Supplemental Financial Schedules May 19, 2015
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1 Supplemental Financial Schedules May 19, 2015
2 The presentations and related schedules contain financial measures that are not calculated in accordance with generally accepted accounting principles (GAAP). The non-gaap financial measures include adjusted operating margin, adjusted EBITDA margin, and free cash flow. Non-GAAP financial measures may provide a more complete understanding of Baxalta s operations and can facilitate a fuller analysis of Baxalta s results of operations, particularly in evaluating performance from one period to another. Baxalta has presented adjusted operating margin which excludes interest and other expense and intangible asset amortization and adjusted EBITDA margin which, in addition to the previous adjustments, also excludes depreciation. Additionally, adjusted operating margin and adjusted EBITDA margin exclude the impact of special items, which are excluded because they are highly variable, difficult to predict, and of a size that may substantially impact Baxalta s operations and can facilitate a fuller analysis of Baxalta s results of operations, particularly in evaluating performance from one period to another. Upfront and milestone payments related to collaborative arrangements that have been expensed as research and development (R&D) are uncertain and often result in a different payment and expense recognition pattern than internal R&D activities and therefore are typically excluded as special items. Intangible asset amortization is excluded to facilitate an evaluation of current and past operating performance, particularly in terms of cash returns, and is similar to how management internally assesses performance. Management believes that non-gaap earnings measures, when used in conjunction with the results presented in accordance with GAAP and the reconciliations to corresponding GAAP financial measures, may enhance an investor s overall understanding of Baxalta s past financial performance and prospects for the future. Accordingly, management uses these non-gaap measures internally in financial planning, to monitor business unit performance, and in some cases for purposes of determining incentive compensation. Baxalta strongly encourages investors to review its consolidated financial statements and publicly filed reports in their entirety and cautions investors that the non-gaap measures used by Baxalta may differ from similar measures used by other companies, even when similar terms are used to identify such measures.
3 *Excludes MSA revenues of ~$150 million which will be recorded going forward in the BioTherapeutics product category Reported Sales 2012 Sales ($M) 2013 Sales ($M) 2014 Sales ($M) U.S. Int l Total U.S. Int l Total U.S. Int l Total Hemophilia $1,141 $1,486 $2,627 $1,216 $1,570 $2,786 $1,281 $1,703 $2,984 Inhibitors Hematology $1,320 $1,921 $3,241 $1,410 $2,027 $3,437 $1,500 $2,228 $3,728 Immunoglobulin $1,161 $422 $1,583 $1,228 $388 $1,616 $1,272 $405 $1,677 BioTherapeutics Immunology $1,367 $702 $2,069 $1,451 $667 $2,118 $1,516 $708 $2,224 Total* $2,687 $2,623 $5,310 $2,861 $2,694 $5,555 $3,016 $2,936 $5,952
4 *Excludes MSA revenues of ~$150 million which will be recorded going forward in the BioTherapeutics product category Reported Sales Growth 2014 Reported Growth 2014 Constant Currency U.S. Int l Total U.S. Int l Total Hemophilia 5% 8% 7% 5% 11% 8% Inhibitors 13% 15% 14% 13% 16% 15% Hematology 6% 10% 8% 6% 12% 10% Immunoglobulin 4% 4% 4% 4% 7% 5% BioTherapeutics 9% 9% 9% 9% 10% 10% Immunology 4% 6% 5% 4% 9% 6% Total* 5% 9% 7% 5% 11% 8% 2013 Reported Growth 2013 Constant Currency U.S. Int l Total U.S. Int l Total Hemophilia 7% 6% 6% 7% 7% 7% Inhibitors 8% 5% 6% 8% 7% 7% Hematology 7% 6% 6% 7% 7% 7% Immunoglobulin 6% -8% 2% 6% -8% 2% BioTherapeutics 8% 0% 3% 8% -1% 3% Immunology 6% -5% 2% 6% -5% 2% Total* 6% 3% 5% 6% 3% 5%
5 *Income from continuing operations excludes Vaccines **Refer to most recently filed Form 10 for reconciliation of 2014 GAAP P&L to 2014 Pro Forma P&L. FY 2014 Pro Forma results subject to change in future Form 10 filings based on final pro forma adjustments Historical Financial Summary (GAAP) ($ Millions) Pro Forma 2014** Net Sales $6,109 $5,952 $5,555 $5,310 Growth YoY 10% 7% 5% N/A Cost of Sales (2,590) (2,443) (2,329) (2,240) Gross Margin 3,519 3,509 3,226 3,070 % of Net Sales 58% 59% 58% 58% SG&A 1,020 1,053 1, R&D Interest & Other Pre-Tax Income* $1,577 $1,532 $1,613 $1,561 Source: Form 10 filing - May 19, 2015
6 *Income from continuing operations excludes Vaccines **Refer to most recently filed Form 10 for reconciliation of 2014 GAAP P&L to 2014 Pro Forma P&L. Adjusted Pro Forma financial information excludes special items, refer to the Reconciliation of GAAP Pre-tax Income to Adjusted Pre-tax Income for additional information. FY 2014 Pro Forma results subject to change in future Form 10 filings based on final pro forma adjustments Historical Financial Summary (Adjusted) ($ Millions) Pro Forma 2014** Net Sales $6,109 $5,952 $5,555 $5,310 Growth YoY 10% 7% 5% N/A Cost of Sales (2,573) (2,426) (2,308) (2,205) Gross Margin 3,536 3,526 3,247 3,105 % of Net Sales 58% 59% 58% 58% SG&A R&D Interest & Other (65) (65) (17) 15 Pre-Tax Income* $2,073 $2,028 $1,862 $1,813 Additional Non-GAAP Measures: Adjusted Operating Income $2,008 $1,963 $1,845 $1,828 % of Net Sales 33% 33% 33% 34% Adjusted EBITDA $2,205 $2,150 $2,005 $1,971 % of Net Sales 36% 36% 36% 37% Source: Form 10 filing - May 19, 2015
7 *Refer to Reconciliation of GAAP Pre-tax Income to Adjusted Pre-tax Income for additional information **Refer to most recently filed Form 10 for reconciliation of 2014 GAAP P&L to 2014 Pro Forma P&L. FY 2014 Pro Forma results subject to change in future Form 10 filings based on final pro forma adjustments ***Baxalta has also presented guidance for H2 2015, 2016 and 2020 using non-gaap measures of adjusted operating income margin and adjusted EBITDA margin. Baxalta projects that GAAP pre-tax income margin would be lower than adjusted operating income margin by 2% for each period presented, with reconciling items of interest expense and intangible asset amortization expense. GAAP pre-tax income margin would be lower than adjusted EBITDA margin by an additional 4% in H and 5% in both 2016 and 2020 related to depreciation expense. Additionally, Baxalta presents guidance for the non-gaap measure of free cash flows for 2016 and 2020, which represents GAAP operating cash flows less projected capital expenditures of approximately $0.9B and approximately $0.8B, respectively Non-GAAP Reconciliation Operating Income And EBITDA ($ Millions) Pro Forma FY 2014** FY 2014 FY 2013 FY 2012 Pre-tax Income $1,577 $1,532 $1,613 $1,561 Adjustments for special items* Adjusted Pre-tax Income $2,073 $2,028 $1,862 $1,813 Remove: Interest and Other (65) (65) (17) 15 Adjusted Operating Income*** $2,008 $1,963 $1,845 $1,828 % of Net Sales 33% 33% 33% 34% Remove: Depreciation Adjusted EBITDA*** $2,205 $2,150 $2,005 $1,971 % of Net Sales 36% 36% 36% 37% Source: Form 10 filing - May 19, 2015
8 *Refer to most recently filed Form 10 for reconciliation of 2014 GAAP P&L to 2014 Pro Forma P&L. FY 2014 Pro Forma results subject to change in future Form 10 filings based on final pro forma adjustments Reconciliation Of GAAP Pre-tax Income To Adjusted Pre-tax Income ($ Millions) Pro Forma FY 2014** FY 2014 FY 2013 FY 2012 Pre-tax income $1,577 $1,532 $1,613 $1,561 Adjustments for special items Upfront and milestone payments to collaboration partners Business optimization items Change in fair value of contingent payment liabilities Other-than-temporary impairment charge Branded Prescription Drug Fee Separation costs Intangible asset amortization expense Plasma-related litigation (10) (10) 84 - Turkey VAT charge Pension settlement charge allocated from Baxter Total special items $496 $496 $249 $252 Adjusted pre-tax income $2,073 $2,028 $1,862 $1,813 Source: Form 10 filing - May 19, 2015
9 *Refer to most recently filed Form 10 for reconciliation of 2014 GAAP P&L to 2014 Pro Forma P&L. FY 2014 Pro Forma results subject to change in future Form 10 filings based on final pro forma adjustments Reconciliation Of GAAP P&L Line Items To Adjusted P&L Line Items ($ Millions) Pro Forma FY 2014** FY 2014 FY 2013 FY 2012 Gross Margin $3,519 $3,509 $3,226 $3,070 Intangible asset amortization expense Business optimization items Adjusted Gross Margin $3,536 $3,526 $3,247 $3,105 % of Net Sales 58% 59% 58% 58% SG&A $1,020 $1,053 $1,017 $913 Business optimization items - - (16) (16) Branded Prescription Drug Fee (26) (26) - - Separation costs (43) (43) - - Plasma-related litigation (84) - Pension settlement charge (72) Turkey VAT charge - - (8) - Adjusted SG&A $961 $994 $909 $825 R&D $818 $820 $595 $581 Upfront and milestone payments to collaboration partners (217) (217) (78) (113) Business optimization items (21) (21) (24) (16) Separation costs (13) (13) - - Adjusted R&D $567 $569 $493 $452 Interest & Other Expense (Income) $104 $104 $1 $15 Change in fair value of contingent payment liabilities (124) (124) (18) - Other-than-temporary imparment charge (45) (45) - - Adjusted Interest & Other Expense (Income) ($65) ($65) ($17) $15 Source: Form 10 filing - May 19, 2015
10 Safe Harbor Statement The presentations these schedules support contain forward-looking statements concerning the planned separation of Baxter s biopharmaceutical and medical products businesses and the expected business prospects, long range plan, capital structure, R&D pipeline including regulatory actions and commercial launch events, business development plans and other growth strategies of the two resulting companies after the separation. The statements are based on assumptions about many important factors, including the following, which could cause actual results to differ materially from those in the forward-looking statements: demand for and market acceptance of risks for new and existing products; product development risks; product quality or patient safety concerns; future actions of regulatory bodies and other governmental authorities, including the FDA and foreign counterparts; failures with respect to compliance programs; future actions of third-parties, including payers; U.S. healthcare reform and other global austerity measures; pricing, reimbursement, taxation and rebate policies of government agencies and private payers; the impact of competitive products and pricing, including generic competition, drug reimportation and disruptive technologies; global, trade and tax policies; accurate identification of and execution on business development and R&D opportunities and realization of anticipated benefits; fluctuations in supply and demand and the pricing of plasma-based therapies; the availability of acceptable raw materials and component supply; the inability to create timely production capacity or other manufacturing supply difficulties; the ability to successfully separate the biopharmaceutical and medical products businesses on the terms or timeline currently contemplated, if at all, and achieve the intended results; the ability to enforce owned or in-licensed patents or the patents of third-parties preventing or restricting manufacture, sale or use of affected products or technology; the impact of global economic conditions; fluctuations in foreign exchange and interest rates; any change in law concerning the taxation of income, including income earned outside the United States; actions taken by tax authorities in connection with ongoing tax audits; breaches or failures of the company s information technology systems; loss of key employees or inability to identify and recruit new employees; the outcome of pending or future litigation; the adequacy of the company s cash flows from operations to meet its ongoing cash obligations and fund its investment program; and other risks identified in the Form 10 filed by Baxalta Incorporated and Baxter s most recent filing on Form 10-K and other Securities and Exchange Commission filings, all of which are available on Baxter s website. Baxter does not undertake to update its forward-looking statements. These schedules and the related presentations are also included on Baxter s website.
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