Summary

Other Scenarios:

Buyer: Biovail Corporation (USA) (BVF) Last Price: 21.48 Market Cap.: 3.44B
Target: Warner Chilcott Ltd. (WCRX) Last Price: 13.35 Market Cap.: 3.34B

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
*Healthcare 866
Biopharmaceuticals 326
Outsourced Services   67
Manufacturing   1,183
Consumer Manufacturing   341

- Focused. Denotes that the company is considered focused in this area. In general, Focused Companies draw the majority of their earnings in the sector/product area specified.

- Sector Pure-Plays. Denotes that the company is focused in the selected sector and generates nearly all earnings in the sector/product area specified.

- Sector Participation. Denotes that the company develops products in this line of business.

Sample Products in Similar Lines of Business

Sample Products in Complementary Lines of Business
Buyer (Total: 44)
  • Tiazac (Diltiazem)
  • Cardizem CD (Diltiazem Hydrochloride)
  • Cardizem XL (Diltiazem Hydrochloride)
  • Procardia XL (Nifedipine)
Target (Total: 20)
  • Doryx (Doxycycline Hyclate)
  • Estrostep Fe (Norethindrone Acetate/Ethinyl Estradiol)
  • Dovonex (Calcipotriene)
  • Taclonex (Calcipotriene/Betamethasone Dipropionate)
Buyer
  • Biovail Contract Research Division (CRD)
  • ShearForm
  • Macrocap
  • CEFORM
Target
  • Moisturel

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 7)
  • GlaxoSmithKline plc (ADR) (GSK)
  • Merck & Co., Inc. (MRK)
  • Wyeth (WYE)
  • Teva Pharmaceutical Industries Ltd (ADR) (TEVA)
Target (Total: 2)
  • Barr Pharmaceuticals, Inc. (BRL)
  • LEO Pharma A/S
Buyer (Total: 6)
  • GlaxoSmithKline plc (ADR) (GSK)
  • Merck & Co., Inc. (MRK)
  • AstraZeneca plc (ADR) (AZN)
  • Teva Pharmaceutical Industries Ltd (ADR) (TEVA)
Target (Total: 5)
  • McKesson Corporation (MCK)
  • AmerisourceBergen Corp. (ABC)
  • Cardinal Health, Inc. (CAH)
  • CVS Corporation (CVS)

Key Financial Summary:

Key Metrics

  Buyer Target
Number of Employees 1,744 957
Revenue Per Employee 667,465.4 813,345.0
Total Revenue 289.6 194.7
Total Expenses 340.5 271.0
Other Revenue 6.6 0.0
Cost of Revenue 59.3 39.2
SG&A Expense 50.2 99.7
Research & Development 26.3 4.8
Other Operating Expense 0.0 8.5
Operating Income -50.9 -76.3
Unusual Income 143.0 0.0
LT Debt to Capital 23.97 54.4
Fwd P/E 8.41 25.15
Fwd P/Rev 3.27 4.77
Book Value 1,270.8 1,334.3
Curr Portion of LTD/Cap Lease 18.0 222.3

Individual Company Summary

Focused

Buyer

Focused (): *Healthcare > Biopharmaceuticals

Target

Focused (): *Healthcare > Biopharmaceuticals > Obstetrics/Gynecology

Business Description

Buyer

Biovail Corporation (Biovail) is a specialty pharmaceutical company that applies advanced drug delivery technologies to improve the clinical effectiveness of medicines. The Company commercializes these products both directly and through partners. Its main therapeutic areas of focus are central nervous system disorders (CNS), pain management and cardiovascular disease (including type II diabetes). Biovail has a portfolio of drug delivery technologies that are used to develop improved formulations of late-stage, pre-market and existing in-market drugs that confer meaningful therapeutic benefits to patients. Its portfolio of oral drug delivery technologies includes controlled release, graded release, enhanced absorption, rapid absorption, taste masking and oral disintegration. These technologies can be combined to develop a controlled-release, orally disintegrating and taste-masked tablet. Its drug delivery technologies are applicable to a range of molecules.

Target

Warner Chilcott Limited (Warner Chilcott) is a specialty pharmaceutical company focused on marketing, selling, developing and manufacturing branded prescription pharmaceutical products in women's healthcare and dermatology in the United States. The Company's franchises are comprised of complementary portfolios of established branded, development-stage and new products, including its products, Loestrin 24 Fe and Taclonex. Warner Chilcott's women's healthcare franchise is comprised of contraceptive and hormone therapy (HT) categories and its dermatology franchise consists of psoriasis and acne therapies. On January 5, 2005, the Company acquired Warner Chilcott PLC. On January 1, 2006, Warner Chilcott acquired the United States sales and marketing rights to the Dovonex branded prescription pharmaceutical products in the United States.

Deal Summary

Key Ratios

  Buyer Target
Gross Margin % 78.67 81.66
Operating Margin % 23.76 -29.97
Quick Ratio 3.04 0.96
Current Ratio 3.39 1.27
Coverage Ratio 0.13 -10.61
Total Assets 2,073.8 3,408.0
Return on Equity % 16.76 -15.68
Return on Assets % 10.27 -6.14
Cash+ ST Inv. Per Share 3.93 2.69
Total Debt 418.6 1,813.8
Total Debt to Equity % 32.94 135.94
Total Debt to Tangible Equity % 91.29 n/a
Debt to Asset % 20.19 53.22

Product Summary

Sector Buyer Target
*Healthcare
Biopharmaceuticals
Cardiovascular System
The Cardiovascular System Subsector includes therapeutics that treat disorders affecting the heart and blood vessels.
  
Dermatology
The Dermatology Subsector includes therapeutics that treat disorders affecting the skin.
  
Endocrinology/Metabolism
The Endocrinology/Metabolism Subsector includes therapeutics that treat metabolic disorders and conditions resulting from the dysfunction of hormone secreting glands.
Immunology
The Immunology Subsector includes therapeutics that treat disorders affecting the immune system.
Infectious Diseases
The Infectious Diseases Subsector includes therapeutics that treat diseases caused by the invasion and reproduction of microorganisms in the body.
Musculoskeletal System
The Musculoskeletal System Subsector includes therapeutics that treat disorders of the bones, joints, ligaments, tendons, and soft tissue involved with them.
Neurology
The Neurology Subsector includes therapeutics that treat disorders of the central nervous system, including the brain, spinal cord, and nerves.
Obstetrics/Gynecology
The Obstetrics/Gynecology Subsector includes therapeutics that treat female genital disorders, pregnancy, and childbirth.
  
Oncology
The Oncology Subsector includes therapeutics that treat and manage various types of cancer and related complications.
  
Pain Management
The Pain Management Subsector includes therapeutics that treat and management pain.
  
Urology
The Urology Subsector includes therapeutics that treat diseases of the kidney, urinary tract, bladder, and the male reproductive system.
  
Outsourced Services  
Development/Manufacturing Services
The Development/Manufacturing Services Subsector includes companies that provide research, development, manufacturing, sales and marketing to biopharmaceutical and medical device companies.
  
Drug Delivery Technology
The Drug Delivery Technology Subsector includes companies that develop novel delivery methods for therapeutics.
  
Manufacturing  
Consumer Manufacturing  
Personal Care and Cleaning Products
Companies engaged in the manufacturing of personal care products, such as cosmetics, fragrances, skin lotion, shampoo and other toiletries; and household cleaning products, such as window/surface cleaner, and table polish.
  

- Focused. Denotes that the company is considered focused in this area. In general, Focused Companies draw the majority of their earnings in the sector/product area specified.

- Sector Pure-Plays. Denotes that the company is focused in the selected sector and generates nearly all earnings in the sector/product area specified.

- Sector Participation. Denotes that the company develops products in this line of business.

Product Details

Sector Buyer Target
*Healthcare
Biopharmaceuticals
Cardiovascular System  
Heart Disorders  
Angina  
Calcium Channel Blocking Agents
Therapeutics that treat chest pains by preventing the entry of calcium into heart muscle cells.

Buyer Products:

  • Tiazac (Diltiazem)
  • Cardizem CD (Diltiazem Hydrochloride)
  • Cardizem XL (Diltiazem Hydrochloride)
  • Procardia XL (Nifedipine)
  • Cardizem LA (Diltiazem Hydrochloride)
  
Vasodilatory Agents
Therapeutics that treat chest pains by acting on blood vessels to lower blood pressure.

Buyer Products:

  • Isordil (Isosorbide Dinitrate)
  
Arrhythmia  
Sodium Channel Blocking Agents
Therapeutics that treat abnormal rhythm of the heart by preventing the entry of sodium into heart muscle cells.

Buyer Products:

  • Norpace (Disopyramide Phosphate)
  
Heart Failure (HF)  
Angiotensin Converting Enzyme Inhibitors (ACE Inhibitors)
Therapeutics that treat the ineffective pumping of the heart by inhibiting the renin-angiotensin system.

Buyer Products:

  • Vasotec Tablets (Enalapril Maleate)
  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of heart and circulatory system disorders in very early stages of research where no human subject is involved.

Buyer Products:

  • Metoprolol ER/ACE Inhibitor
  • Metoprolol Once-Daily
  • Carvedilol CR
  • Metformin/ACE Inhibitor
  
Vascular Disorders  
Hypertension  
Angiotensin Converting Enzyme Inhibitors (ACE Inhibitors)
Therapeutics that treat high blood pressure by inhibiting the renin-angiotensin system.

Buyer Products:

  • Vasotec Tablets (Enalapril Maleate)
  • Vasotec I.V. (Enalapril)
  
Angiotensin Converting Enzyme Inhibitors (ACE Inhibitors)/Thiazide Diuretic Agents
Therapeutics that treat high blood pressure by inhibiting the renin-angiotensin system and increasing the excretion of sodium ions, potassium ions, and water through urine.

Buyer Products:

  • Vaseretic (Enalapril Maleate/Hydrochlorothiazide)
  
Calcium Channel Blocking Agents
Therapeutics that treat high blood pressure by blocking the beta adrenergic receptors of the heart muscle and increasing the excretion of sodium ions, potassium ions, and water through urine.

Buyer Products:

  • Procardia XL (Nifedipine)
  • Tiazac (Diltiazem)
  • Cardizem LA (Diltiazem Hydrochloride)
  • Cardizem SR (Diltiazem Hydrochloride)
  • Cardizem CD (Diltiazem Hydrochloride)
  • Cardizem XL (Diltiazem Hydrochloride)
  
Peripheral Vascular Disease  
Blood Viscosity Reducing Agents
Therapeutics that treat arterial obstruction outside of the heart by altering the flow of red blood cells.

Buyer Products:

  • Trental (Pentoxifylline)
  
Dermatology  
Acne  
Vulgaris  
Antibacterial Agents  
Tetracyclines
Therapeutics that treat acne caused by bacterial infections by inhibiting protein synthesis and also causing alterations in cytoplasmic membranes.

Target Products:

  • Doryx (Doxycycline Hyclate)
  
Estrogens/Progestins
Therapeutics that treat acne by providing estrogen and progestin.

Target Products:

  • Estrostep Fe (Norethindrone Acetate/Ethinyl Estradiol)
  
Lesion/Scaling Disorders  
Psoriasis  
Vitamin D Analogs
Therapeutics that treat psoriasis by providing vitamin D-like compounds.

Target Products:

  • Dovonex (Calcipotriene)
  
Vitamin D Analogs/Steroidal Anti-Inflammatory Drugs (SAID)
Therapeutics that treat psoriasis by providing vitamin D-like compounds and by inhibiting the accumulation of inflammatory cells like leucocytes and macrophages at the inflammation site.

Target Products:

  • Taclonex (Calcipotriene/Betamethasone Dipropionate)
  
Endocrinology/Metabolism
Diabetes  
Non-Insulin Dependent Diabetes Mellitus (NIDDM)/Type 2 Diabetes  
Biguanides
Therapeutics that treat abnormally high blood glucose levels by decreasing the production of glucose in the liver, decreasing intestinal absorption of glucose and increasing peripheral uptake and utilization of glucose.

Buyer Products:

  • Glumetza (Metformin GR)
  
General Hormone Treatments  
Estrogens
Therapeutics that treat hormonal disorders by providing estrogen.

Target Products:

  • Estrace Tablet (Estradiol)
  
Reproductive Disorders  
Menopause  
Estrogens
Therapeutics that are female sex hormones.

Target Products:

  • Estrace Tablet (Estradiol)
  • Femtrace (Estradiol Acetate)
  • Femring (Estradiol Acetate Vaginal Ring)
  
Estrogens/Progestins
Therapeutics that are mixture of two female sex hormones that are important for the development of the female reproductive system.

Target Products:

  • FEMHRT (Norethindrone Acetate/Ethinyl Estradiol)
  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of endocrinology disorders in very early stages of research where no human subject is involved.

Buyer Products:

  • Simvastatin EA
  • Metformin/ACE Inhibitor
  
Immunology
Autoimmune Disorders
Arthritis  
Rheumatoid Arthritis (RA)  
Analgesics  
Non-Steroidal Anti-Inflammatory Drugs (NSAID)  
Non-Specific Cyclooxygenase Inhibitors (COX Inhibitors)
Therapeutics that treat pain associated with chronic inflammation of the joints by blocking cyclooxygenase activity.

Buyer Products:

  • Voltaren XR (Diclofenac Sodium)
  
Psoriasis  
Vitamin D Analogs
Therapeutics that treat a chronic autoimmune disease characterized by softening, separating, causing the shedding of the horny layer of the skin by inhibiting the proliferation of skin cells.

Target Products:

  • Dovonex (Calcipotriene)
  
Vitamin D Analogs/Steroidal Anti-Inflammatory Drugs (SAID)
Therapeutics that treat psoriasis by providing vitamin D-like compounds and by inhibiting the accumulation of inflammatory cells like leucocytes and macrophages at the inflammation site.

Target Products:

  • Taclonex (Calcipotriene/Betamethasone Dipropionate)
  
Infectious Diseases
Bacterial  
Antibacterial Agents  
Broad Spectrum  
Antibiotics  
Cephalosporin Derivatives
Therapeutics that treat a wide variety of infections by inhibiting bacterial cell wall synthesis.

Target Products:

  • Duricef (Cefadroxil)
  
Macrolides
Therapeutics that treat a wide variety of infections by inhibiting RNA-dependent bacterial protein synthesis.

Target Products:

  • ERYC (Erythromycin Delayed-Release Capsules)
  
Narrow Spectrum  
Urology  
Urinary Tract Infections (UTI)  
Antibacterial Agents (Antibiotics)  
Formaldehyde Precursors
Therapeutics that prevent bacterial infections of the urinary tract by forming formaldehyde, a compound that denatures bacterial proteins.

Target Products:

  • Mandelamine (Methenamine Mandelate)
  
Viral  
DNA Viruses  
Herpesvirus  
Herpes Simplex Type 1  
Purine Nucleoside Analogs
Therapeutics that treat viral infections characterized by recurrent cold sores and fever blisters by inhibiting replication of viral DNA by incorporating themselves into growing viral DNA stands.

Buyer Products:

  • Zovirax Cream/Ointment (Acyclovir)
  
Musculoskeletal System
Skeletal Disorders
Bone Disorders  
Osteoporosis  
Hormonal Treatments  
Estrogens
Therapeutics that treat osteoporosis by providing female hormones which results in a decrease in the rate of bone loss due to osteoclasts.

Target Products:

  • Estrace Tablet (Estradiol)
  
Joint Disorders  
Osteoarthritis (OA)  
Non-Steroidal Anti-Inflammatory Drugs (NSAID)  
Non-Specific Cyclooxygenase Inhibitors (COX Inhibitors)
Therapeutics that treat inflammation by non-specifically inhibiting the action of cyclooxygenase.

Buyer Products:

  • Voltaren XR (Diclofenac Sodium)
  
Rheumatoid Arthritis (RA)  
Analgesics  
Non-Steroidal Anti-Inflammatory Drugs (NSAID)  
Non-Specific Cyclooxygenase Inhibitors (COX Inhibitors)
Therapeutics that treat pain associated with chronic inflammation of the joints by blocking cyclooxygenase activity.

Buyer Products:

  • Voltaren XR (Diclofenac Sodium)
  
Neurology
Psychiatric Disorders
Anxiety  
Generalized Anxiety Disorder (GAD)  
Gamma-Aminobutyric Acid (GABA) Receptor Agonists
Therapeutics that treat anxiety by enhancing the inhibitory neurotransmitter action of gamma-aminobutyric acid.

Buyer Products:

  • Ativan (Lorazepam)
  • Ativan Injection (Lorazepam)
  
Mood Disorders
Depression  
Selective Serotonin Reuptake Inhibitors (SSRI)
Therapeutics that treat depression by selectively preventing the removal of serotonin.

Buyer Products:

  • Citalopram ODT
  • Paroxetine CR/FD
  
Serotonin/Norepinephrine Reuptake Inhibitors
Therapeutics that treat depression by inhibiting the neuronal uptake of serotonin and norepinephrine.

Buyer Products:

  • Wellbutrin XL (Bupropion Hydrochloride)
  • Wellbutrin SR (Bupropion Hydrochloride)
  
Premenstrual Dysphoric Disorders  
Selective Serotonin Reuptake Inhibitors (SSRI)
Therapeutics that treat premenstrual dysphoric disorders by selectively preventing the removal of serotonin.

Target Products:

  • Sarafem (Fluoxetine Hydrochloride)
  
Sleep Disorders  
Insomnia  
Gamma-Aminobutyric Acid (GABA) Receptor Agonists
Therapeutics that treat insomnia by enhancing the inhibitory action of gamma-aminobutyric acid.

Buyer Products:

  • Zolpidem ODT
  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of nervous system and mental disorders in very early stages of research where no human subject is involved.

Buyer Products:

  • Bupropion/SSRI Combination
  • Bupropion Salt
  • Venlafaxine CR
  
Obstetrics/Gynecology  
Child Birth/Pregnancy  
Prenatal/Postnatal Nutrition  
Multivitamins
Therapeutics that supplement the nutritional needs of women during pregnancy.

Target Products:

  • NataFort
  • NataChew
  
Prevention (Contraception)  
Contraceptives (Birth Control)  
Estrogens/Progestins
Therapeutics that prevent conception by decreasing the secretion of gonadotropin-releasing hormone in the hypothalamus, resulting in an anti-ovulatory effect.

Target Products:

  • Estrostep Fe (Norethindrone Acetate/Ethinyl Estradiol)
  • Loestrin 24 Fe (Norethindrone Acetate/Ethinyl Estradiol)
  • Ovcon 35/Ovcon 50 (Norethindrone/Ethinyl Estradiol)
  • OVCON 35 Fe (Norethindrone/Ethinyl Estradiol/Ferrous Fumarate)
  
Female Genital Disorders  
Vulvovaginal  
Atrophy  
Hormonal Treatments  
Estrogens
Therapeutics that treat disorders characterized by thinning of the vaginal walls with the female sex hormone estrogen.

Target Products:

  • Femring (Estradiol Acetate Vaginal Ring)
  • Estrace Cream (17-Beta Estradiol)
  • Estrace Tablet (Estradiol)
  
Oncology  
Breast Cancer  
Palliative Agents  
Hormonal Treatments  
Estrogens
Therapeutics that treat and manage breast cancer in post-menopausal women by providing female hormones.

Target Products:

  • Estrace Tablet (Estradiol)
  
Urology  
Prostate Cancer  
Palliative Agents  
Estrogens
Therapeutics that treat and manage prostate cancer by inhibiting the secretion of luteinizing hormone and affecting the testes so as to decrease serum concentrations of testosterone but are not curative.

Target Products:

  • Estrace Tablet (Estradiol)
  
Pain Management  
Narcotics  
Analgesics/Opioids
Therapeutics that treat pain by binding to certain nervous system receptors which alters the both the perception of pain as well as the emotional response to pain.

Buyer Products:

  • Tramadol/Acetaminophen ODT Combination
  
Opioids
Therapeutics that treat pain by binding to certain nervous system receptors which alter both the perception of pain as well as the emotional response to pain.

Buyer Products:

  • Ultram ER (Tramadol Hydrochloride Extended Release)/Ultram ODT (Tramadol Hydrochloride Orally Disintegrating Tablet)
  • Tramadol ODT
  • Tramadol ER
  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of pain in very early stages of research where no human subject is involved.

Buyer Products:

  • Tramadol ER/NSAID
  
Urology  
Urological Disorders  
Urinary Tract Pain  
Analgesics
Therapeutics that alleviate pain from infections of the urinary tract.

Target Products:

  • Pyridium/Pyridium Plus (Phenazopyridine Hydrochloride)
  
Outsourced Services  
Development/Manufacturing Services  
Contract Research Organizations (CRO)  
Full Service
Contract Research Organizations (CROs) that conduct both preclinical and clinical studies in the development of new therapeutic products.

Buyer Products:

  • Biovail Contract Research Division (CRD)
  
Drug Delivery Technology  
Oral Delivery  
Effervescents
Drug Delivery Technologies used to deliver drugs by dissolving in liquid which can then be ingested.

Buyer Products:

  • ShearForm
  
Osmotic
Drug Delivery Technologies utilizing an osmotic mechanism for sustained release of the drugs.

Buyer Products:

  • Macrocap
  
Polymer Coated
Drug Delivery Technologies used to deliver drugs in a polymer based matrix to hold/enclose the drug.

Buyer Products:

  • CEFORM
  • SmartCoat/SmartCoat AQ
  • Multipart
  • Chronotabs
  • Dimatrix
  • Consurf
  
Taste Masking
Drug Delivery Technologies used to mask the taste of various drugs.

Buyer Products:

  • ShearForm
  
Manufacturing  
Consumer Manufacturing  
Personal Care and Cleaning Products  
Skin Care
Companies engaged in the manufacturing of skin care products, such as suntan lotion, skin lotion, sanitizer, shaving cream, and moisturizer. Also includes manufacturers of non-electrical shaving equipment.

Target Products:

  • Moisturel
  

- Focused. Denotes that the company is considered focused in this area. In general, Focused Companies draw the majority of their earnings in the sector/product area specified.

- Sector Pure-Plays. Denotes that the company is focused in the selected sector and generates nearly all earnings in the sector/product area specified.

- Sector Participation. Denotes that the company develops products in this line of business.

Relationship Details

Key Competitors

  Name Dir Percent Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Buyer
  Teva Pharmaceutical Industries Ltd (ADR) n/a 24,521.472 62.72 13.52 3.26 2.87 34.06
King Pharmaceuticals, Inc. n/a 3,938.484 25.02 9.59 2.07 2.02 3.28
Sciele Pharma Inc. n/a 852.268 19.12 20.76 3.04 2.97 13.42
Flamel Technologies S.A. (ADR) n/a 758.939 n/a -20.77 35.30 31.76 10.55
Impax Laboratories Inc. n/a 574.612 491.89 28.90 5.10 n/a 9.79
Penwest Pharmaceuticals n/a 386.438 n/a -11.92 104.69 99.13 7.96
SCOLR Pharma Inc. n/a 180.646 n/a n/a 111.05 n/a 9.53
DepoMed, Inc. n/a 151.191 n/a -4.38 19.69 13.09 n/a
Medicure Inc. (USA) n/a 114.402 n/a n/a 140.10 n/a 13.36
Advancis Pharmaceutical Corporation n/a 106.197 n/a -2.89 20.47 15.19 n/a
AVANIR Pharmaceuticals n/a 87.030 n/a -2.31 5.73 3.64 n/a
Elite Pharmaceuticals, Inc. n/a 41.534 n/a n/a 87.22 n/a 6.78
BioDelivery Sciences International, Inc. n/a 36.936 n/a -2.61 13.05 14.33 n/a
Access Pharmaceuticals, Inc. n/a 10.429 n/a n/a n/a n/a n/a
Target
  Johnson & Johnson n/a 193,155.023 17.45 17.98 3.70 3.66 7.09
Pfizer Inc. n/a 189,634.691 15.03 12.81 3.92 3.95 8.13
Wyeth n/a 69,152.989 16.98 16.31 3.48 3.44 6.58
Bayer AG (ADR) n/a 40,655.241 21.83 15.89 1.06 1.10 n/a
Allergan, Inc. n/a 18,126.457 n/a 32.69 6.41 5.87 117.17
Akzo Nobel N.V. (ADR) n/a 17,609.923 11.04 16.25 1.00 0.93 4.03
Barr Pharmaceuticals, Inc. n/a 5,565.167 18.19 16.37 4.16 3.53 4.47
Medicis Pharmaceutical Corporation n/a 2,078.177 n/a 47.11 6.28 5.77 8.61
Bradley Pharmaceuticals, Inc. n/a 343.669 45.46 22.71 2.49 2.38 28.20
Galderma SA n/a n/a n/a n/a n/a n/a n/a
Stiefel Laboratories, Inc. n/a n/a n/a n/a n/a n/a n/a

- Defined by the Company - Defined by Others

Dependent Suppliers

  Name Dir Percent Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Buyer
  GlaxoSmithKline plc (ADR) n/a 155,282.260 14.98 15.28 3.45 3.55 15.10
Merck & Co., Inc. n/a 96,175.423 18.93 17.90 4.30 4.46 5.47
Wyeth n/a 69,152.989 16.98 16.31 3.48 3.44 6.58
Teva Pharmaceutical Industries Ltd (ADR) n/a 24,521.472 62.72 13.52 3.26 2.87 34.06
Flamel Technologies S.A. (ADR) n/a 758.939 n/a -20.77 35.30 31.76 10.55
DepoMed, Inc. n/a 151.191 n/a -4.38 19.69 13.09 n/a
Ethypharm n/a n/a n/a n/a n/a n/a n/a
Target
  Barr Pharmaceuticals, Inc. n/a 5,565.167 18.19 16.37 4.16 3.53 4.47
LEO Pharma A/S n/a n/a n/a n/a n/a n/a n/a

- Defined by the Company - Defined by Others

Key Customers

  Name Dir Percent Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Buyer
  GlaxoSmithKline plc (ADR) n/a 155,282.260 14.98 15.28 3.45 3.55 15.10
Merck & Co., Inc. n/a 96,175.423 18.93 17.90 4.30 4.46 5.47
AstraZeneca plc (ADR) n/a 86,117.204 14.76 14.25 3.36 3.27 8.64
Teva Pharmaceutical Industries Ltd (ADR) n/a 24,521.472 62.72 13.52 3.26 2.87 34.06
Forest Laboratories, Inc. n/a 15,899.535 21.82 18.86 5.00 4.84 6.03
DepoMed, Inc. n/a 151.191 n/a -4.38 19.69 13.09 n/a
Target
  McKesson Corporation 28.00% 15,186.170 18.39 18.79 0.17 0.16 3.73
AmerisourceBergen Corp. 19.00% 8,784.207 18.78 18.59 0.14 0.14 5.66
Cardinal Health, Inc. 14.00% 25,892.418 24.84 18.92 0.31 0.29 7.69
CVS Corporation 10.00% 25,670.615 19.10 20.13 0.62 0.58 5.32
Wal-Mart Stores, Inc. n/a 197,522.702 18.06 16.71 0.58 0.57 4.34

- Defined by the Company - Defined by Others

Key Partners

  Name Dir Percent Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Buyer
  Johnson & Johnson n/a 193,155.023 17.45 17.98 3.70 3.66 7.09
GlaxoSmithKline plc (ADR) n/a 155,282.260 14.98 15.28 3.45 3.55 15.10
sanofi-aventis (ADR) n/a 123,912.610 32.64 14.53 3.32 3.50 n/a
Merck & Co., Inc. n/a 96,175.423 18.93 17.90 4.30 4.46 5.47
Abbott Laboratories n/a 76,589.720 24.17 19.88 3.43 3.42 30.57
Wyeth n/a 69,152.989 16.98 16.31 3.48 3.44 6.58
Teva Pharmaceutical Industries Ltd (ADR) n/a 24,521.472 62.72 13.52 3.26 2.87 34.06
Forest Laboratories, Inc. n/a 15,899.535 21.82 18.86 5.00 4.84 6.03
Solvay SA (ADR) n/a 12,713.189 12.80 n/a 1.06 n/a 4.44
Sciele Pharma Inc. n/a 852.268 19.12 20.76 3.04 2.97 13.42
Flamel Technologies S.A. (ADR) n/a 758.939 n/a -20.77 35.30 31.76 10.55
DepoMed, Inc. n/a 151.191 n/a -4.38 19.69 13.09 n/a
Hemispherx BioPharma, Inc n/a 144.332 n/a n/a 148.86 n/a 7.00
DOV Pharmaceutical, Inc. n/a 7.488 n/a -0.09 1.46 1.29 n/a
Ethypharm n/a n/a n/a n/a n/a n/a n/a
Target
  Wal-Mart Stores, Inc. n/a 197,522.702 18.06 16.71 0.58 0.57 4.34
Bristol Myers Squibb Co. n/a 51,488.936 23.21 25.66 2.75 2.94 10.66
Bayer AG (ADR) n/a 40,655.241 21.83 15.89 1.06 1.10 n/a
Cardinal Health, Inc. n/a 25,892.418 24.84 18.92 0.31 0.29 7.69
CVS Corporation n/a 25,670.615 19.10 20.13 0.62 0.58 5.32
McKesson Corporation n/a 15,186.170 18.39 18.79 0.17 0.16 3.73
AmerisourceBergen Corp. n/a 8,784.207 18.78 18.59 0.14 0.14 5.66
Barr Pharmaceuticals, Inc. n/a 5,565.167 18.19 16.37 4.16 3.53 4.47
LEO Pharma A/S n/a n/a n/a n/a n/a n/a n/a
Foamix Ltd. n/a n/a n/a n/a n/a n/a n/a

- Defined by the Company - Defined by Others

Financials

  Buyer Target Combined Entity
Income Statement
Operating Items
Revenue 1,024.1 681.6 1,705.7
Other Revenue 26.4 4.9 31.3
Total Revenue 1,050.5 686.5 1,737.0
Cost of Revenue 224.0 125.9 350.0
SG&A Expense 226.5 240.2 466.8
Depreciation & Amortization 59.9 238.5 298.4
Research & Development 93.4 26.0 119.4
Interest Expense 51.3 188.0 239.3
Other Operating Expense 0.0 34.7 34.7
Unusual Expense (Income) 145.8 38.9 184.6
Total Expenses 800.9 892.3 1,693.2
Operating Income 249.6 -205.7 43.9
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng -12.0 0.0 -12.0
Other, Net -0.8 0.0 -0.8
Income Before Taxes 236.8 -205.7 31.0
Income Taxes 23.8 3.5 27.3
Income After Taxes 213.0 -209.2 3.8
Net Income - Excl. Xord. Items 213.0 -209.2 3.8
Discontinued Operations -4.6 0.0 -4.6
Net Income - Incl. Xord. Items 208.3 -209.2 -0.9
Preferred Dividends 0.0 -86.4 -86.4
Income Avail. to Common 208.3 -295.6 -87.3
Share Items
Basic Avg. Shares Outstanding 160.2 107.0 267.2
Basic EPS - Excl. Xord. Items 1.33 n/a 0.01
Basic EPS - Incl. Xord. Items 1.30 n/a -0.00
Full Dilution Adjustment 0.0 0.0 0.0
Fully Diluted Shares Outstanding 160.2 107.0 267.2
F.D. EPS - Excl. Xord. Items 1.33 n/a 0.01
F.D. EPS - Incl. Xord. Items 1.30 n/a -0.00
Dividends Per Common Share 0.88 0.00 0.88
Balance Sheet
Assets
Cash and Equivalents 629.5 287.9 917.4
Accounts Receivable 200.7 50.4 251.2
Inventory 81.3 59.4 140.7
Prepayments and Advances 14.7 52.8 67.5
Other Current Assets 0.0 0.0 0.0
Current Assets 926.2 450.6 1,376.7
PPE 0.0 53.2 53.2
Accum D&A 0.0 -8.4 -8.4
PPE, Net 221.2 44.9 266.1
Goodwill & Intangibles 812.2 2,855.6 3,667.8
Long Term Investments 64.9 0.0 64.9
Other Assets 0.0 0.0 0.0
Other LT Assets 49.3 56.9 106.2
Total Assets 2,073.8 3,408.0 5,481.8
Liabilities
Accounts Payable 36.8 19.3 56.1
Payable/Accrued 0.0 0.0 0.0
Accrued Expenses 110.4 111.8 222.2
ST Debt 0.0 0.0 0.0
Curr Port of LTD & Cap Lease Oblg 18.0 222.3 240.3
Other (Current) Liabilities 108.0 0.0 108.0
Current Liab. 273.2 353.5 626.6
LT Debt 400.6 1,591.5 1,992.1
Total LT Debt 400.6 1,591.5 1,992.1
Other LT Liab. 129.2 128.7 257.9
Total Liabilities 803.0 2,073.7 2,876.7
Shareholders Equity
Common Stock 1,473.1 2.5 1,475.6
Additional Paid in Capital 13.0 2,039.2 2,052.2
Retained Earnings -261.6 -701.6 -963.3
Treasure Stock 0.0 -6.3 -6.3
Other Equity 46.4 0.6 47.0
Total Equity 1,270.8 1,334.3 2,605.1
Total Liab. & Equity 2,073.8 3,408.0 5,481.8
Shares Outstanding 160.2 250.6 410.8
Cash Flow
Operating Cash Flow
CF Net Income 218.9 -209.2 9.7
CF Depreciation 106.2 6.1 112.2
CF Amortization 0.0 238.5 238.5
CF Deferred Taxes 0.0 -48.6 -48.6
Other Non-Cash Items 207.9 114.3 322.2
Change in Working Capital -24.4 -49.7 -74.0
Total Cash From Operating Activities 508.6 51.3 560.0
Investing Cash Flow (not calculated)
Capital Expenditures -52.4 -15.4 -67.8
Other Investing Cash Flows 3.9 -267.3 -263.4
Total Cash From Investing Activities -48.5 -282.8 -331.3
Financing Cash Flow (not calculated)
Dividends Paid -139.8 0.0 -139.8
Purchase Or Sale of Stock 13.9 999.4 1,013.2
Purchase and Retirement of Debt 9.2 -179.2 -170.0
Other Financing Cash Flow 0.0 -327.7 -327.7
Total Cash From Financing Activities -157.5 492.4 335.0
Exchange Rate Effects 0.1 0.0 0.1
Net Change in Cash 302.8 261.0 563.8
Cash Taxes Paid 9.2 33.3 42.5
Cash Interest Paid 31.4 111.9 143.3