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SEC filingMixed Q1 with revenue slightly down and profitability declining, but strong cash generation supports ongoing investment in pipeline and manufacturing.
Net cash provided by operating activities was $463.3 million, essentially flat compared to $461.2 million in the prior year. Capital expenditures increased to $100.8 million from $74.9 million, reflecting investments in manufacturing capacity, including a facility to supply xenografts for clinical trials. Free cash flow was $362.5 million, providing ample liquidity for ongoing operations and strategic investments.
Management expressed confidence that current liquidity is sufficient to fund operations and expects aggregate revenue growth from commercial products. Key risks include ongoing patent litigation with Liquidia, potential impacts from the Inflation Reduction Act on Medicare Part D pricing, and the need to scale manufacturing for new products like ralinepag and xenotransplantation therapies.