Summary

Other Scenarios:

Buyer: Axcan Pharma Inc. (USA) (AXCA) Last Price: 23.34 Market Cap.: 1.29B
Target: PDL BioPharma Inc. (PDLI) Last Price: 9.63 Market Cap.: 1.13B

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
Healthcare 918
Biopharmaceuticals 375
Medical Devices   254
Nutritional Health   27
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: 19)
  • NCX 1000 (Ursodeoxycholic Acid (UDCA) Derivative)
  • Carafate/Sulcrate
  • Photofrin (Porfimer Sodium)
  • Canasa Rectal Gel (Mesalamine)
Target (Total: 7)
  • Nuvion (Visilizumab)
  • Zenapax (Daclizumab)
  • Therapeutic Antibody Candidates
  • M200 (Volociximab)
Buyer
  • Flutter Hands-Free CPT
  • Axcan Pharma Inc.
Target
  • Humanized Antibody Technology

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 1)
  • Eurand N.V. (EURX)
Target (Total: 4)
  • Seattle Genetics, Inc. (SGEN)
  • Johnson & Johnson (JNJ)
  • Pharmaceutical Product Development, Inc. (PPDI)
  • ARIUS Research, Inc. (ARI:CA)
Buyer (Total: 0)

n/a
Target (Total: 12)
  • Genentech, Inc. (DNA)
  • Cardinal Health, Inc. (CAH)
  • AmerisourceBergen Corp. (ABC)
  • McKesson Corporation (MCK)

Key Financial Summary:

Key Metrics

  Buyer Target
Number of Employees 480 887
Revenue Per Employee 776,209.9 224,999.8
Total Revenue 92.9 49.8
Total Expenses 63.0 75.2
Other Revenue 0.0 0.0
Cost of Revenue 22.4 0.0
SG&A Expense 32.6 22.2
Research & Development 5.5 52.4
Other Operating Expense 0.0 0.0
Operating Income 29.9 -25.5
Unusual Income 0.0 0.7
LT Debt to Capital 0.01 51.31
Fwd P/E n/a -120.38
Fwd P/Rev n/a 3.24
Book Value 718.7 507.6
Curr Portion of LTD/Cap Lease 0.4 0.7

Individual Company Summary

Focused

Buyer

Focused (): Healthcare > Biopharmaceuticals > Digestive System

Target

Focused (): Healthcare > Biopharmaceuticals

Business Description

Buyer

Axcan Pharma Inc. (Axcan) is a specialty pharmaceutical company concentrating in the field of gastroenterology, with operations in North America and Europe. Axcan markets and sells pharmaceutical products used in the treatment of a range of gastrointestinal diseases and disorders. During the fiscal year ended September 30, 2007 (fiscal 2007), the Company?s products included ULTRASE, CANASA, URSO 250/URSO FORTE, PYLERA and CARAFATE in the United States, SALOFALK, SUCRALFATE and URSO in Canada and LACTEOL, DELURSAN and PANZYTRAT in Europe. Axcan also has a number of projects in all phases of clinical development. In February 2008, Axcan was acquired by an affiliate of TPG Capital LP.

Target

PDL BioPharma Inc. is a biopharmaceutical company focused on the discovery and development of novel antibodies in oncology and immunologic diseases. It receives royalties and other revenues through licensing agreements with various biotechnology and pharmaceutical companies based on its antibody humanization technology platform. These licensing agreements have contributed to the development by the Company?s licensees of nine marketed products. The Company has several investigational compounds in clinical development for severe or life-threatening diseases, two of which it is developing in collaboration with Biogen Idec MA, Inc. (Biogen Idec). Its products include Daclizumab, Volociximab, HuLuc63, PDL192 and Nuvion. In March 2008, the Company closed the sale of the Cardiovascular Assets, which included Cardene, to EKR Therapeutics, Inc (EKR). However, the Company continues to perform development work for new formulations and presentations of Cardene pursuant to an agreement with EKR.

Deal Summary

Key Ratios

  Buyer Target
Gross Margin % 76.06 100
Operating Margin % 30.5 -9.58
Quick Ratio 3.77 3.42
Current Ratio 4.29 5.9
Coverage Ratio 0 -0.23
Total Assets 856.1 1,192.2
Return on Equity % 10.61 -3.82
Return on Assets % 8.91 -1.63
Cash+ ST Inv. Per Share 5.58 3.52
Total Debt 0.5 535.5
Total Debt to Equity % 0.07 105.5
Total Debt to Tangible Equity % 0.16 128.48
Debt to Asset % 0.06 44.92

Product Summary

Sector Buyer Target
Healthcare
Biopharmaceuticals
Cardiovascular System
The Cardiovascular System Subsector includes therapeutics that treat disorders affecting the heart and blood vessels.
  
Digestive System
The Digestive System Subsector includes therapeutics that treat disorders affecting the digestive system.
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.
  
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.
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.
Transplantation
The Transplantation Subsectors includes therapeutics that treat rejection and infection associated with tissue transplantation into the human body.
  
Medical Devices  
Respiratory
The Respiratory Subsector includes medical devices that diagnose and treat respiratory diseases.
  
Nutritional Health  
Dietary/Naturopathic Supplements
The Dietary/Naturopathic Subsector includes nutritional biochemicals and nutrients derived from natural sources that are intended to support health.
  
Outsourced Services  
Drug Discovery Services
The Drug Discovery Services Subsector includes companies that provide biopharmaceutical companies with novel biological targets and drug leads.
  

- 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  
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.

Buyer Products:

  • NCX 1000 (Ursodeoxycholic Acid (UDCA) Derivative)
  
Digestive System
Gastrointestinal Tract Disorders
Gastroduodenal Disorders  
Peptic Ulcers  
Duodenal  
Ulcer Adhering Agents
Therapeutics that treat peptic ulcers by binding to it and protecting it from further damage.

Buyer Products:

  • Carafate/Sulcrate
  
Gastroesophageal Disorders  
Barrett`s Esophagus  
Photodynamic Therapy (PDT)
Therapeutics that treat Barrett's Esophagus by having therapeutic agents accumulate preferentially in the pre-cancerous/mutated cells. The therapeutic is then activated using an energy source like UV light.

Buyer Products:

  • Photofrin (Porfimer Sodium)
  
Intestinal Disorders
Inflammatory Bowel Disease (IBD)
Ulcerative Colitis
Cyclooxygenase Inhibitors (COX Inhibitors)/Lipoxygenase Inhibitors
Therapeutics that treat ulcerative colitis by inhibiting the actions of the two enzymes, cyclooxygenase and lipoxygenase.

Buyer Products:

  • Canasa Rectal Gel (Mesalamine)
  
Monoclonal Antibodies
Therapeutics that treat ulcerative colitis through modulation of immune pathways implicated in the progression of the disease.

Target Products:

  • Nuvion (Visilizumab)
  
Irritable Bowel Syndrome (IBS)  
Anticholinergic Agents
Therapeutics that treat irritable bowel syndrome by decreasing the liver's cholesterol synthesis and secretion.

Buyer Products:

  • Bentyl (Dicyclomine Hydrochloride)
  
Rectal Disorders  
Proctitis  
Cyclooxygenase Inhibitors (COX Inhibitors)/Lipoxygenase Inhibitors
Therapeutics that treat proctitis by inhibiting the actions of the two enzymes, cyclooxygenase and lipoxygenase.

Buyer Products:

  • Canasa 1 g Suppositories (Mesalamine)
  • MAX-002 (1g Mesalamine Suppository)
  • Canasa (Mesalamine) Suppositories
  
Liver Disorders  
Cirrhosis  
Bile Acids
Therapeutics that treat cirrhosis by protecting liver cells from the damaging activity of toxic bile acids.

Buyer Products:

  • URSO Forte (Ursodiol)
  • URSO 250 (Ursodiol)
  
Pancreatic Disorders  
Chronic Pancreatitis  
Enzyme Replacement Therapy
Therapeutics that treat long term problems of pancreas inflammation that lead to decreases in pancreatic enzymes by supplying exogenous pancreatic enzymes.

Buyer Products:

  • Ultrase (Pancrelipase)/Ultrase MT (Pancrelipase)
  • Viokase (Pancrelipase)
  
Obstructed Ducts  
Enzyme Replacement Therapy
Therapeutics that treat obstructed pancreatic ducts by providing pacreatic enzymes, which help dissolve any substances in the ducts.

Buyer Products:

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

Buyer Products:

  • AGI-010 (Delayed/Controlled Release Omeprazole)
  • NMK 150 (Pancreatic Enzyme)

Target Products:

  • Nuvion (Visilizumab)
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.

Buyer Products:

  • Cx401 (Mesenchymal Stem Cell Therapeutic)
  
Immunology
Autoimmune Disorders
Inflammatory Bowel Disease (IBD)
Ulcerative Colitis
Cyclooxygenase Inhibitors (COX Inhibitors)/Lipoxygenase Inhibitors
Therapeutics that treat inflammation of the colon and rectum by blocking the action of cyclooxygenase and lipoxygenase.

Buyer Products:

  • Canasa Rectal Gel (Mesalamine)
  
Monoclonal Antibodies
Therapeutics that treat ulcerative colitis through modulation of immune pathways implicated in the progression of the disease.

Target Products:

  • Nuvion (Visilizumab)
  
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:

  • Nuvion (Visilizumab)
  • Zenapax (Daclizumab)
  
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:

  • Therapeutic Antibody Candidates
  
Infectious Diseases  
Bacterial  
Antibacterial Agents  
Narrow Spectrum  
Digestive System  
Heliobacter pylori  
Antisecretory Agents/Nitroimidazoles/Tetracyclines
Therapeutics treat digestive infections caused by Helicobacter pylori bacteria by inhibiting the action of the membrane protein involved in the final steps of triggering acid release into the stomach.

Buyer Products:

  • Pylera (Bismuth Salicylate/Metronidazole/Tetracycline)/Formerly Helizide
  
Neurology  
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:

  • Zenapax (Daclizumab)
  
Oncology
Digestive System  
Esophageal Cancer  
Palliative Agents  
Photodynamic Therapy (PDT)
Therapeutics that treat and manage esophageal cancer by having therapeutic agents accumulate preferentially in cancer cells. The therapeutic is then activated using an energy source like UV light.

Buyer Products:

  • Photofrin (Porfimer Sodium)
  
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:

  • Ursodiol Disulfate

Target Products:

  • M200 (Volociximab)
  • HuLuc63 (Monoclonal Antibody)
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment and management of cancer and are currently in an early research or preclinical stage of development.

Target Products:

  • Therapeutic Antibody Candidates
  • PDL192 Antibody
  
Respiratory System/Thoracic  
Lung Cancer  
Non Small Cell Lung Cancer (NSCLC)  
Palliative Agents  
Photodynamic Therapy (PDT)
Therapeutics that treat and manage lung cancer by having therapeutic agents accumulate preferentially in cancer cells. The therapeutic are then activated using an energy source, such as UV light.

Buyer Products:

  • Photofrin (Porfimer Sodium)
  
Photodynamic Therapy (PDT)
Therapeutics that treat and manage lung cancer by having therapeutic agents accumulate preferentially in cancer cells. The therapeutic are then activated using an energy source, such as UV light.

Buyer Products:

  • Photofrin (Porfimer Sodium)
  
Respiratory System
Lower Respiratory Tract Disorders (Lung Disorders)  
Cystic Fibrosis (CF)  
Complications  
Pancreatic Deficiency  
Enzyme Replacement Therapy
Therapeutics that treat a deficiency of pancreatic enzymes caused by cystic fibrosis by providing exogenous pancreatic enzymes.

Buyer Products:

  • Viokase (Pancrelipase)
  • Ultrase (Pancrelipase)/Ultrase MT (Pancrelipase)
  
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:

  • Zenapax (Daclizumab)
  
Transplantation  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the management of rejection and infection in early stages of clinical research where human subject is involved.

Target Products:

  • Zenapax (Daclizumab)
  
Renal (Kidney)  
Rejection Prophylaxis  
Monoclonal Antibodies
Protein-based therapeutics that target specific substances like proteins.

Target Products:

  • Zenapax (Daclizumab)
  
Medical Devices  
Respiratory  
Treatment  
Positive Expiratory Pressure (PEP)
Device designed in bronchial hygiene therapy and exercising the lungs and by generating pressure during expiration.

Buyer Products:

  • Flutter Hands-Free CPT
  
Nutritional Health  
Dietary/Naturopathic Supplements  
Children`s Health
Products consisting of dietary/naturopathic supplements that are intended to support infants and children's health.

Buyer Products:

  • Axcan Pharma Inc.
  
General Health
Products consisting of dietary/naturopathic supplements that are intended to support general health.

Buyer Products:

  • Axcan Pharma Inc.
  
Weight Management
Products consisting of dietary/naturopathic supplements that are intended to manage obesity, overweight and underweight.

Buyer Products:

  • Axcan Pharma Inc.
  
Outsourced Services  
Drug Discovery Services  
Lead Discovery/Validation/Optimization  
Lead Biologics  
Antibodies
Biological lead compounds which have a specific amino acid sequence that only interacts with specific substances to cause an immunological response.

Target Products:

  • Humanized Antibody Technology
  

- 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
  The Procter & Gamble Company n/a 213,486.043 19.40 19.88 2.68 2.58 n/a
Johnson & Johnson n/a 185,010.946 17.49 14.76 3.03 2.91 12.71
Sanofi-Aventis SA (ADR) n/a 98,111.111 12.03 8.93 2.17 2.35 n/a
Solvay S.A. (ADR) n/a 10,439.415 9.10 n/a 0.74 n/a n/a
Watson Pharmaceuticals, Inc. n/a 2,979.119 21.12 14.74 1.19 1.16 8.07
Eurand N.V. n/a 662.135 0.00 71.86 5.08 3.74 n/a
Impax Laboratories Inc. n/a 528.117 452.09 9.12 4.69 n/a 9.00
Salix Pharmaceuticals, Ltd. n/a 315.489 38.35 -5.85 1.34 1.75 3.14
Santarus, Inc. n/a 125.723 0.00 -5.44 1.33 1.00 8.19
Altus Pharmaceuticals Inc. n/a 118.778 0.00 -1.65 0.00 17.54 n/a
DUSA Pharmaceuticals, Inc. n/a 58.270 0.00 -15.13 2.11 1.60 2.64
Pipex Pharmaceuticals, Inc. n/a 16.814 0.00 -0.72 n/a 14.01 2.22
Miravant Medical Technologies n/a 0.026 0.00 n/a n/a n/a n/a
UCB S.A. n/a n/a n/a n/a n/a n/a n/a
Target
  GlaxoSmithKline plc (ADR) n/a 113,975.427 11.01 10.77 2.53 2.51 15.20
Genentech, Inc. n/a 83,480.355 30.15 25.16 7.12 6.41 9.11
Baxter International Inc. n/a 36,574.343 21.43 18.20 3.25 3.01 7.01
Hospira, Inc. n/a 6,823.678 49.90 17.27 1.99 1.86 n/a
Medarex, Inc. n/a 1,084.674 0.00 -5.71 19.28 20.60 2.44
Sangamo Biosciences, Inc. n/a 409.327 0.00 -16.35 44.99 27.77 5.82
Dyax Corp. n/a 263.000 0.00 -5.96 10.08 5.76 9.21
RegeneRx Biopharmaceuticals, Inc. n/a 41.898 0.00 n/a 86.54 n/a 4.44
Nuvelo, Inc. n/a 35.314 0.00 -0.81 0.75 6.64 0.57
DOR BioPharma, Inc. n/a 16.585 0.00 n/a 10.32 n/a 9.66
Boehringer Ingelheim GmbH n/a n/a n/a n/a n/a n/a n/a

- Defined by the Company - Defined by Others

Dependent Suppliers

  Name Dir Percent Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Buyer
  Eurand N.V. n/a 662.135 0.00 71.86 5.08 3.74 n/a
Target
  Seattle Genetics, Inc. 1.60% 709.809 0.00 -10.80 31.66 22.83 13.15
Johnson & Johnson n/a 185,010.946 17.49 14.76 3.03 2.91 12.71
Pharmaceutical Product Development, Inc. n/a 4,834.548 29.59 21.90 3.42 3.11 5.18
ARIUS Research, Inc. n/a 72.358 0.00 n/a 61.48 n/a 7.88

- 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
Target
  Genentech, Inc. 36.00% 83,480.355 30.15 25.16 7.12 6.41 9.11
Cardinal Health, Inc. 18.00% 18,731.903 12.10 13.86 0.21 0.20 14.46
AmerisourceBergen Corp. 14.00% 6,736.766 14.75 14.44 0.10 0.10 n/a
McKesson Corporation 13.00% 15,951.373 16.97 16.59 0.16 0.16 5.39
AstraZeneca plc (ADR) 8.00% 54,827.438 9.80 8.63 1.85 1.81 n/a
Roche Holding Ltd. (ADR) n/a 159,591.318 16.12 18.69 3.41 3.86 4.89
Wyeth n/a 55,578.178 12.04 12.18 2.48 2.48 4.06
Biogen Idec Inc. n/a 17,567.285 27.57 18.21 5.54 4.77 9.22
Elan Corporation, plc (ADR) n/a 9,730.853 0.00 -51.53 12.81 9.13 n/a
Seattle Genetics, Inc. n/a 709.809 0.00 -10.80 31.66 22.83 13.15
Progenics Pharmaceuticals, Inc. n/a 165.948 0.00 -6.04 2.19 1.86 1.13
Chugai Pharmaceutical 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 55,578.178 12.04 12.18 2.48 2.48 4.06
Buyer
  Sanofi-Aventis SA (ADR) n/a 98,111.111 12.03 8.93 2.17 2.35 n/a
Abbott Laboratories n/a 86,035.775 23.86 17.34 3.32 3.04 44.60
Wyeth n/a 55,578.178 12.04 12.18 2.48 2.48 4.06
Eurand N.V. n/a 662.135 0.00 71.86 5.08 3.74 n/a
QLT Inc. (USA) n/a 256.694 0.00 24.57 2.01 2.23 2.05
Gentium S.p.A. (ADR) n/a 100.673 0.00 -1.87 13.92 n/a 2.58
Nordmark Arzneimittel GmbH & CO KG n/a n/a n/a n/a n/a n/a n/a
Target
  Johnson & Johnson n/a 185,010.946 17.49 14.76 3.03 2.91 12.71
Roche Holding Ltd. (ADR) n/a 159,591.318 16.12 18.69 3.41 3.86 4.89
Genentech, Inc. n/a 83,480.355 30.15 25.16 7.12 6.41 9.11
Eli Lilly & Co. n/a 56,667.333 19.19 12.65 3.04 2.80 5.06
Wyeth n/a 55,578.178 12.04 12.18 2.48 2.48 4.06
Cardinal Health, Inc. n/a 18,731.903 12.10 13.86 0.21 0.20 14.46
Biogen Idec Inc. n/a 17,567.285 27.57 18.21 5.54 4.77 9.22
Kirin Holdings Company, Ltd. (ADR) n/a 16,707.763 36.07 31.25 1.10 0.99 2.69
Elan Corporation, plc (ADR) n/a 9,730.853 0.00 -51.53 12.81 9.13 n/a
Seattle Genetics, Inc. n/a 709.809 0.00 -10.80 31.66 22.83 13.15
Exelixis, Inc. n/a 624.139 0.00 -3.88 5.50 5.29 74.33
Progenics Pharmaceuticals, Inc. n/a 165.948 0.00 -6.04 2.19 1.86 1.13
ARIUS Research, Inc. n/a 72.358 0.00 n/a 61.48 n/a 7.88
Aphton Corporation n/a 0.034 0.00 n/a n/a n/a n/a
Pierre Fabre Medicament n/a n/a n/a n/a n/a n/a n/a
Chugai Pharmaceutical Co., Ltd. n/a n/a n/a n/a n/a n/a n/a
Ophthotech Corp. 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 363.0 258.9 621.9
Other Revenue 0.0 0.0 0.0
Total Revenue 363.0 258.9 621.9
Cost of Revenue 86.9 0.0 86.9
SG&A Expense 111.7 67.4 179.1
Depreciation & Amortization 23.0 0.0 23.0
Research & Development 27.9 204.2 232.1
Interest Expense -7.3 0.0 -7.3
Other Operating Expense 0.0 0.0 0.0
Unusual Expense (Income) 10.0 12.2 22.2
Total Expenses 252.3 283.7 536.0
Operating Income 110.7 -24.8 85.9
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng 0.0 5.7 5.7
Other, Net 0.0 0.0 0.0
Income Before Taxes 110.7 -19.1 91.6
Income Taxes 34.4 0.2 34.7
Income After Taxes 76.3 -19.4 56.9
Net Income - Excl. Xord. Items 76.3 -19.4 56.9
Discontinued Operations 0.0 -1.7 -1.7
Net Income - Incl. Xord. Items 76.3 -21.1 55.2
Income Avail. to Common 76.3 -21.1 55.2
Share Items
Basic Avg. Shares Outstanding 56.0 117.1 173.1
Basic EPS - Excl. Xord. Items 1.36 n/a 0.33
Basic EPS - Incl. Xord. Items 1.36 n/a 0.32
Full Dilution Adjustment 0.0 0.0 0.0
Fully Diluted Shares Outstanding 56.8 117.1 174.0
F.D. EPS - Excl. Xord. Items 1.34 n/a 0.33
F.D. EPS - Incl. Xord. Items 1.34 n/a 0.32
Balance Sheet
Assets
Cash and Equivalents 310.9 340.6 651.5
ST Investments 6.2 71.9 78.1
Accounts Receivable 55.8 5.2 60.9
Inventory 30.4 0.0 30.4
Prepayments and Advances 4.0 0.0 4.0
Other Current Assets 17.0 302.8 319.8
Current Assets 424.2 720.4 1,144.7
Accum D&A 0.0 0.0 0.0
PPE, Net 32.3 330.7 363.0
Goodwill & Intangibles 394.1 90.8 484.9
Other Assets 0.0 0.0 0.0
Other LT Assets 5.6 50.2 55.8
Total Assets 856.1 1,192.2 2,048.3
Liabilities
Accounts Payable 0.0 8.9 8.9
Payable/Accrued 79.1 0.0 79.1
Accrued Expenses 0.0 61.1 61.1
ST Debt 0.0 0.0 0.0
Curr Port of LTD & Cap Lease Oblg 0.4 0.7 1.1
Other (Current) Liabilities 19.4 51.5 70.8
Current Liab. 99.0 122.1 221.1
LT Debt 0.1 534.8 534.9
Total LT Debt 0.1 534.8 534.9
Deferred Taxes 38.4 0.0 38.4
Other LT Liab. 0.0 27.6 27.6
Total Liabilities 137.4 684.6 822.0
Shareholders Equity
Common Stock 396.1 1.2 397.3
Additional Paid in Capital 10.1 1,098.3 1,108.4
Retained Earnings 271.7 -591.3 -319.6
Other Equity 40.8 -0.5 40.3
Total Equity 718.7 507.6 1,226.3
Total Liab. & Equity 856.1 1,192.2 2,048.3
Shares Outstanding 55.4 117.6 173.0
Cash Flow
Operating Cash Flow
CF Net Income 76.3 -21.4 54.9
CF Depreciation 23.0 17.5 40.5
CF Amortization 0.0 14.8 14.8
CF Deferred Taxes -12.9 0.0 -12.9
Other Non-Cash Items 10.0 12.6 22.6
Change in Working Capital 20.8 -2.4 18.4
Total Cash From Operating Activities 117.1 21.1 138.2
Investing Cash Flow (not calculated)
Capital Expenditures -8.6 -41.0 -49.6
Other Investing Cash Flows 40.9 150.3 191.2
Total Cash From Investing Activities 32.3 109.3 141.6
Financing Cash Flow (not calculated)
Dividends Paid 0.0 0.0 0.0
Purchase Or Sale of Stock 6.7 8.6 15.2
Purchase and Retirement of Debt -0.7 -5.9 -6.5
Other Financing Cash Flow 0.0 2.1 2.1
Total Cash From Financing Activities 6.0 4.8 10.8
Exchange Rate Effects 0.9 0.0 0.9
Net Change in Cash 156.3 135.2 291.5
Cash Taxes Paid 39.6 0.2 39.8
Cash Interest Paid 2.9 12.4 15.4