Summary

Other Scenarios:

Buyer: Biovail Corporation (USA) (BVF) Last Price: 24.90 Market Cap.: 4.00B
Target: Dendreon Corporation (DNDN) Last Price: 19.39 Market Cap.: 1.61B

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
*Healthcare 873
Biopharmaceuticals 335
Outsourced Services   65

- 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: 9)
  • rNAPc2 (Recombinant Nematode Anticoagulant Protein c2)
  • Provenge (Sipuleucel-T)
  • Neuvenge (Lapuleucel-T)
  • Serine Protease Inhibitors
Buyer
  • Biovail Contract Research Division (CRD)
  • ShearForm
  • Macrocap
  • CEFORM
Target

n/a

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 8)
  • GlaxoSmithKline plc (ADR) (GSK)
  • Merck & Co., Inc. (MRK)
  • Wyeth (WYE)
  • Teva Pharmaceutical Industries Ltd (ADR) (TEVA)
Target (Total: 1)
  • Akzo Nobel N.V. (ADR) (AKZOY)
Buyer (Total: 6)
  • GlaxoSmithKline plc (ADR) (GSK)
  • Merck & Co., Inc. (MRK)
  • AstraZeneca plc (ADR) (AZN)
  • Teva Pharmaceutical Industries Ltd (ADR) (TEVA)
Target (Total: 2)
  • Genentech, Inc. (DNA)
  • Amgen, Inc. (AMGN)

Key Financial Summary:

Key Metrics

  Buyer Target
Number of Employees 1,734 232
Revenue Per Employee 713,279.1 1,499.8
Total Revenue 307.6 0.1
Total Expenses 191.3 24.0
Other Revenue 4.6 0.0
Cost of Revenue 52.8 0.0
SG&A Expense 65.1 6.9
Research & Development 28.4 17.1
Other Operating Expense 0.0 0.0
Operating Income 116.4 -23.9
Unusual Income 29.5 0.0
LT Debt to Capital 23.77 11.93
Fwd P/E 14.07 -16.21
Fwd P/Rev 4.74 325.29
Book Value 1,284.9 125.7
Curr Portion of LTD/Cap Lease 11.1 6.7

Individual Company Summary

Focused

Buyer

Focused (): *Healthcare > Biopharmaceuticals

Target

Focused (): *Healthcare > Biopharmaceuticals > Oncology

Business Description

Buyer

Biovail Corporation (Biovail) is a specialty pharmaceutical company that applies drug-delivery technologies to improve the clinical effectiveness of medicines. The Company?s principal therapeutic areas of focus are central nervous system disorders (CNS), pain management and cardiovascular disease. Biovail?s portfolio of oral drug-delivery technologies includes controlled release, graded release, enhanced absorption, rapid absorption, taste masking and oral disintegration, among others. These technologies can be combined to develop, a controlled release, orally disintegrating, taste masked tablet. Its drug-delivery technologies are applicable to a range of molecules, and can address the pharmaceutical industry's drug-delivery challenges.

Target

Dendreon Corporation (Dendreon) is a biotechnology company focused on the discovery, development and commercialization of therapeutics that harness the immune system to fight cancer. Dendreon?s most advanced product candidate is Provenge (sipuleucel-T), an active cellular immunotherapy that has completed two Phase III trials for the treatment of asymptomatic, metastatic, androgen-independent prostate cancer. On August 24, 2006, the Company submitted the clinical and non-clinical sections of its biologics license application (BLA) and on November 9, 2006, the Company submitted the chemistry, manufacturing and controls (CMC) section, completing its submission of its BLA to the United States Food and Drug Administration (FDA) for Provenge. On January 12, 2007, the FDA accepted the Company?s BLA filing and assigned Priority Review status for Provenge.

Deal Summary

Key Ratios

  Buyer Target
Gross Margin % 79.14 100
Operating Margin % 21.44 -35,661.54
Quick Ratio 2.35 5.21
Current Ratio 2.58 5.39
Coverage Ratio 0.17 -0.04
Total Assets 2,175.1 163.6
Return on Equity % 16.17 -72.9
Return on Assets % 9.55 -56
Cash+ ST Inv. Per Share 5.21 1.41
Total Debt 411.8 23.8
Total Debt to Equity % 32.05 18.89
Total Debt to Tangible Equity % 84.56 18.89
Debt to Asset % 18.93 14.51

Product Summary

Sector Buyer Target
*Healthcare
Biopharmaceuticals
Cardiovascular System
The Cardiovascular System Subsector includes therapeutics that treat disorders affecting the heart and blood vessels.
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.
  
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.
  
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.
  

- 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)
  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of heart and circulatory system disorders in early stages of clinical research where human subject is involved.

Target Products:

  • rNAPc2 (Recombinant Nematode Anticoagulant Protein c2)
  
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)
  
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)
  
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)
  
Infectious Diseases  
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  
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)
  
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
  
Oncology  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment and management of cancer in early stages of clinical research where human subject is involved.

Target Products:

  • rNAPc2 (Recombinant Nematode Anticoagulant Protein c2)
  • Provenge (Sipuleucel-T)
  • Neuvenge (Lapuleucel-T)
  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment and management of cancer and are currently in an early research or preclinical stage of development.

Target Products:

  • Serine Protease Inhibitors
  • Trp-p8 Monoclonal Antibodies
  • CA-9 (Carbonic Anhydrase 9 Antigen)
  • Carcinoembryonic Antigen (CEA) Vaccine
  • Trp-p8 Vaccine
  • rNAPc2 (Recombinant Nematode Anticoagulant Protein c2)
  • Trp-p8 Small Molecule
  
Urology  
Prostate Cancer  
Metastatic  
Vaccines
Therapeutics that treat prostate cancers that have spread beyond the initial tumor by eliciting a specific immune response.

Target Products:

  • Provenge (Sipuleucel-T)
  
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
  
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
  

- 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 23,176.573 12.22 18.50 2.63 2.57 17.09
Shire plc (ADR) n/a 12,959.832 39.30 35.44 6.77 5.78 6.67
Sciele Pharma Inc. n/a 905.528 18.44 15.53 2.93 2.45 8.61
Flamel Technologies S.A. (ADR) n/a 652.492 n/a 2,884.00 28.34 9.25 n/a
Impax Laboratories Inc. n/a 614.090 525.68 11.18 5.45 n/a 10.47
Penwest Pharmaceuticals n/a 294.745 n/a -8.04 84.21 79.88 7.03
DepoMed, Inc. n/a 147.588 n/a -4.00 15.45 5.80 n/a
Medicure Inc. (USA) n/a 146.491 n/a n/a 29.71 n/a 6.83
AVANIR Pharmaceuticals n/a 133.844 n/a n/a 8.66 15.53 n/a
Advancis Pharmaceutical Corporation n/a 100.827 n/a -2.39 20.96 6.65 28.85
SCOLR Pharma Inc. n/a 98.160 n/a n/a 43.08 n/a 5.78
BioDelivery Sciences International, Inc. n/a 69.133 n/a -17.61 24.43 5.81 n/a
Elite Pharmaceuticals, Inc. n/a 45.554 n/a -7.93 65.84 n/a 7.01
Access Pharmaceuticals, Inc. n/a 17.111 n/a n/a n/a n/a n/a
Target
  MannKind Corporation n/a 1,047.447 n/a -3.61 10,641.31 23.15 2.73
Pharmion Corporation n/a 1,001.473 n/a -18.99 4.09 3.93 n/a
GPC Biotech AG (ADR) n/a 987.374 n/a n/a 32.58 n/a 11.06
Cell Genesys, Inc. n/a 285.207 n/a -2.26 209.19 14.60 6.55
Cerus Corporation n/a 200.661 n/a -5.36 5.64 9.65 1.99
IDM Pharma Inc. n/a 160.524 n/a n/a 14.22 n/a 39.53
Cyclacel Pharmaceuticals Inc. n/a 159.179 n/a -4.83 411.11 104.09 3.11
Antigenics, Inc. n/a 138.098 n/a n/a 199.39 n/a n/a
Pro-Pharmaceuticals, Inc. n/a 33.503 n/a n/a n/a n/a n/a
AVAX Technologies, Inc. n/a 18.764 n/a n/a 22.14 n/a 12.54
Therion Biologics Corporation 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 165,841.175 15.45 14.58 3.63 3.55 15.75
Merck & Co., Inc. n/a 112,665.354 24.40 17.78 4.90 4.89 n/a
Wyeth n/a 76,653.715 17.70 16.19 3.67 3.47 n/a
Teva Pharmaceutical Industries Ltd (ADR) n/a 23,176.573 12.22 18.50 2.63 2.57 17.09
Sciele Pharma Inc. n/a 905.528 18.44 15.53 2.93 2.45 8.61
Flamel Technologies S.A. (ADR) n/a 652.492 n/a 2,884.00 28.34 9.25 n/a
DepoMed, Inc. n/a 147.588 n/a -4.00 15.45 5.80 n/a
Ethypharm n/a n/a n/a n/a n/a n/a n/a
Target
  Akzo Nobel N.V. (ADR) n/a 22,972.082 13.88 16.37 1.25 1.52 5.06

- 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 165,841.175 15.45 14.58 3.63 3.55 15.75
Merck & Co., Inc. n/a 112,665.354 24.40 17.78 4.90 4.89 n/a
AstraZeneca plc (ADR) n/a 81,209.516 13.14 13.23 2.98 2.84 8.58
Teva Pharmaceutical Industries Ltd (ADR) n/a 23,176.573 12.22 18.50 2.63 2.57 17.09
Forest Laboratories, Inc. n/a 16,592.219 36.54 17.11 4.82 4.62 n/a
DepoMed, Inc. n/a 147.588 n/a -4.00 15.45 5.80 n/a
Target
  Genentech, Inc. n/a 85,742.338 35.76 30.89 8.46 7.32 10.23
Amgen, Inc. n/a 73,874.670 24.14 15.36 5.01 4.86 15.38

- 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 186,667.352 18.09 15.92 3.37 3.09 n/a
GlaxoSmithKline plc (ADR) n/a 165,841.175 15.45 14.58 3.63 3.55 15.75
sanofi-aventis (ADR) n/a 126,182.711 23.07 13.25 3.13 3.19 n/a
Merck & Co., Inc. n/a 112,665.354 24.40 17.78 4.90 4.89 n/a
Abbott Laboratories n/a 89,961.153 58.06 20.43 3.98 3.94 n/a
Wyeth n/a 76,653.715 17.70 16.19 3.67 3.47 n/a
Teva Pharmaceutical Industries Ltd (ADR) n/a 23,176.573 12.22 18.50 2.63 2.57 17.09
Forest Laboratories, Inc. n/a 16,592.219 36.54 17.11 4.82 4.62 n/a
Solvay S.A. (ADR) n/a 13,152.755 12.49 n/a 1.05 n/a 4.34
Sciele Pharma Inc. n/a 905.528 18.44 15.53 2.93 2.45 8.61
Flamel Technologies S.A. (ADR) n/a 652.492 n/a 2,884.00 28.34 9.25 n/a
DepoMed, Inc. n/a 147.588 n/a -4.00 15.45 5.80 n/a
Hemispherx BioPharma, Inc n/a 109.278 n/a -6.83 116.76 25.12 4.57
DOV Pharmaceutical, Inc. n/a 10.697 n/a n/a 0.41 n/a n/a
Ethypharm n/a n/a n/a n/a n/a n/a n/a
Reliant Pharmaceuticals, LLC n/a n/a n/a n/a n/a n/a n/a
H. Lundbeck A/S n/a n/a n/a n/a n/a n/a n/a
Target
  Genentech, Inc. n/a 85,742.338 35.76 30.89 8.46 7.32 10.23
Amgen, Inc. n/a 73,874.670 24.14 15.36 5.01 4.86 15.38
Bayer AG (ADR) n/a 53,708.775 23.37 17.64 1.36 1.26 n/a
Akzo Nobel N.V. (ADR) n/a 22,972.082 13.88 16.37 1.25 1.52 5.06
Nuvelo, Inc. n/a 207.347 n/a -3.06 53.34 55.00 3.25
Mayo Foundation for Medical Education and Research n/a n/a n/a n/a n/a n/a n/a
The American Red Cross n/a n/a n/a n/a n/a n/a n/a
Progenitor Cell Therapy, LLC. 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 1,045.7 0.3 1,046.0
Other Revenue 24.9 0.0 24.9
Total Revenue 1,070.5 0.3 1,070.8
Cost of Revenue 223.3 0.0 223.3
SG&A Expense 238.4 23.5 262.0
Depreciation & Amortization 56.5 0.0 56.5
Research & Development 95.5 74.1 169.6
Interest Expense 54.8 0.0 54.8
Other Operating Expense 0.0 0.0 0.0
Unusual Expense (Income) 172.5 0.0 172.5
Total Expenses 841.0 97.6 938.6
Operating Income 229.5 -97.4 132.2
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng -6.7 4.3 -2.4
Other, Net -0.5 0.0 -0.5
Income Before Taxes 222.3 -91.6 130.7
Income Taxes 14.5 0.0 14.5
Income After Taxes 207.8 -91.6 116.2
Net Income - Excl. Xord. Items 207.8 -91.6 116.2
Discontinued Operations -3.8 0.0 -3.8
Net Income - Incl. Xord. Items 203.9 -91.6 112.3
Income Avail. to Common 203.9 -91.6 112.3
Share Items
Basic Avg. Shares Outstanding 160.3 75.8 236.0
Basic EPS - Excl. Xord. Items 1.30 n/a 0.49
Basic EPS - Incl. Xord. Items 1.27 n/a 0.48
Full Dilution Adjustment 0.0 0.0 0.0
Fully Diluted Shares Outstanding 160.3 75.8 236.0
F.D. EPS - Excl. Xord. Items 1.30 n/a 0.49
F.D. EPS - Incl. Xord. Items 1.27 n/a 0.48
Dividends Per Common Share 1.00 0.00 1.00
Balance Sheet
Assets
Cash and Equivalents 834.5 61.0 895.5
ST Investments 0.0 45.5 45.5
Accounts Receivable 129.2 0.0 129.2
Inventory 78.8 0.0 78.8
Prepayments and Advances 15.1 0.0 15.1
Other Current Assets 0.0 3.5 3.5
Current Assets 1,057.6 110.0 1,167.6
PPE 0.0 46.5 46.5
Accum D&A 0.0 -15.9 -15.9
PPE, Net 212.0 30.5 242.5
Goodwill & Intangibles 797.9 0.0 797.9
Long Term Investments 62.1 14.8 76.9
Other Assets 0.0 0.0 0.0
Other LT Assets 45.5 8.3 53.8
Total Assets 2,175.1 163.6 2,338.8
Liabilities
Accounts Payable 45.0 1.5 46.5
Payable/Accrued 0.0 0.0 0.0
Accrued Expenses 170.4 10.9 181.3
ST Debt 0.0 0.0 0.0
Curr Port of LTD & Cap Lease Oblg 11.1 6.7 17.9
Other (Current) Liabilities 183.7 1.3 185.1
Current Liab. 410.3 20.4 430.7
LT Debt 400.6 7.9 408.5
Capitalized Lease Obligations 0.0 9.1 9.1
Total LT Debt 400.6 17.0 417.7
Other LT Liab. 79.3 0.5 79.7
Total Liabilities 890.2 37.9 928.1
Shareholders Equity
Common Stock 1,476.9 0.1 1,477.0
Additional Paid in Capital 15.0 518.1 533.1
Retained Earnings -246.6 -392.4 -639.0
Other Equity 39.6 -0.1 39.5
Total Equity 1,284.9 125.7 1,410.6
Total Liab. & Equity 2,175.1 163.6 2,338.8
Shares Outstanding 160.4 81.3 241.8
Cash Flow
Operating Cash Flow
CF Net Income 203.9 -91.6 112.3
CF Depreciation 104.3 3.9 108.1
CF Deferred Taxes 0.0 0.0 0.0
Other Non-Cash Items 224.6 5.7 230.3
Change in Working Capital -10.9 1.1 -9.7
Total Cash From Operating Activities 522.0 -81.0 441.0
Investing Cash Flow (not calculated)
Capital Expenditures -44.8 -12.5 -57.3
Other Investing Cash Flows 4.4 24.4 28.7
Total Cash From Investing Activities -40.4 11.9 -28.6
Financing Cash Flow (not calculated)
Dividends Paid -80.1 0.0 -80.1
Purchase Or Sale of Stock 15.6 42.4 58.0
Purchase and Retirement of Debt -26.6 -5.2 -31.7
Other Financing Cash Flow -1.3 10.9 9.6
Total Cash From Financing Activities -92.3 48.1 -44.2
Exchange Rate Effects -0.0 0.0 -0.0
Net Change in Cash 389.3 -21.0 368.3
Cash Taxes Paid 11.0 0.0 11.0
Cash Interest Paid 31.5 1.8 33.2