Summary

Other Scenarios:

Buyer: Gilead Sciences, Inc. (GILD) Last Price: 61.09 Market Cap.: 28.24B
Target: Acambis plc (ADR) (ACAM) Last Price: 7.21 Market Cap.: 3.87B

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
*Healthcare 860
Biopharmaceuticals 311
Digestive System   5
Liver Disorders   0
Phase I/Phase II Clinical Stage Products   0
Research/Preclinical Stage Products   0
Hematology   4
Research/Preclinical Stage Products   0
Immunology   10
Immune Deficiency Disorders   0
Phase I/Phase II Clinical Stage Products   0
Research/Preclinical Stage Products   0
Infectious Diseases 33
Bacterial   5
Mycological (Fungal)   0
Phase I/Phase II Clinical Stage Products 0
Protozoal   0
Research/Preclinical Stage Products 0
Viral 8
Ophthalmology   5
Degenerative Disorders   2

- 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)
  • Emtriva (Emtricitabine)
  • HepSera (Adefovir Dipivoxil)
  • Viread (Tenofovir Disoproxil Fumarate)
  • Tamiflu (Oseltamivir Phosphate)
Target (Total: 9)
  • ChimeriVax
  • Vaccinia Immune Globulin (VIG)
  • Smallpox-ACAM2000
  • Arilvax
Buyer
  • Emtriva (Emtricitabine)
  • Viread (Tenofovir Disoproxil Fumarate)
  • HepSera (Adefovir Dipivoxil)
  • GS 9132
Target
  • Berna Products Vivotif (Typhoid Vaccine Live Oral Ty21a)
  • Smallpox-MVA3000
  • C. difficile Vaccine
  • ChimeriVax

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 3)
  • Genelabs Technologies (GNLB)
  • Cubist Pharmaceuticals (CBST)
  • Anadys Pharmaceuticals, Inc. (ANDS)
Target (Total: 2)
  • Baxter International Inc. (BAX)
  • Cangene Corporation
Buyer (Total: 5)
  • Cardinal Health, Inc. (CAH)
  • AmerisourceBergen Corp. (ABC)
  • McKesson Corporation (MCK)
  • OSI Pharmaceuticals, Inc. (OSIP)
Target (Total: 1)
  • Federal Government Agencies (United States)

Key Financial Summary:

Metric Buyer Target
Number of Employees 1,900 270
Revenue Per Employee 1,286,189.0 117,943.6
Total Revenue 609.3 8.0
Total Expenses 247.2 26.8
Other Revenue 0.0 0.0
Cost of Revenue 74.1 9.4
SG&A Expense 104.3 2.4
Research & Development 68.8 15.0
Other Operating Expense 0.0 0.0
Operating Income 362.0 -18.8
Unusual Income 0.0 0.0
Gross Margin % 87.83 -17.39
Metric Buyer Target
Operating Margin % 59.42 -234.78
Total Assets 3,764.7 229.6
Return on Equity % 37.2 -49.33
Cash+ ST Inv. Per Share 4.85 2.39
Total Debt 300.9 8.7
Curr Portion of LTD/Cap Lease 60.2 0.0
Total Debt to Equity 9.94 5.56
LT Debt to Capital 7.36 5.26
Fwd P/E 29.40 n/a
Fwd P/Rev 11.18 n/a
Book Value 3,027.8 156.6

Individual Company Summary

Focused

Buyer

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

Target

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

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

Acambis plc is a biopharmaceutical company operating in the infectious disease arena, with a focus on developing new vaccines. The Company's revenues are principally derived by sales of ACAM2000, the investigational product in its smallpox vaccine franchise, which is being sold to governments, even while it undergoes clinical testing. In addition, revenues also come from sales in North America of an oral typhoid vaccine, Vivotif by its sales and distribution operation, Berna Products Corporation. The majority of Acambis' operations are in the United States, with research and development in Cambridge, Massachusetts; manufacturing in Canton, Massachusetts; a sales and marketing operation in Miami, Florida, and a lyophilisation and fill and finish facility in Rockville, Maryland that the Company acquired in May 2005. During the year ended December 31, 2004, Acambis' customer, the United States Centres for Disease Control and Prevention, accounted for 84% of its revenues.

Product Summary

Sector Buyer Target
*Healthcare
Biopharmaceuticals
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.
Ophthalmology
The Ophthalmology Subsector includes therapeutics that treat eye disorders, infections, inflammations and irritations.
  

- 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
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  
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  
Vaccines  
Bacterial  
Single Target  
Typhoid Fever
Therapeutics that prevent or treat infectious disease by producing or artificially increasing immunity to pathogens that cause typhoid fever.

Target Products:

  • Berna Products Vivotif (Typhoid Vaccine Live Oral Ty21a)
  
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:

  • Smallpox-MVA3000
  • C. difficile Vaccine
  • ChimeriVax
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:

  • Hyperimmune Globulin
  • Influenza Vaccine Program
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  
Japanese Encephalitis
Therapeutics that prevent or treat viral infections characterized by inflammation of the brain by producing or artificially increasing immunity to the Japanese B Encephalitis virus.

Target Products:

  • ChimeriVax
  
Variola (Smallpox)
Therapeutics that prevent or treat viral infections that cause a diffuse and extensive distribution of lesions by producing or artificially increasing immunity to the Variola virus.

Target Products:

  • Vaccinia Immune Globulin (VIG)
  • Smallpox-ACAM2000
  
Yellow Fever
Therapeutics that prevent or treat viral infections characterized by fever and hemorrhage by producing or artificially increasing immunity to the yellow fever virus.

Target Products:

  • Arilvax
  
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)
  

- 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 158,330.716 19.29 18.56 4.17 4.17 28.38
Merck & Co., Inc. n/a 76,007.326 16.54 14.81 3.45 3.62 n/a
Buyer
  Pfizer Inc. n/a 191,895.175 23.84 13.03 3.74 3.73 13.64
GlaxoSmithKline plc (ADR) n/a 158,330.716 19.29 18.56 4.17 4.17 28.38
Roche Holding Ltd. (ADR) n/a 131,799.556 29.24 28.64 4.77 n/a 7.51
Novartis AG (ADR) n/a 114,528.330 21.98 17.37 3.52 3.16 3.47
AstraZeneca PLC (ADR) n/a 78,728.921 16.99 16.99 3.29 3.28 7.23
Merck & Co., Inc. n/a 76,007.326 16.54 14.81 3.45 3.62 n/a
Abbott Laboratories n/a 67,576.455 20.20 16.94 3.03 3.03 15.17
Bristol Myers Squibb Co. n/a 44,823.896 14.94 18.92 2.33 2.30 n/a
Target
  GlaxoSmithKline plc (ADR) n/a 158,330.716 19.29 18.56 4.17 4.17 28.38
sanofi-aventis (ADR) n/a 117,145.313 n/a 11.83 4.03 3.33 n/a
Merck & Co., Inc. n/a 76,007.326 16.54 14.81 3.45 3.62 n/a
Wyeth n/a 65,725.563 17.91 16.16 3.50 3.26 8.34
Baxter International Inc. n/a 24,830.452 25.75 18.74 2.52 2.41 11.02
Solvay SA (ADR) n/a 9,363.535 10.18 n/a 0.96 n/a 2.62
Chiron Corporation n/a 8,548.136 45.11 24.20 4.45 3.95 2.86
Crucell N.V. (ADR) n/a 1,009.493 n/a -33.30 21.91 19.66 6.10
VaxGen, Inc. n/a 334.554 n/a -5.37 23.40 7.53 12.55
Oscient Pharmaceuticals Corporation n/a 147.874 n/a -2.06 8.78 3.14 -1.76
AVANT Immunotherapeutics, Inc. n/a 143.873 n/a n/a 29.58 14.59 7.81
Vical Incorporated n/a 140.636 n/a -5.52 11.72 8.54 1.75
SIGA Technologies, Inc. n/a 25.441 n/a -9.50 3.59 2.81 56.28
DOR BioPharma, Inc. n/a 21.763 n/a n/a 6.80 n/a 14.74
Berna Biotech AG n/a n/a n/a n/a n/a n/a n/a

- Defined by the Company - Defined by Others

Dependent Suppliers

  Name Dir Percent Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Buyer
  Genelabs Technologies 25.20% 32.881 n/a n/a 3.68 n/a 7.23
Cubist Pharmaceuticals n/a 1,327.285 n/a -603.50 11.00 6.19 -95.62
Anadys Pharmaceuticals, Inc. n/a 417.829 n/a -18.89 85.49 30.40 5.29
Target
  Baxter International Inc. n/a 24,830.452 25.75 18.74 2.52 2.41 11.02
Cangene Corporation 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% 30,604.114 26.61 23.09 0.39 0.37 8.34
AmerisourceBergen Corp. 10.90% 9,564.722 31.53 22.55 0.17 0.17 5.14
McKesson Corporation 10.20% 16,494.123 20.57 22.56 0.19 0.18 4.17
OSI Pharmaceuticals, Inc. n/a 1,888.766 n/a -133.21 18.88 3.45 n/a
Fujisawa Pharmaceutical Co., Ltd. n/a n/a n/a n/a n/a n/a n/a
Target
  Federal Government Agencies (United States) 84.00% 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
  Chiron Corporation n/a 8,548.136 45.11 24.20 4.45 3.95 2.86
Buyer
  Pfizer Inc. n/a 191,895.175 23.84 13.03 3.74 3.73 13.64
GlaxoSmithKline plc (ADR) n/a 158,330.716 19.29 18.56 4.17 4.17 28.38
Roche Holding Ltd. (ADR) n/a 131,799.556 29.24 28.64 4.77 n/a 7.51
Bristol Myers Squibb Co. n/a 44,823.896 14.94 18.92 2.33 2.30 n/a
Cardinal Health, Inc. n/a 30,604.114 26.61 23.09 0.39 0.37 8.34
McKesson Corporation n/a 16,494.123 20.57 22.56 0.19 0.18 4.17
AmerisourceBergen Corp. n/a 9,564.722 31.53 22.55 0.17 0.17 5.14
Chiron Corporation n/a 8,548.136 45.11 24.20 4.45 3.95 2.86
OSI Pharmaceuticals, Inc. n/a 1,888.766 n/a -133.21 18.88 3.45 n/a
Medarex, Inc. n/a 1,503.267 n/a -8.85 35.23 36.79 9.35
Anadys Pharmaceuticals, Inc. n/a 417.829 n/a -18.89 85.49 30.40 5.29
Genelabs Technologies n/a 32.881 n/a n/a 3.68 n/a 7.23
Miravant Medical Technologies n/a 4.543 n/a n/a n/a n/a -0.80
Boehringer Ingelheim GmbH n/a n/a n/a n/a n/a n/a n/a
Sumitomo Corporation n/a n/a n/a n/a n/a n/a n/a
Archemix Corporation n/a n/a n/a n/a n/a n/a n/a
Astellas Pharma Inc. n/a n/a n/a n/a n/a n/a n/a
Achillion Pharmaceuticals n/a n/a n/a n/a n/a n/a n/a
Japan Tobacco, Inc. n/a n/a n/a n/a n/a n/a n/a
Target
  sanofi-aventis (ADR) n/a 117,145.313 n/a 11.83 4.03 3.33 n/a
Baxter International Inc. n/a 24,830.452 25.75 18.74 2.52 2.41 11.02
Chiron Corporation n/a 8,548.136 45.11 24.20 4.45 3.95 2.86
Cangene Corporation n/a n/a n/a n/a n/a n/a n/a
Berna Biotech AG 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 2,028.4 69.8 2,098.2
Other Revenue 0.0 0.0 0.0
Total Revenue 2,028.4 69.8 2,098.2
Cost of Revenue 260.3 43.7 304.0
SG&A Expense 379.2 11.3 390.6
Depreciation & Amortization 0.0 0.0 0.0
Research & Development 277.7 53.4 331.2
Interest Expense 0.0 0.0 0.0
Other Operating Expense 0.0 0.0 0.0
Total Expenses 917.3 108.4 1,025.7
Operating Income 1,111.1 -38.6 1,072.5
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng 50.7 0.9 51.6
Other, Net 0.0 0.0 0.0
Income Before Taxes 1,161.8 -32.4 1,129.4
Income Taxes 347.9 -5.6 342.3
Income After Taxes 813.9 -26.8 787.1
Net Income - Excl. Xord. Items 813.9 -26.8 787.1
Net Income - Incl. Xord. Items 813.9 -26.8 787.1
Income Avail. to Common 813.9 -26.8 787.1
Share Items
Basic Avg. Shares Outstanding 458.5 53.6 512.2
Basic EPS - Excl. Xord. Items 1.79 -0.25 1.54
Basic EPS - Incl. Xord. Items 1.79 -0.50 1.54
Full Dilution Adjustment 0.0 0.0 0.0
Fully Diluted Shares Outstanding 479.2 53.6 532.8
F.D. EPS - Excl. Xord. Items 1.71 -0.52 1.48
F.D. EPS - Incl. Xord. Items 1.71 -0.52 1.48
Balance Sheet
Assets
Cash and Equivalents 707.9 103.6 811.5
ST Investments 1,616.0 24.4 1,640.3
Accounts Receivable 396.1 24.9 421.0
Inventory 216.9 6.4 223.3
Prepayments and Advances 48.4 0.0 48.4
Other Current Assets 106.9 0.0 106.9
Current Assets 3,092.2 159.3 3,251.5
Accum D&A 0.0 0.0 0.0
PPE, Net 242.6 36.2 278.8
Goodwill & Intangibles 0.0 34.1 34.1
Other Assets 0.0 0.0 0.0
Other LT Assets 429.9 0.0 429.9
Total Assets 3,764.7 229.6 3,994.2
Liabilities
Accounts Payable 61.1 60.0 121.1
Payable/Accrued 0.0 0.0 0.0
Accrued Expenses 220.0 0.0 220.0
ST Debt 0.0 0.0 0.0
Curr Port of LTD & Cap Lease Oblg 60.2 0.0 60.2
Other (Current) Liabilities 114.1 0.0 114.1
Current Liab. 455.3 60.0 515.4
LT Debt 240.6 8.7 249.4
Total LT Debt 240.6 8.7 249.4
Minority Interest (BS) 8.2 0.0 8.2
Deferred Taxes 0.0 2.8 2.8
Other LT Liab. 32.7 1.4 34.1
Total Liabilities 736.9 72.9 809.8
Shareholders Equity
Common Stock 0.5 18.6 19.1
Additional Paid in Capital 2,206.2 170.6 2,376.8
Retained Earnings 809.6 -32.5 777.1
Other Equity 11.4 0.0 11.4
Total Equity 3,027.8 156.6 3,184.4
Total Liab. & Equity 3,764.7 229.6 3,994.2
Shares Outstanding 459.7 53.6 513.3
Cash Flow
Operating Cash Flow
CF Net Income 813.9 -32.4 781.5
CF Depreciation 25.3 7.5 32.8
CF Amortization 10.5 0.0 10.5
CF Deferred Taxes -53.2 0.0 -53.2
Other Non-Cash Items 179.4 1.0 180.5
Change in Working Capital -260.8 -40.2 -301.0
Total Cash From Operating Activities 715.1 -64.1 651.0
Investing Cash Flow
Capital Expenditures -48.0 -7.1 -55.1
Other Investing Cash Flows -644.0 -2.8 -646.7
Total Cash From Investing Activities -691.9 -9.9 -701.8
Financing Cash Flow
Dividends Paid 0.0 0.0 0.0
Purchase Or Sale of Stock 143.3 2.3 145.5
Purchase and Retirement of Debt 299.8 118.2 418.0
Other Financing Cash Flow -1.2 -45.1 -46.3
Total Cash From Financing Activities 441.9 69.6 511.5
Exchange Rate Effects -38.1 0.0 -38.1
Net Change in Cash 427.0 -4.4 422.7
Cash Taxes Paid 151.4 9.9 161.3
Cash Interest Paid 0.1 6.8 6.9