Summary

Other Scenarios:

Buyer: Gilead Sciences, Inc. (GILD) Last Price: 61.43 Market Cap.: 28.42B
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
Dermatology   6
Digestive System   5
Hematology   4
Immunology 10
Infectious Diseases 32
Neurology   31
Oncology   72
Ophthalmology   5
Respiratory System   6
Transplantation   1
Wound Management   2
Medical Devices   245
Clinical Diagnostics   38
Transfusion Medicine   5
Outsourced Services   69
Development/Manufacturing Services   33
Drug Discovery Services   17

- 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: 14)
  • AmBisome (Amphotericin B)
  • GS 9132
  • Immunostimulatory Sequences Candidate
  • GS 7340 (Non-Nucleotide Reverse Transcriptase Inhibitor)
Target (Total: 42)
  • TOBI (Tobramycin)
  • (Tobi) Inhalable Tobramycin
  • Tifacogin
  • Multivalent (ACYW) Meningococcal Vaccine
Buyer
  • Emtriva (Emtricitabine)
  • Viread (Tenofovir Disoproxil Fumarate)
  • HepSera (Adefovir Dipivoxil)
  • GS 9132
Target
  • Regranex (Beclapermin)
  • Betaseron (Interferon Beta-1b)
  • Proleukin (Aldesleukin)
  • CHIR-12.12 (Anti-CD40)

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 3)
  • Genelabs Technologies (GNLB)
  • Cubist Pharmaceuticals (CBST)
  • Anadys Pharmaceuticals, Inc. (ANDS)
Target (Total: 15)
  • International Business Machines Corp. (IBM)
  • sanofi-aventis (ADR) (SNY)
  • Novartis AG (ADR) (NVS)
  • Amgen, Inc. (AMGN)
Buyer (Total: 5)
  • Cardinal Health, Inc. (CAH)
  • AmerisourceBergen Corp. (ABC)
  • McKesson Corporation (MCK)
  • OSI Pharmaceuticals, Inc. (OSIP)
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 1,900 5,500
Revenue Per Employee 1,286,189.0 447,737.9
Total Revenue 609.3 614.0
Total Expenses 247.2 476.6
Other Revenue 0.0 15.2
Cost of Revenue 74.1 221.1
SG&A Expense 104.3 125.4
Research & Development 68.8 109.3
Other Operating Expense 0.0 7.7
Operating Income 362.0 137.4
Unusual Income 0.0 1.1
Gross Margin % 87.83 63.99
Metric Buyer Target
Operating Margin % 59.42 22.38
Total Assets 3,764.7 4,747.5
Return on Equity % 37.2 18.5
Cash+ ST Inv. Per Share 4.85 3.37
Total Debt 300.9 1,097.2
Curr Portion of LTD/Cap Lease 60.2 49.6
Total Debt to Equity 9.94 36.77
LT Debt to Capital 7.36 25.98
Fwd P/E 29.68 26.49
Fwd P/Rev 11.28 4.31
Book Value 3,027.8 2,984.1

Individual Company Summary

Focused

Buyer

Focused (): *Healthcare > Biopharmaceuticals > Infectious Diseases > Viral

Target

Focused (): *Healthcare > Biopharmaceuticals > Infectious Diseases

Business Description

Buyer

Gilead Sciences, Inc. (Gilead) is a biopharmaceutical company that discovers, develops and commercializes therapeutics to advance the care of patients suffering from life-threatening diseases. Gilead is a multinational company, with revenues from nine approved products and marketing operations in twelve countries. The Company focuses its research and clinical programs on anti-infectives. Gilead markets Viread (tenofovir disoproxil fumarate), Emtriva (emtricitabine) and Truvada (emtricitabine and tenofovir disoproxil fumarate) for the treatment of human immunodeficiency virus (HIV) infection; Hepsera (adefovir dipivoxil) for the treatment of chronic hepatitis B infection; AmBisome (amphotericin B liposome for injection) for the treatment of fungal infection, and Vistide (cidofovir injection) for the treatment of cytomegalovirus (CMV) infection.

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
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.
  
Hematology
The Hematology Subsector includes therapeutics that treat blood-based diseases and disorders.
  
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.
  
Ophthalmology
The Ophthalmology Subsector includes therapeutics that treat eye disorders, infections, inflammations and irritations.
  
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.
  
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.
  
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
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)
  
Digestive System  
Liver Disorders  
Hepatitis  
Hepatitis B  
Chronic  
Reverse Transcriptase Inhibitors (Nucleoside Analogs)
Therapeutics that treat hepatitis by inhibiting the action of reverse transcriptase, an enzyme necessary for DNA synthesis using an RNA template.

Buyer Products:

  • Emtriva (Emtricitabine)
  • Viread (Tenofovir Disoproxil Fumarate)
  • HepSera (Adefovir Dipivoxil)
  
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:

  • GS 9132
  • Immunostimulatory Sequences Candidate
  
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:

  • Protease and Polymerase Inhibitors
  
Hematology  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of hematological disorders in very early stages of research where no human subject is involved.

Buyer Products:

  • Protease and Polymerase Inhibitors
  • Small Molecule Therapeutics
  
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)
  
Immune Deficiency Disorders  
Human Immunodeficiency Virus (HIV)/Acquired Immune Deficiency Syndrome (AIDS)  
Reverse Transcriptase Inhibitors (Nucleoside Analogs)
Therapeutics that help manage HIV by inhibiting the action of reverse transcriptase, an enzyme necessary for the DNA synthesis on a RNA template.

Buyer Products:

  • Truvada (Tenofovir Disoproxil Fumarate/Emtricitabine)
  • Emtriva (Emtricitabine)
  • Viread (Tenofovir Disoproxil Fumarate)
  
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:

  • GS 7340 (Non-Nucleotide Reverse Transcriptase Inhibitor)
  • GS 9137 (HIV Integrase Inhibitor)
  
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:

  • GS 9005 (HIV Protease Inhibitor)
  
Infectious Diseases
Bacterial  
Antibacterial Agents  
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
  
Mycological (Fungal)  
Antifungal Agents  
Broad Spectrum  
Polyene Macrolide Antibiotics
Therapeutics that treat fungal infections by increasing permeability of the cell wall causing leakage of cellular contents.

Buyer Products:

  • AmBisome (Amphotericin B)
  
Narrow Spectrum  
Nervous System  
Cryptococcal Meningitis  
Polyene Macrolide Antibiotics
Therapeutics that treat fungal infections of the lining of the brain and spinal cord by increasing permeability of the cell wall and causing a toxic build up of hydrogen peroxide.

Buyer Products:

  • AmBisome (Amphotericin B)
  
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.

Buyer Products:

  • GS 9132
  • Immunostimulatory Sequences Candidate
  • GS 7340 (Non-Nucleotide Reverse Transcriptase Inhibitor)
  • GS 9137 (HIV Integrase Inhibitor)

Target Products:

  • Multivalent (ACYW) Meningococcal Vaccine
  • PA-824
  • HIV Vaccine
  • Meningococcus B Vaccine
  • Flu Cell Culture Vaccine
  • Hepatitis C (HCV) Vaccine
Protozoal  
Antiprotozoal Agents  
Narrow Spectrum  
Visceral Leishmaniasis  
Polyene Macrolide Antibiotics
Therapeutics that treat infections characterized by Leishmania in macrophages by increasing permeability of the cell wall and causing a toxic build up of hydrogen peroxide.

Buyer Products:

  • AmBisome (Amphotericin B)
  
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.

Buyer Products:

  • Protease and Polymerase Inhibitors
  • GS 9005 (HIV Protease Inhibitor)
  • Tamiflu (Oseltamivir Phosphate)
  • Small Molecule Therapeutics

Target Products:

  • H9N2 Avian Influenza Vaccine
Viral
DNA Viruses  
Hepadnavirus  
Hepatitis B  
Chronic  
Reverse Transcriptase Inhibitors (Nucleoside Analogs)
Therapeutics that treat viral infections characterized by inflammation of the liver for more than six months by blocking enzyme essential for viral DNA synthesis.

Buyer Products:

  • Emtriva (Emtricitabine)
  • HepSera (Adefovir Dipivoxil)
  • Viread (Tenofovir Disoproxil Fumarate)
  
RNA Viruses  
Orthomyxovirus  
Influenza A  
Neuraminidase Inhibitors
Therapeutics that treat viral infections of the respiratory tract caused by Influenza A virus by preventing the release of new viruses from infected cells.

Buyer Products:

  • Tamiflu (Oseltamivir Phosphate)
  
Influenza B  
Neuraminidase Inhibitors
Therapeutics that treat viral infections of the respiratory tract caused by Influenza B virus by preventing the release of new viruses from infected cells.

Buyer Products:

  • Tamiflu (Oseltamivir Phosphate)
  
Retrovirus  
Human Immunodeficiency Virus (HIV)/Acquired Immune Deficiency Syndrome (AIDS)  
Reverse Transcriptase Inhibitors (Nucleoside Analogs)
Therapeutics that help manage HIV by inhibiting the action of reverse transcriptase, an enzyme necessary for the DNA synthesis on a RNA template.

Buyer Products:

  • Truvada (Tenofovir Disoproxil Fumarate/Emtricitabine)
  • Viread (Tenofovir Disoproxil Fumarate)
  • Emtriva (Emtricitabine)
  
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)
  
Neurology  
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)
  
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)
  
Ophthalmology  
Degenerative Disorders  
Retinitis  
AIDS-Related Cytomegalovirus (CMV) Retinitis  
Viral DNA Polymerase Inhibitors
Therapeutics that treat cytomegalovirus (CMV) infections by inhibiting a key enzyme necessary for viral replication.

Buyer Products:

  • Vistide (Cidofovir)
  
Respiratory System  
Lower Respiratory Tract Disorders (Lung Disorders)  
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
  
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:

  • TOBI (Tobramycin)
  
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
  
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
  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
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
Bristol Myers Squibb Co. n/a 47,206.437 15.74 20.03 2.46 2.46 10.57
Schering-Plough Corp. n/a 27,219.124 148.76 34.04 2.86 2.72 3.99
Idenix Pharmaceuticals, Inc. n/a 622.954 n/a -9.06 9.63 5.96 3.01
Hollis-Eden Pharmaceuticals Inc. n/a 140.887 n/a -5.31 34,011.97 1.25 3.62
Buyer
  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
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

- 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
  Genelabs Technologies 25.20% 20.973 n/a n/a 2.35 n/a 4.61
Cubist Pharmaceuticals n/a 1,119.137 n/a -230.00 9.28 5.39 -80.62
Buyer
  Genelabs Technologies 25.20% 20.973 n/a n/a 2.35 n/a 4.61
Cubist Pharmaceuticals n/a 1,119.137 n/a -230.00 9.28 5.39 -80.62
Anadys Pharmaceuticals, Inc. n/a 416.651 n/a -19.82 85.26 30.41 5.28
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
  Cardinal Health, Inc. 17.30% 29,536.578 25.68 22.44 0.38 0.36 8.05
AmerisourceBergen Corp. 10.90% 9,639.970 31.77 22.50 0.17 0.17 5.19
McKesson Corporation 10.20% 15,734.928 19.63 21.87 0.18 0.18 3.98
OSI Pharmaceuticals, Inc. n/a 1,522.398 n/a -95.68 8.74 2.97 124.41
Fujisawa Pharmaceutical Co., Ltd. n/a n/a n/a n/a n/a n/a n/a
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
Overlap
  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
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
Buyer
  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
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

- Defined by the Company - Defined by Others

Financials

  Buyer Target Combined Entity
Income Statement
Operating Items
Revenue 2,028.4 1,888.3 3,916.7
Other Revenue 0.0 31.4 31.4
Total Revenue 2,028.4 1,919.7 3,948.1
Cost of Revenue 260.3 732.1 992.4
SG&A Expense 379.2 501.2 880.4
Depreciation & Amortization 0.0 66.2 66.2
Research & Development 277.7 433.9 711.6
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 917.3 1,769.6 2,686.9
Operating Income 1,111.1 150.1 1,261.2
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng 50.7 -30.6 20.1
Gain/Loss On Sale Of Assets 0.0 -0.3 -0.3
Other, Net 0.0 83.7 83.7
Income Before Taxes 1,161.8 202.9 1,364.7
Income Taxes 347.9 22.4 370.3
Income After Taxes 813.9 180.5 994.4
Net Income - Excl. Xord. Items 813.9 180.5 994.4
Net Income - Incl. Xord. Items 813.9 180.5 994.4
Income Avail. to Common 813.9 180.5 994.4
Share Items
Basic Avg. Shares Outstanding 458.5 190.7 649.2
Basic EPS - Excl. Xord. Items 1.79 0.95 1.53
Basic EPS - Incl. Xord. Items 1.79 0.95 1.53
Full Dilution Adjustment 0.0 1.5 1.5
Fully Diluted Shares Outstanding 479.2 205.0 684.2
F.D. EPS - Excl. Xord. Items 1.71 0.90 1.45
F.D. EPS - Incl. Xord. Items 1.71 0.90 1.45
Balance Sheet
Assets
Cash and Equivalents 707.9 291.4 999.3
ST Investments 1,616.0 400.4 2,016.4
Accounts Receivable 396.1 483.2 879.3
Inventory 216.9 231.7 448.6
Prepayments and Advances 48.4 0.0 48.4
Other Current Assets 106.9 185.1 292.0
Current Assets 3,092.2 1,591.9 4,684.1
PPE 0.0 1,517.9 1,517.9
Accum D&A 0.0 -629.0 -629.0
PPE, Net 242.6 888.8 1,131.4
Goodwill & Intangibles 0.0 1,365.7 1,365.7
Long Term Investments 0.0 780.2 780.2
Note Receivable 0.0 7.1 7.1
Other Assets 0.0 0.0 0.0
Other LT Assets 429.9 113.8 543.7
Total Assets 3,764.7 4,747.5 8,512.1
Liabilities
Accounts Payable 61.1 117.9 178.9
Payable/Accrued 0.0 0.0 0.0
Accrued Expenses 220.0 93.9 313.9
ST Debt 0.0 0.0 0.0
Curr Port of LTD & Cap Lease Oblg 60.2 49.6 109.8
Other (Current) Liabilities 114.1 303.4 417.5
Current Liab. 455.3 564.8 1,020.1
LT Debt 240.6 890.9 1,131.6
Capitalized Lease Obligations 0.0 156.7 156.7
Total LT Debt 240.6 1,047.6 1,288.3
Minority Interest (BS) 8.2 10.8 18.9
Other LT Liab. 32.7 140.2 172.9
Total Liabilities 736.9 1,763.3 2,500.2
Shareholders Equity
Common Stock 0.5 2.0 2.4
Additional Paid in Capital 2,206.2 2,850.5 5,056.8
Retained Earnings 809.6 104.1 913.8
Treasure Stock 0.0 -88.4 -88.4
Other Equity 11.4 115.9 127.4
Total Equity 3,027.8 2,984.1 6,011.9
Total Liab. & Equity 3,764.7 4,747.5 8,512.1
Shares Outstanding 459.7 198.6 658.3
Cash Flow
Operating Cash Flow
CF Net Income 813.9 0.0 813.9
CF Depreciation 25.3 0.0 25.3
CF Amortization 10.5 0.0 10.5
CF Deferred Taxes -53.2 0.0 -53.2
Other Non-Cash Items 179.4 0.0 179.4
Change in Working Capital -260.8 192.0 -68.8
Total Cash From Operating Activities 715.1 192.0 907.1
Investing Cash Flow
Capital Expenditures -48.0 -151.5 -199.5
Other Investing Cash Flows -644.0 -293.5 -937.4
Total Cash From Investing Activities -691.9 -445.0 -1,136.9
Financing Cash Flow
Dividends Paid 0.0 0.0 0.0
Purchase Or Sale of Stock 143.3 363.0 506.3
Purchase and Retirement of Debt 299.8 1.8 301.6
Other Financing Cash Flow -1.2 0.0 -1.2
Total Cash From Financing Activities 441.9 363.8 805.7
Exchange Rate Effects -38.1 -18.1 -56.2
Net Change in Cash 427.0 92.7 519.7
Cash Taxes Paid 151.4 74.4 225.7
Cash Interest Paid 0.1 29.2 29.3