Summary

Other Scenarios:

Buyer: Warner Chilcott Ltd. (WCRX) Last Price: 15.93 Market Cap.: 3.99B
Target: Pharmion Corporation (PHRM) Last Price: 72.32 Market Cap.: 2.71B

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
Consumer   1,002
Consumer Products and Services   383
Healthcare 918
Biopharmaceuticals 375

- 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: 28)
  • Doryx (Doxycycline Hyclate)
  • Estrostep Fe (Norethindrone Acetate/Ethinyl Estradiol)
  • Dovonex (Calcipotriene)
  • Taclonex (Calcipotriene/Betamethasone Dipropionate)
Target (Total: 5)
  • Innohep (Tinzaparin Sodium)
  • MGCD0103 (Histone Deacetylase (HDAC) Inhibitor)
  • Oral Azacitidine
  • Vidaza (Azacitidine)
Buyer
  • Moisturel
Target

n/a

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 3)
  • Bristol Myers Squibb Co. (BMY)
  • Barr Pharmaceuticals, Inc. (BRL)
  • LEO Pharma A/S
Target (Total: 6)
  • GPC Biotech AG (ADR) (GPCB)
  • Celgene Corporation (CELG)
  • salesforce.com, inc. (CRM)
  • MethylGene Inc. (MYG:CA)
Buyer (Total: 5)
  • McKesson Corporation (MCK)
  • Cardinal Health, Inc. (CAH)
  • AmerisourceBergen Corp. (ABC)
  • CVS Caremark Corporation (CVS)
Target (Total: 4)
  • US Oncology, Inc.
  • Cardinal Health, Inc. (CAH)
  • McKesson Corporation (MCK)
  • Government - United Kingdom

Key Financial Summary:

Key Metrics

  Buyer Target
Number of Employees 1,125 513
Revenue Per Employee 811,834.9 558,770.6
Total Revenue 227.7 71.5
Total Expenses 195.8 102.6
Other Revenue 3.1 0.0
Cost of Revenue 43.6 19.7
SG&A Expense 57.0 50.0
Research & Development 11.7 30.4
Other Operating Expense 0.0 0.0
Operating Income 31.9 -31.2
Unusual Income 0.0 0.0
LT Debt to Capital 46.81 0
Fwd P/E 12.49 -395.28
Fwd P/Rev 4.24 7.21
Book Value 1,354.4 358.9
Curr Portion of LTD/Cap Lease 8.3 0.0

Individual Company Summary

Focused

Buyer

Focused (): Healthcare > Biopharmaceuticals > Obstetrics/Gynecology

Target

Focused (): Healthcare > Biopharmaceuticals > Oncology

Business Description

Buyer

Warner Chilcott Limited (Warner Chilcott) is a specialty pharmaceutical company focused on segments of the United States pharmaceutical market, women?s healthcare and dermatology. It operates two manufacturing facilities located in Fajardo, Puerto Rico and Larne, Northern Ireland. During the year ended December 31, 2006, the Company completed the acquisition of the United States sales and marketing rights to DOVONEX and obtained United States Food and Drug Administration (FDA) approval of TACLONEX.

Target

Pharmion Corporation is a global pharmaceutical company that acquires, develops and commercializes products for the treatment of hematology and oncology patients. The Company has established a portfolio of approved products and product candidates focused on the hematology and oncology markets. These include Pharmion?s primary commercial products, Vidaza (azacitidine for injection), which it markets and sells as an approved treatment for myelodysplastic syndromes in the United States, Switzerland, Israel and the Philippines. and Thalidomide Pharmion 50 milligram (Thalidomide Pharmion), a therapy for the treatment of multiple myeloma and certain other forms of cancer, which it sells on a compassionate use or named patient basis in certain countries of Europe. Thalidomide Pharmion is approved in Australia, New Zealand, Turkey, Israel, South Korea and Thailand for the treatment of multiple myeloma. In January 2008, Celgene Corporation has cleared its pending acquisition of Pharmion.

Deal Summary

Key Ratios

  Buyer Target
Gross Margin % 79.32 72.66
Operating Margin % 5.26 -25.91
Quick Ratio 0.43 3.64
Current Ratio 0.97 4
Coverage Ratio 0.71 -0.15
Total Assets 2,885.0 443.3
Return on Equity % 2.13 -17.79
Return on Assets % 1 -14.4
Cash+ ST Inv. Per Share 0.12 6.67
Total Debt 1,200.2 0.0
Total Debt to Equity % 88.62 0
Total Debt to Tangible Equity % n/a 0
Debt to Asset % 41.60 0.00

Product Summary

Sector Buyer Target
Consumer  
Consumer Products and Services  
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.
  
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.
  
Hematology
The Hematology Subsector includes therapeutics that treat blood-based diseases and disorders.
  
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.
Surgery
The Surgery Subsector includes therapeutics that treat complications associated with surgical procedures.
  
Urology
The Urology Subsector includes therapeutics that treat diseases of the kidney, urinary tract, bladder, and the male reproductive system.
  

- 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
Consumer  
Consumer Products and Services  
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.

Buyer Products:

  • Moisturel
  
Healthcare
Biopharmaceuticals
Cardiovascular System  
Vascular Disorders  
Deep Vein Thrombosis (DVT)  
Anticoagulating Agents (Anticoagulants)  
Thrombin Inhibitors
Therapeutics that prevent or treat clots in blood vessels by preventing blood clots from forming.

Target Products:

  • Innohep (Tinzaparin Sodium)
  
Thromboembolism  
Anticoagulating Agents (Anticoagulants)  
Thrombin Inhibitors
Therapeutics that treat the obstruction of a blood vessel by preventing blood clots from forming.

Target Products:

  • Innohep (Tinzaparin Sodium)
  
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.

Buyer Products:

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

Buyer Products:

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

Buyer 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.

Buyer Products:

  • Taclonex (Calcipotriene/Betamethasone Dipropionate)
  • Taclonex Scalp Gel (Calcipotriene/Betamethasone Dipropionate)
  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of skin disorders in very early stages of research where no human subject is involved.

Buyer Products:

  • WC2063
  • Novel Narrow-Spectrum Antibacterial Tetracyclines
  • WC3018 (Topical Antibiotic)
  
Endocrinology/Metabolism  
General Hormone Treatments  
Estrogens
Therapeutics that treat hormonal disorders by providing estrogen.

Buyer Products:

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

Buyer Products:

  • Femtrace (Estradiol Acetate)
  • Estrace Tablet (Estradiol)
  • 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.

Buyer Products:

  • FEMHRT (Norethindrone Acetate/Ethinyl Estradiol)
  
Hematology  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of hematological disorders in early stages of clinical research where human subject is involved.

Target Products:

  • MGCD0103 (Histone Deacetylase (HDAC) Inhibitor)
  • Oral Azacitidine
  
White Blood Cell (WBC) Disorders  
Myelodysplastic Syndromes (MDS)  
Antimetabolite Agents  
Pyrimidine Analogs
Therapeutics that treat and manage rmyelodysplastic syndrome by interfering with the production of DNA.

Target Products:

  • Vidaza (Azacitidine)
  
Immunology  
Autoimmune Disorders  
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.

Buyer 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.

Buyer Products:

  • Taclonex Scalp Gel (Calcipotriene/Betamethasone Dipropionate)
  • Taclonex (Calcipotriene/Betamethasone Dipropionate)
  
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.

Buyer Products:

  • WC2063
  
Infectious Diseases  
Bacterial  
Antibacterial Agents  
Broad Spectrum  
Antibiotics  
Cephalosporin Derivatives
Therapeutics that treat a wide variety of infections by inhibiting bacterial cell wall synthesis.

Buyer Products:

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

Buyer 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.

Buyer Products:

  • Mandelamine (Methenamine Mandelate)
  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of infectious diseases in very early stages of research where no human subject is involved.

Buyer Products:

  • TD1414 (Topical Antibiotic)
  
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:

  • Estrace Tablet (Estradiol)
  
Neurology  
Psychiatric Disorders  
Mood Disorders  
Premenstrual Dysphoric Disorders  
Selective Serotonin Reuptake Inhibitors (SSRI)
Therapeutics that treat premenstrual dysphoric disorders by selectively preventing the removal of serotonin.

Buyer Products:

  • Sarafem (Fluoxetine Hydrochloride)
  
Obstetrics/Gynecology  
Child Birth/Pregnancy  
Prenatal/Postnatal Nutrition  
Multivitamins
Therapeutics that supplement the nutritional needs of women during pregnancy.

Buyer 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.

Buyer Products:

  • WC3016
  • FEMCON Fe (Norethindrone/Ethinyl Estradiol/Ferrous Fumarate)
  • Estrostep Fe (Norethindrone Acetate/Ethinyl Estradiol)
  • Ovcon 35/Ovcon 50 (Norethindrone/Ethinyl Estradiol)
  • Loestrin 24 Fe (Norethindrone Acetate/Ethinyl Estradiol)
  
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.

Buyer Products:

  • Estrace Tablet (Estradiol)
  • Femring (Estradiol Acetate Vaginal Ring)
  • Estrace Cream (17-Beta Estradiol)
  
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:

  • WC2061
  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of female reproductive disorders in very early stages of research where no human subject is involved.

Buyer Products:

  • GD1105 (Vaginal Ring)
  
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:

  • Estrace Tablet (Estradiol)
  
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:

  • MGCD0103 (Histone Deacetylase (HDAC) Inhibitor)
  • Vidaza (Azacitidine)
  • Oral Azacitidine
  
Respiratory System/Thoracic  
Lung Cancer  
Small Cell Lung Cancer (SCLC)  
Topoisomerase II Inhibitors
Therapeutics that treat and manage cancers of the small cells in the lung by inhibiting a specific enzyme, topoisomerase II, needed for transcription and replication of DNA.

Target Products:

  • Amrubicin (Anthracycline)
  
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:

  • Estrace Tablet (Estradiol)
  
Surgery  
Musculoskeletal System  
Deep Vein Thrombosis (DVT)  
Anticoagulating Agents (Anticoagulants)  
Thrombin Inhibitors
Therapeutics that treat vascular obstructions due to platelets and cell matter by blocking an enzyme involved in the clotting process.

Target Products:

  • Innohep (Tinzaparin Sodium)
  
Urology  
Urological Disorders  
Urinary Tract Pain  
Analgesics
Therapeutics that alleviate pain from infections of the urinary tract.

Buyer Products:

  • Pyridium/Pyridium Plus (Phenazopyridine Hydrochloride)
  

- 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
  Johnson & Johnson n/a 174,233.403 16.47 14.11 2.85 2.79 11.97
Wyeth n/a 55,284.879 11.98 12.11 2.47 2.48 4.04
Bayer AG (ADR) n/a 54,726.881 7.55 14.14 1.19 1.27 n/a
Novo Nordisk A/S (ADR) n/a 42,508.567 24.34 24.38 4.96 4.78 6.58
Barr Pharmaceuticals, Inc. n/a 5,060.857 39.43 14.39 2.02 1.79 52.20
Medicis Pharmaceutical Corporation n/a 1,083.770 14.44 12.72 2.33 2.00 2.81
CollaGenex Pharmaceutical, Inc n/a 351.522 0.00 -23.01 5.88 5.70 6.46
Hi-Tech Pharmacal Co. n/a 113.908 0.00 -37.74 1.99 1.77 1.56
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
Target
  Pfizer Inc. n/a 144,347.120 17.73 9.11 2.98 3.03 6.24
GlaxoSmithKline plc (ADR) n/a 115,986.006 11.18 10.85 2.57 2.53 15.20
sanofi-aventis (ADR) n/a 98,531.811 16.69 9.14 2.25 2.40 n/a
Genentech, Inc. n/a 83,607.511 30.19 25.16 7.13 6.43 9.13
Eli Lilly & Co. n/a 56,508.154 19.14 12.64 3.03 2.79 5.04
Celgene Corporation n/a 22,917.366 101.21 38.96 16.30 11.48 8.45
Eisai Co., Ltd (ADR) n/a 9,661.528 13.56 13.89 1.46 1.40 2.29
Millennium Pharmaceuticals, Inc. n/a 4,249.041 284.76 58.61 8.05 7.65 5.90
SuperGen, Inc. n/a 135.648 10.37 -12.63 5.91 3.71 1.48
Poniard Pharmaceuticals, Inc. n/a 132.393 0.00 -3.07 n/a 12.14 1.53
Vion Pharmaceuticals, Inc. n/a 25.897 0.00 -0.71 1,194.74 n/a 3.14

- 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
  Bristol Myers Squibb Co. n/a 43,309.011 20.00 12.88 2.24 2.02 10.23
Barr Pharmaceuticals, Inc. n/a 5,060.857 39.43 14.39 2.02 1.79 52.20
LEO Pharma A/S n/a n/a n/a n/a n/a n/a n/a
Target
  GPC Biotech AG (ADR) 66.00% 123.561 0.00 -1.04 3.95 3.84 1.63
Celgene Corporation n/a 22,917.366 101.21 38.96 16.30 11.48 8.45
salesforce.com, inc. n/a 6,759.538 368.29 174.97 9.03 6.62 16.14
MethylGene Inc. n/a 87.304 0.00 n/a 6.00 n/a 1.75
Ben Venue Laboratories, Inc. n/a n/a n/a n/a n/a n/a n/a
Ash Stevens, Inc. 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
Overlap
  McKesson Corporation 36.00% 16,575.105 17.63 17.42 0.17 0.16 5.60
Cardinal Health, Inc. 30.00% 19,851.610 12.83 14.65 0.22 0.21 15.33
Buyer
  McKesson Corporation 36.00% 16,575.105 17.63 17.42 0.17 0.16 5.60
Cardinal Health, Inc. 30.00% 19,851.610 12.83 14.65 0.22 0.21 15.33
AmerisourceBergen Corp. 11.00% 6,687.985 14.64 14.03 0.10 0.10 n/a
CVS Caremark Corporation 10.00% 55,714.410 21.24 16.20 0.73 0.64 n/a
Watson Pharmaceuticals, Inc. n/a 2,867.169 20.33 14.40 1.15 1.12 7.76
Target
  US Oncology, Inc. 19.00% n/a n/a n/a n/a n/a n/a
Cardinal Health, Inc. 11.00% 19,851.610 12.83 14.65 0.22 0.21 15.33
McKesson Corporation 9.00% 16,575.105 17.63 17.42 0.17 0.16 5.60
Government - United Kingdom 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
  Cardinal Health, Inc. n/a 19,851.610 12.83 14.65 0.22 0.21 15.33
McKesson Corporation n/a 16,575.105 17.63 17.42 0.17 0.16 5.60
LEO Pharma A/S n/a n/a n/a n/a n/a n/a n/a
Buyer
  CVS Caremark Corporation n/a 55,714.410 21.24 16.20 0.73 0.64 n/a
Bayer AG (ADR) n/a 54,726.881 7.55 14.14 1.19 1.27 n/a
Bristol Myers Squibb Co. n/a 43,309.011 20.00 12.88 2.24 2.02 10.23
Cardinal Health, Inc. n/a 19,851.610 12.83 14.65 0.22 0.21 15.33
McKesson Corporation n/a 16,575.105 17.63 17.42 0.17 0.16 5.60
AmerisourceBergen Corp. n/a 6,687.985 14.64 14.03 0.10 0.10 n/a
Barr Pharmaceuticals, Inc. n/a 5,060.857 39.43 14.39 2.02 1.79 52.20
Watson Pharmaceuticals, Inc. n/a 2,867.169 20.33 14.40 1.15 1.12 7.76
Contract Pharmaceuticals Limited n/a n/a n/a n/a n/a n/a n/a
Pharmaceutics International, Inc. n/a n/a n/a n/a n/a n/a n/a
Target
  Pfizer Inc. n/a 144,347.120 17.73 9.11 2.98 3.03 6.24
Celgene Corporation n/a 22,917.366 101.21 38.96 16.30 11.48 8.45
Cardinal Health, Inc. n/a 19,851.610 12.83 14.65 0.22 0.21 15.33
McKesson Corporation n/a 16,575.105 17.63 17.42 0.17 0.16 5.60
GPC Biotech AG (ADR) n/a 123.561 0.00 -1.04 3.95 3.84 1.63
MethylGene Inc. n/a 87.304 0.00 n/a 6.00 n/a 1.75
US Oncology, Inc. n/a n/a n/a n/a n/a n/a n/a
LEO Pharma A/S n/a n/a n/a n/a n/a n/a n/a
Ash Stevens, Inc. n/a n/a n/a n/a n/a n/a n/a
Dainippon Sumitomo Pharma Co., Ltd. n/a n/a n/a n/a n/a n/a n/a
Ben Venue Laboratories, Inc. n/a n/a n/a n/a n/a n/a n/a
Nippon Shinyaku Co., 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 888.2 267.3 1,155.5
Other Revenue 11.4 0.0 11.4
Total Revenue 899.6 267.3 1,166.9
Cost of Revenue 186.0 73.1 259.1
SG&A Expense 265.8 143.2 409.0
Depreciation & Amortization 228.3 9.9 238.2
Research & Development 54.5 102.4 156.9
Interest Expense 117.6 0.0 117.6
Other Operating Expense 0.0 0.0 0.0
Unusual Expense (Income) 0.0 8.0 8.0
Total Expenses 852.3 336.5 1,188.8
Operating Income 47.3 -69.2 -22.0
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng 0.0 10.2 10.2
Other, Net 0.0 0.0 0.0
Income Before Taxes 47.3 -59.1 -11.8
Income Taxes 18.4 4.8 23.2
Income After Taxes 28.9 -63.9 -35.0
Net Income - Excl. Xord. Items 28.9 -63.9 -35.0
Net Income - Incl. Xord. Items 28.9 -63.9 -35.0
Income Avail. to Common 28.9 -63.9 -35.0
Share Items
Basic Avg. Shares Outstanding 248.9 37.3 286.2
Basic EPS - Excl. Xord. Items 0.12 n/a -0.12
Basic EPS - Incl. Xord. Items 0.12 n/a -0.12
Full Dilution Adjustment 0.0 0.0 0.0
Fully Diluted Shares Outstanding 250.5 37.3 287.7
F.D. EPS - Excl. Xord. Items 0.12 n/a -0.12
F.D. EPS - Incl. Xord. Items 0.12 n/a -0.12
Balance Sheet
Assets
Cash and Equivalents 30.8 178.9 209.7
ST Investments 0.0 69.7 69.7
Accounts Receivable 65.8 45.0 110.7
Inventory 54.0 12.8 66.9
Prepayments and Advances 26.2 2.8 29.0
Other Current Assets 39.5 13.6 53.1
Current Assets 216.3 322.8 539.1
Accum D&A 0.0 0.0 0.0
PPE, Net 57.5 11.4 68.9
Goodwill & Intangibles 2,579.8 103.1 2,682.9
Other Assets 0.0 0.0 0.0
Other LT Assets 31.5 6.0 37.4
Total Assets 2,885.0 443.3 3,328.3
Liabilities
Accounts Payable 17.9 14.3 32.2
Payable/Accrued 0.0 0.0 0.0
Accrued Expenses 186.9 66.3 253.2
ST Debt 0.0 0.0 0.0
Curr Port of LTD & Cap Lease Oblg 8.3 0.0 8.3
Other (Current) Liabilities 9.5 0.0 9.5
Current Liab. 222.5 80.6 303.2
LT Debt 1,192.0 0.0 1,192.0
Total LT Debt 1,192.0 0.0 1,192.0
Deferred Taxes 88.3 2.7 91.0
Other LT Liab. 27.8 1.1 28.8
Total Liabilities 1,530.6 84.4 1,614.9
Shareholders Equity
Common Stock 2.5 0.0 2.5
Additional Paid in Capital 2,047.2 631.7 2,678.9
Retained Earnings -681.5 -290.7 -972.2
Treasure Stock -6.3 0.0 -6.3
Other Equity -7.4 17.9 10.4
Total Equity 1,354.4 358.9 1,713.4
Total Liab. & Equity 2,885.0 443.3 3,328.3
Shares Outstanding 250.6 37.4 287.9
Cash Flow
Operating Cash Flow
CF Net Income 28.9 -63.9 -35.0
CF Depreciation 10.2 12.6 22.8
CF Amortization 228.3 0.0 228.3
CF Deferred Taxes -28.7 0.0 -28.7
Other Non-Cash Items 19.9 3.2 23.2
Change in Working Capital 80.9 24.5 105.4
Total Cash From Operating Activities 339.6 -23.5 316.0
Investing Cash Flow (not calculated)
Capital Expenditures -18.8 -6.7 -25.5
Other Investing Cash Flows -24.0 8.6 -15.4
Total Cash From Investing Activities -42.8 1.8 -41.0
Financing Cash Flow (not calculated)
Dividends Paid 0.0 0.0 0.0
Purchase Or Sale of Stock 0.0 138.0 138.0
Purchase and Retirement of Debt -350.5 -0.9 -351.4
Other Financing Cash Flow 0.1 0.4 0.4
Total Cash From Financing Activities -350.4 137.5 -213.0
Exchange Rate Effects 0.0 3.2 3.2
Net Change in Cash -53.7 119.0 65.3
Cash Taxes Paid 9.6 3.0 12.6
Cash Interest Paid 111.3 0.2 111.5