Second Quarter 2023 Earnings
Reconciliation of GAAP Reported to Selected Non-GAAP Adjusted
Information
(In millions)
1
2
YTD 2023
YTD 2022
GAAP Reported Net Income
Adjustments
$106.9
$148.5
Stock-based compensation expense - COS
9.1
9.1
Stock-based compensation expense - R&D
34.9
30.8
Stock-based compensation expense - SG&A
59.9
55.0
Amortization of intangible assets
31.3
31.2
Contingent consideration
Gain on sale of non-financial assets 1
2.9
(108.0)
Severance and employee termination benefits 2
(0.1)
Loss on investment in equity securities:
12.6
Income tax effect of adjustments
Non-GAAP Net Income
(33.6)
$221.0
6.2
$175.7
Represents the net gain in the first quarter of 2022 on the sale to a third party of the PRV the Company received from the FDA in connection with the U.S. approval of VOXZOGO.
Represents change in estimates to severance and employee termination benefit charges in SG&A related to the Company's organizational redesign announced in October 2022. The Company
recognized $23.0 million of expense related to severance and employee termination benefits in the second half of 2022.
3
Represents the impairment loss on investment in non-marketable equity securities recorded in Other income (expense), net in the first quarter of 2023.
11
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