10-Q
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

 

(Mark One)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2023

 

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Commission File Number 001-35299

https://cdn.kscope.io/26d9d65b2da49ec676168d2a8841a508-img76596764_0.jpg 

ALKERMES PUBLIC LIMITED COMPANY

(Exact name of registrant as specified in its charter)

 

 

 

 

Ireland

 

98-1007018

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification No.)

 

Connaught House

1 Burlington Road

Dublin 4, Ireland, D04 C5Y6

(Address of principal executive offices)

 

+ 353-1-772-8000

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Ordinary shares, $0.01 par value

 

ALKS

 

Nasdaq Global Select Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

 

 

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

 

The number of the registrant’s ordinary shares, $0.01 par value, outstanding as of July 21, 2023 was 166,558,735 shares.

 

 

 

 


 

ALKERMES PLC AND SUBSIDIARIES

QUARTERLY REPORT ON FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2023

 

 

 

 

 

Page No.

PART I - FINANCIAL INFORMATION

 

Item 1.

Condensed Consolidated Financial Statements (unaudited):

 

 

Condensed Consolidated Balance Sheets — June 30, 2023 and December 31, 2022

5

 

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) — For the Three and Six Months Ended June 30, 2023 and 2022

6

 

Condensed Consolidated Statements of Cash Flows — For the Six Months Ended June 30, 2023 and 2022

7

 

Condensed Consolidated Statements of Shareholders’ Equity — For the Three and Six Months Ended June 30, 2023 and 2022

8

 

Notes to Condensed Consolidated Financial Statements

10

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

22

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

35

Item 4.

Controls and Procedures

35

 

 

PART II - OTHER INFORMATION

 

Item 1.

Legal Proceedings

36

Item 1A.

Risk Factors

36

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

36

Item 5.

Other Information

36

Item 6.

Exhibits

37

Signatures

38

 

2


 

Cautionary Note Concerning Forward-Looking Statements

This document contains and incorporates by reference “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). In some cases, these statements can be identified by the use of forward-looking terminology such as “may,” “will,” “could,” “should,” “would,” “expect,” “anticipate,” “continue,” “believe,” “plan,” “estimate,” “intend,” or other similar words. These statements discuss future expectations and contain projections of results of operations or of financial condition, or state trends and known uncertainties or other forward-looking information. Forward‑looking statements in this Quarterly Report on Form 10-Q (this “Form 10-Q”) may include, without limitation, statements regarding:

our expectations regarding our financial performance, including revenues, expenses, liquidity, capital expenditures and income taxes;
our expectations regarding our products, including expectations related to product development, regulatory filings, approvals and timelines; therapeutic and commercial value, scope and potential; and the costs and expenses related to such activities and expectations;
our expectations regarding the initiation, timing and results of clinical trials of our products;
our expectations regarding the competitive, payer, legislative, regulatory and policy landscape, and changes therein, related to our products, including competition from generic forms of our products or competitive products and development programs; barriers to access or coverage of our products and potential changes in reimbursement of our products; and legislation, regulations, executive orders, guidance or other measures that may impact pricing and reimbursement of, and access to, our products;
our expectations regarding the financial impact of currency exchange rate fluctuations and valuations;
our expectations regarding future amortization of intangible assets;
our expectations regarding collaborations, licensing arrangements and other significant agreements with third parties relating to our products and our development programs;
our expectations regarding the impact of new legislation, rules and regulations and the adoption of new accounting pronouncements;
our expectations regarding near‑term changes in the nature of our market risk exposures or in our management’s objectives and strategies with respect to managing such exposures;
our expectations regarding our ability to comply with restrictive covenants of our indebtedness and our ability to fund our debt service obligations;
our expectations regarding future capital requirements and expenditures for our operations and our ability to finance such capital requirements and expenditures;
our expectations regarding the timing, outcome and impact of administrative, regulatory, legal and other proceedings related to our products and intellectual property (“IP”), including our patents;
our expectations regarding the impact of the ongoing novel coronavirus (“COVID-19”) pandemic on our business and operations;
our expectations regarding the planned separation of our neuroscience business and oncology business, including anticipated timing, effects, costs, benefits and tax treatment; and
other expectations discussed elsewhere in this Form 10-Q.

Actual results might differ materially from those expressed or implied by these forward-looking statements because these forward-looking statements are subject to risks, assumptions and uncertainties. In light of these risks, assumptions and uncertainties, the forward-looking expectations discussed in this Form 10-Q might not occur. You are cautioned not to place undue reliance on the forward-looking statements in this Form 10-Q, which speak only as of the date of this Form 10-Q. All subsequent written and oral forward-looking statements concerning the matters addressed in this Form 10-Q and attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Except as required by applicable law or regulation, we do not undertake any obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise. For information about the risks, assumptions and uncertainties of our business, see “Part I, Item 1A—Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2022, filed

3


 

with the United States (“U.S.”) Securities and Exchange Commission (the “SEC”) on February 16, 2023, as amended by our Amendment No. 1 to Annual Report on Form 10-K/A, filed with the SEC on April 26, 2023 (our “Annual Report”) and “Part II, Item 1A—Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 (our “Q1 Quarterly Report”).

This Form 10-Q may include data that we obtained from industry publications and third-party research, surveys and studies. Industry publications and third-party research, surveys and studies generally indicate that their information has been obtained from sources believed to be reliable, although they do not guarantee the accuracy or completeness of such information. While we believe that any industry publications and third-party research, surveys and studies from which data is included in this Form 10-Q are reliable, we have not independently verified any such data. This Form 10-Q may also include data based on our own internal estimates and research. Our internal estimates and research have not been verified by any independent source and are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described in “Part I, Item 1A—Risk Factors” in our Annual Report and “Part II, Item 1A—Risk Factors” in our Q1 Quarterly Report. These and other factors could cause our results to differ materially from those expressed or implied in this Form 10-Q.

Note Regarding Company and Product References

Alkermes plc is a fully-integrated, global biopharmaceutical company that applies its scientific expertise and proprietary technologies to research, develop and commercialize, both with partners and on its own, pharmaceutical products that are designed to address unmet medical needs of patients in major therapeutic areas. We have a portfolio of proprietary commercial products focused on alcohol dependence, opioid dependence, schizophrenia and bipolar I disorder, and a pipeline of product candidates in development for neurological disorders and cancer. Use of terms such as “us,” “we,” “our,” “Alkermes” or the “Company” in this Form 10-Q is meant to refer to Alkermes plc and its consolidated subsidiaries. Except as otherwise suggested by the context, (a) references to “products” or “our products” in this Form 10-Q include our marketed products, marketed products using our proprietary technologies, our licensed products, our product candidates and product candidates using our proprietary technologies, (b) references to the “biopharmaceutical industry” in this Form 10-Q are intended to include reference to the “biotechnology industry” and/or the “pharmaceutical industry” and (c) references to “licensees” in this Form 10-Q are used interchangeably with references to “partners.”

Note Regarding Trademarks

We are the owner of various U.S. federal trademark registrations (“®”) and other trademarks (“TM”), including ALKERMES®, ARISTADA®, ARISTADA INITIO®, LinkeRx®, LYBALVI®, NanoCrystal® and VIVITROL®.

The following are trademarks of the respective companies listed: ANJESO®—Baudax Bio, Inc.; BYANNLI®, INVEGA®, INVEGA HAFYERA®, INVEGA SUSTENNA®, INVEGA TRINZA®, TREVICTA®, XEPLION®, and RISPERDAL CONSTA®—Johnson & Johnson or its affiliated companies; CABENUVA®—ViiV Healthcare UK (No.3) Limited; KEYTRUDA®—Merck Sharp & Dohme Corp.; and VUMERITY®—Biogen MA Inc. (together with its affiliates, “Biogen”). Other trademarks, trade names and service marks appearing in this Form 10-Q are the property of their respective owners. Solely for convenience, the trademarks and trade names in this Form 10-Q may be referred to without the ® and TM symbols, but such references should not be construed as any indicator that their respective owners will not assert, to the fullest extent under applicable law, their rights thereto.

4


 

PART I. FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements:

ALKERMES PLC AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

 

 

 

June 30, 2023

 

 

December 31, 2022

 

 

 

(In thousands, except share and per share amounts)

 

ASSETS

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

 

Cash and cash equivalents

 

$

665,795

 

 

$

292,473

 

Receivables, net

 

 

334,478

 

 

 

287,967

 

Investments—short-term

 

 

163,254

 

 

 

315,992

 

Inventory

 

 

189,372

 

 

 

181,418

 

Contract assets

 

 

 

 

 

8,929

 

Prepaid expenses and other current assets

 

 

44,452

 

 

 

43,527

 

Total current assets

 

 

1,397,351

 

 

 

1,130,306

 

PROPERTY, PLANT AND EQUIPMENT, NET

 

 

323,801

 

 

 

325,361

 

INVESTMENTS—LONG-TERM

 

 

78,127

 

 

 

131,610

 

RIGHT-OF-USE ASSETS

 

 

107,356

 

 

 

115,855

 

INTANGIBLE ASSETS, NET

 

 

19,982

 

 

 

37,680

 

GOODWILL

 

 

92,873

 

 

 

92,873

 

DEFERRED TAX ASSETS

 

 

153,152

 

 

 

115,602

 

OTHER ASSETS

 

 

14,542

 

 

 

14,691

 

TOTAL ASSETS

 

$

2,187,184

 

 

$

1,963,978

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

 

Accounts payable and accrued expenses

 

$

242,923

 

 

$

220,089

 

Accrued sales discounts, allowances and reserves

 

 

222,768

 

 

 

252,115

 

Operating lease liabilities—short-term

 

 

15,192

 

 

 

15,722

 

Contract liabilities—short-term

 

 

3,302

 

 

 

6,816

 

Current portion of long-term debt

 

 

3,000

 

 

 

3,000

 

Total current liabilities

 

 

487,185

 

 

 

497,742

 

LONG-TERM DEBT

 

 

289,001

 

 

 

290,270

 

OPERATING LEASE LIABILITIES—LONG-TERM

 

 

82,342

 

 

 

89,829

 

OTHER LONG-TERM LIABILITIES

 

 

48,219

 

 

 

42,384

 

Total liabilities

 

 

906,747

 

 

 

920,225

 

COMMITMENTS AND CONTINGENT LIABILITIES (Note 15)

 

 

 

 

 

 

SHAREHOLDERS’ EQUITY:

 

 

 

 

 

 

Preferred shares, par value, $0.01 per share; 50,000,000 shares authorized; zero issued and outstanding at June 30, 2023 and December 31, 2022, respectively

 

 

 

 

 

 

Ordinary shares, par value, $0.01 per share; 450,000,000 shares authorized; 171,975,901 and 168,951,193 shares issued; 166,498,288 and 164,377,009 shares outstanding at June 30, 2023 and December 31, 2022, respectively

 

 

1,720

 

 

 

1,690

 

Treasury shares, at cost (5,477,613 and 4,574,184 shares at June 30, 2023 and December 31, 2022, respectively)

 

 

(186,146

)

 

 

(160,862

)

Additional paid-in capital

 

 

2,976,365

 

 

 

2,913,099

 

Accumulated other comprehensive loss

 

 

(7,437

)

 

 

(10,889

)

Accumulated deficit

 

 

(1,504,065

)

 

 

(1,699,285

)

Total shareholders’ equity

 

 

1,280,437

 

 

 

1,043,753

 

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

 

$

2,187,184

 

 

$

1,963,978

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

5


 

ALKERMES PLC AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

(In thousands, except per share amounts)

 

REVENUES:

 

 

 

 

 

 

 

 

 

 

 

 

Product sales, net

 

$

231,477

 

 

$

190,787

 

 

$

446,204

 

 

$

362,055

 

Manufacturing and royalty revenues

 

 

385,913

 

 

 

85,326

 

 

 

458,775

 

 

 

190,496

 

License revenue

 

 

 

 

 

 

 

 

 

 

 

2,000

 

Research and development revenue

 

 

7

 

 

 

106

 

 

 

13

 

 

 

213

 

Total revenues

 

 

617,397

 

 

 

276,219

 

 

 

904,992

 

 

 

554,764

 

EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of goods manufactured and sold (exclusive of amortization of acquired intangible assets shown below)

 

 

63,260

 

 

 

58,360

 

 

 

121,435

 

 

 

113,519

 

Research and development

 

 

100,788

 

 

 

92,873

 

 

 

194,425

 

 

 

188,826

 

Selling, general and administrative

 

 

205,258

 

 

 

150,377

 

 

 

379,735

 

 

 

295,429

 

Amortization of acquired intangible assets

 

 

8,898

 

 

 

9,066

 

 

 

17,698

 

 

 

18,032

 

Total expenses

 

 

378,204

 

 

 

310,676

 

 

 

713,293

 

 

 

615,806

 

OPERATING INCOME (LOSS)

 

 

239,193

 

 

 

(34,457

)

 

 

191,699

 

 

 

(61,042

)

OTHER INCOME (EXPENSE), NET:

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

6,769

 

 

 

896

 

 

 

11,735

 

 

 

1,469

 

Interest expense

 

 

(5,684

)

 

 

(2,369

)

 

 

(10,972

)

 

 

(4,719

)

Change in the fair value of contingent consideration

 

 

 

 

 

870

 

 

 

 

 

 

(18,197

)

Other (expense) income, net

 

 

(525

)

 

 

1,810

 

 

 

(564

)

 

 

4,241

 

Total other income (expense), net

 

 

560

 

 

 

1,207

 

 

 

199

 

 

 

(17,206

)

INCOME (LOSS) BEFORE INCOME TAXES

 

 

239,753

 

 

 

(33,250

)

 

 

191,898

 

 

 

(78,248

)

INCOME TAX PROVISION (BENEFIT)

 

 

2,688

 

 

 

(3,114

)

 

 

(3,322

)

 

 

(12,209

)

NET INCOME (LOSS)

 

$

237,065

 

 

$

(30,136

)

 

$

195,220

 

 

$

(66,039

)

EARNINGS (LOSS) PER ORDINARY SHARE:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.43

 

 

$

(0.18

)

 

$

1.18

 

 

$

(0.40

)

Diluted

 

 

1.38

 

 

 

(0.18

)

 

 

1.14

 

 

 

(0.40

)

WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES OUTSTANDING:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

166,279

 

 

 

163,839

 

 

 

165,686

 

 

 

163,165

 

Diluted

 

 

171,553

 

 

 

163,839

 

 

 

170,747

 

 

 

163,165

 

COMPREHENSIVE INCOME (LOSS):

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

237,065

 

 

$

(30,136

)

 

$

195,220

 

 

$

(66,039

)

Holding gain (loss), net of a tax provision (benefit) of $99, $326, $587 and $(1,055), respectively

 

 

692

 

 

 

(2,254

)

 

 

3,452

 

 

 

(6,765

)

COMPREHENSIVE INCOME (LOSS)

 

$

237,757

 

 

$

(32,390

)

 

$

198,672

 

 

$

(72,804

)

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

6


 

ALKERMES PLC AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

 

 

 

Six Months Ended

 

 

 

June 30,

 

 

 

2023

 

 

2022

 

 

 

(In thousands)

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

Net income (loss)

 

$

195,220

 

 

$

(66,039

)

Adjustments to reconcile net income (loss) to cash flows from operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

37,725

 

 

 

38,588

 

Share-based compensation expense

 

 

51,147

 

 

 

41,720

 

Deferred income taxes

 

 

(38,137

)

 

 

(40,815

)

Change in the fair value of contingent consideration

 

 

 

 

 

18,197

 

Other non-cash charges

 

 

691

 

 

 

637

 

Changes in assets and liabilities:

 

 

 

 

 

 

Receivables

 

 

(46,511

)

 

 

67,382

 

Contract assets

 

 

8,929

 

 

 

(3,123

)

Inventory

 

 

(6,879

)

 

 

(4,569

)

Prepaid expenses and other assets

 

 

(774

)

 

 

(1,986

)

Right-of-use assets

 

 

8,498

 

 

 

8,331

 

Accounts payable and accrued expenses

 

 

19,995

 

 

 

(20,802

)

Accrued sales discounts, allowances and reserves

 

 

(29,347

)

 

 

(8,243

)

Contract liabilities

 

 

(5,032

)

 

 

(4,071

)

Operating lease liabilities

 

 

(8,471

)

 

 

(8,911

)

Other long-term liabilities

 

 

7,354

 

 

 

3,076

 

Cash flows provided by operating activities

 

 

194,408

 

 

 

19,372

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

Additions of property, plant and equipment

 

 

(16,565

)

 

 

(17,753

)

Proceeds from the sale of equipment

 

 

3

 

 

 

 

Proceeds from contingent consideration

 

 

 

 

 

1,043

 

Return of Fountain Healthcare Partners II, L.P. investment

 

 

 

 

 

485

 

Purchases of investments

 

 

(30,284

)

 

 

(194,879

)

Sales and maturities of investments

 

 

240,544

 

 

 

109,925

 

Cash flows provided by (used in) investing activities

 

 

193,698

 

 

 

(101,179

)

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

Proceeds from the issuance of ordinary shares under share-based compensation arrangements

 

 

12,000

 

 

 

17,992

 

Employee taxes paid related to net share settlement of equity awards

 

 

(25,284

)

 

 

(17,583

)

Principal payments of long-term debt

 

 

(1,500

)

 

 

(1,500

)

Cash flows used in financing activities

 

 

(14,784

)

 

 

(1,091

)

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

 

373,322

 

 

 

(82,898

)

CASH AND CASH EQUIVALENTS—Beginning of period

 

 

292,473

 

 

 

337,544

 

CASH AND CASH EQUIVALENTS—End of period

 

$

665,795

 

 

$

254,646

 

SUPPLEMENTAL CASH FLOW DISCLOSURE:

 

 

 

 

 

 

Non-cash investing and financing activities:

 

 

 

 

 

 

Purchased capital expenditures included in accounts payable and accrued expenses

 

$

4,863

 

 

$

4,863

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

7


 

ALKERMES PLC AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(unaudited)

 

 

 

 

Ordinary Shares

 

 

Additional
Paid-In

 

 

Accumulated Other Comprehensive

 

 

Accumulated

 

 

Treasury Stock

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Loss

 

 

Deficit

 

 

Shares

 

 

Amount

 

 

Total

 

 

 

(In thousands, except share data)

 

BALANCE — December 31, 2022

 

 

168,951,193

 

 

$

1,690

 

 

$

2,913,099

 

 

$

(10,889

)

 

$

(1,699,285

)

 

 

(4,574,184

)

 

$

(160,862

)

 

$

1,043,753

 

Issuance of ordinary shares under employee stock plans

 

 

2,567,603

 

 

 

25

 

 

 

2,849

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,874

 

Receipt of Alkermes' shares for the exercise of stock options or to satisfy minimum tax withholding obligations related to share-based awards

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(885,652

)

 

 

(24,744

)

 

 

(24,744

)

Share-based compensation

 

 

 

 

 

 

 

 

22,778

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22,778

 

Unrealized gain on marketable securities, net of tax provision of $488

 

 

 

 

 

 

 

 

 

 

 

2,760

 

 

 

 

 

 

 

 

 

 

 

 

2,760

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(41,845

)

 

 

 

 

 

 

 

 

(41,845

)

BALANCE — March 31, 2023

 

 

171,518,796

 

 

$

1,715

 

 

$

2,938,726

 

 

$

(8,129

)

 

$

(1,741,130

)