Summary

Other Scenarios:

Buyer: Gilead Sciences, Inc. (GILD) Last Price: 55.54 Market Cap.: 25.27B
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

- 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.

Sample Products in Similar Lines of Business

Sample Products in Complementary Lines of Business
Buyer (Total: 15)
  • Emtriva (Emtricitabine)
  • Viread (Tenofovir Disoproxil Fumarate)
  • HepSera (Adefovir Dipivoxil)
  • GS 9132
Target (Total: 21)
  • Urocortin 2
  • CRF R1 Antagonist
  • NBI-6024 (Altered Peptide Ligand)
  • NBI-5788 (Altered Peptide Ligand)
Buyer

n/a
Target

n/a

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 2)
  • Genelabs Technologies (GNLB)
  • Anadys Pharmaceuticals, Inc. (ANDS)
Target (Total: 2)
  • Pfizer Inc. (PFE)
  • Open Text Corporation (USA) (OTEX)
Buyer (Total: 4)
  • Cardinal Health, Inc. (CAH)
  • McKesson Corporation (MCK)
  • AmerisourceBergen Corp. (ABC)
  • OSI Pharmaceuticals, Inc. (OSIP)
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 1,900 564
Revenue Per Employee 1,462,698.0 139,496.5
Total Revenue 692.9 19.5
Total Expenses 321.2 47.1
Other Revenue 0.0 8.2
Cost of Revenue 90.4 0.0
SG&A Expense 142.5 19.3
Research & Development 88.4 27.7
Other Operating Expense 0.0 0.0
Operating Income 371.7 -27.6
Unusual Income 0.0 0.0
Gross Margin % 86.96 100
Metric Buyer Target
Operating Margin % 53.64 -141.68
Total Assets 4,036.5 477.4
Return on Equity % 31.71 -27.6
Cash+ ST Inv. Per Share 5.27 7.08
Total Debt 244.8 57.9
Curr Portion of LTD/Cap Lease 60.4 5.5
Total Debt to Equity 7.22 15.1
LT Debt to Capital 5.16 12.01
Fwd P/E 26.08 76.40
Fwd P/Rev 9.65 9.57
Book Value 3,388.4 383.8

Individual Company Summary

Focused

Buyer

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

Target

Focused (): *Healthcare > Biopharmaceuticals > Neurology

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

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.
  
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.
  
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.
  
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.
  
Ophthalmology
The Ophthalmology Subsector includes therapeutics that treat eye disorders, infections, inflammations and irritations.
  
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.
  

- 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
  
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

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.

Target Products:

  • NBI-6024 (Altered Peptide Ligand)
  
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)  
Nucleoside Reverse Transcriptase Inhibitors (NRTI)
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)
  
Nucleoside and Non-Nucleoside Reverse Transcriptase Inhibitors (NRTI/NNRTI)
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:

  • Sustiva/Truvada Therapy (Efavirenz/Emtricitabine/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)

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:

  • GS 9005 (HIV Protease Inhibitor)

Target Products:

  • CCR7
Infectious Diseases  
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)
  
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
  
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)  
Nucleoside Reverse Transcriptase Inhibitors (NRTI)
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)
  
Nucleoside and Non-Nucleoside Reverse Transcriptase Inhibitors (NRTI/NNRTI)
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:

  • Sustiva/Truvada Therapy (Efavirenz/Emtricitabine/Tenofovir Disoproxil Fumarate)
  
Neurology  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of nervous system and mental disorders in early stages of clinical research where human subject is involved.

Target Products:

  • 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.

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  
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.

Target Products:

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

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

Target Products:

  • MC-4 (Melanin Concentrating Hormone Antagonist)
  • Melanocortin Receptor Antagonist
  • Melanocortin Receptor Agonist
  

- 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
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
Merck & Co., Inc. n/a 74,838.163 15.73 14.38 3.39 3.62 4.33
Abbott Laboratories n/a 63,215.948 18.80 16.88 2.86 2.88 13.96
Bristol Myers Squibb Co. n/a 47,761.793 14.99 20.69 2.47 2.53 10.22
Boehringer Ingelheim GmbH n/a n/a n/a n/a n/a n/a n/a
Buyer
  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
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
  Genelabs Technologies 25.20% 15.323 n/a n/a 2.24 n/a 6.53
Anadys Pharmaceuticals, Inc. n/a 298.873 n/a -15.57 61.16 26.68 3.79
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
  Cardinal Health, Inc. 18.00% 27,758.866 29.94 21.57 0.35 0.35 7.37
McKesson Corporation 11.80% 14,632.871 19.31 18.30 0.17 0.16 3.73
AmerisourceBergen Corp. 11.80% 9,231.394 27.03 21.13 0.16 0.16 4.86
OSI Pharmaceuticals, Inc. n/a 1,556.341 n/a -169.19 5.73 3.10 193.48
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
GlaxoSmithKline plc (ADR) n/a 165,878.661 17.69 17.38 3.93 3.96 18.50
Buyer
  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
Novartis AG (ADR) n/a 134,315.876 23.67 18.30 4.01 3.68 3.98
Bristol Myers Squibb Co. n/a 47,761.793 14.99 20.69 2.47 2.53 10.22
Cardinal Health, Inc. n/a 27,758.866 29.94 21.57 0.35 0.35 7.37
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 2,290.9 102.3 2,393.1
Other Revenue 0.0 29.2 29.2
Total Revenue 2,290.9 131.5 2,422.4
Cost of Revenue 293.3 0.0 293.3
SG&A Expense 441.6 56.1 497.6
Depreciation & Amortization 0.0 0.0 0.0
Research & Development 295.7 108.8 404.4
Interest Expense 0.0 0.0 0.0
Other Operating Expense 0.0 0.0 0.0
Total Expenses 1,030.5 164.8 1,195.4
Operating Income 1,260.3 -33.3 1,227.0
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng 67.9 4.1 71.9
Other, Net 0.0 0.0 0.0
Income Before Taxes 1,328.2 -29.3 1,298.9
Income Taxes 408.7 0.0 408.7
Income After Taxes 919.5 -29.3 890.2
Net Income - Excl. Xord. Items 919.5 -29.3 890.2
Net Income - Incl. Xord. Items 919.5 -29.3 890.2
Income Avail. to Common 919.5 -29.3 890.2
Share Items
Basic Avg. Shares Outstanding 461.4 37.4 498.8
Basic EPS - Excl. Xord. Items 2.01 -0.78 1.78
Basic EPS - Incl. Xord. Items 2.01 -0.78 1.78
Full Dilution Adjustment 0.0 0.0 0.0
Fully Diluted Shares Outstanding 481.8 37.4 519.2
F.D. EPS - Excl. Xord. Items 1.92 -0.81 1.71
F.D. EPS - Incl. Xord. Items 1.92 -0.81 1.71
Balance Sheet
Assets
Cash and Equivalents 268.7 101.5 370.2
ST Investments 2,270.9 163.0 2,433.9
Accounts Receivable 433.6 5.9 439.6
Inventory 224.4 0.0 224.4
Prepayments and Advances 39.1 0.0 39.1
Other Current Assets 138.7 4.3 143.0
Current Assets 3,375.4 274.7 3,650.1
Accum D&A 0.0 0.0 0.0
PPE, Net 240.6 97.4 338.0
Goodwill & Intangibles 0.0 0.0 0.0
Other Assets 0.0 0.0 0.0
Other LT Assets 420.5 105.3 525.9
Total Assets 4,036.5 477.4 4,513.9
Liabilities
Accounts Payable 60.2 0.0 60.2
Payable/Accrued 0.0 16.8 16.8
Accrued Expenses 214.7 0.0 214.7
ST Debt 0.0 0.0 0.0
Curr Port of LTD & Cap Lease Oblg 60.4 5.5 65.9
Other (Current) Liabilities 86.6 10.4 97.0
Current Liab. 421.9 32.8 454.7
LT Debt 184.4 0.0 184.4
Capitalized Lease Obligations 0.0 52.4 52.4
Total LT Debt 184.4 52.4 236.8
Minority Interest (BS) 10.0 0.0 10.0
Other LT Liab. 31.8 8.4 40.2
Total Liabilities 648.1 93.6 741.7
Shareholders Equity
Common Stock 0.5 0.0 0.5
Additional Paid in Capital 2,318.1 711.0 3,029.1
Retained Earnings 1,072.3 -326.0 746.3
Other Equity -2.5 -1.2 -3.7
Total Equity 3,388.4 383.8 3,772.2
Total Liab. & Equity 4,036.5 477.4 4,513.9
Shares Outstanding 462.8 37.7 500.6
Cash Flow
Operating Cash Flow
CF Net Income 919.5 -29.3 890.2
CF Depreciation 30.4 10.3 40.7
CF Amortization 10.5 0.0 10.5
CF Deferred Taxes -84.4 0.0 -84.4
Other Non-Cash Items 192.5 -14.1 178.4
Change in Working Capital -354.2 7.9 -346.4
Total Cash From Operating Activities 714.1 -25.2 689.0
Investing Cash Flow
Capital Expenditures -53.3 -6.4 -59.8
Other Investing Cash Flows -1,105.5 64.8 -1,040.6
Total Cash From Investing Activities -1,158.8 58.4 -1,100.4
Financing Cash Flow
Dividends Paid 0.0 0.0 0.0
Purchase Or Sale of Stock 169.8 30.1 199.9
Purchase and Retirement of Debt 243.5 -6.5 237.1
Other Financing Cash Flow 36.2 0.1 36.3
Total Cash From Financing Activities 449.5 23.7 473.2
Exchange Rate Effects -18.1 0.0 -18.1
Net Change in Cash -13.3 56.9 43.7
Cash Taxes Paid 151.4 0.0 151.4
Cash Interest Paid 0.1 4.5 4.6