Summary

Other Scenarios:

Buyer: Medicis Pharmaceutical Corporation (MRX) Last Price: 29.93 Market Cap.: 1.64B
Target: Warner Chilcott Holdings Company, Ltd. (WCRX) Last Price: 15.18 Market Cap.: 1.58B

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
*Healthcare 868
Biopharmaceuticals 326
Medical Devices   243
Manufacturing   1,176
Consumer Manufacturing   347

- 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: 20)
  • Novacet Lotion (Sodium Sulfacetamide/Sulfur)
  • Plexion/Plexion TS/Plexion SCT (Sodium Sulfacetamide/Sulfur)
  • Dynacin (Minocycline Hydrochloride)
  • Solodyn Extended Release Tablet (Minocycline HCl)
Target (Total: 20)
  • Doryx (Doxycycline Hyclate)
  • Estrostep Fe (Norethindrone Acetate/Ethinyl Estradiol)
  • Dovonex (Calcipotriene)
  • Taclonex (Calcipotriene/Betamethasone Dipropionate)
Buyer
  • Restylane (Hyaluronic Acid)
Target
  • Moisturel

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 6)
  • sanofi-aventis (ADR) (SNY)
  • Par Pharmaceutical Companies, Inc (PRX)
  • Patheon, Inc. (PTI:CA)
  • Q-Med, Inc. (QMED)
Target (Total: 2)
  • Barr Pharmaceuticals, Inc. (BRL)
  • LEO Pharma A/S
Buyer (Total: 5)
  • McKesson Corporation (MCK)
  • Cardinal Health, Inc. (CAH)
  • AmerisourceBergen Corp. (ABC)
  • BioMarin Pharmaceutical (BMRN)
Target (Total: 5)
  • McKesson Corporation (MCK)
  • AmerisourceBergen Corp. (ABC)
  • Cardinal Health, Inc. (CAH)
  • CVS Corporation (CVS)

Key Financial Summary:

Key Metrics

  Buyer Target
Number of Employees 356 0
Revenue Per Employee 947,395.6 n/a
Total Revenue 85.0 166.5
Total Expenses 110.1 138.5
Other Revenue 0.0 0.0
Cost of Revenue 9.4 31.8
SG&A Expense 51.1 38.3
Research & Development 43.8 9.6
Other Operating Expense 0.0 0.0
Operating Income -25.0 28.0
Unusual Income 0.0 0.0
LT Debt to Capital 48.1 87.77
Fwd P/E 42.65 n/a
Fwd P/Rev 4.84 n/a
Book Value 488.8 307.9
Curr Portion of LTD/Cap Lease 0.0 16.4

Key Ratios

  Buyer Target
Gross Margin % 85.9 n/a
Operating Margin % -31.05 n/a
Quick Ratio 6.38 n/a
Current Ratio 6.84 n/a
Coverage Ratio -0.14 n/a
Total Assets 1,046.0 n/a
Return on Equity % -4.77 n/a
Return on Assets % -2.23 n/a
Cash+ ST Inv. Per Share 8.84 n/a
Total Debt 453.1 n/a
Total Debt to Equity % 92.69 n/a
Total Debt to Tangible Equity % 231.75 n/a
Debt to Asset % 43.31 n/a

Individual Company Summary

Focused

Buyer

Focused (): *Healthcare > Biopharmaceuticals > Dermatology

Target

Focused (): *Healthcare > Biopharmaceuticals > Obstetrics/Gynecology

Business Description

Buyer

Medicis Pharmaceutical Corporation (Medicis) is an independent specialty pharmaceutical company focusing primarily on helping patients attain a healthy and youthful appearance and self-image through the development and marketing of products in the United States for the treatment of dermatologic, aesthetic and podiatric conditions in the United States and Canada. The Company offers a range of products addressing various conditions, including acne, fungal infections, rosacea, hyperpigmentation, photoaging, psoriasis, eczema, skin and skin-structure infections, seborrheic dermatitis and cosmesis (improvement in the texture and appearance of skin). Medicis offers 15 branded products, including DYNACIN (minocycline HCI), LOPROX (ciclopirox), OMNICEF (cefdinir), PLEXION (sodium sulfacetamide/sulfur), RESTYLANE (hyaluronic acid), TRIAZ (benzoyl peroxide) and VANOS (fluocinonide) Cream 0.1%. On March 20, 2005, the Company entered into an agreement and plan of merger with Inamed Corporation.

Target

Warner Chilcott Limited (Warner Chilcott) is a specialty pharmaceutical company focused on marketing, selling, developing and manufacturing branded prescription pharmaceutical products in women's healthcare and dermatology in the United States. The Company's franchises are comprised of complementary portfolios of established branded, development-stage and new products, including its products, Loestrin 24 Fe and Taclonex. Warner Chilcott's women's healthcare franchise is comprised of contraceptive and hormone therapy (HT) categories and its dermatology franchise consists of psoriasis and acne therapies. On January 5, 2005, the Company acquired Warner Chilcott PLC. On January 1, 2006, Warner Chilcott acquired the United States sales and marketing rights to the Dovonex branded prescription pharmaceutical products in the United States.

Product Summary

Sector Buyer Target
*Healthcare
Biopharmaceuticals
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.
  
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.
  
Urology
The Urology Subsector includes therapeutics that treat diseases of the kidney, urinary tract, bladder, and the male reproductive system.
  
Medical Devices  
Plastic/Reconstructive Surgery
The Plastic/Reconstructive Surgery Subsector includes medical devices that treat and modify a patient's external appearance.
  
Manufacturing  
Consumer Manufacturing  
Personal Care and Cleaning Products
Companies engaged in the manufacturing of personal care products, such as cosmetics, fragrances, skin lotion, shampoo and other toiletries; and household cleaning products, such as window/surface cleaner, table polish.
  

- 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
Acne
Rosacea  
Para Aminobenzoic Acid (PABA) Inhibitors
Therapeutics that treat chronic inflammatory disorder of the face characterized by redness and pimple formation by inhibiting bacterial folic acid synthesis.

Buyer Products:

  • Novacet Lotion (Sodium Sulfacetamide/Sulfur)
  • Plexion/Plexion TS/Plexion SCT (Sodium Sulfacetamide/Sulfur)
  
Vulgaris
Antibacterial Agents
Tetracyclines
Therapeutics that treat acne caused by bacterial infections by inhibiting protein synthesis and also causing alterations in cytoplasmic membranes.

Buyer Products:

  • Dynacin (Minocycline Hydrochloride)
  • Solodyn Extended Release Tablet (Minocycline HCl)

Target Products:

  • Doryx (Doxycycline Hyclate)
Estrogens/Progestins
Therapeutics that treat acne by providing estrogen and progestin.

Target Products:

  • Estrostep Fe (Norethindrone Acetate/Ethinyl Estradiol)
  
Keratolytic Agents
Therapeutics that soften, separate, and cause the shedding of skin.

Buyer Products:

  • Triaz (Benzoyl Peroxide)
  
Para Aminobenzoic Acid (PABA) Inhibitors
Therapeutics that treat bacterial infections of the skin by inhibiting a bacterial enzyme responsible for synthesis of folic acid.

Buyer Products:

  • Plexion/Plexion TS/Plexion SCT (Sodium Sulfacetamide/Sulfur)
  • Novacet Lotion (Sodium Sulfacetamide/Sulfur)
  
Aging Disorders  
Photoaging  
Enzymatic Oxidation Inhibitors
Therapeutics composed of plant hormones that treat the effects on the skin of aging and sun exposure.

Buyer Products:

  • Lustra/Lustra-AF (Hydroquinone)
  
Wrinkles  
Acetylcholine Inhibitors
Therapeutics that treat wrinkling through prevention of muscle contractions that can result in the formation of facial lines.

Buyer Products:

  • Reloxin (Botulinum Toxin Type A)
  
Lesion/Scaling Disorders
Dermatitis  
Atopic (Eczema)  
Steroidal Anti-Inflammatory Drugs (SAID)
Therapeutics that treat atopic dermatoses by inhibiting the accumulation of inflammatory cells like leucocytes and macrophages at the inflammation site.

Buyer Products:

  • Synalar (Fluocinolone Acetonide)
  
Seborrheic (Dandruff)  
Antifungal Agents  
Imidazoles
Therapeutics that treat and prevent skin diseases caused by fungi.

Buyer Products:

  • Loprox (Ciclopirox)
  
Para Aminobenzoic Acid (PABA) Inhibitors
Therapeutics that treat bacterial infections of the skin by inhibiting a bacterial enzyme responsible for synthesis of folic acid.

Buyer Products:

  • Novacet Lotion (Sodium Sulfacetamide/Sulfur)
  • Plexion/Plexion TS/Plexion SCT (Sodium Sulfacetamide/Sulfur)
  
Dermatoses  
Steroidal Anti-Inflammatory Drugs (SAID)
Therapeutics that counteract or suppress inflammation by inhibiting the accumulation of inflammatory cells like leucocytes and macrophages at the inflammation site.

Buyer Products:

  • Topicort/Topicort LP (Desoximetasone)
  • Lidex (Fluocinonide)
  • Vanos (Fluocinonide)
  
Pruritus  
Steroidal Anti-Inflammatory Drugs (SAID)
Therapeutics that counteract or suppress inflammation by inhibiting the accumulation of inflammatory cells like leucocytes and macrophages at the inflammation site.

Buyer Products:

  • Vanos (Fluocinonide)
  
Psoriasis
Steroidal Anti-Inflammatory Drugs (SAID)
Therapeutics that counteract or suppress inflammation by inhibiting the accumulation of inflammatory cells like leucocytes and macrophages at the inflammation site.

Buyer Products:

  • Synalar (Fluocinolone Acetonide)
  
Vitamin D Analogs
Therapeutics that treat psoriasis by providing vitamin D-like compounds.

Target Products:

  • Dovonex (Calcipotriene)
  
Vitamin D Analogs/Steroidal Anti-Inflammatory Drugs (SAID)
Therapeutics that treat psoriasis by providing vitamin D-like compounds and by inhibiting the accumulation of inflammatory cells like leucocytes and macrophages at the inflammation site.

Target Products:

  • Taclonex (Calcipotriene/Betamethasone Dipropionate)
  
Pigmentation Disorders  
Hyperpigmentation  
Enzymatic Oxidation Inhibitors
Therapeutics that treat disorders characterized by darkening of the skin by inhibiting metabolic processes of pigment producing skin cells.

Buyer Products:

  • Esoterica (Hydroquinone)
  • Alustra (Hydroquinone)
  
Endocrinology/Metabolism
General Hormone Treatments  
Estrogens
Therapeutics that treat hormonal disorders by providing estrogen.

Target Products:

  • Estrace Tablet (Estradiol)
  
Intermediary Metabolism Disorders  
Urea Cycle Disorders  
Glutamine Acetylyzing Agents
Therapeutics that conjugate with glutamine to help excrete nitrogen waste.

Buyer Products:

  • Ammonul (Sodium Phenylacetate, Sodium Benzoate)
  • Buphenyl (Sodium Phenylbutyrate)
  
Reproductive Disorders  
Menopause  
Estrogens
Therapeutics that are female sex hormones.

Target Products:

  • Estrace Tablet (Estradiol)
  • Femtrace (Estradiol Acetate)
  • Femring (Estradiol Acetate Vaginal Ring)
  
Estrogens/Progestins
Therapeutics that are mixture of two female sex hormones that are important for the development of the female reproductive system.

Target Products:

  • FEMHRT (Norethindrone Acetate/Ethinyl Estradiol)
  
Immunology
Autoimmune Disorders
Psoriasis
Steroidal Anti-Inflammatory Drugs (SAID)
Therapeutics that treat a chronic autoimmune disease characterized by softening, separating, causing the shedding of the horny layer of the skin with a steroidal compound.

Buyer Products:

  • Synalar (Fluocinolone Acetonide)
  • Vanos (Fluocinonide)
  
Vitamin D Analogs
Therapeutics that treat a chronic autoimmune disease characterized by softening, separating, causing the shedding of the horny layer of the skin by inhibiting the proliferation of skin cells.

Target Products:

  • Dovonex (Calcipotriene)
  
Vitamin D Analogs/Steroidal Anti-Inflammatory Drugs (SAID)
Therapeutics that treat psoriasis by providing vitamin D-like compounds and by inhibiting the accumulation of inflammatory cells like leucocytes and macrophages at the inflammation site.

Target Products:

  • Taclonex (Calcipotriene/Betamethasone Dipropionate)
  
Infectious Diseases
Arachnids  
Lice  
Cholinesterase Inhibitors
Therapeutics that treat Lice by inhibiting the break down of acetylcholine.

Buyer Products:

  • Ovide (Malathion)
  
Bacterial
Antibacterial Agents
Broad Spectrum
Antibiotics
Cephalosporin Derivatives
Therapeutics that treat a wide variety of infections by inhibiting bacterial cell wall synthesis.

Buyer Products:

  • Omnicef (Cefdinir)

Target Products:

  • Duricef (Cefadroxil)
Macrolides
Therapeutics that treat a wide variety of infections by inhibiting RNA-dependent bacterial protein synthesis.

Target Products:

  • ERYC (Erythromycin Delayed-Release Capsules)
  
Tetracyclines
Therapeutics that treat a wide variety of infections by inhibiting protein synthesis and also causing alterations in cytoplasmic membranes.

Buyer Products:

  • Dynacin (Minocycline Hydrochloride)
  
Narrow Spectrum  
Urology  
Urinary Tract Infections (UTI)  
Antibacterial Agents (Antibiotics)  
Formaldehyde Precursors
Therapeutics that prevent bacterial infections of the urinary tract by forming formaldehyde, a compound that denatures bacterial proteins.

Target Products:

  • Mandelamine (Methenamine Mandelate)
  
Mycological (Fungal)  
Antifungal Agents  
Narrow Spectrum  
Dermatology  
Tinea Corporis (Ringworm)  
Azoles  
Imidazoles
Therapeutics that treat fungal infections of the skin characterized by scaly, red rings by increasing permeability of the cell wall and causing a toxic build up of hydrogen peroxide.

Buyer Products:

  • Loprox (Ciclopirox)
  
Tinea Cruris (Jock Itch)  
Azoles  
Imidazoles
Therapeutics that treat fungal infections of the groin and perineum by increasing permeability of the cell wall and causing a toxic build up of hydrogen peroxide.

Buyer Products:

  • Loprox (Ciclopirox)
  
Tinea Pedis  
Azoles  
Imidazoles
Therapeutics that treat fungal infections of the feet by increasing permeability of the cell wall and causing a toxic build up of hydrogen peroxide.

Buyer Products:

  • Loprox (Ciclopirox)
  
Tinea Versicolor  
Azoles  
Imidazoles
Therapeutics that treat fungal infections of skin exposed to the sun characterized by patches of depigmentation by increasing permeability of the cell wall and causing a toxic build up of hydrogen peroxide.

Buyer Products:

  • Loprox (Ciclopirox)
  
Musculoskeletal System  
Skeletal Disorders  
Bone Disorders  
Osteoporosis  
Hormonal Treatments  
Estrogens
Therapeutics that treat osteoporosis by providing female hormones which results in a decrease in the rate of bone loss due to osteoclasts.

Target Products:

  • Estrace Tablet (Estradiol)
  
Neurology  
Psychiatric Disorders  
Mood Disorders  
Premenstrual Dysphoric Disorders  
Selective Serotonin Reuptake Inhibitors (SSRI)
Therapeutics that treat premenstrual dysphoric disorders by selectively preventing the removal of serotonin.

Target Products:

  • Sarafem (Fluoxetine Hydrochloride)
  
Obstetrics/Gynecology  
Child Birth/Pregnancy  
Prenatal/Postnatal Nutrition  
Multivitamins
Therapeutics that supplement the nutritional needs of women during pregnancy.

Target Products:

  • NataFort
  • NataChew
  
Prevention (Contraception)  
Contraceptives (Birth Control)  
Estrogens/Progestins
Therapeutics that prevent conception by decreasing the secretion of gonadotropin-releasing hormone in the hypothalamus, resulting in an anti-ovulatory effect.

Target Products:

  • Estrostep Fe (Norethindrone Acetate/Ethinyl Estradiol)
  • Loestrin 24 Fe (Norethindrone Acetate/Ethinyl Estradiol)
  • Ovcon 35/Ovcon 50 (Norethindrone/Ethinyl Estradiol)
  • OVCON 35 Fe (Norethindrone/Ethinyl Estradiol/Ferrous Fumarate)
  
Female Genital Disorders  
Vulvovaginal  
Atrophy  
Hormonal Treatments  
Estrogens
Therapeutics that treat disorders characterized by thinning of the vaginal walls with the female sex hormone estrogen.

Target Products:

  • Femring (Estradiol Acetate Vaginal Ring)
  • Estrace Cream (17-Beta Estradiol)
  • Estrace Tablet (Estradiol)
  
Oncology  
Breast Cancer  
Palliative Agents  
Hormonal Treatments  
Estrogens
Therapeutics that treat and manage breast cancer in post-menopausal women by providing female hormones.

Target Products:

  • Estrace Tablet (Estradiol)
  
Urology  
Prostate Cancer  
Palliative Agents  
Estrogens
Therapeutics that treat and manage prostate cancer by inhibiting the secretion of luteinizing hormone and affecting the testes so as to decrease serum concentrations of testosterone but are not curative.

Target Products:

  • Estrace Tablet (Estradiol)
  
Respiratory System  
Lower Respiratory Tract Disorders (Lung Disorders)  
Asthma  
Acute Treatments  
Bronchodilators  
Beta Adrenergic Receptor Agonists
Therapeutics that cause dilation of the lung passages by supporting the actions of the adrenergic transmitters like epinephrine and norepinephrine.

Buyer Products:

  • Pediavent (Albuterol)
  
Urology  
Urological Disorders  
Urinary Tract Pain  
Analgesics
Therapeutics that alleviate pain from infections of the urinary tract.

Target Products:

  • Pyridium/Pyridium Plus (Phenazopyridine Hydrochloride)
  
Medical Devices  
Plastic/Reconstructive Surgery  
Treatment  
Wrinkle Removal  
Hyaluronic Acid  
Manufacturing  
Consumer Manufacturing  
Personal Care and Cleaning Products  
Skin Care
Companies engaged in the manufacturing of skin care products, such as suntan lotion, skin lotion, sanitizer, shaving cream, and moisturizer. Also includes manufacturers of non-electrical shaving equipment.

Target Products:

  • Moisturel
  

- 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 205,327.254 18.93 14.10 4.34 4.32 9.64
Johnson & Johnson n/a 187,084.407 17.11 17.41 3.65 3.55 6.81
Wyeth n/a 67,350.180 17.79 16.16 3.46 3.39 7.13
Schering AG (ADR) n/a 22,455.253 29.67 28.44 3.19 n/a 6.44
Allergan, Inc. n/a 17,064.250 n/a 31.53 6.49 5.77 -748.43
Connetics Corporation n/a 361.041 15.35 -25.07 1.99 2.02 -21.81
Bradley Pharmaceuticals, Inc. n/a 265.629 25.41 18.48 1.85 1.88 52.65
Buyer
  Pfizer Inc. n/a 205,327.254 18.93 14.10 4.34 4.32 9.64
Johnson & Johnson n/a 187,084.407 17.11 17.41 3.65 3.55 6.81
GlaxoSmithKline plc (ADR) n/a 156,309.471 16.10 16.27 3.58 3.55 16.76
sanofi-aventis (ADR) n/a 123,174.846 27.01 13.42 3.24 3.39 -8.82
Wyeth n/a 67,350.180 17.79 16.16 3.46 3.39 7.13
Bristol Myers Squibb Co. n/a 49,281.540 17.33 24.47 2.55 2.72 10.15
Schering-Plough Corporation n/a 31,670.684 43.09 28.80 3.17 3.09 4.27
Target
  Pfizer Inc. n/a 205,327.254 18.93 14.10 4.34 4.32 9.64
Johnson & Johnson n/a 187,084.407 17.11 17.41 3.65 3.55 6.81
Wyeth n/a 67,350.180 17.79 16.16 3.46 3.39 7.13
Schering AG (ADR) n/a 22,455.253 29.67 28.44 3.19 n/a 6.44
Akzo Nobel N.V. (ADR) n/a 17,087.544 12.22 16.69 0.99 0.89 4.35
Allergan, Inc. n/a 17,064.250 n/a 31.53 6.49 5.77 -748.43
Barr Pharmaceuticals, Inc. n/a 5,474.157 16.27 15.79 4.16 3.83 4.47
Medicis Pharmaceutical Corporation n/a 1,637.870 n/a 42.65 5.05 4.84 8.38
Connetics Corporation n/a 361.041 15.35 -25.07 1.99 2.02 -21.81
Bradley Pharmaceuticals, Inc. n/a 265.629 25.41 18.48 1.85 1.88 52.65
Galderma SA 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
  sanofi-aventis (ADR) n/a 123,174.846 27.01 13.42 3.24 3.39 -8.82
Par Pharmaceutical Companies, Inc n/a 661.031 n/a 21.45 1.30 1.02 1.90
Patheon, Inc. n/a 465.157 140.33 n/a 0.66 n/a 1.78
Q-Med, Inc. n/a 83.578 n/a -7.46 4.91 8.86 4.11
Contract Pharmaceuticals Limited n/a n/a n/a n/a n/a n/a n/a
DPT Laboratories, Ltd. n/a n/a n/a n/a n/a n/a n/a
Target
  Barr Pharmaceuticals, Inc. n/a 5,474.157 16.27 15.79 4.16 3.83 4.47
LEO Pharma A/S 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
Overlap
  McKesson Corporation 51.20% 15,699.974 20.55 19.84 0.17 0.17 3.94
Cardinal Health, Inc. 21.80% 27,108.743 27.11 18.26 0.33 0.30 7.75
AmerisourceBergen Corp. n/a 8,955.507 24.52 21.06 0.15 0.15 5.41
Buyer
  McKesson Corporation 51.20% 15,699.974 20.55 19.84 0.17 0.17 3.94
Cardinal Health, Inc. 21.80% 27,108.743 27.11 18.26 0.33 0.30 7.75
AmerisourceBergen Corp. n/a 8,955.507 24.52 21.06 0.15 0.15 5.41
BioMarin Pharmaceutical n/a 1,293.534 n/a -37.05 23.81 17.73 93.84
Quality King Distributors n/a n/a n/a n/a n/a n/a n/a
Target
  McKesson Corporation 28.00% 15,699.974 20.55 19.84 0.17 0.17 3.94
AmerisourceBergen Corp. 19.00% 8,955.507 24.52 21.06 0.15 0.15 5.41
Cardinal Health, Inc. 14.00% 27,108.743 27.11 18.26 0.33 0.30 7.75
CVS Corporation 10.00% 27,131.535 20.67 21.50 0.69 0.62 5.98
Wal-Mart Stores, Inc. n/a 201,322.562 18.88 16.65 0.61 0.58 4.67

- 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
  Cardinal Health, Inc. n/a 27,108.743 27.11 18.26 0.33 0.30 7.75
McKesson Corporation n/a 15,699.974 20.55 19.84 0.17 0.17 3.94
AmerisourceBergen Corp. n/a 8,955.507 24.52 21.06 0.15 0.15 5.41
Buyer
  sanofi-aventis (ADR) n/a 123,174.846 27.01 13.42 3.24 3.39 -8.82
Abbott Laboratories n/a 73,181.954 23.35 19.20 3.31 3.29 43.95
Cardinal Health, Inc. n/a 27,108.743 27.11 18.26 0.33 0.30 7.75
McKesson Corporation n/a 15,699.974 20.55 19.84 0.17 0.17 3.94
AmerisourceBergen Corp. n/a 8,955.507 24.52 21.06 0.15 0.15 5.41
BioMarin Pharmaceutical n/a 1,293.534 n/a -37.05 23.81 17.73 93.84
Par Pharmaceutical Companies, Inc n/a 661.031 n/a 21.45 1.30 1.02 1.90
Patheon, Inc. n/a 465.157 140.33 n/a 0.66 n/a 1.78
Taro Pharmaceutical Industries Ltd. n/a 381.875 22.01 23.21 1.26 1.31 0.99
Q-Med, Inc. n/a 83.578 n/a -7.46 4.91 8.86 4.11
Dow Pharmaceutical Sciences, Inc. n/a n/a n/a n/a n/a n/a n/a
Quality King Distributors n/a n/a n/a n/a n/a n/a n/a
Contract Pharmaceuticals Limited n/a n/a n/a n/a n/a n/a n/a
Ipsen S.A. n/a n/a n/a n/a n/a n/a n/a
Target
  Wal-Mart Stores, Inc. n/a 201,322.562 18.88 16.65 0.61 0.58 4.67
Bristol Myers Squibb Co. n/a 49,281.540 17.33 24.47 2.55 2.72 10.15
CVS Corporation n/a 27,131.535 20.67 21.50 0.69 0.62 5.98
Cardinal Health, Inc. n/a 27,108.743 27.11 18.26 0.33 0.30 7.75
McKesson Corporation n/a 15,699.974 20.55 19.84 0.17 0.17 3.94
AmerisourceBergen Corp. n/a 8,955.507 24.52 21.06 0.15 0.15 5.41
Barr Pharmaceuticals, Inc. n/a 5,474.157 16.27 15.79 4.16 3.83 4.47
LEO Pharma A/S n/a n/a n/a n/a n/a n/a n/a

- Defined by the Company - Defined by Others

Financials

  Buyer Target
Income Statement
Operating Items
Revenue 324.1 324.1
Other Revenue 0.0 0.0
Total Revenue 324.1 324.1
Cost of Revenue 45.7 45.7
SG&A Expense 191.6 191.6
Depreciation & Amortization 24.1 24.1
Research & Development 163.4 163.4
Interest Expense 0.0 0.0
Other Operating Expense 0.0 0.0
Total Expenses 424.8 424.8
Operating Income -100.6 -100.6
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng 13.7 13.7
Other, Net 59.8 59.8
Income Before Taxes -27.1 -27.1
Income Taxes -3.8 -3.8
Income After Taxes -23.3 -23.3
Net Income - Excl. Xord. Items -23.3 -23.3
Net Income - Incl. Xord. Items -23.3 -23.3
Income Avail. to Common -23.3 -23.3
Share Items
Basic Avg. Shares Outstanding 54.5 54.5
Basic EPS - Excl. Xord. Items n/a -0.43
Basic EPS - Incl. Xord. Items n/a -0.43
Full Dilution Adjustment 1.7 1.7
Fully Diluted Shares Outstanding 69.7 69.7
F.D. EPS - Excl. Xord. Items n/a -0.33
F.D. EPS - Incl. Xord. Items n/a -0.33
Dividends Per Common Share 0.12 0.12
Balance Sheet
Assets
Cash and Equivalents 223.1 223.1
ST Investments 393.1 393.1
Accounts Receivable 48.3 48.3
Inventory 19.1 19.1
Other Current Assets 29.3 29.3
Current Assets 712.9 712.9
Accum D&A 0.0 0.0
PPE, Net 4.7 4.7
Goodwill & Intangibles 293.3 293.3
Other Assets 0.0 0.0
Other LT Assets 35.1 35.1
Total Assets 1,046.0 1,046.0
Liabilities
Accounts Payable 60.5 60.5
Payable/Accrued 0.0 0.0
ST Debt 0.0 0.0
Other (Current) Liabilities 43.7 43.7
Current Liab. 104.2 104.2
LT Debt 453.1 453.1
Total LT Debt 453.1 453.1
Other LT Liab. 0.0 0.0
Total Liabilities 557.2 557.2
Shareholders Equity
Common Stock 0.9 0.9
Additional Paid in Capital 571.5 571.5
Retained Earnings 258.6 258.6
Treasure Stock -342.7 -342.7
Other Equity 0.5 0.5
Total Equity 488.8 488.8
Total Liab. & Equity 1,046.0 1,046.0
Shares Outstanding 54.7 54.7
Cash Flow
Operating Cash Flow
CF Net Income -23.3 -23.3
CF Depreciation 24.1 24.1
CF Deferred Taxes -38.6 -38.6
Other Non-Cash Items 40.7 40.7
Change in Working Capital 44.7 44.7
Total Cash From Operating Activities 47.5 47.5
Investing Cash Flow (not calculated)
Capital Expenditures -2.5 -2.5
Other Investing Cash Flows -0.6 -0.6
Total Cash From Investing Activities -3.2 -3.2
Financing Cash Flow (not calculated)
Dividends Paid -6.6 -6.6
Purchase Or Sale of Stock 6.4 6.4
Purchase and Retirement of Debt 0.0 0.0
Other Financing Cash Flow 0.6 0.6
Total Cash From Financing Activities 0.4 0.4
Exchange Rate Effects 0.5 0.5
Net Change in Cash 45.3 45.3