Summary

Other Scenarios:

Buyer: Cephalon, Inc. (CEPH) Last Price: 60.19 Market Cap.: 4.07B
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
Healthcare 918
Biopharmaceuticals 375
Outsourced Services   66

- 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: 20)
  • Trisenox (Arsenic Trioxide)
  • Gabitril (Tiagabine)
  • Sparlon (Modafinil)
  • Provigil (Modafinil)
Target (Total: 5)
  • Innohep (Tinzaparin Sodium)
  • MGCD0103 (Histone Deacetylase (HDAC) Inhibitor)
  • Oral Azacitidine
  • Vidaza (Azacitidine)
Buyer
  • DURASOLV
  • ORASOLV
  • ORAVESCENT
Target

n/a

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 10)
  • Alkermes, Inc. (ALKS)
  • Pharmacopeia, Inc. (PCOP)
  • sanofi-aventis (ADR) (SNY)
  • Abbott Laboratories (ABT)
Target (Total: 6)
  • GPC Biotech AG (ADR) (GPCB)
  • Celgene Corporation (CELG)
  • salesforce.com, inc. (CRM)
  • MethylGene Inc. (MYG:CA)
Buyer (Total: 6)
  • Cardinal Health, Inc. (CAH)
  • McKesson Corporation (MCK)
  • AmerisourceBergen Corp. (ABC)
  • Barr Pharmaceuticals, Inc. (BRL)
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 2,796 513
Revenue Per Employee 645,503.8 558,770.6
Total Revenue 450.0 71.5
Total Expenses 392.8 102.6
Other Revenue 10.5 0.0
Cost of Revenue 89.9 19.7
SG&A Expense 207.8 50.0
Research & Development 95.0 30.4
Other Operating Expense 0.0 0.0
Operating Income 57.2 -31.2
Unusual Income 0.0 0.0
LT Debt to Capital 0.29 0
Fwd P/E 13.67 -395.28
Fwd P/Rev 2.16 7.21
Book Value 1,302.1 358.9
Curr Portion of LTD/Cap Lease 1,237.2 0.0

Individual Company Summary

Focused

Buyer

Focused (): Healthcare > Biopharmaceuticals > Neurology

Target

Focused (): Healthcare > Biopharmaceuticals > Oncology

Business Description

Buyer

Cephalon, Inc. is an international biopharmaceutical company engaged in the discovery, development and marketing of products to treat human diseases. The Company?s focuses its efforts in four core therapeutic areas: central nervous system (CNS) disorders, pain, cancer and addiction. In addition to conducting an active research and development program, it markets seven products in the United States and number of products in countries throughout Europe. The Company?s principal product is PROVIGIL (modafinil) Tablets (C-IV), which comprised approximately 49% of its total consolidated net sales during the year ended December 31, 2007, of which approximately 94% was in the United States market. In June 2007, the Company announced that it has received approval from FDA to market NUVIGIL (armodafinil) Tablets (C- IV).

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 % 80.71 72.66
Operating Margin % -5.29 -25.91
Quick Ratio 0.55 3.64
Current Ratio 0.71 4
Coverage Ratio -0.2 -0.15
Total Assets 3,506.3 443.3
Return on Equity % -14.72 -17.79
Return on Assets % -5.47 -14.4
Cash+ ST Inv. Per Share 10.49 6.67
Total Debt 1,241.0 0.0
Total Debt to Equity % 95.31 0
Total Debt to Tangible Equity % 16,066.25 0
Debt to Asset % 35.39 0.00

Product Summary

Sector Buyer Target
Healthcare
Biopharmaceuticals
Cardiovascular System
The Cardiovascular System Subsector includes therapeutics that treat disorders affecting the heart and blood vessels.
  
Hematology
The Hematology Subsector includes therapeutics that treat blood-based diseases and disorders.
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.
  
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.
  
Outsourced Services  
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  
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)
  
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.

Buyer Products:

  • Trisenox (Arsenic Trioxide)

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)
  
Neurology  
Neurological Disorders  
Epilepsy  
Partial Seizures  
Complex  
Adjunctive Therapy  
Gamma-Aminobutyric Acid (GABA) Reuptake Inhibitors
Therapeutics that treat complex partial seizures by preventing the uptake of gamma-aminobutyric acid, which prevent nerve activation.

Buyer Products:

  • Gabitril (Tiagabine)
  
Simple  
Adjunctive Therapy  
Gamma-Aminobutyric Acid (GABA) Reuptake Inhibitors
Therapeutics that treat simple partial seizures by preventing the uptake of gamma-aminobutyric acid which prevents nerve activation.

Buyer Products:

  • Gabitril (Tiagabine)
  
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.

Buyer Products:

  • Gabitril (Tiagabine)
  
Psychiatric Disorders  
Anxiety  
Generalized Anxiety Disorder (GAD)  
Gamma-Aminobutyric Acid (GABA) Reuptake Inhibitors
Therapeutics that treat anxiety by preventing the uptake of gamma-aminobutyric acid, which prevent nerve activation.

Buyer Products:

  • Gabitril (Tiagabine)
  
Childhood/Adolescent Disorders  
Attention Deficit Disorder (ADD)/Attention Deficit Hyperactivity Disorder (ADHD)  
Alpha Adrenergic Receptor Agonists  
Sleep Disorders  
Excessive Daytime Sleepiness (EDS)  
Alpha Adrenergic Receptor Agonists
Therapeutics that treat excessive daytime sleepiness (EDS) by stimulating the adrenergic receptors, which cause nervous system stimulation.

Buyer Products:

  • Provigil (Modafinil)
  • Nuvigil (Armodafinil)
  
Narcolepsy  
Alpha Adrenergic Receptor Agonists
Therapeutics that treat narcolepsy by stimulating the adrenergic receptors, which causes nervous system stimulation.

Buyer Products:

  • Provigil (Modafinil)
  
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:

  • CEP-1347 (MAP3K9 Kinase Inhibitor)
  • VEGF Inhibitors
  
Oncology
Hematology  
Leukemia (White Blood Cell Cancer)  
Lymphoid  
Chronic  
Lymphocytic (CLL)  
Alkylating Agents  
Nitrogen Mustard Type
Therapeutics derived from mustard gas that treat and manage slowly progressing cancers of lymphocytic cells by interacting with DNA and inhibiting cell division.

Buyer Products:

  • Treanda (Bendamustine Hydrochloride)
  
Myeloid  
Acute  
Promyelocytic (APL)  
DNA Fragmenting Agents
Therapeutics that treat leukemia by breaking DNA, resulting in the death of cancer cells.

Buyer Products:

  • Trisenox (Arsenic Trioxide)
  
Lymphoma (Lymphatic Cancer)  
Non-Hodgkin`s Lymphoma (NHL)  
Alkylating Agents  
Nitrogen Mustard Type
Therapeutics derived from mustard gas that treat and manage lymphomas of B-cells and T-cells by interacting with DNA and inhibiting cell division.

Buyer Products:

  • Treanda (Bendamustine Hydrochloride)
  
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.

Buyer Products:

  • Trisenox (Arsenic Trioxide)
  • CEP-701(Lestaurtinib)

Target Products:

  • MGCD0103 (Histone Deacetylase (HDAC) Inhibitor)
  • Vidaza (Azacitidine)
  • Oral Azacitidine
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.

Buyer Products:

  • Proteasome Inhibitors
  • Tie-2 Kinase Receptor Inhibitor
  • VEGF Inhibitors
  
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)
  
Pain Management  
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:

  • Fentora (Fentanyl Buccal Tablet)
  • Actiq (Oral Transmucosal Fentanyl Citrate) [C-II]
  • Actiq Sugar-Free (Oral Transmucosal Fentanyl Citrate) [C-II]
  • Generic OTFC (Oral Transmucosal Fentanyl Citrate)
  
Non-Narcotics  
Skeletal Muscle Relaxing Agents
Therapeutics that treat pain by depressing specific synaptic reflexes preferentially.

Buyer Products:

  • Amrix/EUR-1002 (Cyclobenzaprine Hydrochloride)
  
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:

  • Gabitril (Tiagabine)
  
Respiratory System  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of respiratory disorders in early stages of clinical research where human subject is involved.

Buyer Products:

  • CEP-1347 (MAP3K9 Kinase Inhibitor)
  
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)
  
Toxicology  
Substance Abuse  
Withdrawal  
Alcohol  
Opioid Antagonists
Therapeutics that treat alcohol dependence by blocking the effect of opioids.

Buyer Products:

  • Medisorb Vivitrol (Naltrexone)
  
Narcotics  
Opioid Antagonists
Therapeutics that treat narcotic addiction by blocking the effect of opioids.

Buyer Products:

  • Medisorb Vivitrol (Naltrexone)
  
Outsourced Services  
Drug Delivery Technology  
Oral Delivery  
Effervescents
Drug Delivery Technologies used to deliver drugs by dissolving in liquid which can then be ingested.

Buyer Products:

  • DURASOLV
  • ORASOLV
  
Transmucosal  
Effervescents
Drug Delivery Technologies used to deliver drugs by dissolving them in liquid which can then be ingested.

Buyer Products:

  • ORAVESCENT
  

- 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
  GlaxoSmithKline plc (ADR) n/a 115,986.006 11.18 10.85 2.57 2.53 15.20
Millennium Pharmaceuticals, Inc. n/a 4,249.041 284.76 58.61 8.05 7.65 5.90
Buyer
  Johnson & Johnson n/a 174,233.403 16.47 14.11 2.85 2.79 11.97
Roche Holding Ltd. (ADR) n/a 162,161.754 18.24 19.03 3.86 3.93 5.53
GlaxoSmithKline plc (ADR) n/a 115,986.006 11.18 10.85 2.57 2.53 15.20
Novartis AG (ADR) n/a 108,444.656 9.08 13.48 2.78 2.71 3.88
Gilead Sciences, Inc. n/a 45,235.974 28.00 24.90 10.69 8.79 13.07
Bristol Myers Squibb Co. n/a 43,309.011 20.00 12.88 2.24 2.02 10.23
Teva Pharmaceutical Industries Ltd (ADR) n/a 38,602.146 19.78 17.88 4.10 3.61 11.36
Covidien Ltd. n/a 20,678.076 0.00 17.45 2.00 2.19 n/a
Forest Laboratories, Inc. n/a 11,894.682 21.35 12.00 3.19 3.25 3.56
Shire plc (ADR) n/a 11,013.064 0.00 19.66 4.52 3.82 n/a
Barr Pharmaceuticals, Inc. n/a 5,060.857 39.43 14.39 2.02 1.79 52.20
Millennium Pharmaceuticals, Inc. n/a 4,249.041 284.76 58.61 8.05 7.65 5.90
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
  Alkermes, Inc. 24.00% 1,126.930 5.97 82.67 4.63 5.11 2.93
Pharmacopeia, Inc. 17.00% 109.873 0.00 -2.45 5.59 4.13 2.64
sanofi-aventis (ADR) n/a 98,531.811 16.69 9.14 2.25 2.40 n/a
Abbott Laboratories n/a 78,894.465 21.88 16.18 3.04 2.85 40.89
Novo Nordisk A/S (ADR) n/a 42,508.567 24.34 24.38 4.96 4.78 6.58
Elan Corporation, plc (ADR) n/a 9,306.151 0.00 -51.95 12.25 9.50 n/a
inVentiv Health Inc. n/a 1,052.083 22.16 17.51 1.08 0.94 n/a
QAD Inc. n/a 266.676 61.64 49.59 1.05 1.01 6.45
PHC, Inc. n/a 56.498 23.33 18.33 1.12 1.04 4.05
Pharsight Corporation n/a 44.598 0.00 29.56 1.59 1.58 5.07
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
  Cardinal Health, Inc. 30.00% 19,851.610 12.83 14.65 0.22 0.21 15.33
McKesson Corporation 26.00% 16,575.105 17.63 17.42 0.17 0.16 5.60
Buyer
  Cardinal Health, Inc. 30.00% 19,851.610 12.83 14.65 0.22 0.21 15.33
McKesson Corporation 26.00% 16,575.105 17.63 17.42 0.17 0.16 5.60
AmerisourceBergen Corp. 15.00% 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
Insmed Incorporated n/a 90.209 0.00 -4.44 11.98 10.20 7.85
AVANIR Pharmaceuticals n/a 55.726 0.00 n/a 6.07 n/a 29.01
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
Buyer
  Johnson & Johnson n/a 174,233.403 16.47 14.11 2.85 2.79 11.97
Novartis AG (ADR) n/a 108,444.656 9.08 13.48 2.78 2.71 3.88
sanofi-aventis (ADR) n/a 98,531.811 16.69 9.14 2.25 2.40 n/a
Abbott Laboratories n/a 78,894.465 21.88 16.18 3.04 2.85 40.89
Wyeth n/a 55,284.879 11.98 12.11 2.47 2.48 4.04
AstraZeneca plc (ADR) n/a 54,545.064 9.47 8.41 1.91 1.77 n/a
Bristol Myers Squibb Co. n/a 43,309.011 20.00 12.88 2.24 2.02 10.23
Novo Nordisk A/S (ADR) n/a 42,508.567 24.34 24.38 4.96 4.78 6.58
Teva Pharmaceutical Industries Ltd (ADR) n/a 38,602.146 19.78 17.88 4.10 3.61 11.36
Schering-Plough Corporation n/a 32,021.742 0.00 13.35 2.52 1.78 72.12
Cardinal Health, Inc. n/a 19,851.610 12.83 14.65 0.22 0.21 15.33
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 1,727.3 267.3 1,994.6
Other Revenue 45.3 0.0 45.3
Total Revenue 1,772.6 267.3 2,039.9
Cost of Revenue 341.9 73.1 414.9
SG&A Expense 735.8 143.2 879.0
Depreciation & Amortization 0.0 9.9 9.9
Research & Development 369.1 102.4 471.5
Interest Expense 0.0 0.0 0.0
Other Operating Expense 0.0 0.0 0.0
Unusual Expense (Income) 419.7 8.0 427.7
Total Expenses 1,866.5 336.5 2,203.0
Operating Income -93.8 -69.2 -163.1
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng 18.8 10.2 28.9
Other, Net 6.6 0.0 6.6
Income Before Taxes -68.4 -59.1 -127.5
Income Taxes 123.3 4.8 128.1
Income After Taxes -191.7 -63.9 -255.6
Net Income - Excl. Xord. Items -191.7 -63.9 -255.6
Net Income - Incl. Xord. Items -191.7 -63.9 -255.6
Income Avail. to Common -191.7 -63.9 -255.6
Share Items
Basic Avg. Shares Outstanding 67.2 37.3 104.5
Basic EPS - Excl. Xord. Items n/a n/a -2.45
Basic EPS - Incl. Xord. Items n/a n/a -2.45
Full Dilution Adjustment 0.0 0.0 0.0
Fully Diluted Shares Outstanding 78.7 37.3 116.0
F.D. EPS - Excl. Xord. Items n/a n/a -2.20
F.D. EPS - Incl. Xord. Items n/a n/a -2.20
Balance Sheet
Assets
Cash and Equivalents 818.7 178.9 997.5
ST Investments 7.6 69.7 77.2
Accounts Receivable 276.8 45.0 321.7
Inventory 99.1 12.8 111.9
Prepayments and Advances 0.0 2.8 2.8
Other Current Assets 219.9 13.6 233.5
Current Assets 1,422.0 322.8 1,744.8
Accum D&A 0.0 0.0 0.0
PPE, Net 500.4 11.4 511.8
Goodwill & Intangibles 1,294.3 103.1 1,397.5
Other Assets 0.0 0.0 0.0
Other LT Assets 289.5 6.0 295.5
Total Assets 3,506.3 443.3 3,949.6
Liabilities
Accounts Payable 91.4 14.3 105.8
Payable/Accrued 0.0 0.0 0.0
Accrued Expenses 659.1 66.3 725.4
ST Debt 0.0 0.0 0.0
Curr Port of LTD & Cap Lease Oblg 1,237.2 0.0 1,237.2
Other (Current) Liabilities 18.1 0.0 18.1
Current Liab. 2,005.8 80.6 2,086.4
LT Debt 3.8 0.0 3.8
Total LT Debt 3.8 0.0 3.8
Deferred Taxes 56.5 2.7 59.2
Other LT Liab. 138.1 1.1 139.1
Total Liabilities 2,204.2 84.4 2,288.6
Shareholders Equity
Common Stock 0.7 0.0 0.7
Additional Paid in Capital 1,935.0 631.7 2,566.7
Retained Earnings -624.1 -290.7 -914.8
Treasure Stock -158.2 0.0 -158.2
Other Equity 148.7 17.9 166.6
Total Equity 1,302.1 358.9 1,661.0
Total Liab. & Equity 3,506.3 443.3 3,949.6
Shares Outstanding 67.6 37.4 105.0
Cash Flow
Operating Cash Flow
CF Net Income -191.7 -63.9 -255.6
CF Depreciation 141.4 12.6 154.0
CF Deferred Taxes -1.0 0.0 -1.0
Other Non-Cash Items 38.8 3.2 42.0
Change in Working Capital 397.3 24.5 421.9
Total Cash From Operating Activities 384.9 -23.5 361.3
Investing Cash Flow (not calculated)
Capital Expenditures -204.1 -6.7 -210.8
Other Investing Cash Flows 31.2 8.6 39.7
Total Cash From Investing Activities -172.9 1.8 -171.1
Financing Cash Flow (not calculated)
Dividends Paid 0.0 0.0 0.0
Purchase Or Sale of Stock 86.8 138.0 224.8
Purchase and Retirement of Debt 0.0 -0.9 -0.9
Other Financing Cash Flow 14.0 0.4 14.4
Total Cash From Financing Activities 96.9 137.5 234.4
Exchange Rate Effects 13.3 3.2 16.5
Net Change in Cash 322.2 119.0 441.1
Cash Taxes Paid 84.9 3.0 87.8
Cash Interest Paid 17.8 0.2 18.0