EXHIBIT 12.1
Ratio of Earnings to Fixed Charges (dollars in thousands, except ratio data) | ||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||
Earnings (Loss): | ||||||||||||||||||||
Earnings (loss) before provision for income taxes | $ | (381,106 | ) | $ | (233,231 | ) | $ | 4,385 | $ | (268,891 | ) | $ | (284,371 | ) | ||||||
Fixed Charges | 79,788 | 78,108 | 77,780 | 82,930 | 80,927 | |||||||||||||||
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Total Earnings (Loss) | $ | (301,318 | ) | $ | (155,123 | ) | $ | 82,165 | $ | (185,961 | ) | $ | (203,444 | ) | ||||||
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Fixed Charges: | ||||||||||||||||||||
Interest expense on indebtedness (including amortization of debt expense and discount) | $ | 62,056 | $ | 59,500 | $ | 58,424 | $ | 62,912 | $ | 60,716 | ||||||||||
Interest expense on portion of rent expense representative of interest | 17,732 | 18,608 | 19,356 | 20,018 | 20,211 | |||||||||||||||
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Total Fixed Charges | $ | 79,788 | $ | 78,108 | $ | 77,780 | $ | 82,930 | $ | 80,927 | ||||||||||
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Ratio of Earnings to Fixed Charges | — | — | 1.06 | — | — | |||||||||||||||
Coverage deficiency(1) (2) (3) | $ | (381,106 | ) | $ | (233,231 | ) | $ | — | $ | (268,891 | ) | $ | (284,371 | ) | ||||||
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(1) | The Company’s Coverage deficiency for 2011 includes a $50,000 upfront license fee payment to FivePrime Therapeutics, Inc., which is reflected in research and development expenses in the consolidated statement of operations. |
(2) | The Company’s Ratio of Earnings to Fixed Charges for 2009 includes a gain on extinguishment of debt of $38,873, a gain on sale of an equity investment of $5,259 and reflects revenues received in connection with the delivery of raxibacumab to the Strategic National Stockpile. These amounts should not be considered indicative of the Company’s future performance. |
(3) | The Company’s Coverage deficiency for 2008 includes a gain on the sale of an equity investment of $32,518 partially offset by a charge for impaired investment of $6,284. |