Horizon Therapeutics layoffs, on the record
Every job cut, severance charge and restructuring Horizon Therapeutics reported in its annual reports, 2020 to 2022, quoted from the filings.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2020 | approximately 1,395 | December 31, 2020 |
| 10-K for 2021 | approximately 1,890 | December 31, 2021 |
| 10-K for 2022 | approximately 2,115 full-time employees | December 31, 2022 |
Job cuts, severance and restructuring
Our summaryThe filing reports restructuring and realignment costs, including severance costs and consulting fees, as a non-GAAP adjustment for 2018 to 2020.
Word for word“Represents expenses, including severance costs and consulting fees, related to restructuring and realignment activities.” 10-K for 2020
Our summaryThe filing describes a restructuring and realignment cost line in its non-GAAP reconciliation, reported as a charge for 2021.
Word for word“Restructuring and realignment costs (6) 26,309 (141 ) Impairment of long-lived assets (7) 12,371 1,713 Litigation settlements (8) 5,000 — Manufacturing plant start-up costs (9) 3,622 — Fees related to refinancing activities (10) — 54 Loss on debt extinguishment (11) — 31,856 Drug substance harmonization costs (12) — 542 Gain on equity security investments (13) (1,257 ) — Gain on sale of assets (14) (2,000 ) (4,883 ) Total of other non-GAAP adjustments (19) 359,060 224,964 Adjusted EBITDA (19) $ 1,284,274 $ 965,676 111 For the Years Ended December 31, 2021 2020 GAAP net income $ 534,491 $ 389,796 Non-GAAP adjustments: Depreciation (1) 17,475 24,303 Amortization and step-up: Intangible amortization expense (2) 336,277 255,148 Inventory step-up expense (3) 27,572 — Amortization of debt discount and deferred financing costs (15) 5,189 12,640 Share-based compensation (4) 219,086 146,627 Acquisition/divestiture-related costs (5) 95,929 49,196 Restructuring and realignment costs (6) 26,309 (141 ) Impairment of long-lived assets (7) 12,371 1,713 Litigation settlements (8) 5,000 — Manufacturing plant start-up costs (9) 3,622 — Fees related to refinancing activities (10) — 54 Loss on debt extinguishment (11) — 31,856 Drug substance harmonization costs (12) — 542 Gain on equity security investments (13) (1,257 ) — Gain on sale of assets (14) (2,000 ) (4,883 ) Total pre-tax non-GAAP adjustments (19) 745,573 517,055 Income tax effect of pre-tax non-GAAP adjustments (16) (169,554 ) (98,628 ) Other non-GAAP income tax adjustments (17) (20,800 ) 20,541 Total non-GAAP adjustments (19) 555,219 438,968 Non-GAAP Net Income (19) $ 1,089,710 $ 828,764” 10-K for 2021
Our summaryThe company recorded severance and consulting costs in 2022 tied to winding down its former inflammation business.
Word for word“In addition, we incurred severance and consulting costs of $15.8 million during the year ended December 31, 2022, related to the wind down of our former inflammation business.” 10-K for 2022
| Fiscal year ended | Restructuring charges | Restructuring costs incurred |
|---|---|---|
| 2016-12-31 | $18.3 million | — |
| 2017-12-31 | $239,000 | $4.9 million |
| 2018-12-31 | −$1.5 million | $15.3 million |
| 2019-12-31 | $1.1 million | $237,000 |
| 2020-12-31 | — | −$141,000 |
| 2021-12-31 | — | $26.3 million |
Horizon Therapeutics has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Horizon Therapeutics’s annual reports (10-K for 2022, 10-K for 2021, 10-K for 2020) and the financial data it files with the SEC, as of 2023-03-01. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.