IONIS PHARMACEUTICALS INC
For the period ended Jun 6, 2024. Filed Apr 25, 2024.
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Jun 6, 2024 · Filed Apr 25, 2024
Contents
Appendix BB-1
Appendix B
Reconciliation of GAAP to Non-GAAP Basis
As illustrated in the table below, non-GAAP operating expenses, non-GAAP income (loss) from operations, and non-GAAP net income (loss) were adjusted from GAAP to exclude compensation expense related to equity awards and the related tax effects. Compensation expense related to equity awards are non-cash. In 2022, Ionis’ non-GAAP net loss excluded the gain on real estate assets related to the sale and leaseback transaction and the related tax effects. These measures are provided as supplementary information and are not a substitute for financial measures calculated in accordance with GAAP. Ionis reports these non-GAAP results to better enable financial statement users to assess and compare its historical performance and project its future operating results and cash flows. Further, the presentation of Ionis’ non-GAAP results is consistent with how Ionis’ management internally evaluates the performance of its operations.
IONIS PHARMACEUTICALS, INC.
Reconciliation of GAAP to Non-GAAP Basis:
Condensed Consolidated Operating Expenses, Income (Loss) From Operations, and Net Income (Loss)
(In Millions)
| · · Three months ended December 31, · · · Year ended December 31, | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | 2023 | | | 2022 | | | 2023 | | | 2022 | |
| · · (unaudited) | ||||||||||||
| As reported research, development and patent expenses according to GAAP | | | $257 | | | $308 | | | $900 | | | $833 |
| Excluding compensation expense related to equity awards | | | (20) | | | (19) | | | (78) | | | (74) |
| Non-GAAP research, development and patent expenses | | | $237 | | | $289 | | | $822 | | | $759 |
| As reported selling, general and administrative expenses according to GAAP | | | $71 | | | $48 | | | $232 | | | $151 |
| Excluding compensation expense related to equity awards | | | (6) | | | (7) | | | (27) | | | (26) |
| Non-GAAP selling, general and administrative expenses | | | $65 | | | $41 | | | $205 | | | $125 |
| As reported operating expenses according to GAAP | | | $331 | | | $360 | | | $1,141 | | | $998 |
| Excluding compensation expense related to equity awards | | | (26) | | | (25) | | | (106) | | | (100) |
| Non-GAAP operating expenses | | | $305 | | | $335 | | | $1,035 | | | $898 |
| As reported loss from operations according to GAAP | | | ($6) | | | ($208) | | | ($353) | | | ($411) |
| Excluding compensation expense related to equity awards | | | (26) | | | (25) | | | (106) | | | (100) |
| Non-GAAP income (loss) from operations | | | $20 | | | ($183) | | | ($247) | | | ($311) |
| As reported net loss according to GAAP | | | ($9) | | | ($52) | | | ($366) | | | ($270) |
| Excluding compensation expense related to equity awards and related tax effects | | | (26) | | | (25) | | | (106) | | | (100) |
| Excluding gain on sale of real estate assets* | | | — | | | 150 | | | — | | | 150 |
| Excluding income tax effect related to gain on sale of real estate assets | | | — | | | (9) | | | — | | | (9) |
| Non-GAAP net income (loss) | | | $17 | | | ($168) | | | ($260) | | | ($311) |
| * | In October 2022, we entered into a sale and leaseback transaction for several of our real estate assets. As a result, we recognized a $150 million gain on sale of real estate assets in the fourth quarter of 2022. We excluded the gain on sale of real estate assets and the related tax effect from our non-GAAP amounts for the applicable periods. |
|---|
| | | B-1 |
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