Ginkgo Bioworks Reports Third Quarter 2022 Financial Results

15 new Cell Programs added and $66 million of Total revenue in Q3 2022

Closed four acquisitions in October, including Zymergen and Bayer's West Sacramento agricultural biologicals capabilities, enabling commencement of integration and pursuit of new growth opportunities

End of quarter cash balance of over $1.3 billion provides continued financial flexibility

Ginkgo Bioworks Holdings, Inc. (NYSE: DNA, "Ginkgo"), which is building the leading platform for cell programming and biosecurity, today announced its results for the third quarter ended September 30, 2022 . The update, including a webcast slide presentation with additional details on the third quarter and supplemental financial information, will be available at investors.ginkgobioworks.com .

"I'm very excited about the strategic progress we have made at Ginkgo, highlighted by the four acquisitions we completed in October, and I'm thrilled to welcome our new team members. I believe these additions will meaningfully strengthen our platform and services," said Jason Kelly , co-founder and CEO of Ginkgo. "Our team worked extremely hard to close both the Zymergen and Bayer transactions efficiently, with the Zymergen transaction in particular closing well in advance of our initial expectations. The faster Zymergen closing timeline provides us with significant strategic benefits, including a higher acquired cash balance and the ability to immediately focus Zymergen's outstanding team and assets on Ginkgo's core service offering. Successful M&A execution illustrates our ability to take advantage of opportunities catalyzed by the current market environment, while our strong standalone cash balance of over $1.3 billion at the end of the third quarter continues to afford us substantial flexibility."

Recent Business Highlights & Strategic Positioning

Generated Foundry revenue of $25 million in Q3 2022
Added 15 new Cell Programs to the Foundry platform in Q3 2022, representing 50% growth over the comparable prior year period

Continued traction in pharma and biotech, including a collaboration with Merck to engineer enzymes for use as biocatalysts in Merck's active pharmaceutical ingredient (API) manufacturing efforts

Concentric by Ginkgo, Ginkgo's biosecurity and public health offering, executed well in Q3 2022, generating $42 million in Biosecurity revenue

Expanded internationally, including Memoranda of Understanding with the Rwanda Development Board and the Ministry of Investment of Saudi Arabia
Added enhanced analytic modules, including epidemiological tracking, modeling, and forecasting capabilities, and announced computational tools to detect engineered biology in collaboration with the Intelligence Advanced Research Projects Activity (IARPA)
Continuing to pilot new modalities and offerings, including passive monitoring of wastewater and air

Completed acquisitions of Zymergen and Bayer's West Sacramento Biologics Research & Development site in October

The swift closing of the Zymergen transaction delivers more cash at close and enables Ginkgo to commence integration activities and pursue new growth opportunities faster than originally anticipated

Also in October, acquired Altar, which has developed a robust adaptive laboratory evolution (ALE) platform, and Circularis, a proprietary circular RNA and promoter screening platform

Third Quarter 2022 Financial Highlights

Third quarter 2022 Total revenue of $66 million , down from $78 million in the comparable prior year period, a decrease of 14%

Third quarter 2022 Foundry revenue of $25 million , down from $35 million in the comparable prior year period, a decrease of 29%. Third quarter 2022 Foundry revenue did not include any large milestone payments, while the third quarter 2021 Foundry revenue included downstream value share revenue related to an equity milestone achievement by Cronos Group Inc.
Third quarter 2022 Biosecurity revenue of $42 million , down from $43 million in the comparable prior year period, a decrease of 3%. Third quarter 2022 Biosecurity gross profit margin of 41%

Third quarter 2022 Loss from operations of $(653) million (inclusive of stock-based compensation expense of $563 million ), compared to Loss from operations of $(27) 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
Third quarter 2022 Adjusted EBITDA of $(70) million , down from $(18) million in the comparable prior year period
Cash and cash equivalents balance as of the end of the third quarter of over $1.3 billion puts Ginkgo in a strong financial position to pursue its strategic objectives

Full Year 2022 Guidance

Ginkgo expects to add 55-60 new Cell Programs to the Foundry platform in 2022
Ginkgo further revised its expectation for Total revenue from $425 – $440 million to $460 – $480 million in 2022
Ginkgo revised its expectation for Foundry revenue to $150 – $170 million in 2022, which reflects our current assumptions and uncertainty regarding the timing of certain discrete milestone payments
While Biosecurity remains an uncertain business, based on strong year-to-date performance Ginkgo now expects Biosecurity revenue in 2022 of at least $310 million

Conference Call Details

Ginkgo will host a videoconference today, Monday, November 14, 2022 , beginning at 4:30 p.m. ET . The presentation will include an overview of the third 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: 936 0665 8370

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 Bioworks is the leading horizontal platform for cell programming, providing flexible, end-to-end services that solve challenges for organizations across diverse markets, from food and agriculture to pharmaceuticals to industrial and specialty chemicals. Ginkgo's biosecurity and public health unit, Concentric by Ginkgo, is building global infrastructure for biosecurity to empower governments, communities, and public health leaders to prevent, detect and respond to a wide variety of biological threats. For more information, visit ginkgobioworks.com and concentricbyginkgo.com , read our blog , or follow us on social media channels such as Twitter (@ Ginkgo and @ ConcentricByGBW ), Instagram (@ GinkgoBioworks and @ ConcentricByGinkgo ), or LinkedIn .

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) volatility in the price of Ginkgo's securities 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, and changes in laws and regulations affecting Ginkgo's business, (ii) the ability to implement business plans, forecasts, and other expectations, and to identify and realize additional business opportunities, (iii) the risk of downturns in demand for products using synthetic biology, (iv) 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, (v) changes to the biosecurity industry, including due to advancements in technology, emerging competition and evolution in industry demands, standards and regulations, and (vi) our ability to realize the expected benefits of 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 September 30,	As of December 31,
	2022	2021
Assets
Current assets:
Cash and cash equivalents	$1,302,603	$1,550,004
Accounts receivable, net	113,661	131,544
Accounts receivable - related parties	2,095	4,598
Inventory, net	5,860	3,362
Prepaid expenses and other current assets	37,784	33,537
Total current assets	1,462,003	1,723,045
Property and equipment, net	187,577	145,770
Investments	96,310	102,037
Equity method investments	4,135	13,194
Intangible assets, net	47,938	21,642
Goodwill	28,804	21,312
Other non-current assets	43,928	43,990
Total assets	$1,870,695	$2,070,990
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$ 11,323	$ 8,189
Deferred revenue	40,505	33,240
Accrued expenses and other current liabilities	72,990	93,332
Total current liabilities	124,818	134,761
Non-current liabilities:
Deferred rent, net of current portion	21,001	18,746
Deferred revenue, net of current portion	150,637	155,991
Lease financing obligation	59,842	22,283
Warrant liabilities	39,739	135,838
Other non-current liabilities	34,922	35,992
Total liabilities	430,959	503,611
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.0001 par value	—	—
Common stock, $0.0001 par value	165	161
Additional paid-in capital	5,668,791	3,804,844
Accumulated deficit	(4,226,310)	(2,297,925)
Accumulated other comprehensive loss	(7,910)	(1,715)
Total Ginkgo Bioworks Holdings, Inc. stockholders' equity	1,434,736	1,505,365
Non-controlling interest	5,000	62,014
Total stockholders' equity	1,439,736	1,567,379
Total liabilities and stockholders' equity	$1,870,695	$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 September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021
Foundry revenue	$24,679	$34,737	$90,409	$78,833
Biosecurity revenue:
Product	5,190	8,492	23,024	14,622
Service	36,529	34,381	265,988	71,888
Total revenue	66,398	77,610	379,421	165,343
Costs and operating expenses:
Cost of Biosecurity product revenue	2,660	3,430	13,199	15,185
Cost of Biosecurity service revenue	21,995	18,872	160,799	47,927
Research and development ⁽¹⁾	259,580	53,021	871,488	164,637
General and administrative ⁽¹⁾	435,184	28,959	1,308,379	81,326
Total operating expenses	719,419	104,282	2,353,865	309,075
Loss from operations	(653,021)	(26,672)	(1,974,444)	(143,732)
Other (expense) income:
Interest income (expense), net	5,820	(528)	7,097	(1,481)
Loss on equity method investments	(22,711)	(39,651)	(53,764)	(72,621)
(Loss) gain on investments	(1,758)	(12,368)	(39,981)	3,009
Change in fair value of warrant liabilities	(12,445)	(18,482)	96,099	(18,482)
Gain on deconsolidation of subsidiaries	15,989	—	31,889	—
Other (expense) income, net	(957)	(4,911)	629	863
Total other (expense) income, net	(16,062)	(75,940)	41,969	(88,712)
Loss before income taxes	(669,083)	(102,612)	(1,932,475)	(232,444)
Income tax benefit	(28)	(207)	(257)	(797)
Net loss	(669,055)	(102,405)	(1,932,218)	(231,647)
Net loss attributable to non-controlling interest	—	(524)	(3,833)	(2,256)
Net loss attributable to Ginkgo Bioworks Holdings, Inc. stockholders	$(669,055)	$(101,881)	$ (1,928,385)	$(229,391)
Net loss per share attributable to Ginkgo Bioworks Holdings, Inc. common stockholders, basic and diluted	$(0.41)	$(0.08)	$(1.19)	$(0.18)
Weighted average common shares outstanding, basic and diluted	1,630,910,628	1,323,574,063	1,619,790,335	1,302,253,729
Comprehensive loss:
Net loss	$(669,055)	$(102,405)	$ (1,932,218)	$(231,647)
Other comprehensive loss:
Foreign currency translation adjustment	(2,414)	(877)	(6,195)	(877)
Total other comprehensive loss	(2,414)	(877)	(6,195)	(877)
Comprehensive loss	$(671,469)	$(103,282)	$ (1,938,413)	$(232,524)

1) In the three and nine months ended September 30, 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 $0.2 million and $7.2 million in employer payroll taxes for the three and nine months ended September 30, 2022, respectively, was as follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
(in thousands)	2022	2021	2022	2021
Research and development	$187,019	$20	$ 670,650	$60
General and administrative	376,366	107	1,159,040	14,704
Total	$563,385	$ 127	$ 1,829,690	$14,764

Ginkgo Bioworks Holdings, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands, unaudited)

	Nine Months Ended September 30,
	2022	2021
Cash flows from operating activities:
Net loss	$ (1,932,218)	$(231,647)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	28,602	21,073
Stock-based compensation	1,822,472	14,764
Loss on equity method investments	53,764	72,621
Loss (gain) on investments	39,981	(3,009)
Non-cash customer consideration	(18,139)	(12,562)
Change in fair value of notes receivable	(269)	1,196
Change in fair value of warrant liabilities	(96,099)	18,482
Gain on deconsolidation of subsidiaries	(31,889)	—
In-process research and development	1,162	—
Loss on disposal of equipment	3,091	—
Other non-cash activity	303	—
Changes in operating assets and liabilities:
Accounts receivable	20,521	(28,670)
Prepaid expenses and other current assets	8,347	5,565
Inventory	(2,498)	(738)
Other non-current assets	144	(35)
Accounts payable	3,893	(2,771)
Accrued expenses and other current liabilities	(15,637)	29,599
Deferred revenue, current and non-current	(35,365)	(5,538)
Deferred rent, non-current	2,255	4,320
Other non-current liabilities	82	29,073
Net cash used in operating activities	(147,497)	(88,277)
Cash flows from investing activities:
Purchase of convertible note	(10,000)	—
Purchases of property and equipment	(26,626)	(51,407)
Purchase of investment in equity securities	(3,691)	(5,000)
Deconsolidation of subsidiaries - cash	(55,721)	—
Business and asset acquisitions, net of cash acquired	(657)	(21,382)
Other	(439)	304
Net cash used in investing activities	(97,134)	(77,485)
Cash flows from financing activities:
Proceeds from reverse recapitalization, net of redemptions of $867,253 and offering costs of $106,838	—	1,510,909
Proceeds from exercise of stock options	120	41
Taxes paid related to net share settlement of equity awards	(981)	—
Repurchase of Founder shares	—	(24,998)
Principal payments on capital leases and lease financing obligation	(1,082)	(764)
Non-controlling interest contributions	—	60,000
Contingent consideration payment	(521)	—
Payment of equity offering issuance costs	(132)	—
Net cash (used in) provided by financing activities	(2,596)	1,545,188
Effect of foreign exchange rates on cash and cash equivalents	(191)	(8)
Net (decrease) increase in cash, cash equivalents and restricted cash	(247,418)	1,379,418

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	1,302,603	1,739,056
Restricted cash, end of period	42,907	26,239
Cash, cash equivalents and restricted cash, end of period	$1,345,510	$1,765,295

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

	Three Months Ended September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021
Net loss attributable to Ginkgo Bioworks Holdings, Inc. stockholders	$ (669,055)	$ (101,881)	$(1,928,385)	$ (229,391)
Interest (income) expense, net	(5,820)	528	(7,097)	1,481
Income tax benefit	(28)	(207)	(257)	(797)
Depreciation and amortization	9,506	8,279	28,602	21,073
EBITDA	(665,397)	(93,281)	(1,907,137)	(207,634)
Stock-based compensation ⁽¹⁾	563,385	127	1,829,690	14,764
Loss on equity method investments ⁽²⁾	22,711	39,127	52,927	70,365
Loss (gain) on investments	1,758	12,368	39,981	(3,009)
Change in fair value of warrant liabilities	12,445	18,482	(96,099)	18,482
Gain on deconsolidation of subsidiaries	(15,989)	—	(31,889)	—
Merger and acquisition related expenses ⁽³⁾	12,017	—	18,579	—
In-process research and development ⁽⁴⁾	—	—	1,605	—
Other ⁽⁵⁾	(561)	5,192	(229)	421
Adjusted EBITDA	$ (69,631)	$ (17,985)	$ (92,572)	$ (106,611)

(1) For the three and nine months ended September 30, 2022, includes employer payroll taxes of $0.2 million and $7.2 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.
(4) Represents acquired intangible assets expensed to research and development associated with an asset acquisition.
(5) For the three and nine months ended September 30, 2022, includes changes in fair value of the Access Bio Convertible Notes and the Glycosyn Promissory Note. For the three and nine months ended September 30, 2021, includes changes in fair value of the Access Bio Convertible Notes and the Glycosyn Promissory Note as well as gain related to a settlement payment.

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

	Three Months Ended September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021
Revenue:
Foundry	$24,679	$34,737	$90,409	$78,833
Biosecurity	41,719	42,873	289,012	86,510
Total revenue	66,398	77,610	379,421	165,343
Segment cost of revenue:
Biosecurity	24,655	22,302	173,998	63,112
Segment research and development expense:
Foundry	63,402	42,897	173,470	114,619
Biosecurity	387	2,093	1,347	29,870
Total segment research and development expense	63,789	44,990	174,817	144,489
Segment general and administrative expense:
Foundry	41,569	17,026	104,863	44,903
Biosecurity	17,039	11,689	42,683	21,308
Total segment general and administrative expense	58,608	28,715	147,546	66,211
Segment operating income (loss):
Foundry	(80,292)	(25,186)	(187,924)	(80,689)
Biosecurity	(362)	6,789	70,984	(27,780)
Total segment operating income (loss)	(80,654)	(18,397)	(116,940)	(108,469)
Operating expenses not allocated to segments:
Stock-based compensation ⁽¹⁾	563,385	127	1,829,690	14,764
Depreciation and amortization	9,224	8,148	27,756	20,499
Change in fair value of contingent consideration liability	(242)	—	58	—
Loss from operations	$(653,021)	$(26,672)	$ (1,974,444)	$(143,732)

(1) Includes $0.2 million and $7.2 million in employer payroll taxes for the three and nine months ended September 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 Third 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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