Aralez Pharmaceuticals released their financial results for the first quarter of 2017.
- First Quarter Financial Results
- Revenues of $2.109 Billion
- GAAP Net Income of $628 Million
- GAAP Cash Flow from Operations of $954 Million
- Adjusted EBITDA (non-GAAP) of $861 Million
- Adjusted Net Income (non-GAAP) of $273 Million
- Reduced Debt by $1.3 Billion in the quarter
- Raising 2017 Full Year Adjusted EBITDA Guidance Range
The Company also highlighted certain recent corporate and commercial achievements. All figures are in U.S. dollars.
“We are pleased to report a solid first quarter of 2017, together with important updates to our business addressing a number of the challenges we face,” said Adrian Adams, Chief Executive Officer of Aralez. “We are making a bold and significant change to our pricing strategy for Yosprala® aimed at allowing all patients to access the product for only $10.00 per month. In addition, we continue to implement our cost savings plan to further improve our cost structure and balance sheet to maximize and preserve our financial flexibility. Our updated financial guidance for 2017 reflects our commitment to reaching break-even on an Adjusted EBITDA basis this year. We also continue to opportunistically look at business development opportunities with a strong focus on value creating and transformative M&A with the goal of enhancing shareholder value.”