GlobeNewswire Inc | Aug 6, 2020 07:01AM EDT

August 06, 2020

Financial guidance reissued to include EBITDA-positive projection for second-half 2020

Strategic shift and momentum build through recent business development activities

Brian Piekos promoted to Chief Financial Officer

Conference call scheduled for 8:00 a.m. ET today

WALTHAM, Mass., Aug. 06, 2020 (GLOBE NEWSWIRE) -- AMAG Pharmaceuticals, Inc. (NASDAQ: AMAG) today reported unaudited consolidated financial results for the second quarter ended June30, 2020. The company reported total revenues for the second quarter of 2020 of $52.8 million, including revenue of $29.6 million from Feraheme (ferumoxytol injection) and revenue of $22.3 million from Makena (hydroxyprogesterone caproate injection). The company also reported an operating loss of $7.0 million and an adjusted EBITDA loss of $1.7 million in the second quarter of 2020.1

"Amidst the unprecedented uncertainty that COVID-19 placed on the healthcare system and our economy, AMAG's marketed therapeutics performed well in the second quarter due in part to our teams' ability to adapt in a rapidly-changing environment," said Scott Myers, AMAG's Chief Executive Officer. "Over the past three months, we have advanced the company's strategic evolution by reaching important milestones that include a strategic, ex-US partnership with Norgine to further progress ciraparantag and strengthen our company's ability to invest in our pipeline. We have also streamlined expenses by completing the divestment of Intrarosa and Vyleesi and making changes to our portfolio designed to further focus on programs with the highest potential to deliver innovative treatments for patients and unlock shareholder value."

2020 FINANCIAL GUIDANCE

($M) 2020 Financial Guidance^2Total revenue $225 - $255Operating loss $(40) - $(15)Non-GAAP Adjusted EBITDA^3 $(5) - $20

"Strong execution across our portfolio throughout the COVID-19 pandemic allows us to reissue financial guidance that reflects the relative stability of Makena over the quarter and the momentum that Feraheme began to build in June, which saw record highs in monthly share and ex-factory volume," said Brian Piekos, Chief Financial Officer. "The guidance we are sharing today is designed to prioritize investments that will drive long-term growth while also putting us on track to return to positive adjusted EBITDA."

PORTFOLIO UPDATESCiraparantag (AMAG-977) As previously announced, AMAG has completed an exclusive licensing agreement with Norgine, a leading European specialist pharmaceutical company, to develop and commercialize ciraparantag in Europe, Australia and New Zealand. Through this agreement, AMAG has received a total of $30 million in upfront consideration and could receive up to $260 million in future contingent development and commercial milestones4 together with escalating double-digit royalties. Additionally, Norgine has committed to contribute one-third of the costs of the Phase 3 clinical program, which would be conducted by AMAG to support regulatory approval of ciraparantag by the U.S. Food and Drug Administration, the European Medicines Agency, and the Medicines and Healthcare Products Regulatory Agency. AMAG will continue to oversee the Phase 3 clinical program, while working closely with Norgine to develop and execute a global development strategy. The company believes this partnership will unlock value in ciraparantag and further strengthen AMAGs ability to continue investing in innovative therapies that address urgent unmet medical needs.

On July 12, AMAG presented a poster of data titled Efficacy and Safety of Ciraparantag in Reversing Apixaban and Rivaroxaban in Healthy Adults at the 2020 International Society on Thrombosis and Haemostatis (ISTH) virtual annual meeting. This presentation shared data from two Phase 2 randomized, placebo-controlled, dose ranging studies which showed safety and efficacy of ciraparantag reversing the effects of apixaban and rivaroxaban in healthy adults age 50-75 years. Results from both studies, which randomized a total of 113 subjects, showed that steady-state anticoagulation induced by apixaban or rivaroxaban was reversed by a single IV infusion of ciraparantag in a dose-related manner as assessed by whole blood clotting time (WBCT).

AMAG-423 The AMAG-423 Phase 2b/3a study was designed to explore a potential treatment for severe preeclampsia, a serious medical condition that impacts about 50,000 women in the US each year. As previously disclosed, the small population of eligible patients made the study difficult to enroll. The COVID-19 pandemic has led to a global pause for various clinical research projects across therapeutic areas, including the AMAG-423 Phase 2b/3a study. In light of these extended and ongoing delays to study completion, AMAG decided to conduct an interim analysis with data from 55 subjects to validate original study assumptions that were based on the 51-subject proof-of-concept DEEP study completed in 2007. In order to continue keeping AMAG blinded to study treatment assignments, the independent Data and Safety Monitoring Board (DSMB) was tasked with conducting the interim analysis.

Following this interim analysis, the DSMB provided a unanimous recommendation to stop the study, based upon the low likelihood that future enrollment would demonstrate a benefit of AMAG-423 in women with severe preeclampsia. Importantly, there were no safety concerns raised during this study. AMAG has accepted the DSMBs recommendation to stop the study and is currently focused on ensuring an appropriate closeout of the study in partnership with investigators and other relevant stakeholders.

Divestiture of Intrarosa and Vyleesi As previously announced, AMAG has completed the divestment of Intrarosa and Vyleesi which reduces operating expenses and allows the company to focus on optimizing its marketed assets and developing its innovative pipeline.

CORPORATE UPDATESLeadership Appointments - The company has appointed Brian Piekos as its Chief Financial Officer, effective as of August 13, 2020. Mr. Piekos has served as interim CFO since June 2020 after holding several senior management positions since joining AMAG in 2015.

SECOND QUARTER ENDED JUNE 30RevenueSecond quarter revenue totaled $52.8 million, compared to $77.8 million for the same period in 2019. This decrease was due to the negative impact of COVID-19 and the October 2019 unfavorable FDA Advisory Committee recommendation on Makena.

-- Feraheme achieved second quarter revenue of $29.6 million, a decrease of 30 percent over the same period last year. Ferahemes average quarterly market share was 17.3 percent in the second quarter of 2020, compared to 17.2 percent in the second quarter of 2019. -- Makena second quarter revenue totaled $22.3 million, a decrease of 27 percent over the same period last year. Makenas average quarterly market share was 66 percent in the second quarter of 2020, compared to 63 percent in the second quarter of 2019.

($M) Three Months Ended June 30, 2020 2019Total revenues $52.8 $77.8Feraheme 29.6 42.1Makena 22.3 30.6Intrarosa 1.2 4.9Other (0.4 ) 0.2

Operating ExpensesTotal costs and expenses decreased by $134.2million to $59.8 million in the second quarter of 2020, as compared to the second quarter of 2019.

-- Cost of products sales in the second quarter of 2020 decreased by $6.1 million, as compared with the second quarter of last year. Direct cost of product sales for the three months ended June 30, 2019 included a $4.8million one-time inventory write-down related to the Makena IM product. Excluding this one-time inventory write-down, direct cost of product sales declined in the second quarter of 2020 due to reduced Feraheme and Makena sales and the divestment of Intrarosa. -- Research and development (R&D) expenses totaled $8.3 million, compared to $15.0 million in the first quarter of last year. This decrease was primarily related to lower costs for Vyleesi following FDA approval in 2019 and COVID-19 related delays in clinical trials. -- Selling, general and administrative (SG&A) expenses decreased by approximately $37.8 million, or 49 percent, in the second quarter of 2020, compared to the same period in 2019. This decrease was primarily due to decreases in marketing spend related to womens health assets and reduced compensation-related costs as a result of the May 2020 restructuring.

($M) Three Months Ended June 30, 2020 2019Amortization of intangible assets $9.0 $3.9Direct cost of product sales 9.2 20.3Total cost of product sales 18.2 24.2Research and development expenses 8.3 15.0Selling, general and administrative expenses 39.6 77.3Impairment of intangible assets ? 77.4Gain on sale of assets (14.4 ) ?Restructuring expenses 8.2 ?Total costs and expenses $59.8 $194.0

Operating Loss and Adjusted EBITDA

-- The company reported an operating loss of $7.0 million in the second quarter of 2020, compared to an operating loss of $116.2 million in the same period last year. -- The company reported a loss in adjusted EBITDA of $1.7 million in the second quarter of 2020, compared to a loss in adjusted EBITDA of $24.7 million in the same period last year.

($M) Three Months Ended June 30, 2020 2019 Operating loss $(7.0 ) $(116.2 )Non-GAAP adjusted EBITDA^5 $(1.7 ) $(24.7 )

The financial figures and statements referenced herein have been adjusted to correct immaterial errors in Makena revenue in the historical periods 2016 through the first quarter of 2020; in aggregate, Makena revenue is reduced by $6.3 million over the four-year period. This error was identified by the company during the second quarter of 2020 and relates to the timely accrual of certain governmental rebates. The company and our independent auditors are still reviewing the prior period financial statements and the potential impact on our internal controls over financial reporting for the periods. Therefore, the financials set forth in this release are preliminary and may be updated in the companys quarterly report on Form 10Q for the quarter ended June 30, 2020. As a result, investors are cautioned not to place undue reliance on these financial statements.

CONFERENCE CALL AND WEBCAST ACCESSAMAG Pharmaceuticals, Inc. will host a conference call and webcast today at 8:00 a.m. ET to discuss the company's second quarter 2020 financial results and recent business updates.

DIAL-IN NUMBERSU.S./Canada Dial-in Number: (877) 412-6083International Dial-in Number: (702) 495-1202Conference ID: 4548238

Replay Dial-in Number: (855) 859-2056Replay International Dial-in Number: (404) 537-3406Conference ID: 4548238

A telephone replay will be available from approximately 11:00 a.m. ET on August 6, 2020 through midnight on August 20, 2020

The webcast with slides will be accessible through the Investors section of the companys website at www.amagpharma.com. A replay of the webcast will be archived on the website for 30 days.

USE OF NON-GAAP FINANCIAL MEASURESAMAG has presented certain non-GAAP financial measures, including non-GAAP costs and expenses, non-GAAP adjusted EBITDA (earnings before income taxes, depreciation and amortization) and non-GAAP diluted shares outstanding. These non-GAAP financial measures exclude certain amounts, expenses or income, from the corresponding financial measures determined in accordance with accounting principles generally accepted in the U.S. (GAAP). Management believes this non-GAAP information is useful for investors, taken in conjunction with AMAGs GAAP financial statements, because it provides greater transparency regarding AMAGs operating performance. Management uses these measures, among other factors, to assess and analyze operational results and trends and to make financial and operational decisions. Non-GAAP information is not prepared under a comprehensive set of accounting rules and should only be used to supplement an understanding of AMAGs operating results as reported under GAAP, not as a substitute for GAAP. In addition, these non-GAAP financial measures are unlikely to be comparable with non-GAAP information provided by other companies. The determination of the amounts that are excluded from non-GAAP financial measures is a matter of management judgment and depends upon, among other factors, the nature of the underlying expense or income amounts. Reconciliations between these non-GAAP financial measures and the most comparable GAAP financial measures are included in the tables accompanying this press release after the unaudited condensed consolidated financial statements.

_______________________________1 See reconciliations of GAAP to non-GAAP adjustments at the conclusion of this press release2 2020 Operating Loss financial guidance excludes the accounting impact of the following subsequent events announced in July: termination of the Vyleesi license agreement with Palatin and costs associated with discontinuing the AMAG-423 program.3 See reconciliations of 2020 GAAP to non-GAAP financial guidance at the conclusion of this press release.4 40.0 million of such milestones would be paid to the former equity holders ofPerospherePharmaceuticals Inc. pursuant to the Agreement and Plan of Merger withPerosphere.5 See reconciliations of GAAP to non-GAAP adjustments at the conclusion of this press release.

ABOUT AMAGAMAG is a commercial stage biopharmaceutical company focused on bringing innovative products to patients with unmet medical needs. The company does this by leveraging its development and commercial expertise to invest in and grow its pharmaceutical products across a range of therapeutic areas. For additional company information, please visit www.amagpharma.com.

FORWARD-LOOKING STATEMENTSThis press release contains forward-looking information about AMAG Pharmaceuticals, Inc. within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Any statements contained herein which do not describe historical facts, including, among others, statements regarding the performance of AMAGs marketed therapeutics, including about the stability of Makena and the momentum of Feraheme through the COVID-19 pandemic; beliefs about the teams adaptability, the benefits of and expectations for recent business milestones, AMAGs current pipeline and AMAGs ability to invest in such pipeline; plans to deliver innovative treatments and unlock shareholder value; beliefs regarding the impact, including on a go-forward basis, of the COVID-19 pandemic on AMAGs revenues, results of operations and overall business and industry; expectations for the Norgine arrangement, including the ability to unlock value in ciraparantag and invest in innovative therapies; beliefs about AMAG-423; plans to use streamlined operations and to optimize its pipeline; statements regarding 2020 financial guidance, including the expectation of achieving EBITDA positive and the impact of recent events on such guidance, such as the termination of the Palatin license agreement and costs associated with discontinuing the AMAG-423 trial, and statements about AMAGs ability to deliver long-term growth are based on managements current expectations and beliefs and are forward-looking statements which involve risks and uncertainties that could cause actual results to differ materially from those discussed in such forward-looking statements.

Such risks and uncertainties include, among others, risks and uncertainties related to the scale and scope of the COVID-19 pandemic and its impact on AMAGs revenues and operations, including clinical trials, as well as COVID-19s impact on AMAGs business partners, healthcare providers, patients, employees and the health care industry and worldwide economies generally, risks related to AMAGs ability to manage the recently streamlined business and achieve anticipated results in a timely manner or at all, including any unintended consequences from such efforts; the possibility that AMAGs independent auditors will identify a material weakness as part of their review stemming from the immaterial accounting errors, or that they will identify other errors or corrections, including errors or corrections that could materially impact our financial statements and results provided in this press release; the accounting impact of AMAGs recent business development activity could have an impact on 2020 guidance; revenue expectations and estimates may be inaccurate, including as a result of regulatory action with respect to Makena or due to COVID-19, AMAG may not successfully develop and obtain approval for ciraparantag or may face challenges in supporting its relationship with Norgine, as well as those risks identified in AMAGs filings with the U.S. Securities and Exchange Commission (SEC), including its Annual Report on Form 10-K for the year ended December 31, 2019, its Current Reports on Form 8-K, its Quarterly Reports on Form 10-Q, including for the quarter ended March 31, 2020, and in any subsequent filings with the SEC, including AMAGs upcoming Form 10-Q for the quarter ended June 30, 2020 , which are available at the SECs website at www.sec.gov. Any such risks and uncertainties could materially and adversely affect AMAGs results of operations, its profitability and its cash flows, which would, in turn, have a significant and adverse impact on AMAGs stock price. AMAG cautions you not to place undue reliance on any forward-looking statements, which speak only as of the date they are made.AMAG disclaims any obligation to publicly update or revise any such statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.

AMAG Pharmaceuticals, the logo and designs, and Feraheme are registered trademarks of AMAG Pharmaceuticals, Inc. Makena is a registered trademark of AMAG Pharma USA, Inc. Any other trademarks referred to in this report are the property of their respective owners.

- Tables Follow -AMAG Pharmaceuticals, Inc.Condensed Consolidated Statements of Operations(Unaudited, amounts in thousands, except for per share data)

Three Months Ended June Six Months Ended June 30, 30, 2020 2019 2020 2019Revenues: Feraheme $ 29,635 $ 42,074 $ 74,068 $ 82,089 Makena 22,325 30,593 45,888 61,534 Intrarosa 1,216 4,877 4,385 9,291 Other (447 ) 90 (1,199 ) 133 Total product revenues 52,729 77,634 123,142 153,047 Other revenues 26 133 58 208 Total revenues 52,755 77,767 123,200 153,255 Operating costs and expenses:Cost of product sales 18,180 24,290 42,539 42,767 Research and 8,263 14,980 19,443 33,046 development expensesAcquired in-processresearch and ? ? ? 74,856 developmentSelling, general and 39,568 77,324 92,266 152,006 administrative expensesImpairment of ? 77,358 ? 77,358 intangible assetsGain on sale of assets (14,444 ) ? (14,444 ) ? Restructuring expenses 8,197 ? 8,197 7,420 Total costs and 59,764 193,952 148,001 387,453 expensesOperating loss (7,009 ) (116,185 ) (24,801 ) (234,198 ) Other income (expense): Interest expense (6,700 ) (6,330 ) (13,303 ) (12,780 )Interest and dividend 327 1,224 804 2,810 incomeOther (expense) income (22 ) 2 1,288 342 Total other expense, (6,395 ) (5,104 ) (11,211 ) (9,628 )netLoss before income (13,404 ) (121,289 ) (36,012 ) (243,826 )taxesIncome tax benefit (160 ) (120 ) (60 ) (257 )Net loss $ (13,244 ) $ (121,169 ) $ (35,952 ) $ (243,569 ) Basic and diluted net $ (0.39 ) $ (3.58 ) $ (1.05 ) $ (7.14 )loss per share Weighted average sharesoutstanding used tocompute net loss per 34,353 33,807 34,228 34,136 share (basic anddiluted)

AMAG Pharmaceuticals,Inc.Condensed Consolidated Balance Sheets(Unaudited, amounts in thousands)

June 30, December 31, 2020 2019ASSETS Current assets: Cash and cash equivalents $ 98,521 $ 113,009 Marketable securities 48,594 58,742 Accounts receivable, net 65,104 94,163 Inventories 30,388 31,553 Prepaid and other current assets 20,950 19,100 Total current assets 263,557 316,567 Property and equipment, net 3,031 4,116 Goodwill 422,513 422,513 Intangible assets, net 3,946 23,620 Operating lease right-of-use asset 22,007 23,286 Deferred tax assets ? 630 Restricted cash 495 495 Total assets $ 715,549 $ 791,227 LIABILITIES AND STOCKHOLDERS? EQUITY Current liabilities: Accounts payable $ 12,944 $ 27,021 Accrued expenses 144,567 183,382 Current portion of operating lease liability 3,488 4,077 Current portion of acquisition-related contingent ? 17 considerationTotal current liabilities 160,999 214,497 Long-term liabilities: Convertible notes, net 285,137 277,034 Long-term operating lease liability 19,263 19,791 Other long-term liabilities 828 89 Total liabilities 466,227 511,411 Commitments and contingencies Stockholders? equity: Preferred stock, par value $0.01 per share, ? ? 2,000,000 shares authorized; none issuedCommon stock, par value $0.01 per share,117,500,000 shares authorized; 34,463,373 and 344 339 33,999,081 shares issued and outstanding at June30, 2020 and December 31, 2019, respectivelyAdditional paid-in capital 1,303,095 1,297,917 Accumulated other comprehensive loss (2,964 ) (3,239 )Accumulated deficit (1,051,153 ) (1,015,201 )Total stockholders? equity 249,322 279,816 Total liabilities and stockholders? equity $ 715,549 $ 791,227

AMAG Pharmaceuticals,Inc.Condensed Consolidated Statements of Cash Flows(Unaudited, amounts in thousands)

Six Months Ended June 30, 2020 2019Cash flows from operating activities: Net loss $ (35,952 ) $ (243,569 )Adjustments to reconcile net loss to net cash used in operating activities:Depreciation and amortization 19,791 9,089 Impairment of intangible assets ? 77,358 Provision for bad debt expense 230 (12 )Amortization of premium/discount on purchased 42 (51 )securitiesWrite-down of inventory 616 4,836 (Gain)/loss on disposal of property & equipment 230 ? Non-cash equity-based compensation expense 5,879 9,407 Non-cash IPR&D expense ? 18,029 Amortization of debt discount and debt issuance costs 8,103 7,513 Gains on marketable securities, net (10 ) (270 )Change in fair value of contingent consideration ? (21 )Deferred income taxes 630 630 Non-cash lease expense 1,279 ? Gain on sale of assets (15,853 ) ? Changes in operating assets and liabilities: Accounts receivable, net 28,828 (7,825 )Inventories (872 ) (3,323 )Prepaid and other current assets (1,790 ) (5,562 )Accounts payable and accrued expenses (53,494 ) 36,137 Deferred revenues ? (101 )Other assets and liabilities (377 ) 1,283 Net cash used in operating activities (42,720 ) (96,452 )Cash flows from investing activities: Proceeds from sales or maturities of marketable 33,735 46,420 securitiesPurchase of marketable securities (23,345 ) (14,815 )Net proceeds from the sale of assets 19,344 ? Capital expenditures (790 ) (1,907 )Net cash provided by investing activities 28,944 29,698 Cash flows from financing activities: Payments to settle convertible notes ? (21,417 )Payments of contingent consideration (17 ) (27 )Payments for repurchases of common stock ? (13,730 )Proceeds from the issuance of common stock under the 631 851 ESPPProceeds from the exercise of common stock options ? 30 Payments of employee tax withholding related to (1,326 ) (1,748 )equity-based compensationNet cash used in financing activities (712 ) (36,041 )Net decrease in cash, cash equivalents, and restricted (14,488 ) (102,795 )cashCash, cash equivalents, and restricted cash at 113,504 253,751 beginning of the periodCash, cash equivalents, and restricted cash at end of $ 99,016 $ 150,956 the periodSupplemental data for cash flow information: Cash (refunded) paid for taxes $ (256 ) $ 433 Cash paid for interest $ 5,200 $ 5,467 Non-cash investing and financing activities: Milestone payment accrued for FDA approval of Vyleesi $ ? $ 60,000 Settlement of note receivable in connection with $ ? $ 10,000 Perosphere acquisitionRight-of-use assets obtained in exchange for lease $ ? $ 918 liabilities

AMAG Pharmaceuticals,Inc.Reconciliation of Condensed Consolidated Statements of Operations to Non-GAAP Statements of OperationsThree Months Ended June 30, 2020 (Unaudited, amounts in thousands)

Cost of Selling, Gain on Operating Revenue product Research & general & sale of Restructuring Loss / sales development administrative assets Adjusted EBITDAGAAP $ 52,755 $ 18,180 $ 8,263 $ 39,568 $ (14,444 ) $ 8,197 $ (7,009 )Depreciationandintangible ? (8,961 ) (74 ) (438 ) ? ? assetamortizationStock-based ? (104 ) 48 (2,037 ) ? ? compensationGain on sale ? ? ? ? 14,444 ? of assetsRestructuring ? ? ? ? ? (8,197 ) Non-GAAP $ 52,755 $ 9,115 $ 8,237 $ 37,093 $ ? $ ? $ (1,690 )Adjusted

AMAG Pharmaceuticals,Inc.Reconciliation of Condensed Consolidated Statements of Operations to Non-GAAP Statements of OperationsThree Months Ended June 30, 2019(Unaudited, amounts in thousands)

Cost of Selling, Intangible Operating Revenue product Research & general & asset Loss / sales development administrative impairment Adjusted charge EBITDAGAAP $ 77,767 $ 24,290 $ 14,980 $ 77,324 $ 77,358 $ (116,185 )Depreciationandintangible ? (3,943 ) (336 ) (434 ) ? assetamortizationStock-based ? (199 ) (680 ) (3,656 ) ? compensationAsset ? (4,836 ) ? ? (77,358 ) impairmentNon-GAAP $ 77,767 $ 15,312 $ 13,964 $ 73,234 $ ? $ (24,743 )Adjusted

AMAG Pharmaceuticals,Inc.Reconciliation of Condensed Consolidated Statements of Operations to Non-GAAP Statements of OperationsSix Months Ended June 30, 2020 (Unaudited, amounts in thousands)

Cost of Selling, Gain on Operating Revenue product Research & general & sale of Restructuring Loss / sales development administrative assets Adjusted EBITDAGAAP $ 123,200 $ 42,539 $ 19,443 $ 92,266 $ (14,444 ) $ 8,197 $ (24,801 )Depreciationandintangible ? (18,798 ) (150 ) (843 ) ? ? assetamortizationStock-based ? (307 ) (23 ) (5,549 ) ? ? compensationGain on sale ? ? ? ? 14,444 ? of assetsRestructuring ? ? ? ? ? (8,197 ) Non-GAAP $ 123,200 $ 23,434 $ 19,270 $ 85,874 $ ? $ ? $ (5,378 )Adjusted

AMAG Pharmaceuticals,Inc.Reconciliation of Condensed Consolidated Statements of Operations to Non-GAAP Statements of OperationsSix Months Ended June 30, 2019 (Unaudited, amounts in thousands)

Cost of Selling, Intangible Operating Revenue product Research & general & Acquired asset Restructuring Loss / sales development administrative IPR&D impairment Adjusted charge EBITDAGAAP $ 153,255 $ 42,767 $ 33,046 $ 152,006 $ 74,856 $ 77,358 $ 7,420 $ (234,198 )Depreciation andintangible asset ? (7,886 ) (345 ) (858 ) ? ? ? amortizationStock-based ? (401 ) (1,360 ) (6,981 ) ? ? ? compensationAcquisition-related ? ? ? (270 ) ? ? ? costsAsset impairment ? (4,836 ) ? ? ? (77,358 ) ? Restructuring ? ? ? ? ? ? (7,420 ) Acquired IPR&D ? ? ? ? (74,856 ) ? ? Non-GAAP Adjusted $ 153,255 $ 29,644 $ 31,341 $ 143,897 $ ? $ ? $ ? $ (51,627 )

AMAG Pharmaceuticals,Inc.Reconciliation of GAAP to Non-GAAP 2020 Financial Guidance(Unaudited, amounts in thousands)

2020 Financial GuidanceOperating loss $(40) - $(15)Depreciation 30.0Stock-based compensation 11.0Gain on sale of assets (14.4)Restructuring 8.2Non-GAAP adjusted EBITDA $(5) - $20

CONTACT:Rushmie Nofsinger781-530-6838