Summary

Other Scenarios:

Buyer: King Pharmaceuticals (KG) Last Price: 18.15 Market Cap.: 4.40B
Target: Neurocrine Biosciences, Inc. (NBIX) Last Price: 52.74 Market Cap.: 1.99B

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
*Healthcare 861
Biopharmaceuticals 315
Medical Devices   247
Outsourced Services   69

- 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: 78)
  • Adrenalin Chloride Solution (Epinephrine)
  • Corgard (Nadolol)
  • Adenocard (Adenosine)
  • Procanbid (Procainamide Hydrochloride)
Target (Total: 21)
  • Urocortin 2
  • CRF R1 Antagonist
  • NBI-6024 (Altered Peptide Ligand)
  • NBI-5788 (Altered Peptide Ligand)
Buyer
  • Meridian Medical Technologies Prime ECG Electrocardiac Mapping System
  • Binodenoson
  • Meridian Medical Technologies CardioBeepers
  • Meridian Medical Technologies Transtelephonic Blood Pressure Monitors
Target

n/a

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 3)
  • sanofi-aventis (ADR) (SNY)
  • Eli Lilly & Co. (LLY)
  • Quintiles Transnational Corp.
Target (Total: 2)
  • Pfizer Inc. (PFE)
  • Open Text Corporation (USA) (OTEX)
Buyer (Total: 12)
  • Cardinal Health, Inc. (CAH)
  • McKesson Corporation (MCK)
  • AmerisourceBergen Corp. (ABC)
  • Pfizer Inc. (PFE)
Target (Total: 5)
  • Pfizer Inc. (PFE)
  • GlaxoSmithKline plc (ADR) (GSK)
  • Wyeth (WYE)
  • Eli Lilly & Co. (LLY)

Key Financial Summary:

Metric Buyer Target
Number of Employees 2,795 564
Revenue Per Employee 693,664.8 139,496.5
Total Revenue 484.2 19.5
Total Expenses 411.0 47.1
Other Revenue 0.0 8.2
Cost of Revenue 92.4 0.0
SG&A Expense 167.4 19.3
Research & Development 29.9 27.7
Other Operating Expense 0.0 0.0
Operating Income 73.3 -27.6
Unusual Income 87.0 0.0
Gross Margin % 80.92 100
Metric Buyer Target
Operating Margin % 15.13 -141.68
Total Assets 3,217.1 477.4
Return on Equity % 10.23 -27.6
Cash+ ST Inv. Per Share 3.36 7.08
Total Debt 580.0 57.9
Curr Portion of LTD/Cap Lease 180.0 5.5
Total Debt to Equity 28.54 15.1
LT Debt to Capital 16.44 12.01
Fwd P/E 12.63 76.40
Fwd P/Rev 2.45 9.57
Book Value 2,032.4 383.8

Individual Company Summary

Focused

Buyer

Focused (): *Healthcare > Biopharmaceuticals

Target

Focused (): *Healthcare > Biopharmaceuticals > Neurology

Business Description

Buyer

King Pharmaceuticals, Inc. (King) is a vertically integrated pharmaceutical company that develops, manufactures, markets and sells branded prescription pharmaceutical products. The Company operates through five segments: Branded pharmaceuticals, Meridian Medical Technologies, Royalties, Contract manufacturing and other. King's branded pharmaceutical products can be divided primarily into six therapeutic areas: cardiovascular/ metabolic (including Altace, Corgard, Levoxyl and Cytomel); neuroscience (including Sonata and Skelaxin), hospital/ acute care (including Thrombin-JMI, Bicillin, Synercid and Intal), and other. Meridian Medical Technologies segment consists of its auto-injector business, which includes EpiPen. In March 2006, the Company acquired the rights to market and sell EpiPen throughout Canada until 2015. In addition, the Company manufactures pharmaceutical products under contracts with a variety of pharmaceutical and biotechnology companies.

Target

Neurocrine Biosciences, Inc. discovers, develops and intends to commercialize drugs for the treatment of neurological and endocrine-related diseases and disorders. The Company's product candidates address pharmaceutical markets in the world, including insomnia, anxiety, depression, various female and male health disorders, multiple sclerosis, diabetes and other neurological and endocrine related diseases and disorders. The Company has nine programs in various stages of research and development, including seven programs in clinical development. While the Company independently develops many of its product candidates, it has entered into collaborations for three of its programs. The Company's lead clinical development program, indiplon, is a drug for the treatment of insomnia. It has submitted two New Drug Applications (NDAs) to the United States Food and Drug Administration (FDA) with respect to indiplon.

Product Summary

Sector Buyer Target
*Healthcare
Biopharmaceuticals
Allergies
The Allergies Subsector includes therapeutics that treat exaggerated immune reaction induced by exposure to a foreign substance.
  
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.
  
Digestive System
The Digestive System Subsector includes therapeutics that treat disorders affecting the digestive system.
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.
Ophthalmology
The Ophthalmology Subsector includes therapeutics that treat eye disorders, infections, inflammations and irritations.
  
Pain Management
The Pain Management Subsector includes therapeutics that treat and management pain.
Respiratory System
The Respiratory System Subsector includes therapeutics that treat disorders affecting both the upper and lower respiratory tract, including the nose, throat, larynx, trachea, bronchi, and lungs.
  
Surgery
The Surgery Subsector includes therapeutics that treat complications associated with surgical procedures.
  
Toxicology
The Toxicology Subsector includes therapeutics that treat harmful effects from exposure to toxic substances; narcotics, nicotine and alcohol withdrawal therapeutics are also included in this sector.
  
Urology
The Urology Subsector includes therapeutics that treat diseases of the kidney, urinary tract, bladder, and the male reproductive system.
Weight Management
The Weight Management Subsectors includes herapeutics that treat and manage weight disorders.
  
Wound Management
The Wound Management Subsector includes therapeutics that treat cuts, abrasions, and burns from trauma or diseases.
  
Medical Devices  
Cardiology
The Cardiology Subsector includes medical devices that diagnose, monitor, and treat diseases affecting the heart and proximal blood vessels. Common devices include vital sign monitors, cardiac defibrillators, pacemakers, and other surgical equipment.
  
Clinical Diagnostics
The Clinical Diagnostics Subsector includes medical devices that analyze human body specimens within a medical setting. These devices, including equipment, biological and chemical reagents are primarily used for the diagnosis of diseases.
  
Drug Delivery
The Drug Delivery Subsector includes medical devices that facilitate the delivery of medications through different anatomical entryways, including blood vessels, skin, the mouth, and the lungs. Common devices in this sector include vascular access catheters, needles, implants, and inhalers.
  
Radiology
The Radiology Subsector includes medical devices that generate images of internal physiology.
  
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.
  

- 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
Allergies  
Systemic  
Anaphylactic Shock  
Alpha Adrenergic Receptor Agonists/Beta Adrenergic Receptor Agonists
Therapeutics that treat allergic shock by stimulating alpha and beta adrenergic receptors.

Buyer Products:

  • Adrenalin Chloride Solution (Epinephrine)
  
Cardiovascular System
Heart Disorders  
Angina  
Beta Adrenergic Receptor Blocking Agents (Beta Blockers)
Therapeutics that treat chest pains by inhibiting stimulation of beta adrenergic receptors of the heart muscle.

Buyer Products:

  • Corgard (Nadolol)
  
Arrhythmia  
Adenosine A1 Receptor Agonists
Therapeutics that treat abnormal rhythm of the heart beat by selectively stimulating the A1 adenosine receptor, slowing the speed of AV nodal conduction

Buyer Products:

  • Adenocard (Adenosine)
  
Sodium Channel Blocking Agents
Therapeutics that treat abnormal rhythm of the heart by preventing the entry of sodium into heart muscle cells.

Buyer Products:

  • Procanbid (Procainamide Hydrochloride)
  
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:

  • Altace (Ramipril)
  
Complications  
Edema  
Thiazide Diuretic Agents
Therapeutics that treat the accumulation of fluid by increasing the excretion of sodium, potassium ions, and water in urine.

Buyer Products:

  • Thalitone (Chlorthalidone)
  
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:

  • Urocortin 2
  
Vascular Disorders  
Hypertension  
Angiotensin Converting Enzyme Inhibitors (ACE Inhibitors)
Therapeutics that treat high blood pressure by inhibiting the renin-angiotensin system.

Buyer Products:

  • Altace (Ramipril)
  
Beta Adrenergic Receptor Blocking Agents (Beta Blockers)
Therapeutics that treat high blood pressure by blocking the beta adrenergic receptors of the heart muscle.

Buyer Products:

  • Corgard (Nadolol)
  
Beta Receptor Blocking Agents (Beta Blockers)/Thiazide Diuretic 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:

  • Corzide (Nadolol/Bendroflumethiazide)
  
Thiazide Diuretic Agents
Therapeutics that treat high blood pressure by increasing the excretion of sodium, potassium ions, and water in urine.

Buyer Products:

  • Thalitone (Chlorthalidone)
  
Dermatology  
Lesion/Scaling Disorders  
Dermatoses  
Steroidal Anti-Inflammatory Drugs (SAID)/Antibacterial Agents (Antibiotic)
Therapeutics that counteract or suppress inflammation by inhibiting the accumulation of inflammatory cells like leucocytes and macrophages at the inflammation site, as well as prevent the growth of bacteria.

Buyer Products:

  • Cortisporin (Neomycin/Polymyxin B Sulfates/Hydrocortisone Acetate) Cream/Ointment
  
Digestive System
Gastrointestinal Tract Disorders  
Gastroesophageal Disorders  
Nausea/Vomiting  
Antiemetic Agents
Therapeutics that treat nausea or vomiting by acting locally on the hyperactive gastrointestinal wall.

Buyer Products:

  • Tigan (Trimethobenzamide Hydrochloride)
  
Liver Disorders  
Cirrhosis  
Complications  
Edema  
Thiazide Diuretic Agents
Therapeutics that treat the accumulation of abnormally large amounts of fluid in subcutaneous tissue by increasing the excretion of sodium, potassium ions, and water in urine.

Buyer Products:

  • Thalitone (Chlorthalidone)
  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of digestive disorders in very early stages of research where no human subject is involved.

Target Products:

  • CRF R1 Antagonist
  
Endocrinology/Metabolism
Adrenal Gland Disorders  
Adrenocortical Insufficiency  
Synthetic Adrenocortical Steroids
Therapeutics that treat Adrenocortical Insufficiency by acting on the distal tubules of the kidney to enhance the reabsorption of sodium ions and to increase the urinary excretion of both potassium and hydrogen ions.

Buyer Products:

  • Florinef (Fludrocortisone Acetate)
  
Diabetes  
Induced Complications  
Central Diabetes Insipidus  
Antidiuretic Agents
Therapeutics that treat prevent the lose of water in the urine.

Buyer Products:

  • Pitressin (Vasopressin)
  
General Hormone Treatments  
Estrogens
Therapeutics that treat hormonal disorders by providing estrogen.

Buyer Products:

  • Delestrogen (Estradiol Valerate Injection, USP)
  • Menest (Esterified Estrogens Tablets)
  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of endocrinology disorders in early stages of clinical research where human subject is involved.

Buyer Products:

  • ANDROSORB (Testosterone)
  • MRE0094 (Adenosine A2a Receptor Agonist)

Target Products:

  • NBI-6024 (Altered Peptide Ligand)
Pituitary Gland Disorders  
Hypopituitarism  
Thyroid Hormones
Hormones that affect the rate of cell metabolism and blood calcium levels.

Buyer Products:

  • Levoxyl (Levothyroxine Sodium)
  
Pituitary Hyperthyroidism (TSH-Induced)  
Thyroid Hormones
Hormones that affect the rate of cell metabolism and blood calcium levels.

Buyer Products:

  • Levoxyl (Levothyroxine Sodium)
  
Severe Short Stature  
Thyroid Hormones
Hormones that affect the rate of cell metabolism and blood calcium levels.

Buyer Products:

  • Levoxyl (Levothyroxine Sodium)
  
Reproductive Disorders  
Hypogonadism  
Female  
Hormonal Treatments  
Estrogens
Therapeutics that are female sex hormones.

Buyer Products:

  • Menest (Esterified Estrogens Tablets)
  
Menopause  
Estrogens
Therapeutics that are female sex hormones.

Buyer Products:

  • Menest (Esterified Estrogens Tablets)
  
Thyroid Gland Disorders  
Hyperthyroidism  
Thyroid Hormone Synthesis Inhibitors
Therapeutics that stop the production of thyroid hormones.

Buyer Products:

  • Tapazole (Methimazole)
  
Hypothyroidism  
Thyroid Hormones
Therapeutics that treat a deficiency in thyroid activity by supplementing thyroid hormones.

Buyer Products:

  • Cytomel (Liothyronine Sodium)
  • Levoxyl (Levothyroxine Sodium)
  • Triostat (Liothyronine Sodium)
  
Immunology  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of immune disorders in early stages of clinical research where human subject is involved.

Target Products:

  • NBI-5788 (Altered Peptide Ligand)
  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of immune disorders in very early stages of research where no human subject is involved.

Target Products:

  • CCR7
  
Infectious Diseases  
Bacterial  
Antibacterial Agents  
Broad Spectrum  
Antibiotics  
Aminoglycosides
Therapeutics that treat a wide variety of infections by inhibiting bacterial protein synthesis.

Buyer Products:

  • Coly-Mycin M Parenteral (Colistimethate Sodium)
  
Carbacephems
Therapeutics that treat a wide variety of infections by inhibiting bacterial cell wall synthesis.

Buyer Products:

  • Lorabid (Loracarbef)
  
Monobactams
Therapeutics that treat a wide variety of infections by inhibiting bacterial cell wall synthesis during active multiplication.

Buyer Products:

  • Chloromycetin Sodium Succinate
  
Penicillin Derivatives
Therapeutics that treat a wide variety of infections by inhibiting bacterial cell wall synthesis during active multiplication.

Buyer Products:

  • Bicillin C-R/C-R 900/300/C-R Pediatric (Penicillin G Benzathine/Penicillin G Procaine Injectable Suspension)
  • Penicillin G Procaine Injectable Suspension
  • Bicillin L-A/L-A Pediatric (Penicillin G Benzathine Injectable Suspension)
  
Quinolones/Fluoroquinolones
Therapeutics that treat a wide variety of infections by promoting breakage of bacterial DNA strands.

Buyer Products:

  • Synercid (Quinupristin/Dalfopristin)
  
Narrow Spectrum  
Dermatology  
Dermatoses  
Steroidal Anti-Inflammatory Drugs (SAID)/Antibacterial Agents (Antibiotics)
Therapeutics that treat bacterial infections of the skin with a steroidal compound and a compound that kills or inhibits the growth of bacteria.

Buyer Products:

  • Cortisporin (Neomycin/Polymyxin B Sulfates/Hydrocortisone Acetate) Cream/Ointment
  
Skin/Soft Tissue Infections  
Sulfonamides
Therapeutics that treat specific bacterial infections by inhibiting folic acid synthesis.

Buyer Products:

  • Silvadene (Silver Sulfadiazine)
  
Musculoskeletal System  
Skin/Soft Tissue Infections  
Sulfonamides
Therapeutics that treat bacterial infections of non-skeletal tissue usually involving fat, muscle, and skin by inhibiting folic acid synthesis.

Buyer Products:

  • Silvadene (Silver Sulfadiazine)
  
Ophthalmology  
Conjunctivitis  
Chloramphenicols
Therapeutics that treat inflammation of the clear membrane outside the eye by preventing amino acids from binding together to form proteins.

Buyer Products:

  • Chloromycetin Ophthalmic (Chloramphenicol)
  
Ocular Infections  
Aminoglycosides/Polypeptides
Therapeutics that treat bacterial infections of the eye by inhibiting bacterial protein synthesis and damaging the cell membrane.

Buyer Products:

  • Neosporin Ophthalmic (Neomycin Sulfate B/Polymyxin Sulfate B/Gramicidin) Ointment/Solution Sterile
  
Aminoglycosides/Polypeptides/Steroidal Anti-Inflammatory Drugs (SAID)
Therapeutics that treat bacterial infections of the eye by inhibiting bacterial protein synthesis, damaging the cell membrane, and suppressing the full immune response.

Buyer Products:

  • Cortisporin Opthalmic (Neomycin/Polymyxin B Sulfates/Bacitracin Zinc/Hydrocortisone) Ointment/Suspension Sterile
  
Polypeptides
Therapeutics that treat bacterial infections of the eye by damaging the cell membrane.

Buyer Products:

  • Polysporin (Bacitracin Zinc/Polymyxin B Sulfate)
  
Otolaryngology (Ear/Nose/Throat)  
External Ear Canal Infections  
Steroidal Anti-Inflammatory Drugs (SAID)/Antibacterial Agents (Antibiotic)
Therapeutics that treat bacterial infections of the external auditory canal with a steroidal compound and by killing or inhibiting the growth of microorganisms.

Buyer Products:

  • Coly-Mycin S Otic (Colistin Sulfate/Neomycin Sulfate/Thonzonium Bromide/Hydrocortisone Acetate)
  • Cortisporin Otic (Neomycin/Polymyxin B Sulfate/Hydrocortisone) Solution/Suspension Sterile
  • Pediotic Suspension Sterile (Neomycin/Polymyxin B Sulfates/Hydrocortisone)
  • Cortisporin-TC Otic (Colistin Sulfate/Neomycin Sulfate/Thonzonium Bromide/Hydrocortisone Acetate)
  
Otitis Media  
Diaminopyrimidines/Sulfonamides
Therapeutics that treat bacterial infections leading to inflammation of the middle ear inhibiting certain enzymes that are vital for bacterial DNA transcription and repair.

Buyer Products:

  • Septra (Sulfamethoxazole/Trimethoprim) IV Infusion/Tablets/Suspension
  
Respiratory System  
Bronchitis  
Diaminopyrimidines/Sulfonamides
Therapeutics that treat bacterial infections leading to inflammation of the bronchi in the lungs by inhibiting certain enzymes that are vital for bacterial DNA transcription and repair.

Buyer Products:

  • Septra (Sulfamethoxazole/Trimethoprim) IV Infusion/Tablets/Suspension
  
Pneumonia  
Diaminopyrimidines/Sulfonamides
Therapeutics that treat inflammation of the lungs caused by bacterial infection by inhibiting folic acid synthesis and bacterial growth.

Buyer Products:

  • Septra (Sulfamethoxazole/Trimethoprim) IV Infusion/Tablets/Suspension
  
Urology  
Urinary Tract Infections (UTI)  
Antibacterial Agents (Antibiotics)  
Aminoglycosides
Therapeutics that treat bacterial infections of the urethra, urinary bladder, ureters, and kidneys by inhibiting bacterial protein synthesis.

Buyer Products:

  • Neosporin G.U. Irrigant (Neomycin Sulfate/Polymyxin B Sulfate)
  
Diaminopyrimidines/Sulfonamides
Therapeutics that treat bacterial infections of the urinary tract by inhibiting dihydrofolate reductase resulting in decreased bacterial nucleic acid/protein production.

Buyer Products:

  • Septra (Sulfamethoxazole/Trimethoprim) IV Infusion/Tablets/Suspension
  
Trimethoprim
Therapeutics that treat bacterial infections of the urethra, urinary bladder, ureters, and kidneys by blocking the action of bacterial dihydrofolate reductase.

Buyer Products:

  • Proloprim (Trimethoprim) Tablets
  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of infectious diseases in early stages of clinical research where human subject is involved.

Buyer Products:

  • HPV-16 Virus-Like Particle (VLP) Vaccine
  
Protozoal  
Antiprotozoal Agents  
Narrow Spectrum  
Amebiasis  
Aminoglycosides
Therapeutics that treat infections by an amoeba by inhibiting protozoal protein synthesis.

Buyer Products:

  • Humatin (Paramomycin Sulfate)
  
Viral  
DNA Viruses  
Herpesvirus  
Herpes Simplex Type 1  
Viral DNA Polymerase Inhibitors
Therapeutics that treat viral infections characterized by recurrent cold sores and fever blisters by inhibiting replication of viral DNA blocking the action of an essential enzyme.

Buyer Products:

  • Viroptic Ophthalmic Solution (Trifluridine)
  
Herpes Simplex Type 2  
Viral DNA Polymerase Inhibitors
Therapeutics that treat viral infections characterized by recurring outbreaks of painful genital lesions by inhibiting replication of viral DNA by blocking the action of an essential enzyme.

Buyer Products:

  • Viroptic Ophthalmic Solution (Trifluridine)
  
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.

Buyer Products:

  • Delestrogen (Estradiol Valerate Injection, USP)
  
Neurology
Neurological Disorders  
Epilepsy  
Status Epilepticus  
Gamma-Aminobutyric Acid (GABA) Receptor Agonists
Therapeutics that treat status epilepticus by enhancing the inhibitory neurotransmitter action of gamma-aminobutyric acid.

Buyer Products:

  • Vanquix (Diazepam Auto-Injection)
  
Neuromuscular Disorders  
Parkinson`s Disease (PD)  
Adjunctive Treatments  
Cholinergic Receptor Blocking Agents
Therapeutics that assist in the treatment of the disorder involving nerve cell loss in portions of the brain that leads to uncontrolled tremors, abnormal posture and speech problems by blocking acetylcholine receptors on neurons.

Buyer Products:

  • Kemadrin (Procyclidine Hydrochloride)
  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of nervous system and mental disorders in early stages of clinical research where human subject is involved.

Target Products:

  • NBI-75043
  • NBI-34041 (CRF R1 Antagonist)
  • NBI-5788 (Altered Peptide Ligand)
  • CRF R1 Antagonist
  
Psychiatric Disorders
Sleep Disorders
Insomnia
Gamma-Aminobutyric Acid (GABA) Receptor Agonists
Therapeutics that treat insomnia by enhancing the inhibitory action of gamma-aminobutyric acid.

Buyer Products:

  • Sonata CIV (Zaleplon)

Target Products:

  • Indiplon Immediate Release Capsule
  • Indiplon Modified Release Tablet
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.

Target Products:

  • Adenosine 2A Receptor Antagonists
  • Sleep Program
  • Excitatory Amino Acid Transporters
  • CRF R2 Antagonist
  • MC-4 (Melanin Concentrating Hormone Antagonist)
  • Melanocortin Receptor Agonist
  
Obstetrics/Gynecology
Child Birth/Pregnancy  
Induction/Cervical Ripening  
Oxytocic Agents
Therapeutics that induce contractions by increasing the levels of intracellular calcium in the uterine smooth muscle thus mimicking uterine contractions and transiently impeding uterine blood flow.

Buyer Products:

  • Pitocin (Oxytocin)
  
Female Genital Disorders  
Ovarian  
Hypogonadism  
Hormonal Treatments  
Estrogens
These are female sex hormones.

Buyer Products:

  • Delestrogen (Estradiol Valerate Injection, USP)
  • Menest (Esterified Estrogens Tablets)
  
Vulvovaginal  
Atrophy  
Hormonal Treatments  
Estrogens
Therapeutics that treat disorders characterized by thinning of the vaginal walls with the female sex hormone estrogen.

Buyer Products:

  • Delestrogen (Estradiol Valerate Injection, USP)
  • Menest (Esterified Estrogens Tablets)
  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of female reproductive disorders in early stages of clinical research where human subject is involved.

Buyer Products:

  • Bremelanotide/PT-141 (Alpha Melanocyte-Stimulating Hormone Analog)

Target Products:

  • D2 Receptor Agonist
  • NBI-56418 (GnRH Antagonist)
  • NBI-42902 (GnRH Antagonist)
Oncology
Breast Cancer  
Palliative Agents  
Hormonal Treatments  
Estrogens
Therapeutics that treat and manage breast cancer in post-menopausal women by providing female hormones.

Buyer Products:

  • Menest (Esterified Estrogens Tablets)
  
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:

  • NBI-42902 (GnRH Antagonist)
  • NBI-3001 (IL-4 Fusion Toxin)
  
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.

Buyer Products:

  • Menest (Esterified Estrogens Tablets)
  
Ophthalmology  
Degenerative Disorders  
Irritation/Inflammation  
Antibacterial Agents (Antibiotics)
Therapeutics that treat infections by inhibiting bacterial replication.

Buyer Products:

  • Chloromycetin Ophthalmic (Chloramphenicol)
  • Neosporin Ophthalmic (Neomycin Sulfate B/Polymyxin Sulfate B/Gramicidin) Ointment/Solution Sterile
  • Polysporin (Bacitracin Zinc/Polymyxin B Sulfate)
  
Antibacterial Agents/Steroidal Anti-Inflammatory Drugs (SAID)
Therapeutics that treat infections by inhibiting bacterial replication as well as prevent cells that cause inflammation from adhering to the inflammation site.

Buyer Products:

  • Cortisporin Opthalmic (Neomycin/Polymyxin B Sulfates/Bacitracin Zinc/Hydrocortisone) Ointment/Suspension Sterile
  
Pain Management
Anesthesia  
General (Systemic)  
Adjunctive  
Acetylcholine Blocking Agents
Therapeutics that inhibit neuromuscular activity by competing with acetylcholine at the cholinergic receptors resulting in neuromuscular blockage.

Buyer Products:

  • Ketalar CIII (Ketamine Hydrochloride)
  
Barbiturates
Therapeutics that result in anesthesia due to a general sedative effect by enhancing the response to gamma aminobutyric acid and decrease excitability by directly suppressing conduction in the brain.

Buyer Products:

  • Brevital Sodium C-IV (Methohexital Sodium)
  
Primary  
Barbiturates
Therapeutics that result in anesthesia due to a general sedative effect by enhancing the response to gamma aminobutyric acid and decrease excitability by directly suppressing conduction in the brain.

Buyer Products:

  • Brevital Sodium C-IV (Methohexital Sodium)
  
Narcotics  
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:

  • Remoxy (Time-Release Oxycodone)
  
Non-Narcotics  
Skeletal Muscle Relaxing Agents
Therapeutics that treat pain by depressing specific synaptic reflexes preferentially.

Buyer Products:

  • Skelaxin (Metaxalone)
  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of pain in early stages of clinical research where human subject is involved.

Buyer Products:

  • T-62
  
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.

Target Products:

  • Fractalkine
  
Respiratory System  
Lower Respiratory Tract Disorders (Lung Disorders)  
Asthma  
Acute Treatments  
Bronchodilators  
Alpha Adrenergic Receptor Agonists/Beta Adrenergic Receptor Agonists
Therapeutics that cause dilation of the lung passages by supporting the actions of the adrenergic transmitters like epinephrine and norepinephrine.

Buyer Products:

  • Adrenalin Chloride Solution (Epinephrine)
  
Phosphodiesterase Inhibitors (PDE Inhibitors)
Therapeutics that inhibit the break down of phosphodiesters thereby increasing levels of Nitric Oxide which help in dilating the blood vessels in the lungs.

Buyer Products:

  • Quibron-T / Quibron-T/SR (Theophylline - Accudose)
  
Prophylactic Treatments  
Mast Cell Stabilizers
Therapeutics that treat asthma by inhibiting mast cell degranulation.

Buyer Products:

  • Intal HFA (Cromolyn Sodium)
  • Tilade (Nedocromil Sodium)
  
Phosphodiesterase Inhibitors (PDE Inhibitors)
Therapeutics that inhibit the break down of phosphodiesters thereby increasing levels of Nitric Oxide which help in relaxing smooth muscles in the lungs.

Buyer Products:

  • Quibron-T / Quibron-T/SR (Theophylline - Accudose)
  
Bronchitis  
Complications  
Bacterial Infections  
Antibacterial Agents (Antibiotics)  
Diaminopyrimidines/Sulfonamides
Therapeutics that treat bacterial infections by inhibiting certain enzymes that are vital for bacterial DNA transcription and repair.

Buyer Products:

  • Septra (Sulfamethoxazole/Trimethoprim) IV Infusion/Tablets/Suspension
  
Prophylactic Treatments  
Phosphodiesterase Inhibitors (PDE Inhibitors)
Therapeutics that inhibit the break down of phosphodiesters thereby increasing levels of Nitric Oxide which help in relaxing smooth muscles in the lungs.

Buyer Products:

  • Quibron-T / Quibron-T/SR (Theophylline - Accudose)
  
Bronchospasm  
Bronchodilators  
Alpha Adrenergic Receptor Agonists/Beta Adrenergic Receptor Agonists
Therapeutics that cause dilation of the lung passages by supporting the actions of the adrenergic transmitters like epinephrine and norepinephrine.

Buyer Products:

  • Adrenalin Chloride Solution (Epinephrine)
  
Emphysema  
Prophylactic Treatments  
Phosphodiesterase Inhibitors (PDE Inhibitors)
Therapeutics that inhibit the break down of phosphodiesters thereby increasing levels of Nitric Oxide which help in relaxing smooth muscles in the lungs.

Buyer Products:

  • Quibron-T / Quibron-T/SR (Theophylline - Accudose)
  
Upper Respiratory Tract Disorders  
Coughs/Colds  
Anticholinergic Agents/Opioids
Therapeutics that treat coughs and colds by relieving pain and fever as well as suppressing cough.

Buyer Products:

  • Tussigon Tablets CIII (Hydrocodone Bitartrate/Homatropine Methylbromide)
  
Antihistamines/Decongestants/Anticholinergics
Therapeutics that treat coughs and colds by suppressing inflammation, reducing mucous build up, and blocking acetylcholine receptors.

Buyer Products:

  • Drize-R (Chlorpheniramine Maleate/Phenylephrine Hydrochloride/Methscopolamine Nitrate)
  
Antihistamines/Decongestants/Antitussives
Therapeutics that treat coughs and colds by suppressing inflammation, reducing mucous build up, and relieving or preventing coughs.

Buyer Products:

  • Endagen HD CIII (Hydrocodone Bitartrate/Phenylephrine Hydrochloride/Chlorpheniramine Maleate)
  • VANEX-HD CIII (Hydrocodone Bitartrate/Phenylephrine HCI/Chlorpheniramine)
  
Decongestants/Antitussives
Therapeutics that treat coughs and colds by reducing mucous build up and suppressing the cough.

Buyer Products:

  • Nucofed Capsules/Syrub CIII (Codeine Phosphate/Pseudoephedrine Hydrochloride)
  
Decongestants/Antitussives/Analgesics/Antipyretics
Therapeutics that treat coughs and colds by reducing mucous build up, suppressing coughs and relieving pain and fever.

Buyer Products:

  • Tussend CIII (Hydrocodone Bitartrate/Pseudoephedrine Hydrochloride/Chlorpheniramine)
  
Decongestants/Antitussives/Expectorants
Therapeutics that treat coughs and colds by reducing mucous build up, suppressing coughs and helping in the ejection of the mucous.

Buyer Products:

  • Nucofed Expectorant/Pediatric Expectorant (Codeine Phosphate/Pseudoephedrine Hydrochloride/Guaifenesin)
  • Tussend Expectorant CIII (Hydrocodone Bitartrate/Pseudoephedrine Hydrochloride/Guaifenesin)
  
Surgery  
General  
Hemorrhage  
Coagulating Agents (Coagulants)
Therapeutics that treat bleeding during a surgical procedure by promoting blood clotting.

Buyer Products:

  • Thrombin JMI
  
Toxicology  
Chemical Poisoning  
Nerve Gas  
Anticholinergic Agents
Therapeutics that treat toxicity due to nerve agent/gas by antagonizing the muscarine-like actions of acetylcholine and other choline esters.

Buyer Products:

  • AtroPen (Atropine)
  
Urology
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of urological disorders in early stages of clinical research where human subject is involved.

Buyer Products:

  • Bremelanotide/PT-141 (Alpha Melanocyte-Stimulating Hormone Analog)

Target Products:

  • D2 Receptor Agonist
  • NBI-56418 (GnRH Antagonist)
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of urological disorders in very early stages of research where no human subject is involved.

Target Products:

  • MC-4 (Melanin Concentrating Hormone Antagonist)
  
Urological Disorders  
Kidney (Renal)  
Chronic Renal Failure (CRF)  
Complications  
Edema  
Thiazide Diuretic Agents
Therapeutics that treat the accumulation of abnormally large amounts of fluid in subcutaneous tissue by increasing the excretion of sodium, potassium ions, and water in urine.

Buyer Products:

  • Thalitone (Chlorthalidone)
  
Renal Insufficiency  
Angiotensin Converting Enzyme Inhibitors (ACE Inhibitors)
Therapeutics that delay or treat kidney disease by inhibiting the renin-angiotensin system.

Buyer Products:

  • Altace (Ramipril)
  
Weight Management  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of weight disorders in very early stages of research where no human subject is involved.

Target Products:

  • MC-4 (Melanin Concentrating Hormone Antagonist)
  • Melanocortin Receptor Antagonist
  • Melanocortin Receptor Agonist
  
Wound Management  
Burns  
Complications  
Infections  
Antibacterial Agents (Antibiotics)  
Sulfonamides
Therapeutics that treat bacterial infections in injuries caused by fire or excessive heat by inhibiting folic acid synthesis.

Buyer Products:

  • Silvadene (Silver Sulfadiazine)
  
Antifungal Agents  
Sulfonamides
Therapeutics that treat fungal infections in injuries caused by fire or excessive heat by inhibiting folic acid synthesis.

Buyer Products:

  • Silvadene (Silver Sulfadiazine)
  
Medical Devices  
Cardiology  
Diagnostic  
Monitoring  
Monitors  
Electrocardiogram (ECG/EKG)  
Interpretive/Analysis
Specialized electrocardiogram devices that facilitate certain diagnostic functions and analysis.

Buyer Products:

  • Meridian Medical Technologies Prime ECG Electrocardiac Mapping System
  
Stress/Exercise Test
Instruments used to evaluate the cardiopulmonary system during exercise.

Buyer Products:

  • Binodenoson
  
Telemetry  
Telemetry Systems
Complete systems or devices used to facilitate transfer of vitals monitoring data from the patient's site to a central monitor.

Buyer Products:

  • Meridian Medical Technologies CardioBeepers
  • Meridian Medical Technologies Transtelephonic Blood Pressure Monitors
  • Meridian Medical Technologies Teleweight Monitoring System
  • Meridian Medical Technologies CardioPocket
  • Meridian Medical Technologies TelePulse Oximeter
  
Clinical Diagnostics  
Immunoassays  
Reagents  
Test Kits  
Bacterial  
Tuberculosis
Immunoassay test kits which quantitatively measure tuberculosis antibody in plasma or serum.

Buyer Products:

  • Aplisol (Tuberculin Purified Protein Derivative)
  
Drug Delivery  
Percutaneous (Subcutaneous/Intramuscular/Intravenous)  
Automatic Injectors
Pen-shaped medical devices used to contain and deliver liquid medications to a specified needle depth with a press of a button.

Buyer Products:

  • Meridian Medical Technologies Auto-Injector Technology
  • Meridian Medical Technologies Wet/Dry Auto-Injector Technology
  
Radiology  
Nuclear  
Gamma Camera  
Contrast Agents  
Radionuclides  
Adjuncts
Radioactive materials that are introduced to the body for nuclear imaging purposes.

Buyer Products:

  • Adenoscan
 
Outsourced Services  
Development/Manufacturing Services  
Chemistry Services
Outsourced companies that provide medicinal chemistry, organic synthesis, process research, cGMP synthesis, and analytical services to the biopharmaceutical industry.

Buyer Products:

  • Meridian Medical Technologies Contract Development Services
  
Contract Manufacturing Organizations (CMO)  
Medical Devices
Contract Manufacturing Organizations that manufacture (and/or design, develop) medical devices and products for other organizations.

Buyer Products:

  • Meridian Medical Technologies Contract Manufacturing Services
  
Pharmaceuticals  
Active/Intermediate Chemicals
Intermediate and active ingredient contract manufacturing organizations that produce large quantities of small molecule compounds for use in final dosage forms.

Buyer Products:

  • Meridian Medical Technologies Contract Manufacturing Services
  • King Pharmaceuticals Contract Manufacturing Services
  
Biologics
Active Ingredient Contract Manufacturing Organizations (CMO) that manufacture antibodies, proteins, and genetic materials.

Buyer Products:

  • King Pharmaceuticals Contract Manufacturing Services
  

- 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
Overlap
  sanofi-aventis (ADR) n/a 133,880.824 47.13 13.63 3.72 3.79 n/a
Forest Laboratories, Inc. n/a 12,768.375 18.73 16.73 4.31 4.03 n/a
Somaxon Pharmaceuticals, Inc. n/a 344.847 n/a -7.54 n/a 3.12 3.69
Vanda Pharmaceuticals Inc. n/a 224.011 n/a n/a n/a n/a 10.43
Buyer
  sanofi-aventis (ADR) n/a 133,880.824 47.13 13.63 3.72 3.79 n/a
Forest Laboratories, Inc. n/a 12,768.375 18.73 16.73 4.31 4.03 n/a
Target
  Pfizer Inc. n/a 179,521.061 15.19 12.28 3.53 3.54 10.09
GlaxoSmithKline plc (ADR) n/a 165,878.661 17.69 17.38 3.93 3.96 18.50
Roche Holding Ltd. (ADR) n/a 139,217.584 30.89 23.81 5.03 4.59 7.93
sanofi-aventis (ADR) n/a 133,880.824 47.13 13.63 3.72 3.79 n/a
Merck & Co., Inc. n/a 74,838.163 15.73 14.38 3.39 3.62 4.33
Wyeth n/a 65,776.529 17.72 15.66 3.46 3.25 7.34
Abbott Laboratories n/a 63,215.948 18.80 16.88 2.86 2.88 13.96
Eli Lilly & Co. n/a 57,003.803 27.53 16.28 3.84 3.73 4.87
Bristol Myers Squibb Co. n/a 47,761.793 14.99 20.69 2.47 2.53 10.22
Teva Pharmaceutical Industries Ltd (ADR) n/a 24,262.693 n/a 19.68 4.32 2.88 -38.67
Schering AG (ADR) n/a 20,873.552 25.05 25.69 2.96 n/a 5.77
Biogen Idec Inc n/a 15,803.911 65.79 23.81 6.46 6.14 5.09
Forest Laboratories, Inc. n/a 12,768.375 18.73 16.73 4.31 4.03 n/a
Serono S.A. (ADR) n/a 10,241.916 15.98 15.03 3.86 3.69 4.86
Elan Corporation, plc (ADR) n/a 6,801.639 n/a -18.73 13.03 10.07 -10.61
King Pharmaceuticals n/a 4,396.073 44.83 12.63 2.33 2.45 4.68
Arena Pharmaceuticals, Inc. n/a 630.127 n/a -6.94 27.12 16.57 4.46
Somaxon Pharmaceuticals, Inc. n/a 344.847 n/a -7.54 n/a 3.12 3.69
Vanda Pharmaceuticals Inc. n/a 224.011 n/a n/a n/a n/a 10.43

- 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
  sanofi-aventis (ADR) n/a 133,880.824 47.13 13.63 3.72 3.79 n/a
Eli Lilly & Co. n/a 57,003.803 27.53 16.28 3.84 3.73 4.87
Quintiles Transnational Corp. n/a n/a n/a n/a n/a n/a n/a
Target
  Pfizer Inc. n/a 179,521.061 15.19 12.28 3.53 3.54 10.09
Open Text Corporation (USA) n/a 713.679 393.02 15.40 1.73 1.75 8.73

- 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
Overlap
  Pfizer Inc. n/a 179,521.061 15.19 12.28 3.53 3.54 10.09
Buyer
  Cardinal Health, Inc. 29.00% 27,758.866 29.94 21.57 0.35 0.35 7.37
McKesson Corporation 26.00% 14,632.871 19.31 18.30 0.17 0.16 3.73
AmerisourceBergen Corp. 15.00% 9,231.394 27.03 21.13 0.16 0.16 4.86
Pfizer Inc. n/a 179,521.061 15.19 12.28 3.53 3.54 10.09
Johnson & Johnson n/a 174,197.162 16.24 15.99 3.44 3.30 6.17
Roche Holding Ltd. (ADR) n/a 139,217.584 30.89 23.81 5.03 4.59 7.93
QLT Inc. (USA) n/a 702.489 n/a 14.51 3.08 3.59 1.67
Salix Pharmaceuticals Ltd n/a 624.779 n/a 20.31 3.72 3.10 4.04
Merck KGaA n/a n/a n/a n/a n/a n/a n/a
Santen Pharmaceutical Co., Ltd. n/a n/a n/a n/a n/a n/a n/a
U.S. Government n/a n/a n/a n/a n/a n/a n/a
Medicare/Medicaid/Other Government Programs n/a n/a n/a n/a n/a n/a n/a
Target
  Pfizer Inc. 90.80% 179,521.061 15.19 12.28 3.53 3.54 10.09
GlaxoSmithKline plc (ADR) 9.20% 165,878.661 17.69 17.38 3.93 3.96 18.50
Wyeth n/a 65,776.529 17.72 15.66 3.46 3.25 7.34
Eli Lilly & Co. n/a 57,003.803 27.53 16.28 3.84 3.73 4.87
Taisho Pharmaceuticals Co. Ltd. n/a n/a n/a n/a n/a n/a n/a

- 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
Overlap
  Wyeth n/a 65,776.529 17.72 15.66 3.46 3.25 7.34
Eli Lilly & Co. n/a 57,003.803 27.53 16.28 3.84 3.73 4.87
University of Virginia n/a n/a n/a n/a n/a n/a n/a
Buyer
  Johnson & Johnson n/a 174,197.162 16.24 15.99 3.44 3.30 6.17
sanofi-aventis (ADR) n/a 133,880.824 47.13 13.63 3.72 3.79 n/a
Wyeth n/a 65,776.529 17.72 15.66 3.46 3.25 7.34
Eli Lilly & Co. n/a 57,003.803 27.53 16.28 3.84 3.73 4.87
Barr Pharmaceuticals, Inc. n/a 5,412.485 18.04 17.25 4.35 4.45 4.81
Target
  Pfizer Inc. n/a 179,521.061 15.19 12.28 3.53 3.54 10.09
GlaxoSmithKline plc (ADR) n/a 165,878.661 17.69 17.38 3.93 3.96 18.50
Wyeth n/a 65,776.529 17.72 15.66 3.46 3.25 7.34
Eli Lilly & Co. n/a 57,003.803 27.53 16.28 3.84 3.73 4.87
Biosite Incorporated n/a 819.734 15.51 20.96 2.78 2.61 2.67
DOV Pharmaceutical, Inc. n/a 165.879 n/a -2.70 19.18 10.02 -8.59
Pharmacopeia Drug Discovery, Inc. n/a 78.860 n/a -7.47 3.87 3.76 2.24
Deltagen, Inc. n/a 23.311 n/a n/a 3.48 n/a 2.40
Taisho Pharmaceuticals Co. Ltd. n/a n/a n/a n/a n/a n/a n/a
Almirall Prodesfarma, S.A. n/a n/a n/a n/a n/a n/a n/a
Oregon Health Sciences University n/a n/a n/a n/a n/a n/a n/a
Memorial Sloan-Kettering Cancer Center n/a n/a n/a n/a n/a n/a n/a
University Of Michigan n/a n/a n/a n/a n/a n/a n/a
Wisconsin Alumni Research Foundation n/a n/a n/a n/a n/a n/a n/a
The Salk Institute for Biological Studies n/a n/a n/a n/a n/a n/a n/a
Mount Sinai Medical Center n/a n/a n/a n/a n/a n/a n/a
University of Virginia 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 1,888.5 102.3 1,990.8
Other Revenue 0.0 29.2 29.2
Total Revenue 1,888.5 131.5 2,020.0
Cost of Revenue 343.2 0.0 343.2
SG&A Expense 656.8 56.1 712.8
Depreciation & Amortization 140.0 0.0 140.0
Research & Development 92.4 108.8 201.2
Interest Expense 0.0 0.0 0.0
Other Operating Expense -0.8 0.0 -0.8
Unusual Expense (Income) 515.5 0.0 515.5
Total Expenses 1,747.1 164.8 1,911.9
Operating Income 141.4 -33.3 108.1
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng 10.7 4.1 14.7
Other, Net -2.3 0.0 -2.3
Income Before Taxes 149.8 -29.3 120.6
Income Taxes 49.5 0.0 49.5
Income After Taxes 100.4 -29.3 71.1
Net Income - Excl. Xord. Items 100.4 -29.3 71.1
Discontinued Operations -1.9 0.0 -1.9
Net Income - Incl. Xord. Items 98.5 -29.3 69.2
Income Avail. to Common 98.5 -29.3 69.2
Share Items
Basic Avg. Shares Outstanding 242.0 37.4 279.4
Basic EPS - Excl. Xord. Items 0.41 -0.78 0.25
Basic EPS - Incl. Xord. Items 0.41 -0.78 0.25
Full Dilution Adjustment 0.0 0.0 0.0
Fully Diluted Shares Outstanding 242.6 37.4 279.9
F.D. EPS - Excl. Xord. Items 0.41 -0.81 0.25
F.D. EPS - Incl. Xord. Items 0.40 -0.81 0.25
Balance Sheet
Assets
Cash and Equivalents 328.3 101.5 429.8
ST Investments 486.2 163.0 649.1
Accounts Receivable 268.3 5.9 274.3
Inventory 217.3 0.0 217.3
Prepayments and Advances 82.0 0.0 82.0
Other Current Assets 75.6 4.3 79.9
Current Assets 1,457.7 274.7 1,732.4
Accum D&A 0.0 0.0 0.0
PPE, Net 302.2 97.4 399.5
Goodwill & Intangibles 1,093.5 0.0 1,093.5
Long Term Investments 15.5 0.0 15.5
Other Assets 0.0 0.0 0.0
Other LT Assets 348.3 105.3 453.6
Total Assets 3,217.1 477.4 3,694.5
Liabilities
Accounts Payable 69.4 0.0 69.4
Payable/Accrued 0.0 16.8 16.8
Accrued Expenses 440.5 0.0 440.5
ST Debt 0.0 0.0 0.0
Curr Port of LTD & Cap Lease Oblg 180.0 5.5 185.5
Other (Current) Liabilities 75.0 10.4 85.4
Current Liab. 764.8 32.8 797.6
LT Debt 400.0 0.0 400.0
Capitalized Lease Obligations 0.0 52.4 52.4
Total LT Debt 400.0 52.4 452.4
Other LT Liab. 19.9 8.4 28.3
Total Liabilities 1,184.7 93.6 1,278.3
Shareholders Equity
Common Stock 1,224.1 0.0 1,224.1
Additional Paid in Capital 0.0 711.0 711.0
Retained Earnings 805.6 -326.0 479.6
Other Equity 2.7 -1.2 1.5
Total Equity 2,032.4 383.8 2,416.3
Total Liab. & Equity 3,217.1 477.4 3,694.5
Shares Outstanding 242.2 37.7 279.9
Cash Flow
Operating Cash Flow
CF Net Income 0.0 -29.3 -29.3
CF Depreciation 0.0 10.3 10.3
CF Deferred Taxes 0.0 0.0 0.0
Other Non-Cash Items -1.2 -14.1 -15.3
Change in Working Capital 491.6 7.9 499.5
Total Cash From Operating Activities 490.4 -25.2 465.2
Investing Cash Flow
Capital Expenditures -95.5 -6.4 -102.0
Other Investing Cash Flows -348.8 64.8 -283.9
Total Cash From Investing Activities -444.3 58.4 -385.9
Financing Cash Flow
Dividends Paid 0.0 0.0 0.0
Purchase Or Sale of Stock 7.3 30.1 37.4
Purchase and Retirement of Debt 236.6 -6.5 230.2
Other Financing Cash Flow -10.3 0.1 -10.3
Total Cash From Financing Activities 233.6 23.7 257.3
Exchange Rate Effects 0.0 0.0 0.0
Net Change in Cash 279.7 56.9 336.6
Cash Taxes Paid 107.2 0.0 107.2
Cash Interest Paid 10.6 4.5 15.0