Fourth-Quarter and Full-Year 2019 Orphan and Rheumatology Segment Results
Significantly Strengthened Our Capital Structure in 2019
Reduced Gross Debt by $575M in 2019; Net Leverage of 0.7x at Dec. 31, 2019
$1,500M
$1,000M
Strong Cash Balance and Net Debt Position
Managing Debt and Leverage Efficiently
• Reduced gross debt by $575M to $1.418B at Dec. 31, 2019
• Extended maturities of $1B of debt to 2026/2027
• Reduced interest expense by more than 40 percent (1)
$500M
$959M
$1,076M
$751M
$509M
$OM
• Net leverage ratio of 0.7x at Dec. 31, 2019, down from 2.3x at
Dec. 31, 2018 (2)
$342M
$500M
$1,034M
$1,269M
$1,435M
$1,000M
Dec. 31, 2018
Dec. 31, 2019
Target
$1,500M
12/31/2016
12/31/2017
12/31/2018
12/31/2019
Gross Leverage (2)
4.4x
2.9x
<3.0x
Cash
Net Debt
Net Leverage(2)
2.3x
0.7x
<2.0x
Gross Leverage: Gross debt to last-12-months adjusted EBITDA.
Net Leverage: Net debt to last-12-months adjusted EBITDA.
(1) 2018 cash interest expense vs. annualized 2019 cash interest expense following debt refinancing and repayment transactions.
(2) Net debt and LTM adjusted EBITDA are non-GAAP measures; see reconciliation slides at the end of the presentation for a reconciliation of GAAP to non-GAAP measures.
HORIZON
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