Summary

Other Scenarios:

Buyer: Forest Laboratories, Inc. (FRX) Last Price: 42.98 Market Cap.: 14.01B
Target: Chiron Corporation (CHIR) Last Price: 47.94 Market Cap.: 9.45B

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
*Healthcare 857
Biopharmaceuticals 314
Medical Devices 245
Outsourced Services   69

- 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: 29)
  • Tiazac (Diltiazem)
  • Bertek Nebivolol
  • Desmoteplase
  • Benicar (Olmesartan Medoxomil)
Target (Total: 42)
  • Regranex (Beclapermin)
  • Betaseron (Interferon Beta-1b)
  • TOBI (Tobramycin)
  • (Tobi) Inhalable Tobramycin
Buyer
  • AeroChamber Series
Target
  • vCJD Immunoassay Kit
  • HTLV-III ELISA
  • HTLV-I/II ELISA
  • HBsAg System 3 ELISA

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 6)
  • Biovail Corporation (USA) (BVF)
  • Mack-Cali Realty Corp. (CLI)
  • Dendrite International, Inc. (DRTE)
  • Phase Forward Incorporated (PFWD)
Target (Total: 15)
  • International Business Machines Corp. (IBM)
  • sanofi-aventis (ADR) (SNY)
  • Novartis AG (ADR) (NVS)
  • Amgen, Inc. (AMGN)
Buyer (Total: 4)
  • McKesson Corporation (MCK)
  • AmerisourceBergen Corp. (ABC)
  • Cardinal Health, Inc. (CAH)
  • Neurobiological Tech. (NTII)
Target (Total: 16)
  • Schering AG (ADR) (SHR)
  • Johnson & Johnson (JNJ)
  • GlaxoSmithKline plc (ADR) (GSK)
  • sanofi-aventis (ADR) (SNY)

Key Financial Summary:

Metric Buyer Target
Number of Employees 5,136 5,500
Revenue Per Employee 591,371.2 447,737.9
Total Revenue 757.8 614.0
Total Expenses 510.8 476.6
Other Revenue 14.6 15.2
Cost of Revenue 165.9 221.1
SG&A Expense 250.7 125.4
Research & Development 94.2 109.3
Other Operating Expense 0.0 7.7
Operating Income 247.0 137.4
Unusual Income 0.0 1.1
Gross Margin % 78.11 63.99
Metric Buyer Target
Operating Margin % 32.6 22.38
Total Assets 3,483.8 4,747.5
Return on Equity % 25.55 18.5
Cash+ ST Inv. Per Share 4.25 3.37
Total Debt 0.0 1,097.2
Curr Portion of LTD/Cap Lease 0.0 49.6
Total Debt to Equity 0 36.77
LT Debt to Capital 0 25.98
Fwd P/E 19.81 26.49
Fwd P/Rev 4.76 4.31
Book Value 3,055.0 2,984.1

Individual Company Summary

Focused

Buyer

Focused (): *Healthcare > Biopharmaceuticals > Neurology

Target

Focused (): *Healthcare > Biopharmaceuticals > Infectious Diseases

Business Description

Buyer

Forest Laboratories, Inc. and its subsidiaries develop, manufacture and sell ethical drug products, which require a physician's prescription, as well as non-prescription pharmaceutical products sold over the counter (OTC). The Company's products in United States consist of branded ethical drug specialties marketed directly or detailed to physicians by the Company's Forest Pharmaceuticals, Forest Therapeutics, Forest Healthcare, Forest Ethicare and Forest Specialty Sales forces. The Company's products include Lexapro, Celexa, Namenda, Benicar, Campral, Combunox, RGH-188, GRC 3886, Desmoteplase, CCR1 Antagonists, Milnacipran, Tiazac and Lercanidipine.

Target

Chiron Corporation is a global biopharmaceutical company. The Company operates in three healthcare three-business units: blood testing, vaccines and biopharmaceuticals. Its Blood Testing is dedicated to preventing the spread of infectious diseases through the development and sale of blood-screening assays and equipment that protect the world's blood supply. Its vaccines segment offers approximately 20 influenza, meningococcal, travel, and pediatric and other vaccines. The biopharmaceuticals segment researches, develops, manufactures and markets a range of therapeutic products for cancer and infectious and pulmonary disease.

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.
  
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.
  
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.
  
Transplantation
The Transplantation Subsectors includes therapeutics that treat rejection and infection associated with tissue transplantation into the human body.
  
Wound Management
The Wound Management Subsector includes therapeutics that treat cuts, abrasions, and burns from trauma or diseases.
  
Medical Devices
Clinical Diagnostics
The Clinical Diagnostics Subsector includes medical devices that analyze human body specimens within a medical setting. These devices, including equipment, biological and chemical reagents are primarily used for the diagnosis of diseases.
  
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.
  
Transfusion Medicine
The Transfusion Medicine Subsector includes medical devices and accessories that prepare or implement blood transfusion.
  
Outsourced Services  
Development/Manufacturing Services
The Development/Manufacturing Services Subsector includes companies that provide research, development, manufacturing, sales and marketing to biopharmaceutical and medical device companies.
  
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  
Heart Disorders  
Angina  
Calcium Channel Blocking Agents
Therapeutics that treat chest pains by preventing the entry of calcium into heart muscle cells.

Buyer Products:

  • Tiazac (Diltiazem)
  
Heart Failure (HF)  
Beta Adrenergic Receptor Blocking Agents (Beta Blockers)
Therapeutics that treat the ineffective pumping of the heart by blocking beta adrenergic receptors of the heart muscle.

Buyer Products:

  • Bertek Nebivolol
  
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:

  • Desmoteplase
  
Vascular Disorders  
Hypertension  
Angiotensin II Receptor Antagonists
Therapeutics that treat high blood pressure by blocking the angiotensin II receptor.

Buyer Products:

  • Benicar (Olmesartan Medoxomil)
  
Angiotensin II Receptor Antagonists/Thiazide Diuretic Agents
Therapeutics that treat high blood pressure by blocking the angiotensin II receptor and increasing the excretion of sodium ions, potassium ions, and water through urine.

Buyer Products:

  • Benicar HCT (Olmesartan Medoxomil/Hydrochlorothiazide)
  
Beta Adrenergic Receptor Blocking Agents (Beta Blockers)
Therapeutics that treat high blood pressure by blocking the beta adrenergic receptors of the heart muscle.

Buyer Products:

  • Bertek Nebivolol
  
Calcium Channel Blocking Agents
Therapeutics that treat high blood pressure by blocking the beta adrenergic receptors of the heart muscle and increasing the excretion of sodium ions, potassium ions, and water through urine.

Buyer Products:

  • Tiazac (Diltiazem)
  
Dermatology  
Ulcers  
Diabetic Foot  
Platelet Derived Growth Factors (PDGF)
Therapeutics that treat foot ulcers by promoting the recruitment of cells involved in tissue repair and also enhancing the formation of granulation tissue.

Target Products:

  • Regranex (Beclapermin)
  
Endocrinology/Metabolism  
Thyroid Gland Disorders  
Hypothyroidism  
Thyroid Hormones
Therapeutics that treat a deficiency in thyroid activity by supplementing thyroid hormones.

Buyer Products:

  • Armour Thyroid (Thyroid Tablets)
  • Thyrolar (Liotrix)
  • Levothroid (Levothyroxin Sodium)
  
Immunology
Autoimmune Disorders  
Multiple Sclerosis (MS)  
Interferons
Therapeutics that treat multiple sclerosis with a recombinant human protein that downregulates the antibody response of the immune system.

Target Products:

  • Betaseron (Interferon Beta-1b)
  
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:

  • CCR1 (Chemokine Receptor) Program
  
Infectious Diseases
Bacterial
Antibacterial Agents
Broad Spectrum  
Antibiotics  
Carbapenems
Therapeutics that treat a wide variety of infections by inhibiting bacterial cell wall synthesis.

Buyer Products:

  • Faropenem Medoxomil
  
Narrow Spectrum  
Respiratory System  
Cystic Fibrosis/Pseudomonas Aeruginosa  
Aminoglycosides
Therapeutics that treat a generalized genetic disorder characterized by excess mucous production in the lungs that leads to severe respiratory infection by inhibiting bacterial protein synthesis.

Target Products:

  • TOBI (Tobramycin)
  • (Tobi) Inhalable Tobramycin
  
Pneumonia  
Tissue Factor Pathway Inhibitor (TFPI)
Therapeutics that treat pneumonia by blocking a key step in blood coagulation.

Target Products:

  • Tifacogin
  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of infectious diseases in early stages of clinical research where human subject is involved.

Target Products:

  • Multivalent (ACYW) Meningococcal Vaccine
  • PA-824
  • HIV Vaccine
  • Meningococcus B Vaccine
  • Flu Cell Culture Vaccine
  • Hepatitis C (HCV) Vaccine
  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of infectious diseases in very early stages of research where no human subject is involved.

Target Products:

  • H9N2 Avian Influenza Vaccine
  
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:

  • Flumadine (Rimantadine Hydrochloride)
  
Vaccines  
Viral  
Single Target  
Influenza (Flu)
Therapeutics that prevent or treat viral infections of the respiratory tract by producing or artificially increasing immunity to the Influenza virus.

Target Products:

  • Fluvirin (Triple Antigen Flu Vaccine)
  
Rabies
Therapeutics that prevent or treat viral infections that infect brain cells by producing or artificially increasing immunity to the rabies virus.

Target Products:

  • RabAvert (Rabies Vaccine)
  
Musculoskeletal System  
Skeletal Disorders  
Joint Disorders  
Fibromyalgia Syndrome (FMS)  
Serotonin/Norepinephrine Reuptake Inhibitors
Therapeutics that treat Fibromyalgia Syndrome by preventing reuptake of serotonin and norepinephrine.

Buyer Products:

  • Milnacipran
  
Neurology
Neurological Disorders  
Alzheimer`s Disease  
N-Methyl-D-Aspartate (NMDA) Receptor Antagonists
Therapeutics that treat the disorders involving the progressive degeneration and death of brain cells by preventing the actions of an amino acid neurotransmitter, N-Methyl-D-Aspartate.

Buyer Products:

  • Namenda (Memantine)
  • Neramexane
  
Neuromuscular Disorders  
Multiple Sclerosis (MS)  
Interferons
Therapeutics that treat multiple sclerosis with a recombinant human protein that down regulates the antibody response of the immune system.

Target Products:

  • Betaseron (Interferon Beta-1b)
  
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:

  • RGH-188 (Dopamine Receptor Agonist)
  • Namenda (Memantine)
  
Psychiatric Disorders  
Anxiety  
Generalized Anxiety Disorder (GAD)  
Selective Serotonin Reuptake Inhibitors (SSRI)
Therapeutics that treat anxiety by selectively preventing the removal of serotonin.

Buyer Products:

  • Lexapro (Escitalopram Oxalate)
  
Panic Disorder  
Selective Serotonin Reuptake Inhibitors (SSRI)
Therapeutics that treat panic disorder by selectively preventing the removal of serotonin.

Buyer Products:

  • Lexapro (Escitalopram Oxalate)
  
Social Anxiety Disorder (SAD)  
Selective Serotonin Reuptake Inhibitors (SSRI)
Therapeutics that treat Social Anxiety Disorder by selectively preventing the removal of serotonin.

Buyer Products:

  • Lexapro (Escitalopram Oxalate)
  
Mood Disorders  
Depression  
Selective Serotonin Reuptake Inhibitors (SSRI)
Therapeutics that treat depression by selectively preventing the removal of serotonin.

Buyer Products:

  • Celexa (Citalopram Hydrobromide)
  • Lexapro (Escitalopram Oxalate)
  
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:

  • mGLUR1/5 Compounds
  
Obstetrics/Gynecology  
Child Birth/Pregnancy  
Induction/Cervical Ripening  
Prostaglandins
Therapeutics that induce contractions by acting directly on the myometrium thus stimulating myometrial contractions in the uterus.

Buyer Products:

  • Cervidil Vaginal Insert (Dinoprostone)
  
Oncology  
Dermatology  
Malignant Melanoma  
Interleukins  
Interleukin-2 (IL-2)
Therapeutics that treat and manage skin cancers that have spread beyond their original tumor site by providing a naturally occurring protein that stimulates the immune system.

Target Products:

  • Proleukin (Aldesleukin)
  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment and management of cancer in early stages of clinical research where human subject is involved.

Target Products:

  • CHIR-12.12 (Anti-CD40)
  • CHIR-258
  • CHIR-265
  • Proleukin (Aldesleukin)
  
Urology  
Kidney Cancer (Renal Cell Carcinoma)  
Metastatic  
Interleukins  
Interleukin-2 (IL-2)
Therapeutics that treat and manage renal cancers that have spread beyond their original tumor site by providing a naturally occurring protein that stimulates the immune system.

Target Products:

  • Proleukin (Aldesleukin)
  
Pain Management  
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:

  • Combunox (Oxycodone/Ibuprofen)
  
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:

  • Namenda (Memantine)
  
Respiratory System
Lower Respiratory Tract Disorders (Lung Disorders)
Asthma  
Prophylactic Treatments  
Steroidal Anti-Inflammatory Drugs (SAID)
Therapeutics that treat asthma by reducing inflammation in the lung passages with steroids.

Buyer Products:

  • Aerospan (Flunisolide Hydrofluoroalkane)
  • Aerobid (Flunisolide)
  
Chronic Obstructive Pulmonary Disease (COPD)  
Prophylactic Treatments  
Anticholinergic Agents
Therapeutics that block the actions of choline and other cholinergic agents.

Buyer Products:

  • LAS34273
  
Cystic Fibrosis (CF)  
Complications  
Bacterial Infections  
Antibacterial Agents (Antibiotics)  
Aminoglycosides
Therapeutics that treat bacterial infections of the lung resulting as a complication of cystic fibrosis by interfering with RNA, thus leading to inhibition of protein synthesis.

Target Products:

  • TOBI (Tobramycin)
  • (Tobi) Inhalable Tobramycin
  
Respiratory Distress Syndrome (RDS)  
Surfactants
Therapeutics that treat RDS by modifying alveolar surface tension and thereby stabilizing the alveoli.

Buyer Products:

  • Infasurf (Calfactant)
  
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:

  • RGH-896 (Selective NR2B Antagonist)

Target Products:

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

Buyer Products:

  • GRC 3886
  
Upper Respiratory Tract Disorders  
Coughs/Colds  
Antitussives
Therapeutics that relieve or prevent coughs.

Buyer Products:

  • Tessalon (Benzonatate)
  
Toxicology  
Substance Abuse  
Withdrawal  
Alcohol  
Gamma-Aminobutyric Acid (GABA) Receptor Agonists
Therapeutics that treat alcohol withdrawal by increasing the effect of GABA at the relevant neuroreceptors.

Buyer Products:

  • Campral (Acamprosate)
  
Transplantation  
Lung  
Rejection Prophylaxis  
Immunosuppressants
Therapeutics that manage and suppress the response of the immune system to foreign tissue.

Target Products:

  • Pulminiq (Aerosolized Cyclosporine)
  
Wound Management  
Ulcers  
Diabetic Foot  
Platelet Derived Growth Factors (PDGF)
Therapeutics that treat foot ulcers by promoting the recruitment of cells involved in tissue repair and also enhancing the formation of granulation tissue.

Target Products:

  • Regranex (Beclapermin)
  
Medical Devices
Clinical Diagnostics  
Immunoassays  
Reagents  
Test Kits  
Special/Immuno Chemistry  
Creutzfeldt-Jakob Disease (Mad Cow Disease)
Immunoassay test kits which help diagnose Creutzfeldt-Jakob Disease (Mad Cow Disease).

Target Products:

  • vCJD Immunoassay Kit
  
Viral  
HTLV I/II/III
Immunoassay kit which tests for the presence of infectious disease or previous infection caused by the HTLV I, II and III viruses.

Target Products:

  • HTLV-III ELISA
  • HTLV-I/II ELISA
  
Hepatitis
Immunoassay kits which tests for current or previous infection caused by Hepatitis viruses.

Target Products:

  • HBsAg System 3 ELISA
  • HCV 3.0 ELISA
  • HBCore ELISA
  • HCV Ag ELISA 2.0
  • HBsAg System 2 ELISA
  • Anti HBS ECi
  • RIBA HCV 3.0 SIA
  • Anti HCV ECi
  • HBsAg ECi
  
Human Immunodeficiency Virus (HIV)  
Serum  
EIA
Immunoassay kit which tests for the presence of infectious disease caused by the Human Immunodeficiency Virus in serum or plasma using EIA methodologies.

Target Products:

  • HIV-1/2 ELISA
  • RIBA HIV-1/HIV-2 SIA
  
Microbiology  
Genetic Probes/PCR  
Automated Analyzers
Analyzers designed for genetic probe assays.

Target Products:

  • Procleix Optiva System
  • Procleix System
  • Procleix Tigris System
  
Reagents  
Viral  
Hepatitis B Virus
Genetic probes for detection and/or quantitation of HBV.

Target Products:

  • Procleix Ultrio Assay
  
Hepatitis C Virus
Genetic probes for detection and/or quantitation of HCV.

Target Products:

  • Procleix HIV-1/HCV Assay
  • Procleix Ultrio Assay
  
Human Immunodeficiency Virus (HIV)
Genetic probes for detection and quantification of HIV.

Target Products:

  • Procleix HIV-1/HCV Assay
  • Procleix Ultrio Assay
  
West Nile Virus
Genetic probe for detection and/or quantitation of West Nile Virus.

Target Products:

  • Procleix West Nile Virus Assay
  
Drug Delivery  
Pulmonary Delivery  
Aerosol Therapy  
Vapor Therapy  
Accessories
Auxiliary medical devices designed to assist in the pulmonary delivery of metered dose of medication

Buyer Products:

  • AeroChamber Series
  
Transfusion Medicine  
Immunohematology  
Blood Conversion System
Devices that convert blood group A or B to O to facilitate transfusion procedures.

Target Products:

  • A-ECO Blood System
  
Outsourced Services  
Development/Manufacturing Services  
Contract Manufacturing Organizations (CMO)  
Pharmaceuticals  
Biologics
Active Ingredient Contract Manufacturing Organizations (CMO) that manufacture antibodies, proteins, and genetic materials.

Target Products:

  • Contract Manufacturing Services
  
Drug Discovery Services  
Target Discovery/Validation  
Services
Drug discovery services that discover and validate drug targets for the development of novel biopharmaceutical drugs.

Target Products:

  • Sagres Discovery Oncogenome
  

- 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 152,087.937 18.72 17.97 4.05 4.03 27.09
Teva Pharmaceutical Industries Ltd (ADR) n/a 25,827.609 24.04 20.59 4.92 3.15 8.81
Buyer
  GlaxoSmithKline plc (ADR) n/a 152,087.937 18.72 17.97 4.05 4.03 27.09
Teva Pharmaceutical Industries Ltd (ADR) n/a 25,827.609 24.04 20.59 4.92 3.15 8.81
Target
  Pfizer Inc. n/a 180,093.387 22.38 12.19 3.51 3.48 12.80
GlaxoSmithKline plc (ADR) n/a 152,087.937 18.72 17.97 4.05 4.03 27.09
Roche Holding Ltd. (ADR) n/a 128,694.321 28.56 28.26 4.65 4.23 7.33
sanofi-aventis (ADR) n/a 127,939.289 n/a 13.23 4.40 3.65 5.96
Merck & Co., Inc. n/a 74,228.204 16.16 14.38 3.37 3.57 4.55
Abbott Laboratories n/a 63,852.982 19.09 16.40 2.86 2.90 14.33
Wyeth n/a 62,226.960 16.96 15.25 3.32 3.09 7.90
Eli Lilly & Co. n/a 60,194.193 30.36 17.02 4.11 3.86 5.58
Bristol Myers Squibb Co. n/a 47,206.437 15.74 20.03 2.46 2.46 10.57
Bayer AG (ADR) n/a 29,666.486 15.67 n/a 0.91 0.95 7.23
Schering-Plough Corp. n/a 27,219.124 148.76 34.04 2.86 2.72 3.99
Teva Pharmaceutical Industries Ltd (ADR) n/a 25,827.609 24.04 20.59 4.92 3.15 8.81
Baxter International Inc. n/a 24,024.789 24.91 17.89 2.44 2.32 10.66
Biogen Idec Inc n/a 15,498.211 95.77 22.41 6.40 5.82 5.54
Celgene Corporation n/a 13,095.053 237.30 99.89 24.39 16.51 25.93
Serono S.A. (ADR) n/a 9,160.606 n/a 17.05 3.54 3.46 5.01
MedImmune, Inc. n/a 8,851.607 n/a 91.18 7.12 6.47 7.10
Elan Corporation, plc (ADR) n/a 6,201.242 n/a -17.63 12.65 10.06 -9.56
Crucell N.V. (ADR) n/a 1,063.780 n/a n/a 23.09 20.76 6.43
Digene Corporation n/a 813.463 409.40 55.52 6.14 5.50 5.49
Idenix Pharmaceuticals, Inc. n/a 622.954 n/a -9.06 9.63 5.96 3.01

- 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
Overlap
  Phase Forward Incorporated n/a 384.718 109.91 39.21 4.42 3.81 10.08
Buyer
  Biovail Corporation (USA) n/a 4,072.681 17.20 11.24 4.35 3.94 19.41
Mack-Cali Realty Corp. n/a 2,691.696 23.40 12.68 4.18 4.15 n/a
Dendrite International, Inc. n/a 577.947 26.29 30.16 1.32 1.36 4.26
Phase Forward Incorporated n/a 384.718 109.91 39.21 4.42 3.81 10.08
PHC, Inc. n/a 38.362 13.85 n/a 1.08 n/a 7.53
H. Lundbeck A/S n/a n/a n/a n/a n/a n/a n/a
Target
  International Business Machines Corp. n/a 128,488.325 16.37 14.13 1.41 1.41 5.84
sanofi-aventis (ADR) n/a 127,939.289 n/a 13.23 4.40 3.65 5.96
Novartis AG (ADR) n/a 115,962.020 22.25 18.00 3.57 3.25 3.52
Amgen, Inc. n/a 82,623.807 22.71 19.41 6.65 5.80 13.30
Baxter International Inc. n/a 24,024.789 24.91 17.89 2.44 2.32 10.66
Schering AG (ADR) n/a 19,731.499 26.52 24.44 3.09 n/a 6.39
Gen-Probe Incorporated n/a 2,718.419 45.10 51.86 8.88 8.11 6.67
Cubist Pharmaceuticals n/a 1,119.137 n/a -230.00 9.28 5.39 -80.62
Crucell N.V. (ADR) n/a 1,063.780 n/a n/a 23.09 20.76 6.43
Sirna Therapeutics, Inc. n/a 447.674 n/a -24.70 91.43 24.87 11.30
Phase Forward Incorporated n/a 384.718 109.91 39.21 4.42 3.81 10.08
Active Power, Inc. n/a 254.037 n/a n/a 14.28 n/a 4.69
Insightful Corporation n/a 34.117 17.21 n/a 1.53 n/a 3.94
Genelabs Technologies n/a 20.973 n/a n/a 2.35 n/a 4.61
Boehringer Ingelheim GmbH 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
Buyer
  McKesson Corporation 33.00% 15,734.928 19.63 21.87 0.18 0.18 3.98
AmerisourceBergen Corp. 28.00% 9,639.970 31.77 22.50 0.17 0.17 5.19
Cardinal Health, Inc. 25.00% 29,536.578 25.68 22.44 0.38 0.36 8.05
Neurobiological Tech. n/a 105.783 n/a -6.41 19.96 18.56 -29.90
Target
  Schering AG (ADR) 10.60% 19,731.499 26.52 24.44 3.09 n/a 6.39
Johnson & Johnson n/a 172,344.164 16.61 15.65 3.41 3.24 6.71
GlaxoSmithKline plc (ADR) n/a 152,087.937 18.72 17.97 4.05 4.03 27.09
sanofi-aventis (ADR) n/a 127,939.289 n/a 13.23 4.40 3.65 5.96
Merck & Co., Inc. n/a 74,228.204 16.16 14.38 3.37 3.57 4.55
Abbott Laboratories n/a 63,852.982 19.09 16.40 2.86 2.90 14.33
Medco Health Solutions Inc. n/a 17,090.882 26.76 21.37 0.45 0.40 -97.33
Henry Schein, Inc. n/a 4,054.789 26.77 21.80 0.87 0.78 8.46
Gen-Probe Incorporated n/a 2,718.419 45.10 51.86 8.88 8.11 6.67
PSS World Medical, Inc. n/a 1,231.781 29.34 28.05 0.77 0.76 6.85
Cubist Pharmaceuticals n/a 1,119.137 n/a -230.00 9.28 5.39 -80.62
Nabi Biopharmaceuticals n/a 344.009 n/a -12.57 3.18 2.70 4.12
National Health Service (United Kingdom) n/a n/a n/a n/a n/a n/a n/a
The American Red Cross n/a n/a n/a n/a n/a n/a n/a
Government of New Zealand n/a n/a n/a n/a n/a n/a n/a
United Nations 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
Buyer
  Mylan Laboratories Inc. n/a 4,719.175 32.05 23.85 3.78 3.81 8.62
Biovail Corporation (USA) n/a 4,072.681 17.20 11.24 4.35 3.94 19.41
Target
  Pfizer Inc. n/a 180,093.387 22.38 12.19 3.51 3.48 12.80
Johnson & Johnson n/a 172,344.164 16.61 15.65 3.41 3.24 6.71
GlaxoSmithKline plc (ADR) n/a 152,087.937 18.72 17.97 4.05 4.03 27.09
Roche Holding Ltd. (ADR) n/a 128,694.321 28.56 28.26 4.65 4.23 7.33
International Business Machines Corp. n/a 128,488.325 16.37 14.13 1.41 1.41 5.84
sanofi-aventis (ADR) n/a 127,939.289 n/a 13.23 4.40 3.65 5.96
Novartis AG (ADR) n/a 115,962.020 22.25 18.00 3.57 3.25 3.52
Amgen, Inc. n/a 82,623.807 22.71 19.41 6.65 5.80 13.30
Merck & Co., Inc. n/a 74,228.204 16.16 14.38 3.37 3.57 4.55
Abbott Laboratories n/a 63,852.982 19.09 16.40 2.86 2.90 14.33
Bayer AG (ADR) n/a 29,666.486 15.67 n/a 0.91 0.95 7.23
Gilead Sciences, Inc. n/a 28,422.599 34.59 29.68 14.01 11.28 9.39
Baxter International Inc. n/a 24,024.789 24.91 17.89 2.44 2.32 10.66
Novo Nordisk A/S (ADR) n/a 20,193.337 21.79 21.81 3.74 n/a 4.65
Schering AG (ADR) n/a 19,731.499 26.52 24.44 3.09 n/a 6.39
Medco Health Solutions Inc. n/a 17,090.882 26.76 21.37 0.45 0.40 -97.33
MedImmune, Inc. n/a 8,851.607 n/a 91.18 7.12 6.47 7.10
Henry Schein, Inc. n/a 4,054.789 26.77 21.80 0.87 0.78 8.46
Dade Behring Holdings, Inc. n/a 2,922.525 23.86 21.95 1.76 1.69 8.04
Gen-Probe Incorporated n/a 2,718.419 45.10 51.86 8.88 8.11 6.67
Nektar Therapeutics n/a 1,871.131 n/a -16.29 14.82 11.15 7.96
Bio-Rad Laboratories, Inc. n/a 1,647.674 20.10 19.90 1.40 1.33 3.19
PSS World Medical, Inc. n/a 1,231.781 29.34 28.05 0.77 0.76 6.85

- Defined by the Company - Defined by Others

Financials

  Buyer Target Combined Entity
Income Statement
Operating Items
Revenue 2,808.7 1,888.3 4,697.0
Other Revenue 50.6 31.4 82.0
Total Revenue 2,859.3 1,919.7 4,779.0
Cost of Revenue 625.3 732.1 1,357.4
SG&A Expense 1,038.9 501.2 1,540.1
Depreciation & Amortization 0.0 66.2 66.2
Research & Development 277.8 433.9 711.7
Interest Expense 0.0 0.0 0.0
Other Operating Expense 0.0 20.5 20.5
Unusual Expense (Income) 0.0 15.7 15.7
Total Expenses 1,942.1 1,769.6 3,711.6
Operating Income 917.2 150.1 1,067.4
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng 0.0 -30.6 -30.6
Gain/Loss On Sale Of Assets 0.0 -0.3 -0.3
Other, Net 0.0 83.7 83.7
Income Before Taxes 917.2 202.9 1,120.1
Income Taxes 247.9 22.4 270.3
Income After Taxes 669.4 180.5 849.8
Net Income - Excl. Xord. Items 669.4 180.5 849.8
Net Income - Incl. Xord. Items 669.4 180.5 849.8
Income Avail. to Common 669.4 180.5 849.8
Share Items
Basic Avg. Shares Outstanding 336.9 190.7 527.6
Basic EPS - Excl. Xord. Items 1.96 0.95 1.61
Basic EPS - Incl. Xord. Items 1.96 0.95 1.61
Full Dilution Adjustment 0.0 1.5 1.5
Fully Diluted Shares Outstanding 340.7 205.0 545.7
F.D. EPS - Excl. Xord. Items 1.94 0.90 1.56
F.D. EPS - Incl. Xord. Items 1.94 0.90 1.56
Balance Sheet
Assets
Cash and Equivalents 892.5 291.4 1,184.0
ST Investments 555.3 400.4 955.7
Accounts Receivable 332.7 483.2 815.9
Inventory 655.7 231.7 887.4
Other Current Assets 196.2 185.1 381.3
Current Assets 2,632.4 1,591.9 4,224.3
PPE 526.4 1,517.9 2,044.3
Accum D&A -154.8 -629.0 -783.8
PPE, Net 371.7 888.8 1,260.5
Goodwill & Intangibles 238.9 1,365.7 1,604.7
Long Term Investments 230.7 780.2 1,010.9
Note Receivable 0.0 7.1 7.1
Other Assets 0.0 0.0 0.0
Other LT Assets 10.0 113.8 123.8
Total Assets 3,483.8 4,747.5 8,231.3
Liabilities
Accounts Payable 172.1 117.9 290.0
Payable/Accrued 0.0 0.0 0.0
Accrued Expenses 234.2 93.9 328.2
ST Debt 0.0 0.0 0.0
Curr Port of LTD & Cap Lease Oblg 0.0 49.6 49.6
Other (Current) Liabilities 14.5 303.4 317.9
Current Liab. 420.9 564.8 985.6
LT Debt 0.0 890.9 890.9
Capitalized Lease Obligations 0.0 156.7 156.7
Total LT Debt 0.0 1,047.6 1,047.6
Minority Interest (BS) 0.0 10.8 10.8
Deferred Taxes 7.9 0.0 7.9
Other LT Liab. 0.0 140.2 140.2
Total Liabilities 428.8 1,763.3 2,192.1
Shareholders Equity
Common Stock 41.1 2.0 43.1
Additional Paid in Capital 1,002.9 2,850.5 3,853.4
Retained Earnings 4,111.4 104.1 4,215.5
Treasure Stock -2,102.3 -88.4 -2,190.7
Other Equity 1.9 115.9 117.8
Total Equity 3,055.0 2,984.1 6,039.1
Total Liab. & Equity 3,483.8 4,747.5 8,231.3
Shares Outstanding 330.9 198.6 529.5
Cash Flow
Operating Cash Flow
CF Net Income 669.4 0.0 669.4
CF Depreciation 35.0 0.0 35.0
CF Amortization 49.5 0.0 49.5
CF Deferred Taxes 34.9 0.0 34.9
Other Non-Cash Items 18.4 0.0 18.4
Change in Working Capital -213.4 192.0 -21.4
Total Cash From Operating Activities 593.9 192.0 785.9
Investing Cash Flow
Capital Expenditures -72.9 -151.5 -224.4
Other Investing Cash Flows -74.2 -293.5 -367.6
Total Cash From Investing Activities -147.1 -445.0 -592.1
Financing Cash Flow
Dividends Paid 0.0 0.0 0.0
Purchase Or Sale of Stock -1,052.7 363.0 -689.7
Purchase and Retirement of Debt 0.0 1.8 1.8
Other Financing Cash Flow 0.0 0.0 0.0
Total Cash From Financing Activities -1,052.7 363.8 -688.9
Exchange Rate Effects -13.8 -18.1 -31.9
Net Change in Cash -619.6 92.7 -526.9
Cash Taxes Paid 283.6 74.4 358.0
Cash Interest Paid 0.0 29.2 29.2