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Post by peppy on Nov 9, 2016 15:32:30 GMT -5
This post is to show most of the revenues were deferred prior. Shown Q2 with Revenue Q2 deferred. Deferred sales from collaboration.
revenues can now be realized
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Post by derek2 on Nov 9, 2016 17:08:05 GMT -5
Holy smokes! $30M cash from SNY _and_ forgiveness of debt!
Now able to sell Valencia for $25M or so Amphastar agreement renegotiated - cut in half and no payment due for another year.
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Post by Deleted on Nov 9, 2016 17:17:30 GMT -5
Wow I am going to make a fortune on my options. This has to rip its face off tomorrow.
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Post by derek2 on Nov 9, 2016 17:25:09 GMT -5
Details regarding the payments / agreement changes:
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Post by Deleted on Nov 9, 2016 17:32:02 GMT -5
Is their website down? I got kicked off the call. This might be getting flooded with traffic
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Post by MnkdWASmyRtrmntPlan on Nov 9, 2016 17:34:26 GMT -5
Is their website down? I got kicked off the call. This might be getting flooded with traffic No, it's working. I had problems at first, but it has been working since.
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Post by MnkdWASmyRtrmntPlan on Nov 9, 2016 17:39:43 GMT -5
Yea! Piloting DTC Comercials in 1st half 2017 but, how to pay for them?
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Post by Deleted on Nov 9, 2016 17:40:13 GMT -5
Yea I cant get it to load. Too many people must be trying to get on
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Post by rockstarrick on Nov 9, 2016 17:55:30 GMT -5
Is their website down? I got kicked off the call. This might be getting flooded with traffic i had to refresh my browser fyi
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Post by Deleted on Nov 9, 2016 18:00:32 GMT -5
Is their website down? I got kicked off the call. This might be getting flooded with traffic i had to refresh my browser fyi Thanks Rick. I refreshed and tried using three different browsers. That would mean their site is getting flooded with traffic because people want to hear the call
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Post by MnkdWASmyRtrmntPlan on Nov 9, 2016 18:29:03 GMT -5
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Post by BlueCat on Nov 9, 2016 18:46:30 GMT -5
Thanks all for some highlights and the replay link. Can't get to it til later, but looks like there was some good stuff on there.
Q still here, staying tuned ....
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Post by therealisaching on Nov 9, 2016 19:28:35 GMT -5
The loan facility with Sanofi is still on the books at $71.2 million. That has to be repaid eventually and I don't see that going away. As to the question posed by therealisaching, the difference between $573K and $1.6M is probably a few things. Firstly, IMS and Symphony report RETAIL sales of drugs while Mannkind reports WHOLESALE amounts. To the extent that pharmacies and distributors still had Sanofi labelled product on the shelves, these would show up as retail sales but Sanofi is the one that booked the wholesale transaction. Likewise, the retail prices reported by Symphony include the markups from the pharmacy and distributors, but Mannkind reports the wholesale price to the first participant in the supply chain. The other difference is what is known as the gross to net adjustment. This is a very complex area of accounting in the industry, but suffice it to say that retail prices shown by Symphony can differ substantially from the revenues reported for GAAP accounting. A lot of people on this forum have been cheering use of the "co-pay cards", but those are just a mechanism to discount the drug, and Mannkind is the one who incurs the economic penalty of the discount. Co-pay cards help the patient reduce their drug cost, but the card is a direct dollar-for-dollar hit to Mannkind's revenue and cash flow. Similarly, if an insurance plan agrees to cover Afrezza chances are that they will not be paying the full retail price, but some lower amount. Symphony reports the retail sale, but the insurance company is made whole for the negotiated price by a rebate paid at the end of the quarter which is deducted from Mannkind's gross wholesale transactions to arrive at net sales reported to the SEC. Most drug companies have entire departments dedicated to calculating the rebates due insurance companies and pharmacy benefit managers; it gets that complicated. The rebates are how larger drug companies make sure that their drugs are on Tier 1 formularies which the competitors are on Tiers 2, 3, or 4. If, for example, a PBM has an exclusive deal to carry only Lilly or Novo insulins on Tier 1 then Lilly and Novo enforce that buy paying out the rebate only if the PBM delivers something like 95% of all insulin scripts during the year. Since the PBMs make most of their money off the rebates, that is why they enforce the formulary restrictions so strictly. Mike C clarified my question on the cc. Part of the reason why the weekly sales per symphony were $1.6 mm vs the $573k in revenue reported is that they were still moving Sanofi ndc product. There was a slide that showed MNKD branded product was 10% of sales in July, 49% in aug and 78% in September.
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Post by gtay87 on Nov 9, 2016 20:57:37 GMT -5
I do not understand what happened to the 161 million dollars recorded now as "net revenue -- collaboration." Where did that money go? Shouldn't it show up on the balance sheet somewhere? They don't appear to have ever spent any. It doesn't appear to have been used to solve the debt problem that arose last August. Then they raised 30 million or so with the TASE listing plus the 50 million from the May offering. It seems like they should be floating on a sea of cash at this point. Is it just some sort of consequence due to an accounting rule?
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Post by liane on Nov 9, 2016 21:16:04 GMT -5
Try saving your Word doc as a picture. Then, using the full reply mode here (upper right reply button, not the lower left quick reply button), click on "Add Attachment" to find and select your picture.
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