Summary

Other Scenarios:

Buyer: Serono S.A. (ADR) (SRA) Last Price: 16.76 Market Cap.: 10.24B
Target: Neurocrine Biosciences, Inc. (NBIX) Last Price: 52.74 Market Cap.: 1.99B

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
*Healthcare 861
Biopharmaceuticals 315
Cardiovascular System   18
Dermatology   6
Digestive System 5
Endocrinology/Metabolism 10
Immunology 10
Infectious Diseases   31
Musculoskeletal System   3
Neurology 31
Obstetrics/Gynecology 3
Oncology 73
Pain Management   5
Urology 4
Weight Management 1
Medical Devices   247
Drug Delivery   14

- 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: 42)
  • Mylinax (Cladribine)
  • Rebif (Recombinant Interferon Beta-1a)
  • Novantrone (Mitoxantrone Hydrochloride)
  • MMP-12 Inhibitor
Target (Total: 21)
  • NBI-75043
  • NBI-34041 (CRF R1 Antagonist)
  • NBI-5788 (Altered Peptide Ligand)
  • CRF R1 Antagonist
Buyer
  • r-IL-18bp (Recombinant Interleukin 18 Binding Protein)
  • Type 1 5-Alpha Reductase Inhibitor
  • Zorbtive (Somatropin)
  • r-IFNB-1a (Recombinant Human Interferon Beta-1a)
Target
  • Urocortin 2
  • CRF R1 Antagonist
  • NBI-6024 (Altered Peptide Ligand)
  • NBI-5788 (Altered Peptide Ligand)

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 14)
  • Bioject Medical Technologies Inc. (BJCT)
  • Rigel Pharmaceuticals, Inc. (RIGL)
  • Vertex Pharmaceuticals Incorporated (VRTX)
  • ZymoGenetics, Inc. (ZGEN)
Target (Total: 2)
  • Pfizer Inc. (PFE)
  • Open Text Corporation (USA) (OTEX)
Buyer (Total: 7)
  • Roche Holding Ltd. (ADR) (RHHBY)
  • Amgen, Inc. (AMGN)
  • Abbott Laboratories (ABT)
  • Schering AG (ADR) (SHR)
Target (Total: 5)
  • Pfizer Inc. (PFE)
  • GlaxoSmithKline plc (ADR) (GSK)
  • Wyeth (WYE)
  • Eli Lilly & Co. (LLY)

Key Financial Summary:

Metric Buyer Target
Number of Employees 4,826 564
Revenue Per Employee 554,286.3 139,496.5
Total Revenue 667.5 19.5
Total Expenses 467.5 47.1
Other Revenue 72.6 8.2
Cost of Revenue 68.8 0.0
SG&A Expense 211.5 19.3
Research & Development 122.9 27.7
Other Operating Expense 64.3 0.0
Operating Income 200.0 -27.6
Unusual Income 0.0 0.0
Gross Margin % 89.7 100
Metric Buyer Target
Operating Margin % 29.97 -141.68
Total Assets 4,224.0 477.4
Return on Equity % 30.07 -27.6
Cash+ ST Inv. Per Share 2.16 7.08
Total Debt 688.6 57.9
Curr Portion of LTD/Cap Lease 0.0 5.5
Total Debt to Equity 28.13 15.1
LT Debt to Capital 21.56 12.01
Fwd P/E 15.03 76.40
Fwd P/Rev 3.69 9.57
Book Value 2,448.1 383.8

Individual Company Summary

Focused

Buyer

Focused (): *Healthcare > Biopharmaceuticals > Neurology

Target

Focused (): *Healthcare > Biopharmaceuticals > Neurology

Business Description

Buyer

Serono S.A. is a biotechnology company that discovers, develops, manufactures and markets therapeutic products for the treatment of human diseases in selected therapeutic areas. It focuses on specialized markets of neurology, reproductive health, growth and metabolism, dermatology, oncology and autoimmune diseases. Serono markets eight biotechnology products: Rebif, Gonal-f, Saizen, Serostim, Raptiva, Ovidrel, Luveris and Zorbtive. All of the Company's recombinant products are produced using mammalian cell technology. Serono has more than 25 post-discovery projects in pre-clinical or clinical development. The Company has a global presence with operations in over 40 countries, five principal production facilities located in four countries and sales in over 90 countries.

Target

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

Product Summary

Sector Buyer Target
*Healthcare
Biopharmaceuticals
Cardiovascular System
The Cardiovascular System Subsector includes therapeutics that treat disorders affecting the heart and blood vessels.
  
Dermatology
The Dermatology Subsector includes therapeutics that treat disorders affecting the skin.
  
Digestive System
The Digestive System Subsector includes therapeutics that treat disorders affecting the digestive system.
Endocrinology/Metabolism
The Endocrinology/Metabolism Subsector includes therapeutics that treat metabolic disorders and conditions resulting from the dysfunction of hormone secreting glands.
Immunology
The Immunology Subsector includes therapeutics that treat disorders affecting the immune system.
Infectious Diseases
The Infectious Diseases Subsector includes therapeutics that treat diseases caused by the invasion and reproduction of microorganisms in the body.
  
Musculoskeletal System
The Musculoskeletal System Subsector includes therapeutics that treat disorders of the bones, joints, ligaments, tendons, and soft tissue involved with them.
  
Neurology
The Neurology Subsector includes therapeutics that treat disorders of the central nervous system, including the brain, spinal cord, and nerves.
Obstetrics/Gynecology
The Obstetrics/Gynecology Subsector includes therapeutics that treat female genital disorders, pregnancy, and childbirth.
Oncology
The Oncology Subsector includes therapeutics that treat and manage various types of cancer and related complications.
Pain Management
The Pain Management Subsector includes therapeutics that treat and management pain.
  
Urology
The Urology Subsector includes therapeutics that treat diseases of the kidney, urinary tract, bladder, and the male reproductive system.
Weight Management
The Weight Management Subsectors includes herapeutics that treat and manage weight disorders.
Medical Devices  
Drug Delivery
The Drug Delivery Subsector includes medical devices that facilitate the delivery of medications through different anatomical entryways, including blood vessels, skin, the mouth, and the lungs. Common devices in this sector include vascular access catheters, needles, implants, and inhalers.
  

- 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.

Target Products:

  • Urocortin 2
  
Dermatology  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of skin disorders in early stages of clinical research where human subject is involved.

Buyer Products:

  • r-IL-18bp (Recombinant Interleukin 18 Binding Protein)
  • Type 1 5-Alpha Reductase Inhibitor
  
Digestive System
Gastrointestinal Tract Disorders  
Intestinal Disorders  
Short Bowel Syndrome  
Growth Hormones
Therapeutics similar to pituitary hormones, which stimulate body growth and development to treat a disorder resulting from operative resection of the intestines leading to impaired absorption and digestion in the intestines.

Buyer Products:

  • Zorbtive (Somatropin)
  
Liver Disorders  
Hepatitis  
Hepatitis C  
Chronic  
Interferons
Therapeutics that treat hepatitis by providing a naturally occurring protein that stimulates the immune system.

Buyer Products:

  • r-IFNB-1a (Recombinant Human Interferon Beta-1a)
  
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:

  • Kappaproct
  • r-IL-18bp (Recombinant Interleukin 18 Binding Protein)
  • r-IFNB-1a (Recombinant Human Interferon Beta-1a)
  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of digestive disorders in very early stages of research where no human subject is involved.

Target Products:

  • CRF R1 Antagonist
  
Endocrinology/Metabolism
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of endocrinology disorders in early stages of clinical research where human subject is involved.

Buyer Products:

  • PTP 1b Inhibitor
  • PEG GHRF

Target Products:

  • NBI-6024 (Altered Peptide Ligand)
Pituitary Gland Disorders  
Lipodystrophy  
Growth Hormones
Therapeutics that treat lipodystrophy by providing a hormone which stimulates body growth and development.

Buyer Products:

  • Serostim (Somatropin)
  
Severe Short Stature  
Growth Hormones
Therapeutics similar to pituitary hormones, which stimulate body growth and development.

Buyer Products:

  • Geref (Sermorelin Acetate For Injection)
  • Saizen (Somatropin (rDNA Origin))
  
Turner`s Syndrome  
Growth Hormones
Therapeutics similar to pituitary hormones, which stimulate body growth and development.

Buyer Products:

  • Saizen (Somatropin (rDNA Origin))
  
Reproductive Disorders  
Amenorrhea  
Progestins
Female sex hormone necessary for the development of the female reproductive system.

Buyer Products:

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

Buyer Products:

  • PTP 1b Inhibitor
  
Immunology
Autoimmune Disorders  
Multiple Sclerosis (MS)  
Adenosine Deaminase Inhibitors
Therapeutics that treat multiple sclerosis by inhibiting the transformation of deoxyadenosine into deoxyinosine, thereby impairing the proliferation of certain white blood cells.

Buyer Products:

  • Mylinax (Cladribine)
  
Interferons
Therapeutics that treat multiple sclerosis with a recombinant human protein that downregulates the antibody response of the immune system.

Buyer Products:

  • Rebif (Recombinant Interferon Beta-1a)
  
Topoisomerase II Inhibitors
Therapeutics that treat a neurodegenerative disease characterized by the gradual accumulation of plaques on the nerve sheaths an enzyme that inhibits the proliferation of cells.

Buyer Products:

  • Novantrone (Mitoxantrone Hydrochloride)
  
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.

Buyer Products:

  • Kappaproct
  • TACI-Ig
  • r-IL-18bp (Recombinant Interleukin 18 Binding Protein)
  • r-IFNB-1a (Recombinant Human Interferon Beta-1a)
  • JNK Inhibitor
  • SC12267
  • Raptiva (Efalizumab)
  • MMP-12 Inhibitor

Target Products:

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

Buyer Products:

  • Kappaproct
  • NI-040/NI-0501
  • Chemokine Inhibitor
  • JNK Inhibitor
  • Raptiva (Efalizumab)
  • HuMax-TAC

Target Products:

  • CCR7
Infectious Diseases  
Viral  
RNA Viruses  
Flavivirus  
Hepatitis C  
Chronic  
Interferons
Therapeutics that treat hepatitis by providing a naturally occurring protein that stimulates the immune system.

Buyer Products:

  • r-IFNB-1a (Recombinant Human Interferon Beta-1a)
  
Musculoskeletal System  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of skeletal system disorders in early stages of clinical research where human subject is involved.

Buyer Products:

  • Raptiva (Efalizumab)
  • TACI-Ig
  • r-IL-18bp (Recombinant Interleukin 18 Binding Protein)
  
Neurology
Neuromuscular Disorders  
Multiple Sclerosis (MS)  
Adenosine Deaminase Inhibitors
Therapeutics that treat multiple sclerosis by inhibiting the transformation of deoxyadenosine into deoxyinosine, thereby impairing the proliferation of certain white blood cells.

Buyer Products:

  • Mylinax (Cladribine)
  
Interferons
Therapeutics that treat multiple sclerosis with a recombinant human protein that down regulates the antibody response of the immune system.

Buyer Products:

  • Rebif (Recombinant Interferon Beta-1a)
  
Topoisomerase II Inhibitors
Therapeutics that treat multiple sclerosis by inhibiting a key enzyme involved with cell division.

Buyer Products:

  • Novantrone (Mitoxantrone 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.

Buyer Products:

  • MMP-12 Inhibitor
  • JNK Inhibitor
  • r-IFNB-1a (Recombinant Human Interferon Beta-1a)

Target Products:

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

Target Products:

  • Indiplon Immediate Release Capsule
  • Indiplon Modified Release Tablet
  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of nervous system and mental disorders in very early stages of research where no human subject is involved.

Buyer Products:

  • MMP-12 Inhibitor
  • Chemokine Inhibitor
  • JNK Inhibitor
  • Osteopontin
  • Recombinant Interleukin-6 (Atexakin Alfa)

Target Products:

  • Adenosine 2A Receptor Antagonists
  • Sleep Program
  • Excitatory Amino Acid Transporters
  • CRF R2 Antagonist
  • MC-4 (Melanin Concentrating Hormone Antagonist)
  • Melanocortin Receptor Agonist
Obstetrics/Gynecology
Female Genital Disorders  
Infertility  
Complications  
Premature Ovulation  
Gonadotropin Releasing Hormone (GnRH) Antagonists
Therapeutics that prevent premature ovulation by blocking the action of gonadotropin releasing hormone, which can stimulate ovulation.

Buyer Products:

  • Cetrotide (Cetrorelix Acetate)
  
Hormonal Treatments  
Gonadotropins
Therapeutics that treat difficulties in conceiving by stimulating sex hormone secretion from the female gonads.

Buyer Products:

  • Luveris (Lutropin alfa)
  • Ovidrel/Ovidrel Pre-Filled Syringe (Choriogonadotropin Alfa)
  
Ovulation Stimulating Agents
Therapeutics that treat infertility by stimulating the ovaries to release a mature egg.

Buyer Products:

  • Serophene (Clomiphene Citrate)
  • Gonal-F (Follitropin Alfa)
  • Gonal-F Pen (Fllitropin Alfa Injection)
  
Progestins
Therapeutics that treat female disorders characterized by the inability to achieve pregnancy or carry a pregnancy to term by increasing progesterone level in the body to induce uteran conditions favorable to conception and pregnancy.

Buyer Products:

  • Crinone (Progesterone Gel)
  
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:

  • Onercept (r-TBP-1)
  • Microencapsulated r-FSH
  • Anastrozole
  • Oxytocin Receptor Antagonist

Target Products:

  • D2 Receptor Agonist
  • NBI-56418 (GnRH Antagonist)
  • NBI-42902 (GnRH Antagonist)
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:

  • Prostanoid FP Receptor Antagonist
  
Oncology
Hematology  
Lymphoma  
Cutaneous T-Cell (CTCL)  
Mycosis Fungoides  
Monoclonal Antibodies
Therapeutics that treat T-cell lymphomas by binding to specific structures on the surface of the tumor and eliciting a reaction, which results in tumor degeneration.

Buyer Products:

  • HuMax-CD4 (Zanolimumab)
  
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:

  • MT201 (Adecatumumab)
  • HuMax-CD4 (Zanolimumab)
  • Type 1 5-Alpha Reductase Inhibitor
  • TACI-Ig

Target Products:

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

  • R763
  
Pain Management  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of pain in very early stages of research where no human subject is involved.

Target Products:

  • Fractalkine
  
Urology
Male Genital Disorders  
Testicular  
Hypogonadism  
Gonadotropins
Therapeutics that treat hypogonadism by providing gonadotropins which stimulate sex hormone secretion from the gonads.

Buyer Products:

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

Target Products:

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

Target Products:

  • MC-4 (Melanin Concentrating Hormone Antagonist)
  
Weight Management
Cachexia  
Growth Hormones
Therapeutics that treat weight loss usually resulting from cancer and/or AIDS treatment by providing a hormone which stimulates body growth and development.

Buyer Products:

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

Buyer Products:

  • PTP 1b Inhibitor
  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of weight disorders in very early stages of research where no human subject is involved.

Buyer Products:

  • PTP 1b Inhibitor

Target Products:

  • MC-4 (Melanin Concentrating Hormone Antagonist)
  • Melanocortin Receptor Antagonist
  • Melanocortin Receptor Agonist
Medical Devices  
Drug Delivery  
Transdermal  
Needle Free Injection Systems
Medical devices which generate a highly-pressurized jet of medication for direct delivery through the skin; also known as jet-injectors

Buyer Products:

  • Rebiject/Rebiject II
  • Cool.click
  • SeroJet
  • one.click
  

- 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 179,521.061 15.19 12.28 3.53 3.54 10.09
Wyeth n/a 65,776.529 17.72 15.66 3.46 3.25 7.34
Eli Lilly & Co. n/a 57,003.803 27.53 16.28 3.84 3.73 4.87
Teva Pharmaceutical Industries Ltd (ADR) n/a 24,262.693 n/a 19.68 4.32 2.88 -38.67
Schering AG (ADR) n/a 20,873.552 25.05 25.69 2.96 n/a 5.77
Biogen Idec Inc n/a 15,803.911 65.79 23.81 6.46 6.14 5.09
Elan Corporation, plc (ADR) n/a 6,801.639 n/a -18.73 13.03 10.07 -10.61
Buyer
  Pfizer Inc. n/a 179,521.061 15.19 12.28 3.53 3.54 10.09
Genentech, Inc. n/a 82,920.440 59.17 44.28 11.58 9.48 13.75
Target
  Pfizer Inc. n/a 179,521.061 15.19 12.28 3.53 3.54 10.09
GlaxoSmithKline plc (ADR) n/a 165,878.661 17.69 17.38 3.93 3.96 18.50
Roche Holding Ltd. (ADR) n/a 139,217.584 30.89 23.81 5.03 4.59 7.93
sanofi-aventis (ADR) n/a 133,880.824 47.13 13.63 3.72 3.79 n/a
Merck & Co., Inc. n/a 74,838.163 15.73 14.38 3.39 3.62 4.33
Wyeth n/a 65,776.529 17.72 15.66 3.46 3.25 7.34
Abbott Laboratories n/a 63,215.948 18.80 16.88 2.86 2.88 13.96
Eli Lilly & Co. n/a 57,003.803 27.53 16.28 3.84 3.73 4.87
Bristol Myers Squibb Co. n/a 47,761.793 14.99 20.69 2.47 2.53 10.22
Teva Pharmaceutical Industries Ltd (ADR) n/a 24,262.693 n/a 19.68 4.32 2.88 -38.67
Schering AG (ADR) n/a 20,873.552 25.05 25.69 2.96 n/a 5.77
Biogen Idec Inc n/a 15,803.911 65.79 23.81 6.46 6.14 5.09
Forest Laboratories, Inc. n/a 12,768.375 18.73 16.73 4.31 4.03 n/a
Serono S.A. (ADR) n/a 10,241.916 15.98 15.03 3.86 3.69 4.86
Elan Corporation, plc (ADR) n/a 6,801.639 n/a -18.73 13.03 10.07 -10.61
King Pharmaceuticals n/a 4,396.073 44.83 12.63 2.33 2.45 4.68

- 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
  Bioject Medical Technologies Inc. 39.00% 19.538 n/a n/a 1.59 n/a 3.03
Rigel Pharmaceuticals, Inc. 14.90% 244.691 n/a -5.20 14.81 9.21 2.36
Vertex Pharmaceuticals Incorporated n/a 3,762.052 n/a -18.68 21.95 17.68 16.15
ZymoGenetics, Inc. n/a 1,307.493 n/a -9.40 34.10 40.38 4.22
Regeneron Pharmaceuticals, Inc. n/a 781.366 n/a -6.58 11.46 12.56 7.64
Ness Technologies, Inc n/a 411.438 18.82 14.70 1.07 0.90 4.72
Phase Forward Incorporated n/a 401.040 99.64 42.59 4.45 3.81 9.47
Vernalis plc (ADR) n/a 264.707 n/a n/a 10.22 n/a -22.81
Columbia Laboratories n/a 208.200 n/a n/a 9.45 n/a -13.74
Caliper Life Sciences Inc. n/a 185.329 n/a -14.64 2.13 1.64 4.55
Micromet Inc. n/a 182.682 n/a -2.20 4.50 194.97 6.90
XOMA Limited n/a 155.447 n/a -5.00 8.32 5.03 -7.52
Axonyx Inc. n/a 54.218 n/a n/a 134.67 n/a 0.93
Owen Mumford Ltd. n/a n/a n/a n/a n/a n/a n/a
Target
  Pfizer Inc. n/a 179,521.061 15.19 12.28 3.53 3.54 10.09
Open Text Corporation (USA) n/a 713.679 393.02 15.40 1.73 1.75 8.73

- Defined by the Company - Defined by Others

Key Customers

  Name Dir Percent Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Buyer
  Roche Holding Ltd. (ADR) n/a 139,217.584 30.89 23.81 5.03 4.59 7.93
Amgen, Inc. n/a 80,316.400 21.39 19.01 6.27 5.67 24.69
Abbott Laboratories n/a 63,215.948 18.80 16.88 2.86 2.88 13.96
Schering AG (ADR) n/a 20,873.552 25.05 25.69 2.96 n/a 5.77
Akzo Nobel N.V. (ADR) n/a 16,396.345 18.81 17.01 1.08 1.05 5.01
Biogen Idec Inc n/a 15,803.911 65.79 23.81 6.46 6.14 5.09
IntegraMed America, Inc. n/a 61.015 33.74 29.93 0.47 0.42 4.25
Target
  Pfizer Inc. 90.80% 179,521.061 15.19 12.28 3.53 3.54 10.09
GlaxoSmithKline plc (ADR) 9.20% 165,878.661 17.69 17.38 3.93 3.96 18.50
Wyeth n/a 65,776.529 17.72 15.66 3.46 3.25 7.34
Eli Lilly & Co. n/a 57,003.803 27.53 16.28 3.84 3.73 4.87
Taisho Pharmaceuticals Co. Ltd. n/a n/a n/a n/a n/a n/a n/a

- Defined by the Company - Defined by Others

Key Partners

  Name Dir Percent Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Overlap
  Pfizer Inc. n/a 179,521.061 15.19 12.28 3.53 3.54 10.09
Buyer
  Pfizer Inc. n/a 179,521.061 15.19 12.28 3.53 3.54 10.09
Roche Holding Ltd. (ADR) n/a 139,217.584 30.89 23.81 5.03 4.59 7.93
sanofi-aventis (ADR) n/a 133,880.824 47.13 13.63 3.72 3.79 n/a
AstraZeneca PLC (ADR) n/a 85,038.416 16.94 14.76 3.49 3.38 8.06
Genentech, Inc. n/a 82,920.440 59.17 44.28 11.58 9.48 13.75
Amgen, Inc. n/a 80,316.400 21.39 19.01 6.27 5.67 24.69
Abbott Laboratories n/a 63,215.948 18.80 16.88 2.86 2.88 13.96
Target
  Pfizer Inc. n/a 179,521.061 15.19 12.28 3.53 3.54 10.09
GlaxoSmithKline plc (ADR) n/a 165,878.661 17.69 17.38 3.93 3.96 18.50
Wyeth n/a 65,776.529 17.72 15.66 3.46 3.25 7.34
Eli Lilly & Co. n/a 57,003.803 27.53 16.28 3.84 3.73 4.87
Biosite Incorporated n/a 819.734 15.51 20.96 2.78 2.61 2.67
DOV Pharmaceutical, Inc. n/a 165.879 n/a -2.70 19.18 10.02 -8.59
Pharmacopeia Drug Discovery, Inc. n/a 78.860 n/a -7.47 3.87 3.76 2.24
Deltagen, Inc. n/a 23.311 n/a n/a 3.48 n/a 2.40
Taisho Pharmaceuticals Co. Ltd. n/a n/a n/a n/a n/a n/a n/a
Almirall Prodesfarma, S.A. n/a n/a n/a n/a n/a n/a n/a
Oregon Health Sciences University n/a n/a n/a n/a n/a n/a n/a
Memorial Sloan-Kettering Cancer Center n/a n/a n/a n/a n/a n/a n/a
University Of Michigan n/a n/a n/a n/a n/a n/a n/a
Wisconsin Alumni Research Foundation n/a n/a n/a n/a n/a n/a n/a
The Salk Institute for Biological Studies n/a n/a n/a n/a n/a n/a n/a
Mount Sinai Medical Center n/a n/a n/a n/a n/a n/a n/a
University of Virginia n/a n/a n/a n/a n/a n/a n/a

- Defined by the Company - Defined by Others

Financials

  Buyer Target Combined Entity
Income Statement
Operating Items
Revenue 2,382.3 102.3 2,484.5
Other Revenue 270.1 29.2 299.4
Total Revenue 2,652.4 131.5 2,783.9
Cost of Revenue 275.2 0.0 275.2
SG&A Expense 859.1 56.1 915.2
Depreciation & Amortization 0.0 0.0 0.0
Research & Development 560.2 108.8 669.0
Interest Expense 0.0 0.0 0.0
Other Operating Expense 267.6 0.0 267.6
Total Expenses 1,962.1 164.8 2,126.9
Operating Income 690.3 -33.3 657.0
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng 49.7 4.1 53.8
Other, Net 19.1 0.0 19.1
Income Before Taxes 759.2 -29.3 729.9
Income Taxes 117.3 0.0 117.3
Income After Taxes 641.9 -29.3 612.6
Minority Interest (IS) -0.3 0.0 -0.3
Net Income - Excl. Xord. Items 641.6 -29.3 612.3
Net Income - Incl. Xord. Items 641.6 -29.3 612.3
Income Avail. to Common 641.6 -29.3 612.3
Share Items
Basic Avg. Shares Outstanding 585.6 37.4 622.9
Basic EPS - Excl. Xord. Items 43.96 -0.78 0.98
Basic EPS - Incl. Xord. Items 1.10 -0.78 0.98
Full Dilution Adjustment 0.0 0.0 0.0
Fully Diluted Shares Outstanding 585.6 37.4 622.9
F.D. EPS - Excl. Xord. Items 1.09 -0.81 0.98
F.D. EPS - Incl. Xord. Items 1.09 -0.81 0.98
Dividends Per Common Share 0.19 0.00 0.19
Balance Sheet
Assets
Cash and Equivalents 839.7 101.5 941.2
ST Investments 427.3 163.0 590.3
Accounts Receivable 416.2 5.9 422.1
Inventory 250.2 0.0 250.2
Other Current Assets 244.4 4.3 248.7
Current Assets 2,177.8 274.7 2,452.5
Accum D&A 0.0 0.0 0.0
PPE, Net 762.9 97.4 860.3
Goodwill & Intangibles 339.9 0.0 339.9
Long Term Investments 637.3 0.0 637.3
Other Assets 0.0 0.0 0.0
Other LT Assets 306.1 105.3 411.4
Total Assets 4,224.0 477.4 4,701.4
Liabilities
Accounts Payable 365.3 0.0 365.3
Payable/Accrued 0.0 16.8 16.8
ST Debt 15.7 0.0 15.7
Curr Port of LTD & Cap Lease Oblg 0.0 5.5 5.5
Other (Current) Liabilities 337.6 10.4 348.0
Current Liab. 718.6 32.8 751.4
LT Debt 672.9 0.0 672.9
Capitalized Lease Obligations 0.0 52.4 52.4
Total LT Debt 672.9 52.4 725.3
Minority Interest (BS) 0.9 0.0 0.9
Deferred Taxes 17.8 0.0 17.8
Other LT Liab. 365.8 8.4 374.2
Total Liabilities 1,776.0 93.6 1,869.5
Shareholders Equity
Common Stock 236.3 0.0 236.4
Additional Paid in Capital 522.8 711.0 1,233.8
Retained Earnings 2,060.9 -326.0 1,734.9
Treasure Stock -370.0 0.0 -370.0
Other Equity -2.0 -1.2 -3.1
Total Equity 2,448.1 383.8 2,831.9
Total Liab. & Equity 4,224.0 477.4 4,701.4
Shares Outstanding 611.1 37.7 648.8
Cash Flow
Operating Cash Flow
CF Net Income 641.9 -29.3 612.6
CF Depreciation 133.9 10.3 144.2
CF Deferred Taxes 0.0 0.0 0.0
Other Non-Cash Items -641.6 -14.1 -655.7
Change in Working Capital -124.9 7.9 -117.1
Total Cash From Operating Activities 9.3 -25.2 -15.9
Investing Cash Flow
Capital Expenditures -247.7 -6.4 -254.2
Other Investing Cash Flows 603.1 64.8 667.9
Total Cash From Investing Activities 355.4 58.4 413.8
Financing Cash Flow
Dividends Paid -110.4 0.0 -110.4
Purchase Or Sale of Stock 37.2 30.1 67.2
Purchase and Retirement of Debt 75.6 -6.5 69.2
Other Financing Cash Flow -8.1 0.1 -8.0
Total Cash From Financing Activities -10.4 23.7 13.3
Exchange Rate Effects -0.7 0.0 -0.7
Net Change in Cash 353.6 56.9 410.5
Cash Taxes Paid 122.6 0.0 122.6
Cash Interest Paid 3.7 4.5 8.2