EXHIBIT 99.1
ITEM 6. SELECTED CONSOLIDATED FINANCIAL DATA
As further discussed in Note B, Summary of Significant Accounting Policies, and Note T, Adoption of FSP APB 14-1 to the consolidated financial statements, the consolidated financial statements for each period presented have been adjusted for the retrospective application of Financial Accounting Standards Board Staff Position No. APB 14-1, “Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement) (“FSP APB 14-1”).
Years Ended December 31, | ||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||
(In thousands, except per share and ratio data) | ||||||||||||||||||||
Statement of Operations Data: | ||||||||||||||||||||
Revenue — research and development contracts | $ | 48,422 | $ | 41,851 | $ | 25,755 | $ | 19,113 | $ | 3,831 | ||||||||||
Costs and expenses: | ||||||||||||||||||||
Research and development | 243,257 | 246,293 | 209,515 | 228,717 | 219,549 | |||||||||||||||
General and administrative | 60,865 | 55,874 | 53,101 | 42,066 | 35,728 | |||||||||||||||
Lease termination and restructuring charges (credits) | — | (3,673 | ) | 29,510 | — | 15,408 | ||||||||||||||
Total costs and expenses | 304,122 | 298,494 | 292,126 | 270,783 | 270,685 | |||||||||||||||
Income (loss) from operations | (255,700 | ) | (256,643 | ) | (266,371 | ) | (251,670 | ) | (266,854 | ) | ||||||||||
Investment income | 23,487 | 32,988 | 27,131 | 24,218 | 40,298 | |||||||||||||||
Interest expense | (62,912 | ) | (60,716 | ) | (39,606 | ) | (17,199 | ) | (19,683 | ) | ||||||||||
Charge for impaired investments | (6,284 | ) | — | — | — | — | ||||||||||||||
Gain on sale of long-term equity investments | 32,518 | — | 14,759 | 1,302 | 255 | |||||||||||||||
Gain (loss) on extinguishment of debt | — | — | — | (1,204 | ) | 2,433 | ||||||||||||||
Income (loss) before taxes | (268,891 | ) | (284,371 | ) | (264,087 | ) | (244,553 | ) | (243,551 | ) | ||||||||||
Provision for income taxes | — | — | — | — | — | |||||||||||||||
Net income (loss) | $ | (268,891 | ) | $ | (284,371 | ) | $ | (264,087 | ) | $ | (244,553 | ) | $ | (243,551 | ) | |||||
Net income (loss) per share, basic and diluted | $ | (1.99 | ) | $ | (2.12 | ) | $ | (2.00 | ) | $ | (1.87 | ) | $ | (1.87 | ) | |||||
Other Data: | ||||||||||||||||||||
Ratio of earnings to fixed charges | — | — | — | — | — | |||||||||||||||
Coverage deficiency | $ | (268,891 | ) | $ | (284,371 | ) | $ | (264,087 | ) | $ | (244,553 | ) | $ | (243,551 | ) |
ITEM 6. SELECTED CONSOLIDATED FINANCIAL DATA, CONTINUED
As of December 31, | ||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Balance Sheet Data: | �� | |||||||||||||||||||
Cash, cash equivalents, short-term investments, marketable securities and restricted investments(1) | $ | 372,939 | $ | 603,840 | $ | 763,084 | $ | 646,220 | $ | 952,686 | ||||||||||
Total assets(2) | 686,832 | 961,566 | 1,161,922 | 1,001,963 | 1,248,358 | |||||||||||||||
Total debt and lease financing, less current portion(2) | 664,074 | 637,513 | 612,811 | 351,034 | 419,286 | |||||||||||||||
Accumulated deficit | (2,192,325 | ) | (1,923,434 | ) | (1,639,063 | ) | (1,374,322 | ) | (1,130,422 | ) | ||||||||||
Total stockholders’ equity (deficit) | (136,304 | ) | 117,145 | 364,892 | 580,849 | 740,865 |
(1) | “Cash, cash equivalents, short-term investments, marketable securities and restricted investments” for 2008, 2007, 2006, 2005 and 2004 includes $69,360, $70,931, $61,165, $220,171 and $215,236 respectively, of restricted investments relating to certain leases. | |
(2) | “Total assets” for 2008, 2007, 2006, 2005 and 2004 includes $69,360, $70,931, $61,165, $220,171 and $215,236 respectively, of restricted investments relating to certain leases. “Total debt and lease financing, less current portion” for 2008, 2007, 2006, 2005 and 2004 does not include any operating lease obligations under various facility and equipment lease arrangements. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources” for additional discussion. |