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Drug manufacturers · Healthcare · Fiscal year ends Dec 31
Net income was −$446M. Operating cash flow of −$403M less capital expenditure of $2M left free cash flow of −$405M. It held more cash than debt (net cash $744M).
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Research & development | 121 | 143 | 211 | 281 | 398 |
| Operating income | −150 | −171 | −242 | −344 | −468 |
| Income tax | – | – | 0.0 | 0.0 | 0.0 |
| Net income | −149 | −168 | −236 | −317 | −446 |
| Diluted EPS | −2.93 | −3.23 | −3.95 | −3.37 | −3.47 |
| Diluted shares | 50.9 | – | – | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 201 | 172 | 122 | 435 | 893 |
| Current assets | 382 | 266 | 129 | 659 | 1,127 |
| Net PP&E | 4.7 | 5.9 | 4.8 | 5.4 | 24.0 |
| Total assets | 426 | 306 | 165 | 691 | 1,187 |
| Payables | 4.0 | 5.3 | 22.9 | 6.6 | 8.1 |
| Current liabilities | 28.7 | 28.1 | 51.1 | 42.3 | 50.6 |
| Long-term debt | – | – | – | 0.0 | 149 |
| Total liabilities | 57.5 | 54.0 | 73.8 | 61.4 | 215 |
| Shareholders' equity | 368 | 252 | 91.3 | 630 | 972 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −120 | −154 | −188 | −292 | −403 |
| Capital expenditure | 3.6 | 3.1 | 0.7 | 2.4 | 1.9 |
| Free cash flow | −123 | −157 | −189 | −295 | −405 |
| Depreciation & amortisation | 1.1 | 1.7 | 1.7 | 1.7 | 2.0 |
| Stock-based compensation | 17.5 | 15.2 | 20.0 | 45.9 | 45.9 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Return on equityBlank when equity is negative | −40.5% | −66.6% | −258.4% | −50.4% | −45.9% |
| ROCEEBIT ÷ (assets − current liabilities) | −37.8% | −61.4% | −212.4% | −53.0% | −41.2% |
| Cash conversion (CFO ÷ net income) | 0.80x | 0.91x | 0.80x | 0.92x | 0.90x |
| Debt ÷ equity | – | – | – | 0.00x | 0.15x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | – | – | −435 | −744 |
| Current ratio | 13.3x | 9.46x | 2.53x | 15.6x | 22.3x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.