Is CAH a valid player in any partnership? How long until cash strapped? CAH overall involved in 2,50 | NAVB Message Board Posts

Navidea Biopharmaceuticals, Inc.

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Msg  30780 of 31046  at  10/21/2019 11:19:04 PM  by

moneyonomics

The following message was updated on 10/21/2019 11:28:00 PM.

Is CAH a valid player in any partnership? How long until cash strapped? CAH overall involved in 2,500 opioid lawsuits...now on the hook for some undisclosed portion of $260mm Opioid settlement with just 2 Ohio Counties..

  
8. Commitments, Contingent Liabilities and Litigation
Commitments
Operating Leases
The future minimum rental payments for operating leases having initial or remaining non-cancelable lease terms in excess of one year at June 30, 2019 for fiscal 2020 through 2024 and thereafter are as follows: $126 million, $100 million, $76 million, $54 million, $33 million and $94 million. Rental expense relating to operating leases was $153 million, $172 million and $159 million in fiscal 2019, 2018 and 2017, respectively. Sublease rental income was immaterial for all periods presented.
Generic Sourcing Venture with CVS Health Corporation ("CVS Health")
Red Oak Sourcing, LLC ("Red Oak Sourcing") is a U.S.-based generic pharmaceutical sourcing venture with CVS Health for an initial term through June 2024. Red Oak Sourcing negotiates generic pharmaceutical supply contracts on behalf of its participants. Due to the achievement of predetermined milestones, we are required to make quarterly payments of $45.6 million to CVS Health for the initial term.
Contingencies
New York Opioid Stewardship Act
In April 2018, the State of New York passed a budget which included the Opioid Stewardship Act (the "OSA"). The OSA created an aggregate $100 million annual assessment on all manufacturers and distributors licensed to sell or distribute opioids in New York. Under the OSA, each licensed manufacturer and distributor would be required to pay a portion of the assessment based on its ratable share, as determined by the state, of the total morphine milligram equivalents sold or distributed in New York during the applicable calendar year, beginning in 2017.
In October 2018, we received notices from the New York Department of Health of our estimated payment amount for calendar year 2017. In December 2018, the U.S. District Court for the Southern District of New York ruled that the OSA is unconstitutional and enjoined its enforcement (the "Ruling"). In January 2019, the State filed notice of its intent to appeal the Ruling. In April 2019, the State, among other things, amended the OSA so that the assessment would only cover opioid sales in 2017 and 2018, subject to the State's pending appeal of the Ruling.
We accrue contingencies if it is probable that a liability has been incurred and the amount can be estimated. At June 30, 2019, we have no amounts accrued for the OSA because we do not believe it is probable that a liability has been incurred.
Legal Proceedings
We become involved from time to time in disputes, litigation and regulatory matters.
We may be named from time to time in qui tam actions initiated by private third parties. In such actions, the private parties purport to act
 
 
 
 
 
 
 
 


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Msg # Subject Author Recs Date Posted
30797 Re: Is CAH a valid player in any partnership? How long until cash strapped? CAH overall involved in 2,500 opioid lawsuits...now on the hook for some undisclosed portion of $260mm Opioid settlement with just 2 Ohio Counties.. lucy in disguise 0 10/23/2019 2:45:55 PM


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