Spectrum Pharmaceuticals Reports Fourth Quarter 2022 and Full Year 2022 Financial Results and Corporate Update

-- First launch quarter for ROLVEDON™ (eflapegrastim-xnst) injection --

-- Q4 and full year net sales of $10.1 million --

-- Management to host webcast and conference call today at 8:30 a.m. ET / 5:30 a.m. PT --

Spectrum Pharmaceuticals, Inc. (NasdaqGS: SPPI), a biopharmaceutical company focused on novel and targeted oncology therapies, announced today financial results for the three-month period and full year ended December 31, 2022.

Fourth Quarter 2022 and Recent Business Update

First launch quarter for ROLVEDON, with net sales for the quarter and year ended December 31, 2022, totaling $10.1 million.
Operating expenses decreased 45% year-over-year as the Company streamlined operations while continuing to invest in core business objectives, including the commercialization of ROLVEDON.
70 targeted accounts purchased ROLVEDON during the launch quarter, including the top three community oncology networks, representing approximately 22% of the total clinic market.
Received permanent J-Code, facilitating more efficient and predictable reimbursement in the outpatient setting.
National Comprehensive Cancer Network® Supportive Care Guidelines (NCCN Guidelines) in oncology for Hematopoietic Growth Factors named ROLVEDON as an appropriate option for cancer patients who are at risk for febrile neutropenia.
Cash, cash equivalents and marketable securities of $75.1 million at December 31, 2022, giving us an expected runway through 2024.

"It's been a transformative year for Spectrum as we have become a commercially focused company. We've approached the launch of ROLVEDON with a disciplined strategy and an understanding that Spectrum's long-term growth is dependent upon the product's success. We're off to a solid start and are encouraged by the initial customer receptivity to ROLVEDON," said Tom Riga, President and Chief Executive Officer of Spectrum Pharmaceuticals. "Commercial success is foundational to the Company's future and, with the right people in place, a lean infrastructure, and an ample cash runway, we have a tremendous opportunity moving forward."

Financial Results for the Quarter and Year Ended December 31, 2022 (All numbers are from Continuing Operations)

Net sales for the quarter and year ended December 31, 2022 were $10.1 million as we began to sell our sole commercial product, ROLVEDON, which was approved by the FDA on September 9, 2022.

During the quarter and year ended December 31, 2022, the cost of sales was $1.8 million, consisting primarily of packaging costs, freight and royalties associated with the net sales of ROLVEDON and $1.1 million of start-up expenses associated with stability and bio-burden testing. This figure did not include any direct costs associated with the manufacture of ROLVEDON, which were previously expensed in research and development expense.

Selling, general and administrative expenses for the quarter and year ended December 31, 2022 were $11.3 million and $38.8 million, respectively, as compared to $18.9 million and $60.4 million for the comparable periods in 2021. The decrease was primarily due to lower costs associated with personnel related expenses associated with the reduction in workforce announced in January 2022 and decreases in professional services and other general expenses.

Total research and development expenses were $8.7 million and $42.2 million for the quarter and year ended December 31, 2022, respectively, as compared to $18.0 million and $87.3 million for the comparable periods in 2021. The decrease was due to decreased program activities for ROLVEDON, poziotinib, and early-stage compounds, personnel-related expenditures associated with the reduction in workforce during the strategic restructuring that began in January 2022, as well as a concession provided by Hanmi Pharmaceutical Co. Ltd. for drug substance which had been accrued during 2021 and is no longer payable by Spectrum.

Net loss was $11.7 million, or $0.06 per basic and diluted share, for the quarter ended December 31, 2022, compared to a net loss of $39.8 million, or $0.26 per basic and diluted share, for the comparable period in 2021. Net loss for the year ended December 31, 2022 was $78.1 million, or $0.43 per basic and diluted share, compared to net loss of $158.4 million, or $1.02 per basic and diluted share, for the comparable period in 2021.

The Company had a total cash, cash equivalents, and marketable securities balance of approximately $75.1 million at December 31, 2022.

Conference Call
As previously announced, management will host a conference call as follows:
Date:		Wednesday, March 22, 2023
Time:		8:30 AM ET
Register:		Click Here
Webcast (Audio Only):		Click Here

The webcast will be archived under the "Events and Presentations" section of the Company's investor relations website.

About ROLVEDON™

ROLVEDON™ (eflapegrastim-xnst) injection is a long-acting granulocyte colony-stimulating factor (G-CSF) with a novel formulation. Spectrum has received an indication to decrease the incidence of infection, as manifested by febrile neutropenia, in adult patients with non-myeloid malignancies receiving myelosuppressive anti-cancer drugs associated with clinically significant incidence of febrile neutropenia. ROLVEDON is not indicated for the mobilization of peripheral blood progenitor cells for hematopoietic stem cell transplantation. The BLA for ROLVEDON was supported by data from two identically designed Phase 3, randomized, open-label, noninferiority clinical trials, ADVANCE and RECOVER, which evaluated the safety and efficacy of ROLVEDON in 643 early-stage breast cancer patients for the management of neutropenia due to myelosuppressive chemotherapy. In both studies, ROLVEDON demonstrated the pre-specified hypothesis of non-inferiority (NI) in mean duration of severe neutropenia (DSN) and a similar safety profile to pegfilgrastim. ROLVEDON also demonstrated non-inferiority to pegfilgrastim in the mean DSN across all four cycles (all NI p

Please see the Important Safety Information below and the full prescribing information for ROLVEDON at www.rolvedon.com .

Indications and Usage

ROLVEDON is indicated to decrease the incidence of infection, as manifested by febrile neutropenia, in adult patients with non-myeloid malignancies receiving myelosuppressive anti-cancer drugs associated with clinically significant incidence of febrile neutropenia.

Limitations of Use

ROLVEDON is not indicated for the mobilization of peripheral blood progenitor cells for hematopoietic stem cell transplantation.

Important Safety Information

Contraindications

ROLVEDON is contraindicated in patients with a history of serious allergic reactions to eflapegrastim, pegfilgrastim or filgrastim products. Reactions may include anaphylaxis.

Warnings and Precautions

Splenic Rupture

Splenic rupture, including fatal cases, can occur following the administration of recombinant human granulocyte colony-stimulating factor (rhG-CSF) products. Evaluate patients who report left upper abdominal or shoulder pain for an enlarged spleen or splenic rupture.

Acute Respiratory Distress Syndrome (ARDS)

ARDS can occur in patients receiving rhG-CSF products. Evaluate patients who develop fever, lung infiltrates, or respiratory distress. Discontinue ROLVEDON in patients with ARDS.

Serious Allergic Reactions

Serious allergic reactions, including anaphylaxis, can occur in patients receiving rhG-CSF products. Permanently discontinue ROLVEDON in patients who experience serious allergic reactions.

Sickle Cell Crisis in Patients with Sickle Cell Disorders

Severe and sometimes fatal sickle cell crises can occur in patients with sickle cell disorders receiving rhG-CSF products. Discontinue ROLVEDON if sickle cell crisis occurs.

Glomerulonephritis

Glomerulonephritis has occurred in patients receiving rhG-CSF products. The diagnoses were based upon azotemia, hematuria (microscopic and macroscopic), proteinuria, and renal biopsy. Generally, events of glomerulonephritis resolved after dose-reduction or discontinuation. Evaluate and consider dose reduction or interruption of ROLVEDON if causality is likely.

Leukocytosis

White blood cell (WBC) counts of 100 x 10 ⁹ /L or greater have been observed in patients receiving rhG-CSF products. Monitor complete blood count (CBC) during ROLVEDON therapy. Discontinue ROLVEDON treatment if WBC count of 100 x 10 ⁹ /L or greater occurs.

Thrombocytopenia

Thrombocytopenia has been reported in patients receiving rhG-CSF products. Monitor platelet counts.

Capillary Leak Syndrome

Capillary leak syndrome has been reported after administration of rhG-CSF products and is characterized by hypotension, hypoalbuminemia, edema and hemoconcentration. Episodes vary in frequency and severity and may be life-threatening if treatment is delayed. If symptoms develop, closely monitor and give standard symptomatic treatment, which may include a need for intensive care.

Potential for Tumor Growth Stimulatory Effects on Malignant Cells

The granulocyte colony-stimulating factor (G-CSF) receptor through which ROLVEDON acts has been found on tumor cell lines. The possibility that ROLVEDON acts as a growth factor for any tumor type, including myeloid malignancies and myelodysplasia, diseases for which ROLVEDON is not approved, cannot be excluded.

Myelodysplastic Syndrome (MDS) and Acute Myeloid Leukemia (AML) in Patients with Breast and Lung Cancer

MDS and AML have been associated with the use of rhG-CSF products in conjunction with chemotherapy and/or radiotherapy in patients with breast and lung cancer. Monitor patients for signs and symptoms of MDS/AML in these settings.

Aortitis

Aortitis has been reported in patients receiving rhG-CSF products. It may occur as early as the first week after start of therapy. Consider aortitis in patients who develop generalized signs and symptoms such as fever, abdominal pain, malaise, back pain, and increased inflammatory markers (e.g., c-reactive protein and white blood cell count) without known etiology. Discontinue ROLVEDON if aortitis is suspected.

Nuclear Imaging

Increased hematopoietic activity of the bone marrow in response to growth factor therapy has been associated with transient positive bone imaging changes. This should be considered when interpreting bone imaging results.

Adverse Reactions

The most common adverse reactions (≥20%) were fatigue, nausea, diarrhea, bone pain, headache, pyrexia, anemia, rash, myalgia, arthralgia, and back pain.
Permanent discontinuation due to an adverse reaction occurred in 4% of patients who received ROLVEDON. The adverse reaction requiring permanent discontinuation in 3 patients who received ROLVEDON was rash.

To report SUSPECTED ADVERSE REACTIONS, contact Spectrum Pharmaceuticals, Inc. at 1-888-713-0688 or FDA at 1800FDA1088 or www.fda.gov/medwatch

About Spectrum Pharmaceuticals, Inc.

Spectrum Pharmaceuticals, Inc. is a commercial stage biopharmaceutical company focused on acquiring, developing, and commercializing novel and targeted oncology therapies. Spectrum has a strong track record of successfully executing across the biopharmaceutical business model, from in-licensing and acquiring differentiated drugs, clinically developing novel assets, successfully gaining regulatory approvals and commercializing in a competitive healthcare marketplace. For additional information on Spectrum please visit www.sppirx.com .

Notice Regarding Forward-looking Statements

This press release may contain forward-looking statements regarding future events and the future performance of Spectrum Pharmaceuticals that involve risks and uncertainties that could cause actual results to differ materially. These statements are based on management's current beliefs and expectations. These statements include, but are not limited to, statements that relate to Spectrum's fourth quarter and full year financial performance, including Spectrum's expected net sales, expected cash runway, the future success of Spectrum's commercial launch of ROLVEDON, and any other statements that relate to the intent, belief, plans or expectations of Spectrum or its management, or that are not a statement of historical fact. Risks that could cause actual results to differ include the possibility that Spectrum's existing and new drug candidates may not prove safe or effective, the possibility that our existing and new applications to the FDA and other regulatory agencies may not receive approval in a timely manner or at all, the possibility that our existing and new drug candidates, if approved, may not be more effective, safer or more cost efficient than competing drugs, the possibility that our efforts to acquire or in-license and develop additional drug candidates may fail, our dependence on third parties for clinical trials, manufacturing, distribution and quality control, the impact of the COVID-19 pandemic, geopolitical issues and inflation on our business and operations, supply chain and labor force and other risks that are described in further detail in the Company's reports filed with the Securities and Exchange Commission. The Company does not plan to update any such forward-looking statements and expressly disclaims any duty to update the information contained in this press release except as required by law. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Spectrum in general, see the risk disclosures in the Annual Report on Form 10-K of Spectrum for the year ended December 31, 2021, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the SEC by Spectrum.

SPECTRUM PHARMACEUTICALS, INC.® is a registered trademark of Spectrum Pharmaceuticals, Inc. and its affiliates. REDEFINING CANCER CARE™ and ROLVEDON™ are the Spectrum Pharmaceuticals' logos and trademarks owned by Spectrum Pharmaceuticals, Inc. Any other trademarks are the property of their respective owners.

SPECTRUM PHARMACEUTICALS, INC. Condensed Consolidated Statements of Operations (In thousands, except per share amounts) (Unaudited)

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2022			2021			2022			2021
Net sales	$	10,114		$	—		$	10,114		$	—
Expenses:
Cost of sales		1,792			—			1,792			—
Selling, general and administrative		11,298			18,891			38,816			60,406
Research and development		8,669			17,962			42,203			87,297
Total expenses		21,759			36,853			82,811			147,703
Loss from continuing operations before other income (expense) and income taxes		(11,645	)		(36,853	)		(72,697	)		(147,703	)
Other income (expense):
Interest income		615			45			968			215
Interest expense		(901	)		(4	)		(998	)		(52	)
Other expense, net		202			(2,943	)		(5,331	)		(10,892	)
Total other expense		(84	)		(2,902	)		(5,361	)		(10,729	)
Loss from continuing operations before income taxes		(11,729	)		(39,755	)		(78,058	)		(158,432	)
Benefit (provision) for income taxes from continuing operations		—			5			(46	)		(4	)
Loss from continuing operations	$	(11,729	)	$	(39,750	)	$	(78,104	)	$	(158,436	)
Income (loss) from discontinued operations, net of income taxes		2,742			36			2,703			(192	)
Net loss	$	(8,987	)	$	(39,714	)	$	(75,401	)	$	(158,628	)

Basic and diluted loss per share:
Loss per common share from continuing operations	$	(0.06	)	$	(0.26	)	$	(0.43	)	$	(1.02	)
Income per common share from discontinued operations	$	0.01		$	—		$	0.01		$	—
Net loss per common share, basic and diluted	$	(0.05	)	$	(0.26	)	$	(0.41	)	$	(1.02	)

Weighted average shares outstanding, basic and diluted		199,539,109			154,680,363			183,237,200			154,861,704

SPECTRUM PHARMACEUTICALS, INC. Condensed Consolidated Balance Sheets (In thousands, expect per share and par value amounts)

	December 31,
	2022			2021
ASSETS
Current assets:
Cash and cash equivalents	$	40,368		$	88,539
Marketable securities		34,728			12,108
Accounts receivable, net		12,996			—
Other receivables		617			1,028
Inventories		9,230			—
Prepaid expenses and other current assets		3,072			2,277
Total current assets		101,011			103,952
Property and equipment, net		476			455
Facility and equipment under lease		1,694			2,505
Other assets		157			4,636
Total assets	$	103,338		$	111,548
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and other accrued liabilities	$	38,105		$	41,258
Accrued payroll and benefits		4,580			11,971
Total current liabilities		42,685			53,229
Loan payable, long-term		28,666			—
Other long-term liabilities		4,099			10,766
Total liabilities		75,450			63,995
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.001 par value; 5,000,000 shares authorized; no shares issued and outstanding		—			—
Common stock, $0.001 par value; 300,000,000 shares authorized; 202,827,831 and 164,502,013 issued and outstanding at December 31, 2022 and 2021, respectively		203			165
Additional paid-in capital		1,149,926			1,094,353
Accumulated other comprehensive loss		(2,917	)		(3,042	)
Accumulated deficit		(1,119,324	)		(1,043,923	)
Total stockholders' equity		27,888			47,553
Total liabilities and stockholders' equity	$	103,338		$	111,548

View source version on businesswire.com: https://www.businesswire.com/news/home/20230322005339/en/

Nora Brennan
Chief Financial Officer
949.788.6700
InvestorRelations@sppirx.com

Lisa Wilson
In-Site Communications, Inc.
212.452.2793
lwilson@insitecony.com

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	2024 Guidance Ranges ¹ as of
	August 7, 2024		May 8, 2024
(billions of US dollars, except as otherwise noted)	Low	High	Low	High
Retail adjusted EBITDA	1.5	1.7	1.65	1.85
Potash sales volumes (million tonnes) ²	13.2	13.8	13.0	13.8
Nitrogen sales volumes (million tonnes) ²	10.7	11.1	10.6	11.2
Phosphate sales volumes (million tonnes) ²	2.5	2.6	2.6	2.8
Depreciation and amortization	2.2	2.3	2.2	2.3
Finance costs	0.7	0.8	0.75	0.85
Effective tax rate on adjusted net earnings (%) ³	23.0	25.0	23.0	25.0
Capital expenditures ⁴	2.2	2.3	2.2	2.3
1 See the "Forward-Looking Statements" section.
2 Manufactured product only.
3 This is a non-GAAP financial measure. See the "Non-GAAP Financial Measures" section.
4 Comprised of sustaining capital expenditures, investing capital expenditures and mine development and pre-stripping capital expenditures, which are supplementary financial measures. See the "Other Financial Measures" section.

	Three Months Ended June 30			Six Months Ended June 30
(millions of US dollars, except as otherwise noted)	2024	2023	% Change	2024	2023	% Change
Sales	10,156	11,654	(13)	15,545	17,761	(12)
Gross margin	2,912	3,166	(8)	4,449	5,079	(12)
Expenses	2,068	2,038	1	3,186	3,012	6
Net earnings	392	448	(13)	557	1,024	(46)
Adjusted EBITDA ¹	2,235	2,478	(10)	3,290	3,899	(16)
Diluted net earnings per share	0.78	0.89	(12)	1.10	2.03	(46)
Adjusted net earnings per share ¹	2.34	2.53	(8)	2.81	3.63	(23)
1 This is a non-GAAP financial measure. See the "Non-GAAP Financial Measures" section.

	Three Months Ended June 30			Six Months Ended June 30
(millions of US dollars, except as otherwise noted)	2024	2023	% Change	2024	2023	% Change
Sales	8,074	9,128	(12)	11,382	12,550	(9)
Cost of goods sold	6,045	7,197	(16)	8,606	10,004	(14)
Gross margin	2,029	1,931	5	2,776	2,546	9
Adjusted EBITDA ¹	1,128	1,067	6	1,205	1,033	17
1 See Note 2 to the interim financial statements.

	Three Months Ended June 30				Six Months Ended June 30
	Sales		Gross Margin		Sales		Gross Margin
(millions of US dollars)	2024	2023	2024	2023	2024	2023	2024	2023
Crop nutrients	3,281	3,986	686	629	4,590	5,321	940	770
Crop protection products	2,733	3,070	677	673	3,847	4,224	911	881
Seed	1,434	1,428	296	265	1,919	1,935	355	337
Services and other	292	308	239	254	448	456	364	372
Merchandise	245	273	42	47	445	519	73	91
Nutrien Financial	133	122	133	122	199	179	199	179
Nutrien Financial elimination ¹	(44)	(59)	(44)	(59)	(66)	(84)	(66)	(84)
Total	8,074	9,128	2,029	1,931	11,382	12,550	2,776	2,546
1 Represents elimination of the interest and service fees charged by Nutrien Financial to Retail branches.

Supplemental Data	Three Months Ended June 30				Six Months Ended June 30
	Gross Margin		% of Product Line ¹		Gross Margin		% of Product Line ¹
(millions of US dollars, except as otherwise noted)	2024	2023	2024	2023	2024	2023	2024	2023
Proprietary products
Crop nutrients	220	214	32	34	290	268	31	35
Crop protection products	227	253	34	38	310	327	34	37
Seed	127	113	44	42	144	143	41	42
Merchandise	4	3	9	7	7	6	9	7
Total	578	583	29	30	751	744	27	29
1 Represents percentage of proprietary product margins over total product line gross margin.

	Three Months Ended June 30				Six Months Ended June 30
	Sales Volumes ( tonnes - thousands)		Gross Margin / Tonne ( US dollars)		Sales Volumes ( tonnes - thousands)		Gross Margin / Tonne ( US dollars)
	2024	2023	2024	2023	2024	2023	2024	2023
Crop nutrients
North America	4,298	4,599	146	131	5,762	5,794	144	123
International	1,125	1,132	53	26	2,043	1,977	54	29
Total	5,423	5,731	127	110	7,805	7,771	120	99

(percentages)	June 30, 2024	December 31, 2023
Financial performance measures ^{1, 2}
Cash operating coverage ratio	65	68
Adjusted average working capital to sales	19	19
Adjusted average working capital to sales excluding Nutrien Financial	-	1
Nutrien Financial adjusted net interest margin	5.3	5.2
1 Rolling four quarters.
2 These are non-GAAP financial measures. See the "Non-GAAP Financial Measures" section.

Manufactured product	Three Months Ended June 30		Six Months Ended June 30
($ / tonne, except as otherwise noted)	2024	2023	2024	2023
Sales volumes (tonnes - thousands)
North America	914	1,226	2,221	2,080
Offshore	2,649	2,156	4,755	3,938
Total sales volumes	3,563	3,382	6,976	6,018
Net selling price
North America	301	383	306	391
Offshore	182	250	187	304
Average net selling price	212	298	225	334
Cost of goods sold	101	104	103	109
Gross margin	111	194	122	225
Depreciation and amortization	42	34	43	35
Gross margin excluding depreciation and amortization ¹	153	228	165	260
1 This is a non-GAAP financial measure. See the "Non-GAAP Financial Measures" section.

Cash provided by operating activities		Cash provided by operating activities in the second quarter and first half of 2024 was lower compared to the same periods in 2023 primarily due to lower realized selling prices across all segments.
Cash used in investing activities		Cash used in investing activities was lower in the second quarter and first half of 2024 compared to the same periods in 2023 due to lower capital expenditures and fewer business acquisitions.
Cash (used in) provided by financing activities		Cash used in financing activities in the second quarter of 2024 was lower compared to the same period in 2023 due to the issuance of $1,000 million of senior notes in the second quarter of 2024. Cash used in financing activities for the first half of 2024 was for payments of dividends, debt and lease liabilities, which more than offset the amount received from the debt issuance. For the same period in 2023, cash received from the debt issuance mostly offset the total amount paid for dividends, share repurchases, debt and lease liabilities.
Cash used for dividends and share repurchases		Cash used for dividends and share repurchases was lower in the second quarter and first half of 2024 compared to the same periods in 2023 as we did not repurchase any shares in the second quarter and first half of 2024, compared to $150 million and $1,047 million of share repurchases in the same periods in 2023.

	As at
(millions of US dollars, except as otherwise noted)	June 30, 2024	December 31, 2023	$ Change	% Change
Assets
Cash and cash equivalents	1,004	941	63	7
Receivables	8,123	5,398	2,725	50
Inventories	5,298	6,336	(1,038)	(16)
Prepaid expenses and other current assets	663	1,495	(832)	(56)
Property, plant and equipment	22,198	22,461	(263)	(1)
Intangible assets	1,912	2,217	(305)	(14)
Liabilities and Equity
Short-term debt	1,571	1,815	(244)	(13)
Current portion of long-term debt	1,012	512	500	98
Payables and accrued charges	9,024	9,467	(443)	(5)
Long-term debt	9,399	8,913	486	5
Retained earnings	11,542	11,531	11	‐

		As at August 2, 2024
Common shares		494,757,156
Options to purchase common shares		3,478,893

(millions of US dollars, except as otherwise noted)	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Sales	10,156	5,389	5,664	5,631	11,654	6,107	7,533	8,188
Net earnings	392	165	176	82	448	576	1,118	1,583
Net earnings attributable to equity holders of Nutrien	385	158	172	75	440	571	1,112	1,577
Net earnings per share attributable to equity holders of Nutrien
Basic	0.78	0.32	0.35	0.15	0.89	1.14	2.15	2.95
Diluted	0.78	0.32	0.35	0.15	0.89	1.14	2.15	2.94

Quarter		Transaction or Event
Q2 2024		$530 million non-cash impairment of assets comprised of a $335 million non-cash impairment of the Retail – Brazil intangible assets and property plant and equipment due to the ongoing market instability and more moderate margin expectations, and a $195 million non-cash impairment of our Geismar Clean Ammonia project property, plant and equipment as we are no longer pursuing the project. We also recorded a foreign exchange loss of $220 million on foreign currency derivatives in Brazil for the second quarter of 2024.
Q2 2023		$698 million non-cash impairment of assets comprised of a $233 million non-cash impairment of our Phosphate White Springs property, plant and equipment due to a decrease in our forecasted phosphate margins and a $465 million non-cash impairment of our Retail – South America assets primarily related to goodwill mainly due to the impact of crop input price volatility, more moderate long-term growth assumptions and higher interest rates, which lowered our forecasted earnings.
Q3 2022		$330 million reversal of non-cash impairment of our Phosphate White Springs property, plant and equipment related to higher forecasted global prices and a more favorable outlook for phosphate margins.

	Three Months Ended J une 30, 2024			Six Months Ended June 30, 2024
			Per			Per
	Increases		Diluted	Increases		Diluted
(millions of US dollars, except as otherwise noted)	(Decreases)	Post-Tax	Share	(Decreases)	Post-Tax	Share
Net earnings attributable to equity holders of Nutrien		385	0.78		543	1.10
Adjustments:
Share-based compensation expense	10	8	0.02	16	12	0.02
Foreign exchange loss, net of related derivatives	285	283	0.57	328	333	0.67
Impairment of assets	530	491	1.00	530	491	1.00
ARO/ERL related (income) for non-operating sites	(35)	(25)	(0.06)	(32)	(23)	(0.05)
Loss related to financial instruments in Argentina	15	15	0.03	34	34	0.07
Adjusted net earnings		1,157	2.34		1,390	2.81

	Three Months Ended J une 30, 2023			Six Months Ended June 30, 2023
			Per			Per
	Increases		Diluted	Increases		Diluted
(millions of US dollars, except as otherwise noted)	(Decreases)	Post-Tax	Share	(Decreases)	Post-Tax	Share
Net earnings attributable to equity holders of Nutrien		440	0.89		1,011	2.03
Adjustments:
Share-based compensation recovery	(64)	(49)	(0.11)	(49)	(37)	(0.08)
Foreign exchange loss, net of related derivatives	52	40	0.08	18	14	0.02
Integration and restructuring related costs	10	8	0.02	15	11	0.02
Impairment of assets	698	653	1.32	698	653	1.32
ARO/ERL related expenses for non-operating sites	6	5	0.01	6	5	0.01
Loss related to financial instruments in Argentina	92	92	0.19	92	92	0.18
Change in recognition of deferred tax assets	66	66	0.13	66	66	0.13
Adjusted net earnings		1,255	2.53		1,815	3.63

Nutrien Financial	As at June 30, 2024							As at D ecember 3 1, 2023
(millions of US dollars)	Current	P ast Due	31–90 Days P ast Due	>90 Days P ast Due	Gross Receivables	Allowance ¹	Net Receivables	Net Receivables
North America	3,395	182	67	198	3,842	(53)	3,789	2,206
International	628	50	18	85	781	(10)	771	687
Nutrien Financial receivables	4,023	232	85	283	4,623	(63)	4,560	2,893
1 Bad debt expense on the above receivables for the six months ended June 30, 2024 and 2023 were $25 million and $30 million, respectively, in the Retail segment.

Condensed Consolidated Statements of Cash Flows

		Three Months Ended		Six Months Ended
		June 30		June 30
(millions of US dollars)	Note	2024	2023	2024	2023
			Note 1		Note 1
OPERATING ACTIVITIES
Net earnings		392	448	557	1,024
Adjustments for:
Depreciation and amortization		586	556	1,151	1,052
Share-based compensation expense (recovery)		10	(64)	16	(49)
Impairment of assets	3	530	698	530	698
Provision for deferred income tax		23	100	51	121
Net distributed (undistributed) earnings of equity-accounted investees		88	(23)	38	140
Fair value adjustment to derivatives	6	187	38	186	32
Loss related to financial instruments in Argentina	4	15	92	34	92
Long-term income tax receivables and payables		(35)	(18)	8	(90)
Other long-term assets, liabilities and miscellaneous		5	53	70	(14)
Cash from operations before working capital changes		1,801	1,880	2,641	3,006
Changes in non-cash operating working capital:
Receivables		(2,555)	(2,653)	(2,812)	(2,118)
Inventories and prepaid expenses and other current assets		3,222	4,065	1,892	2,572
Payables and accrued charges		(661)	(1,049)	(401)	(2,075)
CASH PROVIDED BY OPERATING ACTIVITIES		1,807	2,243	1,320	1,385
INVESTING ACTIVITIES
Capital expenditures ¹		(547)	(791)	(920)	(1,256)
Business acquisitions, net of cash acquired		(4)	(5)	(4)	(116)
Net proceeds from (purchase of) investments		3	(93)	(15)	(98)
Purchase of investments		(107)	‐	(111)	‐
Net changes in non-cash working capital		5	(4)	(85)	(104)
Other		36	35	27	22
CASH USED IN INVESTING ACTIVITIES		(614)	(858)	(1,108)	(1,552)
FINANCING ACTIVITIES
(Net repayment of) proceeds from debt		(1,215)	(1,105)	(289)	768
Proceeds from debt		998	‐	998	1,500
Repayment of debt		(75)	(500)	(89)	(517)
Repayment of principal portion of lease liabilities		(106)	(100)	(202)	(187)
Dividends paid to Nutrien's shareholders		(266)	(263)	(527)	(509)
Repurchase of common shares		‐	(150)	‐	(1,047)
Issuance of common shares		8	3	9	31

	Rolling four quarters ended June 30, 2024
(millions of US dollars, except as otherwise noted)	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Total/Average
Nutrien Financial revenue	73	70	66	133
Deemed interest expense ¹	(41)	(36)	(27)	(50)
Net interest	32	34	39	83	188

Average Nutrien Financial net receivables	4,353	2,893	2,489	4,560	3,574
Nutrien Financial adjusted net interest margin (%)					5.3

	Rolling four quarters ended December 31, 2023
(millions of US dollars, except as otherwise noted)	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Total/Average
Nutrien Financial revenue	57	122	73	70
Deemed interest expense ¹	(20)	(39)	(41)	(36)
Net interest	37	83	32	34	186

Average Nutrien Financial net receivables	2,283	4,716	4,353	2,893	3,561
Nutrien Financial adjusted net interest margin (%)					5.2
1 Average borrowing rate applied to the notional debt required to fund the portfolio of receivables from customers monitored and serviced by Nutrien Financial.

Unaudited

Condensed Consolidated Statements of Earnings

		Three Months Ended		Six Months Ended
		June 30		June 30
(millions of US dollars, except as otherwise noted)	Note	2024	2023	2024	2023
SALES	2, 10	10,156	11,654	15,545	17,761
Freight, transportation and distribution		240	252	478	451
Cost of goods sold		7,004	8,236	10,618	12,231
GROSS MARGIN		2,912	3,166	4,449	5,079
Selling expenses		1,008	979	1,802	1,749
General and administrative expenses		158	157	312	302
Provincial mining taxes		68	104	136	223
Share-based compensation expense (recovery)		10	(64)	16	(49)
Impairment of assets	3	530	698	530	698
Foreign exchange loss, net of related derivatives	6	285	52	328	18
Other expenses	4	9	112	62	71
EARNINGS BEFORE FINANCE COSTS AND INCOME TAXES		844	1,128	1,263	2,067
Finance costs		162	204	341	374
EARNINGS BEFORE INCOME TAXES		682	924	922	1,693
Income tax expense	5	290	476	365	669
NET EARNINGS		392	448	557	1,024
Attributable to
Equity holders of Nutrien		385	440	543	1,011
Non-controlling interest		7	8	14	13
NET EARNINGS		392	448	557	1,024

NET EARNINGS PER SHARE ATTRIBUTABLE TO EQUITY HOLDERS OF NUTRIEN ("EPS")
Basic		0.78	0.89	1.10	2.03
Diluted		0.78	0.89	1.10	2.03
Weighted average shares outstanding for basic EPS		494,646,000	495,379,000	494,608,000	498,261,000
Weighted average shares outstanding for diluted EPS		494,915,000	495,932,000	494,851,000	499,059,000

Condensed Consolidated Statements of Changes in Shareholders' Equity

				Accumulated Other Comprehensive
				(Loss) Income ("AOCI")
				(Loss) Gain
				on Currency				Equity
	Number of			Translation				Holders	Non-
	Common	Share	Contributed	of Foreign		Total	Retained	of	Controlling	Total
(millions of US dollars, except as otherwise noted)	Shares	Capital	Surplus	Operations	Other	AOCI	Earnings	Nutrien	Interest	Equity
BALANCE – DECEMBER 31, 2022	507,246,105	14,172	109	(374)	(17)	(391)	11,928	25,818	45	25,863
Net earnings	‐	‐	‐	‐	‐	‐	1,011	1,011	13	1,024
Other comprehensive income	‐	‐	‐	50	20	70	‐	70	‐	70
Shares repurchased	(13,378,189)	(374)	(26)	‐	‐	‐	(600)	(1,000)	‐	(1,000)
Dividends declared - $1.06/share	‐	‐	‐	‐	‐	‐	(527)	(527)	‐	(527)
Non-controlling interest transactions	‐	‐	‐	‐	‐	‐	‐	‐	(13)	(13)
Effect of share-based compensation including issuance of
common shares	628,402	37	(3)	‐	‐	‐	‐	34	‐	34
Transfer of net gain on sale of investment	‐	‐	‐	‐	(14)	(14)	14	‐	‐	‐
Transfer of net loss on cash flow hedges	‐	‐	‐	‐	9	9	‐	9	‐	9
Transfer of net actuarial loss on defined benefit plans	‐	‐	‐	‐	3	3	(3)	‐	‐	‐
Other	‐	‐	‐	(2)	‐	(2)	‐	(2)	‐	(2)
BALANCE – JUNE 30, 2023	494,496,318	13,835	80	(326)	1	(325)	11,823	25,413	45	25,458
BALANCE – DECEMBER 31, 2023	494,551,730	13,838	83	(286)	(10)	(296)	11,531	25,156	45	25,201
Net earnings	‐	‐	‐	‐	‐	‐	543	543	14	557
Other comprehensive loss	‐	‐	‐	(56)	(1)	(57)	‐	(57)	(1)	(58)
Dividends declared - $1.08/share	‐	‐	‐	‐	‐	‐	(532)	(532)	‐	(532)
Non-controlling interest transactions	‐	‐	‐	‐	‐	‐	‐	‐	(26)	(26)
Effect of share-based compensation including issuance of
common shares	153,808	8	3	‐	‐	‐	‐	11	‐	11
Transfer of net loss on cash flow hedges	‐	‐	‐	‐	8	8	‐	8	‐	8
Other	‐	‐	‐	(2)	‐	(2)	‐	(2)	‐	(2)
BALANCE – JUNE 30, 2024	494,705,538	13,846	86	(344)	(3)	(347)	11,542	25,127	32	25,159

(See Notes to the Condensed Consolidated Financial Statements)

Condensed Consolidated Balance Sheets

		June 30		December 31
As at (millions of US dollars)	Note	2024	2023	2023
ASSETS
Current assets
Cash and cash equivalents		1,004	737	941
Receivables	6, 7, 10	8,123	8,595	5,398
Inventories		5,298	6,062	6,336
Prepaid expenses and other current assets		663	602	1,495
		15,088	15,996	14,170
Non-current assets
Property, plant and equipment		22,198	21,920	22,461
Goodwill		12,094	12,077	12,114
Intangible assets		1,912	2,252	2,217
Investments		703	708	736
Other assets		996	973	1,051
TOTAL ASSETS		52,991	53,926	52,749
LIABILITIES
Current liabilities
Short-term debt	7	1,571	2,922	1,815
Current portion of long-term debt		1,012	44	512
Current portion of lease liabilities		364	301	327
Payables and accrued charges	6	9,024	9,470	9,467
		11,971	12,737	12,121
Non-current liabilities
Long-term debt		9,399	9,498	8,913
Lease liabilities		1,024	861	999
Deferred income tax liabilities		3,615	3,584	3,574
Pension and other post-retirement benefit liabilities		245	245	252
Asset retirement obligations and accrued environmental costs		1,406	1,379	1,489
Other non-current liabilities		172	164	200
TOTAL LIABILITIES		27,832	28,468	27,548
SHAREHOLDERS' EQUITY
Share capital		13,846	13,835	13,838
Contributed surplus		86	80	83
Accumulated other comprehensive loss		(347)	(325)	(296)
Retained earnings		11,542	11,823	11,531
Equity holders of Nutrien		25,127	25,413	25,156
Non-controlling interest		32	45	45
TOTAL SHAREHOLDERS' EQUITY		25,159	25,458	25,201
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY		52,991	53,926	52,749

(See Notes to the Condensed Consolidated Financial Statements)

					Corporate
(millions of US dollars)	Retail	Potash	Nitrogen	Phosphate	and Others	Eliminations	Consolidated
Assets – as at June 30, 2024	23,223	13,667	11,571	2,452	2,955	(877)	52,991
Assets – as at December 31, 2023	23,056	13,571	11,466	2,438	2,818	(600)	52,749

		Three Months Ended June 30, 2024
						Corporate
(millions of US dollars)		Retail	Potash	Nitrogen	Phosphate	and Others	Eliminations	Consolidated
Sales	– third party	8,074	750	948	384	‐	‐	10,156
	– intersegment	‐	86	239	67	‐	(392)	‐
Sales	– total	8,074	836	1,187	451	‐	(392)	10,156
Freight, transportation and distribution		‐	80	159	57	‐	(56)	240
Net sales		8,074	756	1,028	394	‐	(336)	9,916
Cost of goods sold		6,045	359	650	361	‐	(411)	7,004
Gross margin		2,029	397	378	33	‐	75	2,912
Selling expenses (recovery)		1,005	3	8	2	(3)	(7)	1,008
General and administrative expenses		51	1	5	3	98	‐	158
Provincial mining taxes		‐	68	‐	‐	‐	‐	68
Share-based compensation expense		‐	‐	‐	‐	10	‐	10
Impairment of assets		335	‐	195	‐	‐	‐	530
Foreign exchange loss, net of related derivatives		‐	‐	‐	‐	285	‐	285
Other expenses (income)		41	4	(78)	8	26	8	9
Earnings (loss) before finance costs and income taxes		597	321	248	20	(416)	74	844
Depreciation and amortization		196	151	151	68	20	‐	586
EBITDA		793	472	399	88	(396)	74	1,430
Share-based compensation expense		‐	‐	‐	‐	10	‐	10
Impairment of assets		335	‐	195	‐	‐	‐	530
Loss related to financial instruments in Argentina		‐	‐	‐	‐	15	‐	15
ARO/ERL related income for non-operating sites		‐	‐	‐	‐	(35)	‐	(35)
Foreign exchange loss, net of related derivatives		‐	‐	‐	‐	285	‐	285
Adjusted EBITDA		1,128	472	594	88	(121)	74	2,235

		Three Months Ended June 30, 2023
						Corporate
(millions of US dollars)		Retail	Potash	Nitrogen	Phosphate	and Others	Eliminations	Consolidated
Sales	– third party	9,127	976	1,065	486	‐	‐	11,654
	– intersegment	1	140	306	74	‐	(521)	‐
Sales	– total	9,128	1,116	1,371	560	‐	(521)	11,654
Freight, transportation and distribution		‐	107	155	58	‐	(68)	252
Net sales		9,128	1,009	1,216	502	‐	(453)	11,402
Cost of goods sold		7,197	353	817	453	‐	(584)	8,236
Gross margin		1,931	656	399	49	‐	131	3,166
Selling expenses (recovery)		971	3	7	2	(2)	(2)	979
General and administrative expenses		55	5	5	4	88	‐	157
Provincial mining taxes		‐	104	‐	‐	‐	‐	104
Share-based compensation recovery		‐	‐	‐	‐	(64)	‐	(64)
Impairment of assets		465	‐	‐	233	‐	‐	698
Foreign exchange loss, net of related derivatives		‐	‐	‐	‐	52	‐	52
Other expenses (income)		29	5	(20)	1	99	(2)	112
Earnings (loss) before finance costs and income taxes		411	539	407	(191)	(173)	135	1,128
Depreciation and amortization		188	115	162	71	20	‐	556
EBITDA		599	654	569	(120)	(153)	135	1,684
Integration and restructuring related costs		3	‐	‐	‐	7	‐	10
Share-based compensation recovery		‐	‐	‐	‐	(64)	‐	(64)
Impairment of assets		465	‐	‐	233	‐	‐	698
Loss related to financial instruments in Argentina		‐	‐	‐	‐	92	‐	92
ARO/ERL related expense for non-operating sites		‐	‐	‐	‐	6	‐	6
Foreign exchange loss, net of related derivatives		‐	‐	‐	‐	52	‐	52
Adjusted EBITDA		1,067	654	569	113	(60)	135	2,478

		Six Months Ended June 30, 2024
						Corporate
(millions of US dollars)		Retail	Potash	Nitrogen	Phosphate	and Others	Eliminations	Consolidated
Sales	– third party	11,382	1,571	1,794	798	‐	‐	15,545
	– intersegment	‐	192	421	152	‐	(765)	‐
Sales	– total	11,382	1,763	2,215	950	‐	(765)	15,545
Freight, transportation and distribution		‐	194	276	119	‐	(111)	478
Net sales		11,382	1,569	1,939	831	‐	(654)	15,067
Cost of goods sold		8,606	717	1,254	733	‐	(692)	10,618
Gross margin		2,776	852	685	98	‐	38	4,449
Selling expenses (recovery)		1,795	6	15	4	(5)	(13)	1,802
General and administrative expenses		103	5	10	7	187	‐	312
Provincial mining taxes		‐	136	‐	‐	‐	‐	136
Share-based compensation expense		‐	‐	‐	‐	16	‐	16
Impairment of assets		335	‐	195	‐	‐	‐	530
Foreign exchange loss, net of related derivatives		‐	‐	‐	‐	328	‐	328
Other expenses (income)		63	1	(111)	16	80	13	62
Earnings (loss) before finance costs and income taxes		480	704	576	71	(606)	38	1,263
Depreciation and amortization		390	298	287	138	38	‐	1,151
EBITDA		870	1,002	863	209	(568)	38	2,414
Share-based compensation expense		‐	‐	‐	‐	16	‐	16
Impairment of assets		335	‐	195	‐	‐	‐	530
Loss related to financial instruments in Argentina		‐	‐	‐	‐	34	‐	34
ARO/ERL related income for non-operating sites		‐	‐	‐	‐	(32)	‐	(32)
Foreign exchange loss, net of related derivatives		‐	‐	‐	‐	328	‐	328
Adjusted EBITDA		1,205	1,002	1,058	209	(222)	38	3,290

		Six Months Ended June 30, 2023
						Corporate
(millions of US dollars)		Retail	Potash	Nitrogen	Phosphate	and Others	Eliminations	Consolidated
Sales	– third party	12,549	1,999	2,219	994	‐	‐	17,761
	– intersegment	1	194	570	138	‐	(903)	‐
Sales	– total	12,550	2,193	2,789	1,132	‐	(903)	17,761
Freight, transportation and distribution		‐	182	261	116	‐	(108)	451
Net sales		12,550	2,011	2,528	1,016	‐	(795)	17,310
Cost of goods sold		10,004	658	1,588	880	‐	(899)	12,231
Gross margin		2,546	1,353	940	136	‐	104	5,079
Selling expenses		1,736	6	15	4	(4)	(8)	1,749
General and administrative expenses		105	8	10	7	172	‐	302
Provincial mining taxes		‐	223	‐	‐	‐	‐	223
Share-based compensation recovery		‐	‐	‐	‐	(49)	‐	(49)
Impairment of assets		465	‐	‐	233	‐	‐	698
Foreign exchange loss, net of related derivatives		‐	‐	‐	‐	18	‐	18
Other expenses (income)		44	(2)	(34)	13	52	(2)	71
Earnings (loss) before finance costs and income taxes		196	1,118	949	(121)	(189)	114	2,067
Depreciation and amortization		369	212	296	138	37	‐	1,052
EBITDA		565	1,330	1,245	17	(152)	114	3,119
Integration and restructuring related costs		3	‐	‐	‐	12	‐	15
Share-based compensation recovery		‐	‐	‐	‐	(49)	‐	(49)
Impairment of assets		465	‐	‐	233	‐	‐	698
Loss related to financial instruments in Argentina		‐	‐	‐	‐	92	‐	92
ARO/ERL related expense for non-operating sites		‐	‐	‐	‐	6	‐	6
Foreign exchange loss, net of related derivatives		‐	‐	‐	‐	18	‐	18
Adjusted EBITDA		1,033	1,330	1,245	250	(73)	114	3,899

			Three and Six Months Ended
			June 30
Segment	Category	(millions of US dollars)	2024	2023
Retail	Intangible assets		200	43
	Property, plant and equipment		120	‐
	Other		15	‐
	Goodwill		‐	422
Nitrogen	Property, plant and equipment		195	‐
Phosphate	Property, plant and equipment		‐	233
Impairment of assets			530	698

Spectrum Pharmaceuticals Reports Fourth Quarter 2022 and Full Year 2022 Financial Results and Corporate Update

1. China

2. Morocco

3. United States

4. Russia

5. Jordan

6. Saudi Arabia

7. Brazil

8. Egypt

9. Peru

10. Tunisia

FAQS for phosphate

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Is phosphate the same as phosphorus in fertilizer?

1. Arianne Phosphate (TSXV:DAN)

2. Avenira (ASX:AEV)

3. Centrex Metals (ASX:CXM)

4. Chatham Rock Phosphate (TSXV:NZP)

5. Fertoz (ASX:FTZ)

6. Itafos (TSXV:IFOS)

7. Minbos Resources (ASX:MNB)

8. Mosaic (NYSE:MOS)

9. Nutrien (TSX:NTR,NYSE:NTR)

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		Retail – Brazil
(millions of US dollars)		June 30, 2024
Recoverable amount comprised of:
Working capital and other		324
Property, plant and equipment		92
Intangible assets		‐

Issuances in the second quarter of 2024
(millions of US dollars, except as otherwise noted)	Rate of interest (%)	Maturity	Amount
Senior notes issued 2024	5.2	June 21, 2027	400
Senior notes issued 2024	5.4	June 21, 2034	600
			1,000