Ginkgo Bioworks Reports Second Quarter 2022 Financial Results

$145 million of Total revenue in Q2 2022, representing 231% growth over Q2 2021

13 new Cell Programs added in Q2 2022, representing 86% growth over Q2 2021

Pending acquisitions of Zymergen and Bayer's West Sacramento agricultural biologicals capabilities expected to enable new growth opportunities in the coming years

Approximately $1.4 billion cash balance provides continued multi-year runway as Ginkgo drives towards profitability

BOSTON , Aug. 15, 2022 /PRNewswire/ -- Ginkgo Bioworks Holdings, Inc. (NYSE: DNA) ("Ginkgo"), the leading horizontal platform for cell programming, today announced its results for the second quarter ended June 30, 2022 . The update, including a webcast slide presentation with additional details on the second quarter and supplemental financial information, will be available at investors.ginkgobioworks.com .

"We delivered a strong quarter across both our cell programming and biosecurity businesses," said Jason Kelly , co-founder and CEO of Ginkgo. "We added 13 new Cell Programs and more than doubled our second-quarter Foundry revenue year-over-year. We executed well on our biosecurity business through the remainder of the school year and are seeing traction across this business with longer-term, diversified biosecurity opportunities, including being awarded a new contract from the CDC to continue our pathogen monitoring work in airports. We are excited about our recently announced transactions with Zymergen and Bayer, which we expect to significantly improve our platform and drive future value. Our strong cash balance of approximately $1.4 billion affords us the ability to play offense when compelling opportunities arise, while we remain focused on our cash runway and can consider multiple levers as we drive towards profitability."

Recent Business Highlights & Strategic Positioning

Generated Foundry revenue of $44 million in Q2 2022, representing 105% growth over the comparable prior year period, including a previously announced equity milestone from the successful completion of the third productivity target in our collaboration with Cronos Group Inc.
Added 13 new Cell Programs to the Foundry platform in Q2 2022, representing 86% growth over the comparable prior year period
Concentric by Ginkgo, Ginkgo's biosecurity and public health offering, had another strong quarter, producing $100 million in revenue in Q2 2022

Concentric was recently awarded the contract to continue CDC's traveler-based SARS-CoV-2 genomic surveillance program, which we expect will expand inbound pathogen monitoring at ports of entry, building on our partnership over the last year with XpresCheck

On July 24, 2022 , Ginkgo entered into a definitive agreement to acquire Zymergen in an all-stock transaction

The merger is expected to improve the capacity, capabilities, and efficiency of Ginkgo's platform for its diverse customer base and enable new growth opportunities across many end markets
The transaction is expected to close by Q1 2023, subject to approval by Zymergen's stockholders, receipt of regulatory approvals, and satisfaction or waiver of other closing conditions

Also on July 24, 2022 , Ginkgo entered into a definitive agreement to acquire Bayer's West Sacramento agricultural biologicals R&D facility

As part of the transaction, Bayer will be entering into a multi-year partnership with Ginkgo, representing Ginkgo's largest ever cell programming contract (in terms of R&D service fees) and with the potential to earn downstream value in the form of royalties on net sales from products developed under the partnership
The transaction is expected to close in Q4 2022, subject to regulatory approvals and customary closing conditions

Added Dr. Kathy Hopinkah Hannan to the Ginkgo Board of Directors

Dr. Hannan brings over thirty years of experience as a senior C-Suite executive, corporate advisor, independent board director and strategist leading significant operations and high priority initiatives

Second Quarter 2022 Financial Highlights

Second quarter 2022 Total revenue of $145 million , up from $44 million in the comparable prior year period, an increase of 231%
Second quarter 2022 Foundry revenue of $44 million , up from $22 million in the comparable prior year period, an increase of 105%. Second quarter 2022 Foundry revenue included downstream value share revenue related to the equity milestone achievement by Cronos Group Inc.
Second quarter 2022 Biosecurity revenue of $100 million with a gross profit margin of 36%
Second quarter 2022 Loss from operations of $(647) million (inclusive of stock-based compensation expense of $607 million ), compared to Loss from operations of $(60) million in the comparable prior year period. The stock-based compensation expense primarily relates to the continued GAAP accounting for the modification of restricted stock units issued prior to becoming a public company, as disclosed in our annual report on Form 10-K filed with the SEC on March 29, 2022
Second quarter 2022 Adjusted EBITDA of $(23) million , improved from $(38) million in the comparable prior year period
Cash and cash equivalents balance as of the end of the second quarter of approximately $1.4 billion puts Ginkgo in a strong financial position to pursue its strategic objectives

Full Year 2022 Guidance

Ginkgo continues to expect to add 60 new Cell Programs to the Foundry platform in 2022
Ginkgo further revised its expectation for Total revenue from $375 – $390 million to $425 –$440 million in 2022
Ginkgo continues to expect Foundry revenue of $165 – $180 million in 2022
While Biosecurity remains an uncertain business, based on strong year-to-date performance Ginkgo now expects Biosecurity revenue in 2022 of at least $260 million

Conference Call Details

Ginkgo will host a videoconference today, Monday, August 15, 2022 , beginning at 4:30 p.m. ET . The presentation will include an overview of the second quarter financial performance, recent business updates, a discussion on Ginkgo's outlook, as well as a moderated question and answer session.

To ask a question ahead of the presentation, please submit your questions to @Ginkgo on Twitter (hashtag #GinkgoResults) or by sending an e-mail to investors@ginkgobioworks.com .

A webcast link is available on Ginkgo's Investor Relations website and a replay will be made available following the presentation.

Ginkgo Investor Website: https://investors.ginkgobioworks.com/events/

Audio-Only Dial Ins:
+1 646 876 9923 ( New York )
+1 301 715 8592 ( Washington DC )
+1 312 626 6799 ( Chicago )
+1 669 900 6833 ( San Jose )
+1 253 215 8782 (Tacoma)
+1 346 248 7799 ( Houston )
+1 408 638 0968 ( San Jose )

Webinar ID: 924 3540 6075

If you experience technical difficulties with any of these dial-ins or if you need international dial-in numbers, please visit our web site at https://investors.ginkgobioworks.com/events/ for updated dial-in information.

About Ginkgo Bioworks

Ginkgo is building a platform to enable customers to program cells as easily as we can program computers. The company's platform is enabling biotechnology applications across diverse markets, from food and agriculture to industrial chemicals to pharmaceuticals. Ginkgo has also actively supported a number of COVID-19 response efforts, including K-12 pooled testing, vaccine manufacturing optimization, and therapeutics discovery. For more information, visit www.ginkgobioworks.com .

Forward-Looking Statements of Ginkgo Bioworks

This press release, the presentation, and the conference call and webcast contain certain forward-looking statements within the meaning of the federal securities laws, including statements regarding our plans, strategies, current expectations, operations and anticipated results of operations, both business and financial, all of which are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, market trends, or industry results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements generally are identified by the words "believe," "can," "project," "potential," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to: (i) the effect of Ginkgo's business combination with Soaring Eagle Acquisition Corp. ("Soaring Eagle") on Ginkgo's business relationships, performance, and business generally, (ii) risks that the business combination disrupts current plans of Ginkgo and potential difficulties in Ginkgo's employee retention, (iii) the outcome of any legal proceedings that may be instituted against Ginkgo related to its business combination with Soaring Eagle, (iv) volatility in the price of Ginkgo's securities now that it is a public company due to a variety of factors, including changes in the competitive and highly regulated industries in which Ginkgo operates and plans to operate, variations in performance across competitors, changes in laws and regulations affecting Ginkgo's business, changes in the combined capital structure and expectations associated with increases in the number of shares available for sale, (v) the ability to implement business plans, forecasts, and other expectations after the completion of the business combination, and ability to identify and realize additional opportunities, (vi) the risk of downturns in demand for products using synthetic biology, (vii) the unpredictability of the duration of the COVID-19 pandemic and the demand for COVID-19 testing and the commercial viability of our COVID-19 testing business, (viii) changes to the biosecurity industry, including due to advancements in technology, emerging competition and evolution in industry demands, standards and regulations, and (ix) our ability to close and realize the expected benefits of pending merger and acquisition transactions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the "Risk Factors" section of Ginkgo's most recent quarterly report on Form 10-Q filed with the U.S. Securities and Exchange Commission (the "SEC"), and other documents filed by Ginkgo from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Ginkgo assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Ginkgo does not give any assurance that it will achieve its expectations.

Use of Non-GAAP Financial Measures

Certain of the financial measures included in this release, including Adjusted EBITDA, have not been prepared in accordance with generally accepted accounting principles ("GAAP"), and constitute "non-GAAP financial measures" as defined by the SEC. Ginkgo has included these non-GAAP financial measures because it believes they provide an additional tool for investors to use in evaluating Ginkgo's financial performance and prospects. Due to the nature and/or size of the items being excluded, such items do not reflect future gains, losses, expenses or benefits and are not indicative of our future operating performance. These non-GAAP financial measures are supplemental to, should not be considered in isolation from, or as an alternative to, financial measures determined in accordance with GAAP. In addition, these non-GAAP financial measures may differ from non-GAAP financial measures with comparable names used by other companies. See the reconciliation below for additional information regarding certain of the non-GAAP financial measures included in this release, including a description of these non-GAAP financial measures and a reconciliation of the historic measures to Ginkgo's most comparable GAAP financial measures.

Ginkgo Bioworks Contacts:

INVESTOR CONTACT:
investors@ginkgobioworks.com

MEDIA CONTACT:
press@ginkgobioworks.com

Ginkgo Bioworks Holdings, Inc.
Condensed Consolidated Balance Sheets
(in thousands, except per share data, unaudited)

	As of June 30,	As of December 31,
	2022	2021
Assets
Current assets:
Cash and cash equivalents	$1,377,152	$1,550,004
Accounts receivable, net	171,624	131,544
Accounts receivable - related parties	3,253	4,598
Inventory, net	8,102	3,362
Prepaid expenses and other current assets	38,717	33,537
Total current assets	1,598,848	1,723,045
Property and equipment, net	176,221	145,770
Investments	89,068	102,037
Equity method investments	6,914	13,194
Intangible assets, net	39,180	21,642
Goodwill	30,973	21,312
Other non-current assets	53,015	43,990
Total assets	$1,994,219	$2,070,990
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$19,459	$8,189
Deferred revenue	45,504	33,240
Accrued expenses and other current liabilities	70,059	93,332
Total current liabilities	135,022	134,761
Non-current liabilities:
Deferred rent, net of current portion	20,214	18,746
Deferred revenue, net of current portion	156,981	155,991
Lease financing obligation	51,545	22,283
Warrant liabilities	27,294	135,838
Other non-current liabilities	36,107	35,992
Total liabilities	427,163	503,611
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.0001 par value	—	—
Common stock, $0.0001 par value	164	161
Additional paid-in capital	5,098,018	3,804,844
Accumulated deficit	(3,557,255)	(2,297,925)
Accumulated other comprehensive loss	(5,496)	(1,715)
Total Ginkgo Bioworks Holdings, Inc. stockholders' equity	1,535,431	1,505,365
Non-controlling interest	31,625	62,014
Total stockholders' equity	1,567,056	1,567,379
Total liabilities and stockholders' equity	$1,994,219	$2,070,990

Ginkgo Bioworks Holdings, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(in thousands, except share and per share data, unaudited)

	Three Months Ended June 30,		Six Months Ended June 30,
	2022	2021	2022	2021
Foundry revenue	$44,242	$21,592	$65,730	$44,096
Biosecurity revenue:
Product	3,887	355	17,834	6,130
Service	96,489	21,689	229,459	37,507
Total revenue	144,618	43,636	313,023	87,733
Costs and operating expenses:
Cost of Biosecurity product revenue	2,444	1,820	10,539	11,755
Cost of Biosecurity service revenue	61,467	15,290	138,804	29,055
Research and development ⁽¹⁾	289,188	52,031	611,908	111,616
General and administrative ⁽¹⁾	438,427	34,440	873,195	52,367
Total operating expenses	791,526	103,581	1,634,446	204,793
Loss from operations	(646,908)	(59,945)	(1,321,423)	(117,060)
Other (expense) income:
Interest income (expense), net	1,674	(478)	1,277	(953)
Loss on equity method investments	(10,166)	(4,346)	(31,053)	(32,970)
(Loss) gain on investments	(38,673)	2,755	(38,223)	15,377
Change in fair value of warrant liabilities	23,509	—	108,544	—
Gain on deconsolidation of subsidiary	—	—	15,900	—
Other (expense) income, net	(51)	7,119	1,586	5,774
Total other (expense) income, net	(23,707)	5,050	58,031	(12,772)
Loss before income taxes	(670,615)	(54,895)	(1,263,392)	(129,832)
Income tax benefit	(45)	(431)	(229)	(590)
Net loss	(670,570)	(54,464)	(1,263,163)	(129,242)
Net loss attributable to non-controlling interest	(1,745)	(523)	(3,833)	(1,732)
Net loss attributable to Ginkgo Bioworks Holdings, Inc. stockholders	$(668,825)	$(53,941)	$(1,259,330)	$(127,510)
Net loss per share attributable to Ginkgo Bioworks Holdings, Inc. common stockholders, basic and diluted	$(0.41)	$(0.04)	$(0.78)	$(0.10)
Weighted average common shares outstanding, basic and diluted	1,620,703,542	1,292,538,294	1,614,138,189	1,291,416,874
Comprehensive loss:
Net loss	$(670,570)	$(54,464)	$(1,263,163)	$(129,242)
Other comprehensive loss:
Foreign currency translation adjustment	(3,141)	—	(3,781)	—
Total other comprehensive loss	(3,141)	—	(3,781)	—
Comprehensive loss	$(673,711)	$(54,464)	$(1,266,944)	$(129,242)

(1) In the first half of 2022, R&D and G&A expenses included a significant charge to stock-based compensation expense as a result of the modification of the vesting terms of restricted stock units and all related earnout shares. Total stock-based compensation expense, inclusive of $0.8 million and $7.0 million in employer payroll taxes for the three and six months ended June 30, 2022, respectively, was as follows:

	Three Months Ended June 30,		Six Months Ended June 30,
(in thousands)	2022	2021	2022	2021
Research and development	$217,291	$22	$483,631	$40
General and administrative	389,979	14,497	782,674	14,597
Total	$607,270	$14,519	$1,266,305	$14,637

Ginkgo Bioworks Holdings, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands, unaudited)
	Six Months Ended June 30,
	2022	2021
Cash flows from operating activities:
Net loss	$ (1,263,163)	$ (129,242)
Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization	19,096	12,794
Stock-based compensation	1,259,336	14,637
Loss on equity method investments	31,053	32,970
Loss (gain) on investments	38,223	(15,377)
Non-cash customer consideration	(18,139)	—
Change in fair value of loans receivable	292	(4,384)
Change in fair value of warrant liabilities	(108,544)	—
Gain on deconsolidation of subsidiary	(15,900)	—
In-process research and development	1,162	—
Other non-cash activity	510	—
Changes in operating assets and liabilities:
Accounts receivable	(38,598)	(6,479)
Prepaid expenses and other current assets	4,973	4,854
Inventory	(4,740)	20
Other non-current assets	(419)	(55)
Accounts payable	10,650	(7,321)
Accrued expenses and other current liabilities	(12,758)	19,139
Deferred revenue, current and non-current	(19,708)	(6,067)
Deferred rent, non-current	1,468	914
Other non-current liabilities	(3,989)	555
Net cash used in operating activities	(119,195)	(83,042)
Cash flows from investing activities:
Cash acquired in acquisition	1,440	—
Purchase of convertible note	(6,500)	—
Purchases of property and equipment	(13,153)	(45,969)
Purchase of marketable equity securities	(3,691)	—
Deconsolidation of subsidiary - cash	(28,772)	—
Prepayment for business acquisition	—	(1,210)
Other	28	202
Net cash used in investing activities	(50,648)	(46,977)
Cash flows from financing activities:
Proceeds from exercise of stock options	76	39
Taxes paid related to net share settlement of equity awards	(981)	—
Principal payments on capital leases and lease financing obligation	(720)	(448)
Contingent consideration payment	(521)	—
Payment of deferred offering costs	—	(2,147)
Net cash used in financing activities	(2,146)	(2,556)
Effect of foreign exchange rates on cash and cash equivalents	(104)	—
Net decrease in cash, cash equivalents and restricted cash	(172,093)	(132,575)

Cash and cash equivalents, beginning of period	1,550,004	380,801
Restricted cash, beginning of period	42,924	5,076
Cash, cash equivalents and restricted cash, beginning of period	1,592,928	385,877

Cash and cash equivalents, end of period	1,377,152	235,893
Restricted cash, end of period	43,683	17,409
Cash, cash equivalents and restricted cash, end of period	$ 1,420,835	$253,302

Ginkgo Bioworks Holdings, Inc.
Selected Non-GAAP Financial Measures
(in thousands, unaudited)

	Three Months Ended June 30,		Six Months Ended June 30,
	2022	2021	2022	2021
Net loss attributable to Ginkgo Bioworks Holdings, Inc. stockholders	$ (668,825)	$ (53,941)	$(1,259,330)	$ (127,510)
Interest (income) expense, net	(1,674)	478	(1,277)	953
Income tax benefit	(45)	(431)	(229)	(590)
Depreciation and amortization	9,608	7,165	19,096	12,794
EBITDA	(660,936)	(46,729)	(1,241,740)	(114,353)
Stock-based compensation ⁽¹⁾	607,270	14,519	1,266,305	14,637
Loss on equity method investments ⁽²⁾	9,952	3,823	30,216	31,238
Loss (gain) on investments	38,673	(2,755)	38,223	(15,377)
Change in fair value of warrant liabilities	(23,509)	—	(108,544)	—
Gain on deconsolidation of subsidiary	—	—	(15,900)	—
Merger and acquisition related expenses ⁽³⁾	2,716	—	6,562	—
In-process research and development ⁽⁴⁾	1,605	—	1,605	—
Other ⁽⁵⁾	906	(6,406)	332	(4,831)
Adjusted EBITDA	$ (23,323)	$ (37,548)	$ (22,941)	$ (88,686)

(1) For the three and six months ended June 30, 2022, includes employer payroll taxes of $0.8 million and $7.0 million, respectively.
(2) Represents losses on equity method investments under the hypothetical liquidation at book value method, net of losses attributable to non- controlling interests.
(3) Represents transaction and integration costs directly related to mergers and acquisitions including (i) due diligence, legal and other professional fees associated with acquisitions and (ii) the fair value adjustments to contingent consideration liabilities resulting from acquisitions. In the second quarter of 2022, we redefined Adjusted EBITDA to exclude the impact of merger and acquisition related expenses. We elected to recast our previous first quarter 2022 Adjusted EBITDA calculation to exclude these costs and conform to the new presentation.
(4) Represents acquired intangible assets expensed to research and development associated with an asset acquisition.
(5) For the three and six months ended June 30, 2022, includes change in fair value of Access Bio Convertible Notes. For the three and six months ended June 30, 2021, includes change in fair value of Access Bio Convertible Notes and gain related to a settlement payment.

Ginkgo Bioworks Holdings, Inc.
Segment Information
(in thousands, unaudited)

	Three Months Ended June 30,		Six Months Ended June 30,
	2022	2021	2022	2021
Revenue:
Foundry	$ 44,242	$ 21,592	$ 65,730	$ 44,096
Biosecurity	100,376	22,044	247,293	43,637
Total revenue	144,618	43,636	313,023	87,733
Segment cost of revenue:
Biosecurity	63,911	17,110	149,343	40,810
Segment research and development expense:
Foundry	62,779	40,828	110,068	71,722
Biosecurity	443	4,374	960	27,777
Total segment research and development expense	63,222	45,202	111,028	99,499
Segment general and administrative expense:
Foundry	36,601	14,722	63,294	27,877
Biosecurity	12,409	5,084	25,644	9,619
Total segment general and administrative expense	49,010	19,806	88,938	37,496
Segment operating income (loss):
Foundry	(55,138)	(33,958)	(107,632)	(55,503)
Biosecurity	23,613	(4,524)	71,346	(34,569)
Total segment operating income (loss)	(31,525)	(38,482)	(36,286)	(90,072)
Operating expenses not allocated to segments:
Stock-based compensation ⁽¹⁾	607,270	14,519	1,266,305	14,637
Depreciation and amortization	9,326	6,944	18,532	12,351
Change in fair value of contingent consideration liability	(1,213)	—	300	—
Loss from operations	$ (646,908)	$ (59,945)	$(1,321,423)	$ (117,060)

(1) Includes $0.8 million and $7.0 million in employer payroll taxes for the three and six months ended June 30, 2022, respectively.

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Execution of Variation to Facility Agreement with PURE Asset Management, Company to Seek a Sale Transaction

Hydration solutions company The Hydration Pharmaceuticals Company Limited (ASX: HPC) (Hydralyte North America or the Company) advises that today it has signed a variation to its facility agreement with boutique asset manager and existing substantial shareholder PURE Asset Management Pty Ltd as trustee for The Income and Growth Fund (PURE or PURE Asset Management) as previously announced to the market on 17 October 2022 (Original PURE Facility).

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$ in millions, except EPS amounts	First Quarter
$ in millions, except EPS amounts	2023	2022	Change	Change Ex- Exchange
Sales	$14,487	$15,901	-9%	-5%
GAAP net income ¹	2,821	4,310	-35%	-29%
Non-GAAP net income that excludes certain items ^1,2*	3,564	5,429	-34%	-30%
GAAP EPS	1.11	1.70	-35%	-30%
Non-GAAP EPS that excludes certain items ^2*	1.40	2.14	-35%	-30%
*Refer to table on page 10.

	First Quarter
$ in millions	2023	2022	Change	Change Ex- Exchange
Total Sales	$14,487	$15,901	-9%	-5%
Pharmaceutical	12,721	14,107	-10%	-6%
KEYTRUDA	5,795	4,809	20%	24%
GARDASIL / GARDASIL 9	1,972	1,460	35%	43%
JANUVIA / JANUMET	880	1,233	-29%	-25%
PROQUAD, M-M-R II and VARIVAX	528	470	12%	14%
BRIDION	487	395	23%	27%
LAGEVRIO	392	3,247	-88%	-87%
ROTATEQ	297	216	38%	42%
Lynparza*	275	266	3%	8%
Lenvima*	232	227	2%	5%
SIMPONI	180	186	-3%	2%
Animal Health	1,491	1,482	1%	5%
Livestock	849	832	2%	8%
Companion Animals	642	650	-1%	2%
Other Revenues**	275	312	-12%	-22%
*Alliance revenue for this product represents Merck's share of profits, which are product sales net of cost of sales and commercialization costs.
**Other revenues are comprised primarily of revenues from third-party manufacturing arrangements and miscellaneous corporate revenues, including revenue-hedging activities.

$ in millions	GAAP	Acquisition- and Divestiture-Related Costs ⁴	Restructuring Costs	(Income) Loss From Investments in Equity Securities	Certain Other Items	Non-GAAP ²
First Quarter 2023
Cost of sales	$3,926	$545	$29	$-	$-	$3,352
Selling, general and administrative	2,479	20	1	-	-	2,458
Research and development	4,276	10	-	-	-	4,266
Restructuring costs	67	-	67	-	-	-
Other (income) expense, net	89	15	-	(429)	573	(70)

First Quarter 2022
Cost of sales	$5,380	$680	$46	$-	$-	$4,654
Selling, general and administrative	2,323	50	21	-	-	2,252
Research and development	2,576	22	7	-	-	2,547
Restructuring costs	53	-	53	-	-	-
Other (income) expense, net	708	(115)	-	684	-	139

	First Quarter
$ in millions, except EPS amounts	2023	2022
EPS
GAAP EPS	$1.11	$1.70
Difference	0.29	0.44
Non-GAAP EPS that excludes items listed below ²	$1.40	$2.14

Net Income
GAAP net income ¹	$2,821	$4,310
Difference	743	1,119
Non-GAAP net income that excludes items listed below ^1,2	$3,564	$5,429

Decrease (Increase) in Net Income Due to Excluded Items:
Acquisition- and divestiture-related costs ⁴	$590	$637
Restructuring costs	97	127
(Income) loss from investments in equity securities	(429)	684
Charge for Zetia antitrust litigation settlements	573	-
Net decrease (increase) in income before taxes	831	1,448
Estimated income tax (benefit) expense	(88)	(329)
Decrease (increase) in net income	$743	$1,119

	GAAP	Non-GAAP ²
Sales*	$57.7 to $58.9 billion	$57.7 to $58.9 billion
Gross margin	Approximately 73%	Approximately 77%
Operating expenses**	$23.5 to $24.3 billion	$23.3 to $24.1 billion
Effective tax rate	17% to 18%	17% to 18%
EPS***	$5.85 to $5.97	$6.88 to $7.00
*Includes approximately $1.0 billion of LAGEVRIO sales. The company does not have any non-GAAP adjustments to sales.
**Includes an aggregate $1.4 billion of R&D expenses related to the Imago acquisition and upfront payment for the license and collaboration agreement with Kelun-Biotech. Outlook does not assume the proposed acquisition of Prometheus or any additional significant potential business development transactions.
***Includes $0.52 of charges related to the Imago acquisition and upfront payment to Kelun-Biotech.
Assumes a share count (assuming dilution) of approximately 2.55 billion shares.

$ in millions, except EPS amounts	Full Year 2023
GAAP EPS	$5.85 to $5.97
Difference	$1.03
Non-GAAP EPS that excludes items listed below ²	$6.88 to $7.00

Acquisition- and divestiture-related costs	$2,500
Restructuring costs	400
(Income) loss from investments in equity securities	(375)
Charge for Zetia antitrust litigation settlements	573
Net decrease (increase) in income before taxes	$3,098
Estimated income tax (benefit) expense	(470)
Decrease (increase) in net income	$2,628

________________________________
¹		Net income attributable to Merck & Co., Inc.
²		Merck is providing certain 2023 and 2022 non-GAAP information that excludes certain items because of the nature of these items and the impact they have on the analysis of underlying business performance and trends. Management believes that providing this information enhances investors' understanding of the company's results because management uses non-GAAP results to assess performance. Management uses non-GAAP measures internally for planning and forecasting purposes and to measure the performance of the company along with other metrics. In addition, senior management's annual compensation is derived in part using a non-GAAP pre-tax income metric. This information should be considered in addition to, but not as a substitute for or superior to, information prepared in accordance with GAAP. For a description of the non-GAAP adjustments, see Table 2a attached to this release.
³		Registered trademark of Seagen and Agensys.
⁴		Includes expenses for the amortization of intangible assets and purchase accounting adjustments to inventories recognized as a result of acquisitions, intangible asset impairment charges and expense or income related to changes in the estimated fair value measurement of liabilities for contingent consideration. Also includes integration, transaction and certain other costs related to acquisitions and divestitures.

MERCK & CO., INC.
CONSOLIDATED STATEMENT OF INCOME - GAAP
(AMOUNTS IN MILLIONS, EXCEPT PER SHARE FIGURES)
(UNAUDITED)
Table 1

	GAAP						% Change
	GAAP
		1Q23			1Q22
		1Q23			1Q22

Sales	$	14,487		$	15,901		-9	%

Costs, Expenses and Other
Cost of sales		3,926			5,380		-27	%
Selling, general and administrative		2,479			2,323		7	%
Research and development		4,276			2,576		66	%
Restructuring costs		67			53		26	%
Other (income) expense, net		89			708		-87	%
Income Before Taxes		3,650			4,861		-25	%
Income Tax Provision		825			554
Net Income		2,825			4,307		-34	%
Less: Net Income (Loss) Attributable to Noncontrolling Interests		4			(3	)
Net Income Attributable to Merck & Co., Inc.	$	2,821		$	4,310		-35	%

Earnings per Common Share Assuming Dilution	$	1.11		$	1.70		-35	%

Average Shares Outstanding Assuming Dilution		2,551			2,537
Tax Rate		22.6	%		11.4	%

MERCK & CO., INC.
FIRST QUARTER 2023 GAAP TO NON-GAAP RECONCILIATION
(AMOUNTS IN MILLIONS, EXCEPT PER SHARE FIGURES)
(UNAUDITED)
Table 2a


	GAAP			Acquisition and Divestiture-Related Costs ⁽¹⁾				Restructuring Costs ⁽²⁾				(Income) Loss from Investments in Equity Securities				Certain Other Items				Adjustment Subtotal		Non-GAAP

First Quarter
Cost of sales	$	3,926		545				29												574		$	3,352
Selling, general and administrative		2,479		20				1												21			2,458
Research and development		4,276		10																10			4,266
Restructuring costs		67						67												67			-
Other (income) expense, net		89		15								(429	)			573		⁽³	⁾	159			(70	)
Income Before Taxes		3,650		(590	)			(97	)			429				(573	)			(831	)		4,481
Income Tax Provision (Benefit)		825		(105	)	⁽⁴	⁾	(18	)	⁽⁴	⁾	95		⁽⁴	⁾	(60	)	⁽⁴	⁾	(88	)		913
Net Income		2,825		(485	)			(79	)			334				(513	)			(743	)		3,568
Net Income Attributable to Merck & Co., Inc.		2,821		(485	)			(79	)			334				(513	)			(743	)		3,564
Earnings per Common Share Assuming Dilution	$	1.11		(0.19	)			(0.03	)			0.13				(0.20	)			(0.29	)	$	1.40

Tax Rate		22.6	%																				20.4	%



Only the line items that are affected by non-GAAP adjustments are shown.

Merck is providing certain non-GAAP information that excludes certain items because of the nature of these items and the impact they have on the analysis of underlying business performance and trends. Management believes that providing non-GAAP information enhances investors' understanding of the company's results because management uses non-GAAP measures to assess performance. Management uses non-GAAP measures internally for planning and forecasting purposes and to measure the performance of the company along with other metrics. In addition, senior management's annual compensation is derived in part using a non-GAAP pretax income metric. The non-GAAP information presented should be considered in addition to, but not as a substitute for or superior to, information prepared in accordance with GAAP.

⁽¹⁾ Amounts included in cost of sales primarily reflect expenses for the amortization of intangible assets. Amounts included in selling, general and administrative expenses reflect integration, transaction and certain other costs related to acquisitions and divestitures. Amounts included in research and development expenses primarily reflect the amortization of intangible assets. Amounts included in other (income) expense, net, reflect a $37 million loss on the sale of a business and an increase in the estimated fair value measurement of liabilities for contingent consideration related to the prior termination of the Sanofi-Pasteur MSD joint venture, partially offset by royalty income.

⁽²⁾ Amounts primarily include employee separation costs and accelerated depreciation associated with facilities to be closed or divested related to activities under the company's formal restructuring programs.

⁽³⁾ Reflects a charge related to settlements with certain plaintiffs in the Zetia antitrust litigation.

⁽⁴⁾ Represents the estimated tax impacts on the reconciling items based on applying the statutory rate of the originating territory of the non-GAAP adjustments.


MERCK & CO., INC.
FRANCHISE / KEY PRODUCT SALES
(AMOUNTS IN MILLIONS)
(UNAUDITED)
Table 3

	2023		2022										1Q
	1Q		1Q		2Q		3Q		4Q		Full Year		Nom %	Ex-Exch %
TOTAL SALES ⁽¹⁾	$	14,487	$	15,901	$	14,593	$	14,959	$	13,830	$	59,283	-9	-5
PHARMACEUTICAL		12,721		14,107		12,756		12,963		12,180		52,005	-10	-6
Oncology
Keytruda		5,795		4,809		5,252		5,426		5,450		20,937	20	24
Alliance Revenue – Lynparza ⁽²⁾		275		266		275		284		292		1,116	3	8
Alliance Revenue – Lenvima ⁽²⁾		232		227		231		202		216		876	2	5
Alliance Revenue – Reblozyl ⁽³⁾		43		52		33		39		41		166	-19	-19
Welireg		42		18		27		38		40		123	128	128
Vaccines ⁽⁴⁾
Gardasil / Gardasil 9		1,972		1,460		1,674		2,294		1,470		6,897	35	43
ProQuad / M-M-R II / Varivax		528		470		578		668		526		2,241	12	14
RotaTeq		297		216		173		256		139		783	38	42
Vaxneuvance		106		5		12		16		138		170	*	*
Pneumovax 23		96		173		153		131		145		602	-44	-40
Vaqta		40		36		35		64		39		173	12	13
Hospital Acute Care
Bridion		487		395		426		423		441		1,685	23	27
Prevymis		129		94		103		114		118		428	38	44
Primaxin		80		58		64		63		54		239	37	48
Dificid		65		52		66		77		67		263	25	25
Noxafil		60		57		60		62		58		238	5	14
Zerbaxa		50		30		46		43		49		169	66	70
Cardiovascular
Alliance Revenue - Adempas/Verquvo ⁽⁵⁾		99		72		98		88		82		341	38	38
Adempas ⁽⁶⁾		59		61		63		57		57		238	-3	5
Virology
Lagevrio		392		3,247		1,177		436		825		5,684	-88	-87
Isentress / Isentress HD		123		158		147		161		167		633	-23	-20
Neuroscience
Belsomra		56		69		69		62		59		258	-19	-9
Immunology
Simponi		180		186		181		173		166		706	-3	2
Remicade		51		61		53		49		44		207	-15	-10
Diabetes ⁽⁷⁾
Januvia		551		779		756		717		561		2,813	-29	-26
Janumet		329		454		476		417		353		1,700	-28	-24
Other Pharmaceutical ⁽⁸⁾		584		602		528		603		583		2,319	-3	1
ANIMAL HEALTH		1,491		1,482		1,467		1,371		1,230		5,550	1	5
Livestock		849		832		826		829		814		3,300	2	8
Companion Animals		642		650		641		542		416		2,250	-1	2
Other Revenues ⁽⁹⁾		275		312		370		625		420		1,728	-12	-22

*200% or greater

⁽¹⁾ Only select products are shown.

⁽²⁾ Alliance Revenue represents Merck's share of profits, which are product sales net of cost of sales and commercialization costs.

⁽³⁾ Alliance Revenue represents royalties and a milestone payment of $20 million received in the first quarter of 2022.

⁽⁴⁾ Total Vaccines sales were $3,133 million in the first quarter of 2023 and $2,481 million in the first quarter of 2022.

⁽⁵⁾ Alliance Revenue represents Merck's share of profits from sales in Bayer's marketing territories, which are product sales net of cost of sales and commercialization costs.

⁽⁶⁾ Net product sales in Merck's marketing territories.

⁽⁷⁾ Total Diabetes sales were $950 million in the first quarter of 2023 and $1,305 million in the first quarter of 2022.

⁽⁸⁾ Includes Pharmaceutical products not individually shown above.

⁽⁹⁾ Other Revenues are comprised primarily of revenues from third-party manufacturing arrangements and miscellaneous corporate revenues, including revenue-hedging activities. Other Revenues related to the receipt of upfront and milestone payments for out-licensed products were $51 million in the first quarter of 2023 and $114 million in the first quarter of 2022.

Viemed Healthcare, INC. CONSOLIDATED BALANCE SHEETS *(Expressed in thousands of U.S. Dollars, except share amounts)*
	At December 31, 2023		At December 31, 2022
ASSETS
Current assets
Cash and cash equivalents	$	12,839	$	16,914
Accounts receivable, net		18,451		15,379
Inventory		4,628		3,574
Income tax receivable		—		26
Prepaid expenses and other assets		2,449		3,849
Total current assets	$	38,367	$	39,742
Long-term assets
Property and equipment, net		73,579		67,743
Finance lease right-of-use assets		401		—
Operating lease right-of-use assets		2,872		694
Equity investments		1,680		2,155
Debt investment		2,219		2,000
Deferred tax asset		4,558		3,119
Identifiable intangibles, net		567		—
Goodwill		29,765		—
Other long-term assets		887		1,590
Total long-term assets		116,528		77,301
TOTAL ASSETS	$	154,895	$	117,043

LIABILITIES
Current liabilities
Trade payables	$	4,180	$	2,650
Deferred revenue		6,207		4,624
Income taxes payable		2,153		—
Accrued liabilities		17,578		11,092
Finance lease liabilities, current portion		256		—
Operating lease liabilities, current portion		678		495
Current debt		1,072		—
Total current liabilities	$	32,124	$	18,861
Long-term liabilities
Accrued liabilities		558		889
Finance lease liabilities, less current portion		132		—
Operating lease liabilities, less current portion		2,184		199
Long-term debt		6,002		—
Total long-term liabilities	$	8,876	$	1,088
TOTAL LIABILITIES	$	41,000	$	19,949

Commitments and Contingencies		—		—

SHAREHOLDERS' EQUITY
Common stock - No par value: unlimited authorized; 38,506,161 and 38,049,739 issued and outstanding as of December 31, 2023 and December 31, 2022, respectively		18,702		15,123
Additional paid-in capital		15,698		12,125
Retained earnings		79,495		69,846
TOTAL SHAREHOLDERS' EQUITY	$	113,895	$	97,094
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	154,895	$	117,043

Viemed Healthcare, INC. CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME *(Expressed in thousands of U.S. Dollars, except outstanding shares and per share amounts)*
	Three Months Ended December 31,						Year Ended December 31,
		2023			2022			2023			2022
Revenue	$	50,739		$	37,508		$	183,008		$	138,832

Cost of revenue		18,628			14,612			70,225			54,152

Gross profit	$	32,111		$	22,896		$	112,783		$	84,680

Operating expenses
Selling, general and administrative		23,905			17,172			87,884			68,161
Research and development		651			722			2,782			2,696
Stock-based compensation		1,534			1,317			5,849			5,202
Depreciation and amortization		434			241			1,391			1,012
Loss on disposal of property and equipment		272			178			645			346
Other income, net		26			(268	)		(98	)		(989	)
Income from operations	$	5,289		$	3,534		$	14,330		$	8,252

Non-operating income and expenses
Income from equity method investments		43			82			485			935
Interest expense, net		(256	)		(32	)		(424	)		(197	)

Net income before taxes		5,076			3,584			14,391			8,990
Provision for income taxes		1,599			1,146			4,148			2,768

Net income	$	3,477		$	2,438		$	10,243		$	6,222

Other comprehensive income
Change in unrealized gain/loss on derivative instruments, net of tax		—			(56	)		—			278
Other comprehensive income	$	—		$	(56	)	$	—		$	278

Comprehensive income	$	3,477		$	2,382		$	10,243		$	6,500

Net income per share
Basic	$	0.09		$	0.06		$	0.27		$	0.16
Diluted	$	0.09		$	0.06		$	0.25		$	0.16

Weighted average number of common shares outstanding:
Basic		38,492,731			38,015,795			38,354,071			38,655,403
Diluted		40,383,109			39,513,158			40,378,922			39,807,434

Viemed Healthcare, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS *(Expressed in thousands of U.S. Dollars)*
	Year Ended December 31,
		2023			2022
Cash flows from operating activities
Net income	$	10,243		$	6,222
Adjustments for:
Depreciation and amortization		21,862			15,630
Change in inventory reserve		—			(1,418	)
Stock-based compensation expense		5,849			5,202
Distributions of earnings received from equity method investments		980			1,079
Income from equity method investments		(485	)		(935	)
Income from debt investment		(219	)		—
Loss on disposal of property and equipment		645			346
Deferred income tax (benefit) expense		(1,439	)		1,746
Changes in working capital, net of effects from acquisitions:
Accounts receivable, net		(1,058	)		(2,556	)
Inventory		(472	)		301
Prepaid expenses and other assets		2,176			(2,838	)
Trade payables		(859	)		(318	)
Deferred revenue		851			871
Accrued liabilities		4,959			2,549
Income tax payable/receivable		2,179			1,867
Net cash provided by operating activities	$	45,212		$	27,748

Cash flows from investing activities
Purchase of property and equipment		(26,093	)		(22,898	)
Investment in equity investments		(20	)		(141	)
Cash paid for acquisition of HMP, net of cash acquired		(28,588	)		—
Investment in debt security		—			(2,000	)
Proceeds from sale of property and equipment		2,588			1,063
Net cash used in investing activities	$	(52,113	)	$	(23,976	)

Cash flows from financing activities
Proceeds from exercise of options		1,303			283
Proceeds from term notes		5,000			—
Principal payments on term notes		(3,721	)		(5,796	)
Proceeds from revolving credit facilities		8,000			—
Payments on revolving credit facilities		(7,005	)		—
Shares redeemed to pay income tax		(594	)		(143	)
Shares repurchased under the share repurchase program		—			(9,568	)
Repayments of lease liabilities		(157	)		(42	)
Net cash provided by (used in) financing activities	$	2,826		$	(15,266	)

Net decrease in cash and cash equivalents		(4,075	)		(11,494	)
Cash and cash equivalents at beginning of year		16,914			28,408
Cash and cash equivalents at end of period	$	12,839		$	16,914

Supplemental disclosures of cash flow information
Cash paid during the period for interest	$	851		$	231
Cash paid (received) during the period for income taxes, net of refunds	$	3,566		$	(846	)
Supplemental disclosures of non-cash transactions
Non-cash change in debt from the reclassification of debt issuance costs	$	(594	)	$	—
Net non-cash changes to operating lease	$	(41	)	$	530

Viemed Healthcare, INC. Reconciliation of Net Income to Non-GAAP Adjusted EBITDA *(Expressed in thousands of U.S. Dollars)* *(Unaudited)*
For the quarter ended	December 31, 2023		September 30, 2023		June 30, 2023			March 31, 2023			December 31, 2022		September 30, 2022		June 30, 2022		March 31, 2022
Net Income	$	3,477	$	2,919	$	2,330		$	1,517		$	2,438	$	1,055	$	967	$	1,762
Add back:
Depreciation & amortization		5,918		5,975		5,207			4,762			4,373		4,120		3,740		3,397
Interest expense (income)		256		237		(20	)		(49	)		32		42		59		64
Stock-based compensation ^(a)		1,534		1,453		1,471			1,391			1,317		1,309		1,271		1,305
Transaction costs ^(b)		61		177		94			206			—		—		—		—
Income tax expense		1,599		1,320		728			501			1,146		456		421		745
Adjusted EBITDA	$	12,845	$	12,081	$	9,810		$	8,328		$	9,306	$	6,982	$	6,458	$	7,273

	Year Ended December 31, 2023
Net Income	$	10,243
Add back:
Depreciation & amortization		21,862
Interest expense (income)		424
Stock-based compensation ^(a)		5,849
Transaction costs ^(b)		538
Income tax expense		4,148
Adjusted EBITDA	$	43,064

Viemed Healthcare, INC. Key Financial and Operational Information *(Expressed in thousands of U.S. Dollars, except vent patients)* *(Unaudited)*
For the quarter ended	December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023			December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022
Financial Information:
Revenue	$	50,739		$	49,402		$	43,311		$	39,556		$	37,508		$	35,759		$	33,310		$	32,255
Gross Profit		32,111			30,562			26,106			24,004			22,896			21,651			20,390			19,743
Gross Profit %		63	%		62	%		60	%		61	%		61	%		61	%		61	%		61	%
Net Income		3,477			2,919			2,330			1,517			2,438			1,055			967			1,762
Cash and Cash Equivalents (As of)		12,839			10,078			10,224			23,544			16,914			21,478			21,922			29,248
Total Assets (As of)		154,895			149,400			149,117			124,634			117,043			119,419			115,904			119,007
Adjusted EBITDA ⁽¹⁾		12,845			12,081			9,810			8,328			9,306			6,982			6,458			7,273
Operational Information:
Vent Patients ⁽²⁾		10,327			10,244			10,005			9,337			9,306			9,127			8,837			8,434

Ginkgo Bioworks Reports Second Quarter 2022 Financial Results

1. UnitedHealth Group (NYSE:UNH)

2. Thermo Fisher Scientific (NYSE:TMO)

3. Abbott Laboratories (NYSE:ABT)

4. Intuitive Surgical (NASDAQ:ISRG)

5. Stryker (NYSE:SYK)

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