Summary

Other Scenarios:

Buyer: Endo Pharmaceuticals (ENDP) Last Price: 34.23 Market Cap.: 4.56B
Target: Cephalon, Inc. (CEPH) Last Price: 68.27 Market Cap.: 4.15B

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
*Healthcare 868
Biopharmaceuticals 326
Outsourced Services   67

- 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: 27)
  • Symmetrel (Amantadine Hydrochloride)
  • Frova (Frovatriptan Succinate)
  • Endo Generics Carbidopa/Levodopa
  • Endo Generics Selegiline Hydrochloride
Target (Total: 17)
  • Trisenox (Arsenic Trioxide)
  • Gabitril (Tiagabine)
  • Sparlon (Modafinil)
  • Provigil (Modafinil)
Buyer

n/a
Target
  • Cima Labs DuraSolv
  • Cima Labs OraSolv
  • Cima Labs Microemulsions Technology
  • Cima Labs OraVescent

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 7)
  • DURECT Corporation (DRRX)
  • Vernalis plc (ADR) (VNLS)
  • United Parcel Service (UPS)
  • SAP AG (ADR) (SAP)
Target (Total: 7)
  • Alkermes, Inc. (ALKS)
  • sanofi-aventis (ADR) (SNY)
  • Abbott Laboratories (ABT)
  • Novo Nordisk A/S (ADR) (NVO)
Buyer (Total: 1)
  • EpiCept Corporation (EPCT)
Target (Total: 3)
  • Cardinal Health, Inc. (CAH)
  • McKesson Corporation (MCK)
  • AmerisourceBergen Corp. (ABC)

Key Financial Summary:

Key Metrics

  Buyer Target
Number of Employees 710 2,895
Revenue Per Employee 1,288,149.0 608,717.4
Total Revenue 228.0 440.1
Total Expenses 138.8 358.2
Other Revenue 0.0 9.4
Cost of Revenue 50.4 68.6
SG&A Expense 64.3 153.8
Research & Development 19.8 93.8
Other Operating Expense 0.0 0.0
Operating Income 89.2 81.9
Unusual Income 0.0 12.4
LT Debt to Capital 0 47.19
Fwd P/E 21.61 19.85
Fwd P/Rev 4.97 2.58
Book Value 972.4 853.4
Curr Portion of LTD/Cap Lease 0.0 933.4

Individual Company Summary

Focused

Buyer

Focused (): *Healthcare > Biopharmaceuticals > Pain Management

Target

Focused (): *Healthcare > Biopharmaceuticals > Neurology

Business Description

Buyer

Endo Pharmaceuticals Holdings Inc. through it's wholly owned subsidiary, Endo Pharmaceuticals Inc. (Endo), is engaged in the sales, marketing, research and development of branded and generic pharmaceutical products primarily in the United States. Its portfolio of branded products includes Lidoderm, Percocet, Percodan, Frova, DepoDur and Zydone. The Company concentrates on generics that have one or more barriers to market entry, such as complex formulation, regulatory or legal challenges or difficulty in raw material sourcing. Its late-stage branded products pipeline includes two filed new drug applications (NDAs), three products in Phase III clinical trials and four products in Phase II clinical trials. During the year ended December 31, 2005, the branded products and the generic portfolio comprised approximately 71% and 29%, respectively, of the Company's net sales.

Target

Cephalon, Inc. is a biopharmaceutical company that is dedicated to the discovery, development and marketing of products in four primary therapeutic areas: central nervous system disorders, pain, cancer and addiction. In addition to conducting an active research and development program, Cephalon markets four products in the United States and numerous products in various countries throughout Europe. The Company's three most important products, PROVIGIL (modafinil) Tablets [C-IV], ACTIQ (oral transmucosal fentanyl citrate) [C-II] and GABITRIL (tiagabine hydrochloride), comprised approximately 86% of its worldwide net sales for the year ended December 31, 2005, of which approximately 94% was in the United States market. Cephalon's principal customers are wholesale drug distributors. These customers comprise a significant part of the distribution network for all pharmaceutical products in the United States.

Deal Summary

Key Ratios

  Buyer Target
Gross Margin % 76.75 85.08
Operating Margin % 36.14 4.74
Quick Ratio 2.16 0.59
Current Ratio 2.49 0.9
Coverage Ratio 0.05 0.02
Total Assets 1,395.3 2,966.4
Return on Equity % 22.38 11.88
Return on Assets % 15.6 3.42
Cash+ ST Inv. Per Share 4.57 7.28
Total Debt 0.0 1,695.9
Total Debt to Equity % 0 198.73
Total Debt to Tangible Equity % 0 n/a
Debt to Asset % 0.00 57.17

Product Summary

Sector Buyer Target
*Healthcare
Biopharmaceuticals
Hematology
The Hematology Subsector includes therapeutics that treat blood-based diseases and disorders.
  
Infectious Diseases
The Infectious Diseases Subsector includes therapeutics that treat diseases caused by the invasion and reproduction of microorganisms in the body.
  
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.
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
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:

  • Trisenox (Arsenic Trioxide)
  
Infectious Diseases  
Viral  
RNA Viruses  
Orthomyxovirus  
Influenza A  
Viral Uncoating Inhibitors
Therapeutics that treat viral infections of the respiratory tract caused by Influenza A virus by preventing the removal of the protective shield around the viral genome, thus preventing the release of viral DNA into the host.

Buyer Products:

  • Symmetrel (Amantadine Hydrochloride)
  
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.

Target 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.

Target Products:

  • Gabitril (Tiagabine)
  
Headaches  
Vascular (Migraine)  
Acute Treatments  
Selective Serotonin Receptor Agonists (Triptans)
Therapeutics that treat vascular/migraine headaches by stimulating the receptor that binds with the neurotransmitter, serotonin.

Buyer Products:

  • Frova (Frovatriptan Succinate)
  
Neuromuscular Disorders  
Parkinson`s Disease (PD)  
Adjunctive Treatments  
Dopamine Receptor Agonists
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 stimulating dopamine receptors on neurons.

Buyer Products:

  • Endo Generics Carbidopa/Levodopa
  
Monoamine Oxidase (MAO) Inhibitors
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 inhibiting the degradation of neurotransmitters.

Buyer Products:

  • Endo Generics Selegiline Hydrochloride
  
Serotonin/Dopamine Reuptake Inhibitors
Therapeutics that treat the disorder involving nerve cell loss in portions of the brain that leads to uncontrolled tremors, abnormal posture and speech problems by blocking the reabsorption of serotonin and dopamine in the brain.

Buyer Products:

  • Symmetrel (Amantadine 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:

  • 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.

Target Products:

  • Gabitril (Tiagabine)
  
Childhood/Adolescent Disorders  
Attention Deficit Disorder (ADD)/Attention Deficit Hyperactivity Disorder (ADHD)  
Alpha Adrenergic Receptor Agonists  
Schizophrenia  
Monoaminergic Antagonists
Therapeutics that treat schizophrenia by blocking the serotonin and dopamine receptors.

Buyer Products:

  • Moban (Molindone Hydrochloride)
  
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.

Target Products:

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

Target Products:

  • Provigil (Modafinil)
  
Oncology
Hematology  
Leukemia  
Myeloid  
Acute  
Promyelocytic (APL)  
DNA Fragmenting Agents
Therapeutics that treat leukemia by breaking DNA, resulting in the death of cancer cells.

Target Products:

  • Trisenox (Arsenic Trioxide)
  
Lymphoma  
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.

Target 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:

  • Rapinyl (Sublingual Fentanyl)

Target Products:

  • CEP-7055 (VEGFR Inhibitor)
  • CEP-701(Lestaurtinib)
  • Trisenox (Arsenic Trioxide)
Pain Management
Anesthesia  
General (Systemic)  
Adjunctive  
Opioids
Therapeutics that treat pain by binding to certain nervous system receptors which alters both the perception of pain as well as the emotional response to pain.

Buyer Products:

  • Numorphan (Oxymorphone Hydrochloride)
  • Nubain (Nalbuphine Hydrochloride)
  
Local  
Sodium Channel Blocking Agents
Therapeutics that treat pain by blocking the movement of sodium ions and thus the initiation and conduction of nerve impulses across the neuronal membrane.

Buyer Products:

  • Synera Patch (Lidocaine/Tetracaine)
  • Lidoderm (Lidocaine)
  
Narcotics
Analgesics/Opioids
Therapeutics that treat pain by binding to certain nervous system receptors which alters the both the perception of pain as well as the emotional response to pain.

Buyer Products:

  • Percocet (Acetaminophen/Oxycodone)
  • Percodan (Aspirin/Oxycodone)
  • Endo Generics Endocet (Acetaminophen/Oxycodone)
  • Zydone (Hydrocodone Bitartrate/Acetaminophen)
  • Endo Generics Aspirin/Oxycodone
  
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:

  • Endo Generics Morphine Sulfate Extended-Release Tablets
  • Opana IR (Oxymorphone Hydrochloride Immediate-Release)
  • Depodur (Morphine Sulfate/Liposome)
  • DUROS Chronogesic (Sufentanil)
  • Numorphan (Oxymorphone Hydrochloride)
  • Opana ER (Oxymorphone Hydrochloride Extended-Release)
  • Nubain (Nalbuphine Hydrochloride)
  • Rapinyl (Sublingual Fentanyl)
  • Oxycodone Hydrochloride ER

Target Products:

  • Fentora (Fentanyl Buccal Tablet)
  • Actiq Sugar-Free (Oral Transmucosal Fentanyl Citrate) [C-II]
  • Actiq (Oral Transmucosal Fentanyl Citrate) [C-II]
Non-Narcotics  
Non-Steroidal Anti-Inflammatory Drugs (NSAID)  
Non-Specific Cyclooxygenase Inhibitors (COX Inhibitors)
Therapeutics that treat pain by non-specifically inhibiting the action of cyclooxygenase.

Buyer Products:

  • Ketoprofen Patch
  
Sodium Channel Blocking Agents
Therapeutics that treat pain by blocking the movement of sodium ions and thus the initiation and conduction of nerve impulses across the neuronal membrane.

Buyer Products:

  • Synera Patch (Lidocaine/Tetracaine)
  
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:

  • Transdermal Sufentanil Patch
  • LidoPAIN BP
  • Lidoderm (Lidocaine)

Target 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.

Target Products:

  • CEP-1347 (MAP3K9 Kinase Inhibitor)
  
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:

  • Hycodan (Hydrocodone Bitartrate/Homatropine Methylbromide)
  
Expectorants/Opioids
Therapeutics that treat coughs and colds by suppressing the cough and helping in the ejection of the mucous.

Buyer Products:

  • Hycotuss (Guaifenesin/Hydrocodone Bitartrate)
  
Toxicology
Substance Abuse
Withdrawal
Alcohol  
Opioid Antagonists
Therapeutics that treat alcohol dependence by blocking the effect of opioids.

Target Products:

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

Buyer Products:

  • Narcan (Naloxone Hydrocloride)

Target 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.

Target Products:

  • Cima Labs DuraSolv
  • Cima Labs OraSolv
  
Lipid Based
Drug Delivery Technologies used to deliver drugs in a liposomal/lipid formulation.

Target Products:

  • Cima Labs Microemulsions Technology
  
Transmucosal  
Effervescents
Drug Delivery Technologies used to deliver drugs by dissolving them in liquid which can then be ingested.

Target Products:

  • Cima Labs 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
  Pfizer Inc. n/a 201,171.124 18.55 13.82 4.25 4.26 9.45
Johnson & Johnson n/a 188,897.919 17.28 17.57 3.68 3.58 6.88
Tyco International Ltd. n/a 58,688.618 17.27 15.80 1.51 1.42 12.48
Pain Therapeutics, Inc. n/a 380.779 n/a 95.33 11.15 6.52 5.51
Impax Laboratories Inc. n/a 349.154 298.89 17.59 3.10 n/a 5.95
Javelin Pharmaceuticals Inc. n/a 120.407 n/a -7.41 108.58 83.33 4.30
BioDelivery Sciences International, Inc. n/a 27.319 n/a -1.73 84.07 9.52 76.74
Purdue Pharma L.P. n/a n/a n/a n/a n/a n/a n/a
Buyer
  Pfizer Inc. n/a 201,171.124 18.55 13.82 4.25 4.26 9.45
Johnson & Johnson n/a 188,897.919 17.28 17.57 3.68 3.58 6.88
Target
  Pfizer Inc. n/a 201,171.124 18.55 13.82 4.25 4.26 9.45
Johnson & Johnson n/a 188,897.919 17.28 17.57 3.68 3.58 6.88
GlaxoSmithKline plc (ADR) n/a 156,242.625 16.44 16.25 3.66 3.59 17.17
Novartis AG (ADR) n/a 133,984.518 23.62 18.87 3.83 3.69 3.61
Eli Lilly & Co. n/a 64,850.989 20.58 18.33 4.31 4.19 5.44
Tyco International Ltd. n/a 58,688.618 17.27 15.80 1.51 1.42 12.48
Bristol Myers Squibb Co. n/a 48,278.602 16.98 24.60 2.50 2.70 9.95
Forest Laboratories, Inc. n/a 16,772.712 24.22 20.79 5.47 5.14 6.31
Celgene Corporation n/a 16,197.289 535.95 131.97 24.62 18.84 26.45
Shire plc (ADR) n/a 8,956.175 n/a 33.19 5.30 4.98 10.90
Barr Pharmaceuticals, Inc. n/a 5,536.591 16.45 15.38 4.21 3.75 4.52
Millennium Pharmaceuticals, Inc. n/a 3,150.089 n/a -83.08 5.56 6.66 5.79
Noven Pharmaceuticals, Inc. n/a 582.698 68.73 38.89 10.27 9.11 4.03
Pain Therapeutics, Inc. n/a 380.779 n/a 95.33 11.15 6.52 5.51
Nastech Pharmaceutical n/a 371.717 n/a -18.81 18.00 9.84 6.42

- 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
  DURECT Corporation 26.00% 308.055 n/a -11.12 11.98 12.93 6.90
Vernalis plc (ADR) 22.50% 238.236 n/a n/a 8.50 n/a n/a
United Parcel Service n/a 79,346.721 19.65 19.11 1.73 1.67 5.78
SAP AG (ADR) n/a 63,753.273 30.26 28.40 5.54 5.33 12.64
Noven Pharmaceuticals, Inc. n/a 582.698 68.73 38.89 10.27 9.11 4.03
Penwest Pharmaceuticals n/a 427.079 n/a -12.98 71.48 75.96 7.86
SkyePharma PLC (ADR) n/a 358.038 n/a n/a 3.77 n/a n/a
Target
  Alkermes, Inc. 23.60% 1,669.506 99.12 -134.08 8.64 7.59 10.17
sanofi-aventis (ADR) n/a 121,213.010 26.58 13.12 3.19 3.31 n/a
Abbott Laboratories n/a 71,699.980 22.88 18.51 3.24 3.17 43.06
Novo Nordisk A/S (ADR) n/a 28,572.912 28.09 23.05 4.49 n/a 5.85
Elan Corporation, plc (ADR) n/a 6,681.560 n/a -20.27 12.38 11.32 n/a
QAD Inc. n/a 274.662 16.23 28.13 1.23 1.17 5.06
PHC, Inc. n/a 40.227 10.49 n/a 1.06 n/a 4.77

- Defined by the Company - Defined by Others

Key Customers

  Name Dir Percent Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Buyer
  EpiCept Corporation n/a 44.881 n/a n/a 56.66 n/a n/a
Target
  Cardinal Health, Inc. n/a 26,294.133 26.29 17.65 0.32 0.29 7.52
McKesson Corporation n/a 14,921.710 19.53 18.76 0.16 0.16 3.75
AmerisourceBergen Corp. n/a 9,302.197 25.47 21.99 0.16 0.16 5.62

- 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
  Novartis AG (ADR) n/a 133,984.518 23.62 18.87 3.83 3.69 3.61
Buyer
  Novartis AG (ADR) n/a 133,984.518 23.62 18.87 3.83 3.69 3.61
United Parcel Service n/a 79,346.721 19.65 19.11 1.73 1.67 5.78
Target
  Johnson & Johnson n/a 188,897.919 17.28 17.57 3.68 3.58 6.88
Novartis AG (ADR) n/a 133,984.518 23.62 18.87 3.83 3.69 3.61
sanofi-aventis (ADR) n/a 121,213.010 26.58 13.12 3.19 3.31 n/a
AstraZeneca PLC (ADR) n/a 96,135.520 17.57 16.49 3.86 3.79 9.33
Abbott Laboratories n/a 71,699.980 22.88 18.51 3.24 3.17 43.06
Wyeth n/a 69,516.689 18.36 16.49 3.57 3.47 7.36
Bristol Myers Squibb Co. n/a 48,278.602 16.98 24.60 2.50 2.70 9.95
Schering-Plough Corporation n/a 33,048.316 44.97 29.80 3.31 3.24 4.45
Novo Nordisk A/S (ADR) n/a 28,572.912 28.09 23.05 4.49 n/a 5.85
Teva Pharmaceutical Industries Ltd (ADR) n/a 26,856.440 519.45 16.07 4.09 3.20 n/a
Cardinal Health, Inc. n/a 26,294.133 26.29 17.65 0.32 0.29 7.52
Akzo Nobel N.V. (ADR) n/a 17,199.397 12.30 16.57 1.00 0.89 4.38
McKesson Corporation n/a 14,921.710 19.53 18.76 0.16 0.16 3.75
AmerisourceBergen Corp. n/a 9,302.197 25.47 21.99 0.16 0.16 5.62
Elan Corporation, plc (ADR) n/a 6,681.560 n/a -20.27 12.38 11.32 n/a
Barr Pharmaceuticals, Inc. n/a 5,536.591 16.45 15.38 4.21 3.75 4.52
Mylan Laboratories Inc. n/a 4,460.763 20.54 16.34 3.46 3.17 6.67
Bausch & Lomb Inc. n/a 2,749.748 18.48 51.52 1.17 1.15 4.82
Alkermes, Inc. n/a 1,669.506 99.12 -134.08 8.64 7.59 10.17
Ligand Pharmaceuticals Inc. n/a 849.615 n/a -24.04 4.40 n/a n/a
deCODE genetics, Inc. n/a 366.657 n/a -4.12 8.43 8.17 n/a
Pharmacopeia Drug Discovery, Inc. n/a 68.092 n/a -2.42 4.03 4.37 2.96

- Defined by the Company - Defined by Others

Financials

  Buyer Target Combined Entity
Income Statement
Operating Items
Revenue 919.1 1,393.6 2,312.7
Other Revenue 0.0 49.4 49.4
Total Revenue 919.1 1,443.0 2,362.1
Cost of Revenue 213.7 215.3 428.9
SG&A Expense 266.0 546.8 812.8
Depreciation & Amortization 16.5 101.6 118.2
Research & Development 85.3 389.9 475.2
Interest Expense 0.0 0.0 0.0
Other Operating Expense 0.0 0.0 0.0
Unusual Expense (Income) 5.5 121.0 126.5
Total Expenses 586.9 1,374.6 1,961.5
Operating Income 332.2 68.4 400.6
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng 17.2 1.4 18.6
Other, Net 0.0 -28.2 -28.2
Income Before Taxes 349.4 41.6 391.0
Income Taxes 131.8 -59.8 72.0
Income After Taxes 217.6 101.4 319.0
Net Income - Excl. Xord. Items 217.6 101.4 319.0
Net Income - Incl. Xord. Items 217.6 101.4 319.0
Income Avail. to Common 217.6 101.4 319.0
Share Items
Basic Avg. Shares Outstanding 133.1 60.7 193.8
Basic EPS - Excl. Xord. Items 1.64 1.67 1.65
Basic EPS - Incl. Xord. Items 1.64 1.67 1.65
Full Dilution Adjustment 0.0 0.0 0.0
Fully Diluted Shares Outstanding 133.9 66.7 200.6
F.D. EPS - Excl. Xord. Items 1.62 1.52 1.59
F.D. EPS - Incl. Xord. Items 1.62 1.52 1.59
Balance Sheet
Assets
Cash and Equivalents 612.7 357.7 970.4
ST Investments 0.0 127.7 127.7
Accounts Receivable 259.7 232.5 492.2
Inventory 61.8 156.2 218.0
Prepayments and Advances 7.8 0.0 7.8
Other Current Assets 63.5 210.5 274.0
Current Assets 1,005.5 1,084.8 2,090.2
Accum D&A 0.0 0.0 0.0
PPE, Net 34.7 368.4 403.1
Goodwill & Intangibles 295.0 1,277.3 1,572.3
Note Receivable 50.9 0.0 50.9
Other Assets 0.0 0.0 0.0
Other LT Assets 9.3 236.0 245.2
Total Assets 1,395.3 2,966.4 4,361.7
Liabilities
Accounts Payable 106.8 50.7 157.4
Payable/Accrued 0.0 0.0 0.0
Accrued Expenses 178.2 224.1 402.3
ST Debt 0.0 0.0 0.0
Curr Port of LTD & Cap Lease Oblg 0.0 933.4 933.4
Other (Current) Liabilities 118.5 0.0 118.5
Current Liab. 403.5 1,208.2 1,611.7
LT Debt 0.0 762.5 762.5
Total LT Debt 0.0 762.5 762.5
Deferred Taxes 16.6 86.3 102.9
Other LT Liab. 2.8 56.0 58.8
Total Liabilities 422.8 2,113.0 2,535.8
Shareholders Equity
Common Stock 1.3 0.6 1.9
Additional Paid in Capital 671.3 1,318.4 1,989.7
Retained Earnings 299.2 -516.1 -216.9
Treasure Stock 0.0 -17.6 -17.6
Other Equity 0.6 68.1 68.7
Total Equity 972.4 853.4 1,825.8
Total Liab. & Equity 1,395.3 2,966.4 4,361.7
Shares Outstanding 133.1 60.4 193.5
Cash Flow
Operating Cash Flow
CF Net Income 217.6 101.4 319.0
CF Depreciation 16.5 104.6 121.1
CF Deferred Taxes -17.1 -18.7 -35.9
Other Non-Cash Items 256.5 177.4 433.9
Change in Working Capital -12.9 -135.1 -148.0
Total Cash From Operating Activities 460.5 229.5 690.1
Investing Cash Flow (not calculated)
Capital Expenditures -22.9 -283.2 -306.1
Other Investing Cash Flows -20.6 -355.5 -376.2
Total Cash From Investing Activities -43.5 -638.8 -682.3
Financing Cash Flow (not calculated)
Dividends Paid 0.0 0.0 0.0
Purchase Or Sale of Stock 10.3 137.9 148.2
Purchase and Retirement of Debt -2.7 -388.1 -390.8
Other Financing Cash Flow -88.2 -21.7 -109.9
Total Cash From Financing Activities -80.6 -271.8 -352.5
Exchange Rate Effects 0.0 8.5 8.5
Net Change in Cash 336.4 -672.6 -336.2
Cash Taxes Paid 0.4 16.0 16.3
Cash Interest Paid 1.1 16.6 17.7