EX-99.1 2 d881337dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

 

Contact:

  

Investors:

   Media:

Traci McCarty

   Debra Charlesworth

BioMarin Pharmaceutical Inc.

   BioMarin Pharmaceutical Inc.

(415) 455-7558

   (415) 455-7451

For Immediate Release:

BioMarin Announces Fourth Quarter and Full Year 2014 Financial Results

Total BioMarin Revenue Increased 37% to $751 million in 2014

Rolling Submission of NDA for Drisapersen Underway; Acquisition of Prosensa Complete

Financial Highlights ($ in millions, except per share data, unaudited)

 

     Three Months Ended December 31,     Twelve Months Ended December 31,  
     2014     2013     % Change     2014     2013     % Change  

Total BioMarin Revenue

   $ 230.9      $ 146.9        57   $ 751.0      $ 548.5        37

Vimizim Net Product Revenue

     36.9        0.1        —          77.3        0.1        —     

Naglazyme Net Product Revenue

     88.5        68.7        29     334.4        271.2        23

Kuvan Net Product Revenue

     57.4        45.3        27     203.0        167.4        21

Aldurazyme Net Product Revenue

     40.9        25.9        58     105.6        83.6        26

Non-GAAP Net Loss

   $ (11.4   $ (15.8     $ (25.9   $ (40.4  

Non-GAAP Net Loss per Share - Basic

   $ (0.08   $ (0.11     $ (0.18   $ (0.29  

Non-GAAP Net Loss per Share - Diluted

   $ (0.08   $ (0.11     $ (0.18   $ (0.30  

GAAP Net Loss

   $ (69.8   $ (62.0     $ (134.0   $ (176.4  

GAAP Net Loss per Share - Basic

   $ (0.47   $ (0.43     $ (0.92   $ (1.28  

GAAP Net Loss per Share - Diluted

   $ (0.47   $ (0.44     $ (0.92   $ (1.28  

Cash, cash equivalents and investments

         $ 1,043.1      $ 1,052.4     

SAN RAFAEL, Calif., February 25, 2015 – BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) today announced financial results for the fourth quarter and full year 2014, including full year revenues of $751.0 million, a 37% increase over 2013. For the quarter ended December 31, 2014, Non-GAAP net loss declined to $11.4 million ($0.08 per share, basic and diluted) for the fourth quarter of 2014, compared to non-GAAP net loss of $15.8 million ($0.11 per share, basic and diluted) for the fourth quarter of 2013. For the year ended December 31, 2014, non-GAAP net loss was reduced to $25.9 million ($0.18 per share, basic and diluted), compared to non-GAAP net loss of $40.4 million ($0.29 per share, basic and $0.30 per share diluted) for the year ended December 31, 2013

GAAP net loss was $69.8 million ($0.47 per share, basic and diluted) for the fourth quarter of 2014, compared to GAAP net loss of $62.0 million ($0.43 per share basic and $0.44 per share diluted) for the fourth quarter of 2013. GAAP net loss for the year ended December 31, 2014 was $134.0 million ($0.92 per share, basic and diluted), compared to GAAP net loss of $176.4 million ($1.28 per share, basic and diluted) for the year ended December 31, 2013. As of December 31, 2014, BioMarin had cash, cash equivalents and investments totaling $1,043.1 million, as compared to $1,114.7 million on September 30, 2014.

“BioMarin delivered another year of strong results from our five commercialized products. Our accomplishments in 2014 have set the stage for a very productive 2015 both in terms of commercial success and clinical and regulatory milestones,” said Jean-Jacques Bienaimé, Chief Executive Officer of BioMarin. “The acquisition of Prosensa in January 2015 adds exciting potential products to our rare disease portfolio. Importantly for shareholders, we believe the near-term approval of drisapersen in either the U.S. or Europe will drive us to profitability on a non-GAAP basis in 2017. Of even greater significance, we can now leverage our capabilities getting orphan-drugs approved for the benefit of boys with Duchenne Muscular Dystrophy, who currently have no approved treatment options.”

 

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Net Product Revenue

Total Revenue Growth (in millions)

 

    Three Months Ended December 31,     Twelve Months Ended December 31,  
    2014     2013     $ Change     % Change     2014     2013     $ Change     % Change  

Vimizim

  $ 36.9      $ 0.1      $ 36.8        —        $ 77.3      $ 0.1      $ 77.2        —     

Naglazyme

    88.5        68.7        19.8        29     334.4        271.2        63.2        23

Kuvan

    57.4        45.3        12.1        27     203.0        167.4        35.6        21

Aldurazyme

    40.9        25.9        15.0        58     105.6        83.6        22.0        26

Firdapse

    4.1        4.3        (0.2     -5     18.1        16.1        2.0        12
 

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

 

 

   

Net product revenue

  227.8      144.3      83.5      58   738.4      538.4      200.0      37

Collaborative agreement revenue

  0.3      1.1      (0.8   1.6      3.9      (2.3

Royalty and license revenue

  2.8      1.5      1.3      11.0      6.2      4.8   
 

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

 

 

   

Total BioMarin revenue

$ 230.9    $ 146.9    $ 84.0      57 $ 751.0    $ 548.5    $ 202.5      37
 

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

 

 

   
Reconciliation of Aldurazyme Revenues (in millions)   
    Three Months Ended December 31,     Twelve Months Ended December 31,  
    2014     2013     $ Change     % Change     2014     2013     $ Change     % Change  

Aldurazyme revenue reported by Genzyme

  $ 56.3      $ 59.5      $ (3.2     -5   $ 228.8      $ 212.4      $ 16.4        8
    Three Months Ended December 31,           Twelve Months Ended December 31,        
    2014     2013     $ Change           2014     2013     $ Change        

Aldurazyme Royalties due from Genzyme - Non-GAAP (1)

  $ 27.9      $ 27.5      $ 0.4        $ 97.0      $ 88.5      $ 8.5     

Net product transfer revenue (2)

    13.0        (1.6     14.6          8.6        (4.9     13.5     
 

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

 

 

   

Total Aldurazyme net product revenue - GAAP

$ 40.9    $ 25.9    $ 15.0    $ 105.6    $ 83.6    $ 22.0   
 

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

 

 

   

 

(1)  See the “Non-GAAP Financial Information and Reconciliation” included in this press release, for a discussion of the GAAP to Non-GAAP adjustments and Management’s use of Non-GAAP measures.
(2)  To the extent units shipped to third party customers by Genzyme exceed BioMarin inventory transfers to Genzyme, BioMarin will record a decrease in net product revenue from the royalty payable to BioMarin for the amount of previously recognized product transfer revenue. If BioMarin inventory transfers exceed units shipped to third party customers by Genzyme, BioMarin will record incremental net product transfer revenue for the period. Positive net product transfer revenues result in the period if BioMarin transfered more units to Genzyme than Genzyme sold to third-party customers.

2015 Guidance

Revenue Guidance ($ in millions)

 

Item    2015 Guidance

Total BioMarin Revenues

   $840 to $870*

Vimizim Net Product Revenue

   $170 to $200

Naglazyme Net Product Revenue

   $315 to $340

Kuvan Net Product Revenue

   $210 to $230

 

* On a constant currency basis, Total BioMarin Revenues in 2015 would have been between $885 and $915

Selected Income Statement Guidance ($ in millions, except percentages)

 

Item    2015 Guidance

Cost of Sales (% of Total Revenue)

   17.0% to 18.0%

Selling, General and Admin. Expense

   $360 to $395

Research and Development Expense

   $610 to $640

Non - GAAP Net Loss

   $(130) to $(170)

GAAP Net Loss

   $(360) to $(400)

Acquisition of Prosensa

With the acquisition of Prosensa completed this quarter, BioMarin added to its portfolio multiple orphan-drug candidates, including Prosensa’s exon-skipping product candidate drisapersen for the treatment of Duchenne Muscular Dystrophy (DMD). Drisapersen has Orphan, Fast Track and Breakthrough Therapy designation and is currently under rolling review as part of a New Drug Application (NDA) with the Food and Drug Administration. Drisapersen, a potential first-to-market and best-in-class product for treating a large population of patients with a rare, fatal genetic disease represents up to 10,000 DMD patients. Follow-on products leverage the same technology platform and target an additional 35,000 DMD patients in BioMarin’s commercial territories. All of the pipeline products added to BioMarin’s portfolio through the acquisition leverage a proprietary RNA-modulating technology platform for the treatment of various genotypes of DMD and other genetic disorders. BioMarin expects to complete the NDA submission for drisapersen in April 2015.

 

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Select Development Programs

Drisapersen for the treatment of Duchenne Muscular Dystrophy patients with the exon 51 mutation is currently under rolling review with the FDA. The NDA submission to the FDA is expected to be completed in April 2015 and the Marketing Authorization Application (MAA) with the European Medicines Agency (EMA) is expected to be submitted this summer.

Pegvaliase (PEG PAL) for the treatment of phenylketonuria (PKU) is currently in Phase 3 studies. Results are expected in the first quarter of 2016.

Talazoparib (BMN 673) for the treatment of deleterious germline BRCA mutation metastatic breast cancer is currently in Phase 3 studies. Enrollment completion is expected in the second half of 2015.

Reveglucosidase alfa (BMN 701) for the treatment of late onset Pompe Disease is currently being tested in a Phase 2 switch study. Proof of concept results in 20 first patients is expected in the fourth quarter of 2015.

BMN 111 for the treatment of achondroplasia has enrolled all patients in the Phase 2 study and data from the first three cohorts of the study are expected late in the second quarter of 2015.

BMN 044, BMN 045 and BMN 053 are all currently in pilot Phase 2 studies for the treatment of DMD patients with dystrophin gene deletions of exon 44, 45 and 53, respectively.

Cerliponase alfa (BMN 190) for the treatment of late infantile CLN2 disease, a form of Batten disease, is currently in Phase 1/2 studies. In January 2015, BioMarin shared interim data from nine patients who have been followed for at least six months and up to 15 months. Preliminary data suggest that treatment with cerliponase alfa appears to result in stabilization of the disease compared to the natural history based on a standardized measure of motor and language function. Complete Phase 1/2 results are expected in the fourth quarter of 2015.

IND or equivalent filing for BMN 270 for the treatment of hemophilia A is expected to be completed in the first quarter of 2015.

IND or equivalent filing for BMN 250 for the treatment of MPS IIIB (Sanfilippo B syndrome) is expected to be completed mid-2015.

Non-GAAP Financial Information and Reconciliation

The results for the three months and year ended December 31, 2014 and December 31, 2013 and the guidance for 2015 are all determined in accordance with GAAP except for non-GAAP net loss which is determined on a non-GAAP basis. As used in this release, non-GAAP net loss is based on GAAP earnings before interest, taxes, depreciation and amortization (EBITDA) and further adjusted to also exclude certain non-cash stock compensation expense, non-cash contingent consideration expense and certain other nonrecurring material items (non-GAAP net loss).

 

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The following table presents the reconciliation of GAAP to non-GAAP financial metrics:

Reconciliation of GAAP Net Loss to Non-GAAP Net Loss

(in millions)

(unaudited)

 

     Three Months Ended
December 31,
    Twelve Months Ended
December 31,
    Year Ending
December 31, 2015
Guidance
 
     2014     2013     2014     2013    

GAAP Net Loss

   $  (69.8)      $ (62.0)      $ (134.0   $ (176.4     $(360.0)-$(400.0)   

Interest expense, net

     7.6        6.5        30.7        7.4        35.3   

Provision for (benefit from) income taxes

     4.1        2.6        9.1        (0.1     (45.0)   

Depreciation expense

     10.0        6.4        33.3        25.4        38.4   

Amortization expense

     3.5        2.6        12.5        11.5        12.4   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

EBITDA Loss

  (44.6   (43.9   (48.4   (132.2   (318.9)-(358.9)   

Stock-based compensation expense

  32.8      22.7      86.4      64.4      106.1   

Contingent consideration expense (1)

  0.4      4.6      13.0      14.4      82.8   

Non-recurring:

Gain on sale of intangible asset (2)

  —        —        (67.5   —        —     

Gain on termination of leases (3)

  —        —        (10.1   —        —     

Debt conversion expense (4)

  —        0.8      0.7      13.0      —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP Loss

$ (11.4 $ (15.8 $ (25.9 $ (40.4 $ (130.0)-$(170.0)   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(1)  Represents the expense associated with the change in the fair value of contingent acquisition consideration payable for the period, resulting from changes in estimated probabilities and timing of achieving certain developmental milestones.
(2)  Represents the total sales price of $67.5 million for the Priority Review Voucher, or approximately $54.0 million net of tax.
(3)  Primarily represents the net gain due to the early termination of the Company’s operating lease and the realization of the remaining balance in deferred rent upon acquisition of the San Rafael Corporate Center where the Company’s corporate headquarters are located, as well as early termination of certain other leases related to the Company’s facilities.
(4)  Represents debt conversion expense associated with the early conversion of a portion of our 2017 convertible notes.

BioMarin believes that the non-GAAP information in this press release is useful to investors, taken in conjunction with BioMarin’s GAAP information because it provides additional information regarding the performance of BioMarin’s core ongoing business, Naglazyme, Vimizim, Kuvan, Aldurazyme and Firdapse and development of its pipeline. By providing information about both the overall GAAP financial performance and the non-GAAP measures that focus on continuing operations, the Company believes that the additional information enhances investors’ overall understanding of the Company’s business and prospects for the future. Further, the Company uses both the GAAP and the non-GAAP results and expectations internally for its operating, budgeting and financial planning purposes.

Conference Call Details

BioMarin will host a conference call and webcast to discuss fourth quarter and full year 2014 financial results today, Wednesday, February 25, at 4:30 p.m. ET. This event can be accessed on the investor section of the BioMarin website at www.BMRN.com.

U.S. / Canada Dial-in Number: 877.303.6313

International Dial-in Number: 631.813.4734

Conference ID: 72200117

 

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Replay Dial-in Number: 855.859.2056

Replay International Dial-in Number: 404.537.3406

Conference ID: 72200117

About BioMarin

BioMarin develops and commercializes innovative biopharmaceuticals for serious diseases and medical conditions. The company’s product portfolio comprises five approved products and multiple clinical and pre-clinical product candidates. Approved products include Vimizim® (elosulfase alfa) for MPS IVA, a product wholly developed and commercialized by BioMarin; Naglazyme® (galsulfase) for MPS VI, a product wholly developed and commercialized by BioMarin; Aldurazyme® (laronidase) for MPS I, a product which BioMarin developed through a 50/50 joint venture with Genzyme Corporation; Kuvan® (sapropterin dihydrochloride) Powder for Oral Solution and Tablets, for phenylketonuria (PKU), developed in partnership with Merck Serono, a division of Merck KGaA of Darmstadt, Germany and Firdapse® (amifampridine), which has been approved by the European Commission for the treatment of Lambert Eaton Myasthenic Syndrome (LEMS). Product candidates include pegvaliase (PEGylated recombinant phenylalanine ammonia lyase, formerly referred to as BMN 165 or PEG PAL), which is currently in Phase 3 clinical development for the treatment of PKU, talazoparib (formerly referred to as BMN 673), a poly ADP-ribose polymerase (PARP) inhibitor, which is currently in Phase 3 clinical development for the treatment of germline BRCA breast cancer, reveglucosidase alfa (formerly referred to as BMN 701), a novel fusion protein of insulin-like growth factor 2 and acid alpha glucosidase (IGF2-GAA), which is currently in Phase 3 clinical development for the treatment of Pompe disease, BMN 111, a modified C-natriuretic peptide, which is currently in Phase 2 clinical development for the treatment of achondroplasia, cerliponase alfa (formerly referred to as BMN 190), a recombinant human tripeptidyl peptidase-1 (rhTPP1) for the treatment of CLN2 disorder, a form of Batten disease, which is currently in Phase 1, BMN 270, an AAV-factor VIII vector, for the treatment of hemophilia A and BMN 250, a novel fusion of alpha-N-acetyglucosaminidase (NAGLU) with a peptide derived from insulin-like growth factor 2 (IGF2), for the treatment of MPS IIIB. For additional information, please visit www.BMRN.com. Information on BioMarin’s website is not incorporated by reference into this press release.

Forward-Looking Statement

This press release contains forward-looking statements about the business prospects of BioMarin Pharmaceutical Inc., including, without limitation, statements about: the expectations of revenue and sales related to Vimizim, Naglazyme, Kuvan, Firdapse, and Aldurazyme; the financial performance of the BioMarin as a whole; the timing of BioMarin’s clinical trials of PEG PAL, BMN 673, BMN 701, BMN 111, BMN 190, BMN 270, BMN 250 and other product candidates; the continued clinical development and commercialization of Vimizim, Naglazyme, Kuvan, Firdapse, Aldurazyme and its product candidates; and actions by regulatory authorities. These forward-looking statements are predictions and involve risks and uncertainties such that actual results may differ materially from these statements. These risks and uncertainties include, among others: our success in the commercialization of Vimizim, Naglazyme, Kuvan, and Firdapse; Genzyme Corporation’s success in continuing the commercialization of Aldurazyme; results and timing of current and planned preclinical studies and clinical trials, particularly with respect to PEG PAL, BMN 673, BMN 701, BMN 111 and BMN 190; our ability to successfully manufacture our products and product candidates; the content and timing of decisions by the U.S. Food and Drug Administration, the European Commission and other regulatory authorities concerning each of the described products and product candidates; the market for each of these products; actual sales of Vimizim, Naglazyme, Kuvan, Firdapse and Aldurazyme; Merck Serono’s activities related to Kuvan; and those factors detailed in BioMarin’s filings with the Securities and Exchange Commission, including, without limitation, the factors contained under the caption “Risk Factors” in BioMarin’s 2013 Annual Report on Form 10-K, and the factors contained in BioMarin’s reports on Form 10-Q. Stockholders are urged not to place undue reliance on forward-looking statements, which speak only as of the date hereof. BioMarin is under no obligation, and expressly disclaims any obligation to update or alter any forward-looking statement, whether as a result of new information, future events or otherwise.

BioMarin®, Naglazyme®, Kuvan®, Firdapse® and Vimizim® are registered trademarks of BioMarin Pharmaceutical Inc., or its affiliates.

Aldurazyme® is a registered trademark of BioMarin/Genzyme LLC.

 

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BIOMARIN PHARMACEUTICAL INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

December 31, 2014 and 2013

(In thousands of U.S. dollars, except share and per share amounts)

 

     December 31,
2014
    December 31,
2013(1)
 
    
     (unaudited)        
ASSETS     

Current assets:

    

Cash and cash equivalents

   $ 875,486      $ 568,781   

Short-term investments

     69,706        215,942   

Accounts receivable, net (allowance for doubtful accounts: $490 and $529, respectively)

     144,472        117,822   

Inventory

     199,452        162,605   

Current deferred tax assets

     31,203        30,561   

Other current assets

     105,310        41,707   
  

 

 

   

 

 

 

Total current assets

  1,425,629      1,137,418   

Noncurrent assets:

Investment in BioMarin/Genzyme LLC

  1,039      816   

Long-term investments

  97,856      267,700   

Property, plant and equipment, net

  523,516      319,316   

Intangible assets, net

  156,578      163,147   

Goodwill

  54,258      54,258   

Long-term deferred tax assets

  166,296      145,234   

Other assets

  65,281      156,171   
  

 

 

   

 

 

 

Total assets

$ 2,490,453    $ 2,244,060   
  

 

 

   

 

 

 
LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable and accrued liabilities

$ 235,739    $ 183,271   
  

 

 

   

 

 

 

Total current liabilities

  235,739      183,271   

Noncurrent liabilities:

Long-term convertible debt

  657,976      655,566   

Long-term contingent acquisition consideration payable

  38,767      30,790   

Other long-term liabilities

  30,077      33,392   
  

 

 

   

 

 

 

Total liabilities

  962,559      903,019   
  

 

 

   

 

 

 

Stockholders’ equity:

Common stock, $0.001 par value: 250,000,000 shares authorized at December 31, 2014 and 2013; 149,093,647 and 143,463,668 shares issued and outstanding at December 31, 2014 and 2013, respectively.

  149      144   

Additional paid-in capital

  2,359,744      2,059,101   

Company common stock held by Nonqualified Deferred Compensation Plan

  (9,695   (7,421

Accumulated other comprehensive income

  27,466      5,018   

Accumulated deficit

  (849,770   (715,801
  

 

 

   

 

 

 

Total stockholders’ equity

  1,527,894      1,341,041   
  

 

 

   

 

 

 

Total liabilities and stockholders’ equity

$ 2,490,453    $ 2,244,060   
  

 

 

   

 

 

 

 

(1) December 31, 2013 balances were derived from the audited consolidated financial statements.

 

6


BIOMARIN PHARMACEUTICAL INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Three and Twelve Months Ended December 31, 2014 and 2013

(In thousands of U.S. dollars, except per share amounts)

(Unaudited)

 

     Three Months Ended
December 31,
    Twelve Months Ended
December 31,
 
     2014     2013     2014     2013  

REVENUES:

        

Net product revenues

   $ 227,752      $ 144,286      $ 738,416      $ 538,360   

Collaborative agreement revenues

     318        1,140        1,592        3,918   

Royalty, license and other revenues

     2,784        1,447        11,032        6,207   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total revenues

  230,854      146,873      751,040      548,485   
  

 

 

   

 

 

   

 

 

   

 

 

 

OPERATING EXPENSES:

Cost of sales

  45,818      24,621      129,764      95,742   

Research and development

  142,067      97,312      461,543      354,780   

Selling, general and administrative

  99,769      71,809      302,156      235,356   

Intangible asset amortization and contingent consideration

  1,956      5,441      17,968      18,614   

Gain on sale of intangible asset

  —        —        (67,500   —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

  289,610      199,183      843,931      704,492   
  

 

 

   

 

 

   

 

 

   

 

 

 

LOSS FROM OPERATIONS

  (58,756   (52,310   (92,891   (156,007

Equity in the loss of BioMarin/Genzyme LLC

  225      (438   (877   (1,149

Interest income

  1,644      1,141      5,937      3,083   

Interest expense

  (9,197   (7,593   (36,642   (10,447

Debt conversion expense

  —        (813   (674   (12,965

Other income

  347      638      279      982   
  

 

 

   

 

 

   

 

 

   

 

 

 

LOSS BEFORE INCOME TAXES

  (65,737   (59,375   (124,868   (176,503

Provision for (benefit from) income taxes

  4,060      2,615      9,101      (150
  

 

 

   

 

 

   

 

 

   

 

 

 

NET LOSS

$ (69,797 $ (61,990 $ (133,969 $ (176,353
  

 

 

   

 

 

   

 

 

   

 

 

 

NET LOSS PER SHARE, BASIC

$ (0.47 $ (0.43 $ (0.92 $ (1.28
  

 

 

   

 

 

   

 

 

   

 

 

 

NET LOSS PER SHARE, DILUTED

$ (0.47 $ (0.44 $ (0.92 $ (1.28
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average common shares outstanding, basic

  148,202      142,659      146,349      137,755   
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average common shares outstanding, diluted

  148,202      142,852      146,349      137,755   
  

 

 

   

 

 

   

 

 

   

 

 

 

 

STOCK-BASED COMPENSATION EXPENSE

 

Total stock-based compensation expense included in the Condensed Consolidated Statements of Operations was as follows: (unaudited):

 

  

   

     Three Months Ended
December 31,
    Twelve Months Ended
December 31,
 
     2014     2013     2014     2013  

Cost of sales

   $ 2,269      $ 1,197      $ 6,076      $ 4,860   

Research and development

     11,535        8,942        33,835        27,763   

Selling, general and administrative

     19,047        12,539        46,499        31,753   
  

 

 

   

 

 

   

 

 

   

 

 

 
$ 32,851    $ 22,678    $ 86,410    $ 64,376   
  

 

 

   

 

 

   

 

 

   

 

 

 

 

7