In-process research and development: the value of unfinished drug projects bought in an acquisition, written off at once.
在研项目研发费用
| Move变动 | Where it appeared出现位置 | What it means这句话在说什么 |
|---|---|---|
| $5.7bn | The patent cliff is coming for Merck's $31.7 billion drug 在研项目研发费用 · 第 6 张术语卡 | A $5.7 billion IPR&D charge from the Terns deal turned a $0.13 adjusted loss into a $0.54 GAAP loss. 买下一家公司时，已上市的药记成无形资产、逐年摊销；还没上市的在研项目被要求立即费用化，理由是它能否成功无法可靠计量。结果是：越爱买早期管线的公司，账面利润越难看，而现金流不受影响。这是制药股「GAAP 与调整后差距大」的主要来源。 |