Item 2.02 Results of Operations and Financial Condition
In connection with a presentation to be made at an investor conference on
Full Year 2022 Financial Guidance Net revenue$2.15 billion -$2.25 billion Adjusted EBITDA (1)$500 million -$520 million Adjusted diluted EPS (2)$0.65 -$0.70 Operating cash flow (3)$200 million -$225 million Capital expenditures$65 million -$75 million
Weighted average diluted shares outstanding (4) Approximately 305 million
(1) Includes 100% of EBITDA from the
quarter of 2022, the Company no longer excludes research and development
("R&D") milestone expense from its non-GAAP financial measures.
(2) Accounts for 35% non-controlling interest in
quarter of 2022, the Company no longer excludes R&D milestone expense from
its non-GAAP financial measures
(3) Represents cash provided by operating activities. Guidance does not
contemplate one time and non-recurring items such as legal settlements and other discrete items. These amounts exclude anticipated cash payments this year of approximately$131 million related to the settlements and preliminary settlements of the Opana ER® antitrust litigation.
(4) Assumes the weighted average diluted shares outstanding of class A and class
B common stock under the if-converted method.
The Company's 2022 estimates are based on management's current expectations,
including with respect to prescription trends, pricing levels, the timing of
future product launches, the costs incurred and benefits realized of
restructuring activities, and our long-term strategy. The Company's financial
statements are prepared in accordance with accounting principles generally
accepted in
The forward-looking statements herein provide projected information based on the
Company's current estimates and expectations and remain subject to change and
finalization based on management's ongoing review of results of the quarter and
completion of all year- and quarter-end close processes. The Company cautions
investors that if the estimates, expectations or assumptions underlying the
forward-looking statements contained herein prove inaccurate or if other risks
or uncertainties arise, actual results could differ materially from those
expressed in, or implied by, these forward-looking statements. Other factors
that could cause actual results to differ materially from the forward-looking
statements contained herein are discussed under the captions "Risk Factors" and
"Management's Discussion and Analysis of Financial Condition and Results of
Operations" in the Company's most recent annual report on Form 10-K filed with
the
Pursuant to General Instruction B.2 of Current Report on Form 8-K, the information contained in, or incorporated into, Item 2.02 and Item 7.01, is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any registration statement or other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference to such filing.
Item 7.01 Regulation FD Disclosure
The disclosure in Item 2.02 hereof is incorporated by reference into this Item 7.01.
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