ACTELION LTD AND SUBSIDIARIES UNAUDITED CONSOLIDATED US GAAP FINANCIAL STATEMENTS FOR SEPTEMBER 30, 2008
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(2) ACTELION LTD AND SUBSIDIARIES UNAUDITED INTERIM CONSOLIDATED INCOME STATEMENTS. (in CHF thousands, except per share amounts). Three months ended September 30, 2008 2007. Nine months ended September 30, 2008 2007. Net revenue: Products sales Contract revenue Total net revenue. 377'608 16'030. 314'503 5'595. 1'040'390 29'230. 927'197 19'252. 393'638. 320'098. 1'069'620. 946'449. 41'922 76'351 132'483 4'902 -. 34'537 74'817 114'036 5'483 -. 114'827 277'591 387'608 14'398 -. 98'388 210'012 357'006 15'794 224'820. 255'658. 228'873. 794'424. 906'020. 137'980. 91'225. 275'196. 40'429. 16'130 (4'924) (1'264) (25'505). 13'863 (92) (3'678) 11'445. 96'450. 259'633. 61'967. (7'364). (20'764). (25'834). 89'086. 238'869. 36'133. Cost of sales Research and development Selling, general and administrative Amortization of acquired intangible assets Write-off of acquired in-process research and development Total operating expense Operating income Interest income Interest expense Amortization of debt discount and issuance costs Other financial income (expense), net Income before income tax Income tax expense Net income. 5'507 (1'672) (426) (20'669) 120'720 (8'956) 111'764. 4'490 (62) (408) 1'205. Basic net income per share Number of shares (in thousands) used in computation. 0.95. 0.75. 2.02. 0.31. 117'816. 118'346. 118'342. 118'190. Diluted net income per share Number of shares and share options (in thousands) used in computation. 0.91. 0.70. 1.94. 0.29. 123'269. 126'428. 123'431. 125'150. (1) Includes employee stock option costs as follows: Research and development Selling, general and administrative Total stock-based compensation. 6'339 9'738 16'077. 5'916 9'901 15'817. 18'468 30'879 49'347. 18'550 34'659 53'209. WorldReginfo - 33af8a26-54c7-4ea8-80ed-e251ec656dd9. Operating expenses (1).
(3) ACTELION LTD AND SUBSIDIARIES UNAUDITED INTERIM CONSOLIDATED BALANCE SHEETS. (in CHF thousands, except number of shares). September 30, 2008. December 31, 2007. Assets Current assets Cash and cash equivalents Short-term deposits Derivative instruments Trade and other receivables, net Inventories Other current assets Deferred tax asset, current portion Total current assets Long-term deposits* Property, plant and equipment, net Other assets Intangible assets, net Goodwill, net Deferred tax asset Total assets. 652'912 369'189 678 377'379 36'505 27'870 2'957. 331'586 527'415 322 329'528 42'787 35'386 559. 1'467'490. 1'267'583. 107'660 159'152 11'178 172'910 86'605 23'940 2'028'935. 113'993 10'011 187'417 81'155 15'275 1'675'434. 98'008 204'478 64'108 13'601 481'200. 89'101 208'961 28'434 1'184 493'000. 861'395. 820'680. 193'800 192'176 5'748 1'183 5'898. 84'100 106'514 5'213 4'000 2'546. 1'260'200. 1'023'053. Liabilities and shareholders' equity. Trade and other payables Accrued expenses Deferred revenue, current portion Other current liabilities Short-term financial debt Total current liabilities Long-term financial debt Deferred revenue, less current portion Other non-current liabilities Pension liability Deferred tax liability Total liabilities. Shareholders' equity Common shares (par value CHF 0.50 per share, authorized 212,871,070 and 213,275,590 shares for 2008 and 2007 respectively; issued 124,084,412 and 122,027,729 shares in 2008 and 2007 respectively) Additional paid-in capital Accumulated profit Treasury shares, at cost Accumulated other comprehensive loss Total shareholders' equity Total liabilities and shareholders' equity. * Cash separately classified as a deposit maintained as compensating balance. 62'042 560'342 520'076 (336'816) (36'909) 768'735 2'028'935. 61'014 569'920 281'207 (230'627) (29'133) 652'381 1'675'434. WorldReginfo - 33af8a26-54c7-4ea8-80ed-e251ec656dd9. Current liabilities.
(4) ACTELION LTD AND SUBSIDIARIES UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS. (in CHF thousands). Three months ended September 30, 2008 2007. Nine months ended September 30, 2008 2007. Cash flow from operating activities Net income. 111'764. 89'086. 238'869. 36'133. 10'795 16'076 (1'394) 15'612 426 (37'832) (286) 3'906 (806) 9'862 5'134 134'079 (2'720) 4'671. 10'956 15'817 (1'159) (1'901) 408 (19'714) (1'137) 1'403 (6'465) 2'514 20'599 (5'525) (1'647) 74. 31'100 49'782 (5'138) 12'079 1'264 (61'595) 5'856 (1'215) (10'775) 10'216 (4'743) 121'335 6'327 17'367. 30'525 53'716 (6'384) 2'172 (759) 224'820 3'678 (86'256) (7'647) (4'145) (5'963) 15'999 25'148 (19'117) (4'868) (4'465). 269'287. 103'309. 410'729. 252'587. (249'976) 209'802 (19'205) (945) (6'497) -. (443'721) 4'372 (15'509) (1'882) -. (932'012) 982'577 (54'229) (5'018) (6'497) -. (576'516) 316'857 (42'237) 109'125 (505) 505 (5'014) (2'785) (520'271). (66'821). (456'740). (15'179). (720'841). Payments on capital leases Issuance of 2006 convertible bond Conversion costs 2003 convertible bond Bank loan Proceeds from exercise of stock options, net of expense Purchase of treasury shares Purchase of call option Excess tax benefits from share-based payment arrangements. (73) 23'841 (6'602) 1'394. (62) 18'413 (126'044) 1'159. (144). 97'900 43'294 (106'566) (106'031) 5'138. (186) (260) (2'213) 52'294 (219'650) 6'384. Net cash flow provided by (used in) financing activities. 18'560. (106'534). (66'409). (163'631). Net effect of exchange rates on cash and cash equivalents. 4'356. (3'004). (7'816). (1'041). Net change in cash and cash equivalents. 225'382. (462'969). 321'325. (632'926). Cash and cash equivalents at beginning of period. 427'529. 756'180. 331'586. 926'137. Cash and cash equivalents at end of period. 652'911. 293'211. 652'911. 293'211. Adjustments to reconcile net income (loss) to net cash provided from operating activities: Depreciation and amortization Stock-based compensation Excess tax benefits from share-based payment arrangements (Gains) Losses on derivative instruments (Gains) Losses on marketable securities Write-off of acquired in-process research and development Amortization of debt discount and expense Trade and other receivables Inventories Other current assets Other assets Trade and other payables Accrued expenses Deferred revenue Other liabilities Changes in other operating cash flow items Net cash flow provided by operating activities Cash flow from investing activities Purchase of short-term and long-term deposits Withdrawal of short-term and long-term deposits Purchase of property, plant and equipment Proceeds from sale of marketable securities Purchase of derivative instruments Proceeds from sale of derivative instruments Purchase of intangible assets Increase of investment Acquisition of subsidiary Net cash flow provided by (used in) investing activities. WorldReginfo - 33af8a26-54c7-4ea8-80ed-e251ec656dd9. Cash flow from financing activities.
(5) ACTELION LTD AND SUBSIDIARIES UNAUDITED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY. Additional (in CHF thousands, except number of shares). Common shares Shares. At January 1, 2008. 118'087'219. Amount 61'014. Other. paid-in-. Accumulated. Treasury. comprehensive. Shareholders'. capital. profit. shares. income (loss). equity. 569'920. 281'207. (230'627). (29'133). 652'381. Comprehensive income net of tax effect: Net income. 238'869. 238'869. Other comprehensive income: Currency translation adjustment. (7'776). Comprehensive income. Transactions in treasury shares. 2'056'683. 1'028. (1'867'730). Stock-based compensation expense, net 118'276'172. 4'782 43'294. 59. Options related to own shares. At September 30, 2008. 4'782 42'266. 62'042. (106'189). (106'130). (106'031). (106'031). 49'346. 49'346. 560'342. 520'076. (336'816). (36'909). 768'735. WorldReginfo - 33af8a26-54c7-4ea8-80ed-e251ec656dd9. Excess tax benefit from share-based payment Exercise of stock options. (7'776) 231'093.
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