Operating Income	156.49	115.87	-6.18	-40.11
Interest Income(Expense), Net Non-Operating	-	-	-	-
Gain (Loss) on Sale of Assets	-	-	-	-
Other, Net	-	-	-	-
Income Before Tax	111.83	86.10	-24.20	-45.63
Income After Tax	64.25	87.40	-27.06	-43.62
Minority Interest	-	-	-	-
Equity In Affiliates	-	-	-	-
Net Income Before Extra. Items	64.25	87.40	-27.06	-43.62
Accounting Change	-	-	-	-
Discontinued Operations	-	-	-	-
Extraordinary Item	-	-	-	-
Net Income	64.25	87.40	-27.06	-43.62
Preferred Dividends	-	-	-	-
Income Available to Common Excl. Extra Items	64.25	87.40	-27.06	-43.62
Income Available to Common Incl. Extra Items	64.25	87.40	-27.06	-43.62
Basic Weighted Average Shares	-	-	-	-
Basic EPS Excluding Extraordinary Items	-	-	-	-
Basic EPS Including Extraordinary Items	-	-	-	-
Dilution Adjustment	0.09	7.04	0.00	0.00
Diluted Weighted Average Shares	63.70	65.48	57.30	49.35
Diluted EPS Excluding Extraordinary Items	1.01	1.44	-0.47	-0.88
Diluted EPS Including Extraordinary Items	-	-	-	-
Dividends per Share - Common Stock Primary Issue	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	-	-	-	-
Net Income after Stock Based Comp. Expense	-	-	-	-
Basic EPS after Stock Based Comp. Expense	-	-	-	-
Diluted EPS after Stock Based Comp. Expense	-	-	-	-
Depreciation, Supplemental	-	-	-	-
Total Special Items	-	-	-	-
Normalized Income Before Taxes	-	-	-	-
Effect of Special Items on Income Taxes	-	-	-	-
Income Taxes Ex. Impact of Special Items	-	-	-	-
Normalized Income After Taxes	-	-	-	-
Normalized Income Avail to Common	-	-	-	-
Basic Normalized EPS	-	-	-	-
Diluted Normalized EPS	1.26	1.71	-0.08	-0.88

In Millions of USD (except for per share items)	As of 2013-03-31	As of 2012-12-31	As of 2012-09-30	As of 2012-06-30	As of 2012-03-31
Cash & Equivalents	960.29	751.01	775.90	715.93	665.87
Short Term Investments	-	-	-	-	-
Cash and Short Term Investments	960.29	751.01	775.90	715.93	665.87
Accounts Receivable - Trade, Net	111.52	268.24	213.77	211.68	193.20
Receivables - Other	-	-	-	-	-
Total Receivables, Net	111.52	268.24	213.77	211.68	193.20
Total Inventory	108.73	90.53	71.65	63.64	56.82
Prepaid Expenses	25.14	21.75	22.39	21.03	26.55
Other Current Assets, Total	57.05	57.05	39.29	50.52	50.52
Total Current Assets	1,262.73	1,188.58	1,123.00	1,062.78	992.96
Property/Plant/Equipment, Total - Gross	-	-	-	-	-
Accumulated Depreciation, Total	-	-	-	-	-
Goodwill, Net	180.90	180.91	180.48	181.85	187.03
Intangibles, Net	429.80	441.51	452.61	482.15	493.49
Long Term Investments	-	-	-	-	-
Other Long Term Assets, Total	34.77	35.91	35.05	36.20	39.85
Total Assets	1,935.42	1,874.78	1,820.90	1,793.40	1,744.10
Accounts Payable	26.65	31.11	22.02	20.82	23.59
Accrued Expenses	88.15	81.06	84.97	78.23	70.23
Notes Payable/Short Term Debt	0.00	0.00	0.00	0.00	0.00
Current Port. of LT Debt/Capital Leases	0.05	0.05	0.05	0.06	0.09
Other Current liabilities, Total	166.91	148.70	126.36	129.12	115.24
Total Current Liabilities	281.76	260.92	233.40	228.23	209.15
Long Term Debt	866.39	857.21	869.05	859.73	851.14
Capital Lease Obligations	-	-	-	-	-
Total Long Term Debt	866.39	857.21	869.05	859.73	851.14
Total Debt	866.43	857.26	869.10	859.78	851.22
Deferred Income Tax	65.05	64.25	63.28	66.25	74.02
Minority Interest	-	-	-	-	-
Other Liabilities, Total	135.54	131.90	122.58	134.77	134.47
Total Liabilities	1,348.73	1,314.28	1,288.31	1,288.98	1,268.77
Redeemable Preferred Stock, Total	-	-	-	-	-
Preferred Stock - Non Redeemable, Net	-	-	-	-	-
Common Stock, Total	0.06	0.06	0.06	0.06	0.06
Additional Paid-In Capital	636.04	631.36	621.47	610.01	600.79
Retained Earnings (Accumulated Deficit)	-48.94	-71.38	-89.00	-105.54	-125.67
Treasury Stock - Common	-	-	-	-	-
Other Equity, Total	-0.48	0.46	0.07	-0.11	0.15
Total Equity	586.68	560.50	532.60	504.42	475.33
Total Liabilities & Shareholders' Equity	1,935.42	1,874.78	1,820.90	1,793.40	1,744.10
Shares Outs - Common Stock Primary Issue	-	-	-	-	-
Total Common Shares Outstanding	61.20	60.92	58.82	58.23	57.99

In Millions of USD (except for per share items)	As of 2012-12-31	As of 2011-12-31	As of 2010-12-31	As of 2009-12-31
Cash & Equivalents	751.01	292.81	518.03	192.51
Short Term Investments	-	-	-	-
Cash and Short Term Investments	751.01	292.81	518.03	192.51
Accounts Receivable - Trade, Net	268.24	151.21	140.18	98.25
Receivables - Other	-	-	-	-
Total Receivables, Net	268.24	151.21	140.18	98.25
Total Inventory	90.53	49.20	16.02	24.34
Prepaid Expenses	21.75	23.35	11.05	10.92
Other Current Assets, Total	57.05	50.52	0.00	-
Total Current Assets	1,188.58	567.10	685.28	326.02
Property/Plant/Equipment, Total - Gross	42.92	41.24	21.34	17.05
Accumulated Depreciation, Total	-15.04	-11.70	-13.45	-11.71
Goodwill, Net	180.91	180.91	85.26	85.26
Intangibles, Net	441.51	504.84	64.58	109.60
Long Term Investments	-	-	-	-
Other Long Term Assets, Total	35.91	21.88	8.53	16.81
Total Assets	1,874.78	1,304.26	851.54	543.04
Accounts Payable	31.11	21.14	18.48	15.64
Accrued Expenses	81.06	80.40	43.04	49.75
Notes Payable/Short Term Debt	0.00	0.00	0.00	0.00
Current Port. of LT Debt/Capital Leases	0.05	0.19	0.40	0.81
Other Current liabilities, Total	148.70	108.92	63.26	42.27
Total Current Liabilities	260.92	210.65	125.17	108.48
Long Term Debt	857.21	340.28	323.00	62.30
Capital Lease Obligations	-	-	0.09	0.50
Total Long Term Debt	857.21	340.28	323.10	62.80
Total Debt	857.26	340.47	323.50	63.61
Deferred Income Tax	64.25	69.92	0.00	-
Minority Interest	-	-	-	-
Other Liabilities, Total	131.90	133.77	1.36	1.74
Total Liabilities	1,314.28	754.62	449.62	173.02
Redeemable Preferred Stock, Total	-	-	-	-
Preferred Stock - Non Redeemable, Net	-	-	-	-
Common Stock, Total	0.06	0.06	0.06	0.06
Additional Paid-In Capital	631.36	685.32	624.89	565.93
Retained Earnings (Accumulated Deficit)	-71.38	-135.63	-223.03	-195.96
Treasury Stock - Common	-	-	-	-
Other Equity, Total	0.46	-0.11	0.00	-
Total Equity	560.50	549.64	401.92	370.02
Total Liabilities & Shareholders' Equity	1,874.78	1,304.26	851.54	543.04
Shares Outs - Common Stock Primary Issue	-	-	-	-
Total Common Shares Outstanding	60.92	59.21	58.14	56.25

In Millions of USD (except for per share items)	3 months ending 2013-03-31	12 months ending 2012-12-31	9 months ending 2012-09-30	6 months ending 2012-06-30	3 months ending 2012-03-31
Net Income/Starting Line	22.44	64.25	46.62	30.09	9.95
Depreciation/Depletion	12.93	52.15	39.12	26.08	13.07
Amortization	-	-	-	-	-
Deferred Taxes	-	-7.46	-	-	-
Non-Cash Items	14.33	98.21	84.00	27.45	19.11
Changes in Working Capital	161.53	-119.55	-73.05	-51.95	-58.32
Cash from Operating Activities	211.23	87.59	96.70	31.67	-16.19
Capital Expenditures	-1.21	-5.37	-15.47	-4.37	-2.97
Other Investing Cash Flow Items, Total	-	-10.00	-	-	-
Cash from Investing Activities	-1.21	-15.37	-15.47	-4.37	-2.97
Financing Cash Flow Items	-1.12	-81.10	-82.29	-85.80	-87.36
Total Cash Dividends Paid	-	-	-	-	-
Issuance (Retirement) of Stock, Net	0.76	-66.29	-68.69	-71.06	-73.39
Issuance (Retirement) of Debt, Net	0.00	533.01	552.67	552.67	552.70
Cash from Financing Activities	-0.36	385.62	401.69	395.81	391.95
Foreign Exchange Effects	-0.38	0.35	0.17	0.00	0.26
Net Change in Cash	209.28	458.19	483.09	423.11	373.05
Cash Interest Paid, Supplemental	5.52	17.24	12.50	6.39	1.65
Cash Taxes Paid, Supplemental	5.61	33.81	23.65	23.56	11.38

In Millions of USD (except for per share items)	12 months ending 2012-12-31	12 months ending 2011-12-31	12 months ending 2010-12-31	12 months ending 2009-12-31
Net Income/Starting Line	64.25	87.40	-27.06	-43.62
Depreciation/Depletion	52.15	15.25	13.31	14.50
Amortization	-	-	-	-
Deferred Taxes	-7.46	-76.24	-	0.00
Non-Cash Items	97.97	33.07	54.72	8.98
Changes in Working Capital	-119.32	59.67	-15.46	-36.20
Cash from Operating Activities	87.59	119.15	25.52	-56.34
Capital Expenditures	-5.37	-26.14	-5.57	-12.13
Other Investing Cash Flow Items, Total	-10.00	-362.48	15.00	0.00
Cash from Investing Activities	-15.37	-388.62	9.43	-12.13
Financing Cash Flow Items	-81.10	39.24	-55.87	-0.25
Total Cash Dividends Paid	-	-	-	-
Issuance (Retirement) of Stock, Net	-66.29	5.40	17.12	142.06
Issuance (Retirement) of Debt, Net	533.01	-0.27	329.32	-0.98
Cash from Financing Activities	385.62	44.37	290.57	140.82
Foreign Exchange Effects	0.35	-0.11	0.00	0.00
Net Change in Cash	458.19	-225.22	325.52	72.36
Cash Interest Paid, Supplemental	17.24	12.79	7.66	3.57
Cash Taxes Paid, Supplemental	33.81	14.86	-1.59	1.82