Summary

Other Scenarios:

Buyer: Millennium Pharmaceuticals, Inc. (MLNM) Last Price: 24.97 Market Cap.: 8.17B
Target: PDL BioPharma Inc. (PDLI) Last Price: 9.43 Market Cap.: 1.13B

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
Healthcare 883
Biopharmaceuticals 365
Outsourced Services   65

- 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: 13)
  • Integrilin (Eptifibatide Injection)
  • MLN1202 (Anti-MCP1/CCR2 Monoclonal Antibody)
  • MLN0002 (Alpha 4 Beta 7 Antagonist)
  • Velcade (Bortezomib)
Target (Total: 7)
  • Nuvion (Visilizumab)
  • Zenapax (Daclizumab)
  • Therapeutic Antibody Candidates
  • HuLuc63 (Monoclonal Antibody)
Buyer

n/a
Target
  • Humanized Antibody Technology

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 7)
  • ImmunoGen, Inc. (IMGN)
  • Schering-Plough Corporation (SGP)
  • Solvay S.A. (ADR) (SVYSY)
  • Forest City Enterprises, Inc. (FCE/A)
Target (Total: 3)
  • Seattle Genetics, Inc. (SGEN)
  • Johnson & Johnson (JNJ)
  • ARIUS Research, Inc. (ARI:CA)
Buyer (Total: 6)
  • Johnson & Johnson (JNJ)
  • Schering-Plough Corporation (SGP)
  • GlaxoSmithKline plc (ADR) (GSK)
  • Sanofi-Aventis SA (ADR) (SNY)
Target (Total: 12)
  • Genentech, Inc. (DNA)
  • Cardinal Health, Inc. (CAH)
  • AmerisourceBergen Corp. (ABC)
  • McKesson Corporation (MCK)

Key Financial Summary:

Key Metrics

  Buyer Target
Number of Employees 966 887
Revenue Per Employee 579,027.4 259,240.1
Total Revenue 139.5 57.3
Total Expenses 137.0 27.6
Other Revenue 40.5 0.0
Cost of Revenue 10.2 0.0
SG&A Expense 49.8 20.4
Research & Development 71.4 47.7
Other Operating Expense 0.0 -49.7
Operating Income 2.5 29.7
Unusual Income -2.9 9.2
LT Debt to Capital 12.51 52.63
Fwd P/E 104.04 30.61
Fwd P/Rev n/a 4.05
Book Value 2,262.8 478.6
Curr Portion of LTD/Cap Lease 1.3 0.7

Individual Company Summary

Focused

Buyer

Focused (): Healthcare > Biopharmaceuticals > Oncology

Target

Focused (): Healthcare > Biopharmaceuticals

Business Description

Buyer

Millennium Pharmaceuticals, Inc. is a biopharmaceutical company focused on discovering, developing and commercializing medicines to improve the lives of patients with cancer, inflammatory bowel diseases and other inflammatory diseases. The Company commercializes VELCADE (bortezomib) for Injection, the global player for the treatment of patients with multiple myeloma. It is also awaiting a decision from the United States Food and Drug Administration (FDA) regarding its application to market VELCADE for patients with diagnosed multiple myeloma. Millennium Pharmaceuticals, Inc. has a development pipeline of clinical and preclinical product candidates in its therapeutic focus areas of cancer and inflammatory diseases. The Company has an oncology-focused drug discovery organization. In May 2008, the Company was acquired by Takeda Pharmaceutical Company Limited. Persuant to the acquisition, the Company is a wholly owned subsidiary of Takeda Pharmaceutical Company Limited.

Target

PDL BioPharma Inc. is a biopharmaceutical company focused on the discovery and development of novel antibodies in oncology and immunologic diseases. It receives royalties and other revenues through licensing agreements with various biotechnology and pharmaceutical companies based on its antibody humanization technology platform. These licensing agreements have contributed to the development by the Company?s licensees of nine marketed products. The Company has several investigational compounds in clinical development for severe or life-threatening diseases, two of which it is developing in collaboration with Biogen Idec MA, Inc. (Biogen Idec). Its products include Daclizumab, Volociximab, HuLuc63, PDL192 and Nuvion. In March 2008, the Company closed the sale of the Cardiovascular Assets, which included Cardene, to EKR Therapeutics, Inc (EKR). However, the Company continues to perform development work for new formulations and presentations of Cardene pursuant to an agreement with EKR.

Deal Summary

Key Ratios

  Buyer Target
Gross Margin % 94.03 100
Operating Margin % -0.34 2.39
Quick Ratio 10.03 11.78
Current Ratio 10.21 12.12
Coverage Ratio -20.24 0.82
Total Assets 2,725.9 1,117.6
Return on Equity % 1.6 2.09
Return on Assets % 1.33 0.89
Cash+ ST Inv. Per Share 2.85 6.58
Total Debt 324.7 532.6
Total Debt to Equity % 14.35 111.27
Total Debt to Tangible Equity % 43.11 113.32
Debt to Asset % 11.91 47.65

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.
Immunology
The Immunology Subsector includes therapeutics that treat disorders affecting the immune system.
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.
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.
  
Surgery
The Surgery Subsector includes therapeutics that treat complications associated with surgical procedures.
  
Transplantation
The Transplantation Subsectors includes therapeutics that treat rejection and infection associated with tissue transplantation into the human body.
  
Outsourced Services  
Drug Discovery Services
The Drug Discovery Services Subsector includes companies that provide biopharmaceutical companies with novel biological targets and drug leads.
  

- Focused. Denotes that the company is considered focused in this area. In general, Focused Companies draw the majority of their earnings in the sector/product area specified.

- Sector Pure-Plays. Denotes that the company is focused in the selected sector and generates nearly all earnings in the sector/product area specified.

- Sector Participation. Denotes that the company develops products in this line of business.

Product Details

Sector Buyer Target
Healthcare
Biopharmaceuticals
Cardiovascular System  
Heart Disorders  
Acute Coronary Syndrome (ACS)  
Anticoagulating Agents  
Platelet Aggregation Inhibitors  
Glycoprotein IIb/IIIa Receptor Blocking Agents
Therapeutics that treat acute coronary syndrome by blocking the receptor that allows platelets to clump together.

Buyer Products:

  • Integrilin (Eptifibatide Injection)
  
Angina  
Anticoagulating Agents  
Platelet Aggregation Inhibitors  
Glycoprotein IIb/IIIa Receptor Blocking Agents
Therapeutics that treat angina by blocking the receptor that allows platelets to clump together.

Buyer Products:

  • Integrilin (Eptifibatide Injection)
  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of heart and circulatory system disorders in early stages of clinical research where human subject is involved.

Buyer Products:

  • MLN1202 (Anti-MCP1/CCR2 Monoclonal Antibody)
  
Digestive System
Gastrointestinal Tract Disorders  
Intestinal Disorders  
Inflammatory Bowel Disease (IBD)  
Ulcerative Colitis  
Monoclonal Antibodies
Therapeutics that treat ulcerative colitis through modulation of immune pathways implicated in the progression of the disease.

Target Products:

  • Nuvion (Visilizumab)
  
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:

  • MLN0002 (Alpha 4 Beta 7 Antagonist)

Target Products:

  • Nuvion (Visilizumab)
Immunology
Autoimmune Disorders  
Inflammatory Bowel Disease (IBD)  
Ulcerative Colitis  
Monoclonal Antibodies
Therapeutics that treat ulcerative colitis through modulation of immune pathways implicated in the progression of the disease.

Target Products:

  • Nuvion (Visilizumab)
  
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:

  • Velcade (Bortezomib)
  • MLN0002 (Alpha 4 Beta 7 Antagonist)
  • MLN1202 (Anti-MCP1/CCR2 Monoclonal Antibody)
  • MLN3897 (CCR1 Inhibitor)
  • MLN0415 (IKKbeta Ihnibitor)
  • MLN3701 (CCR1 Inhibitor)

Target Products:

  • Zenapax (Daclizumab)
  • Nuvion (Visilizumab)
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:

  • MLN6095 (CrTh2 Receptor Antagonist)

Target Products:

  • Therapeutic Antibody Candidates
Musculoskeletal System  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of skeletal system disorders in early stages of clinical research where human subject is involved.

Buyer Products:

  • MLN3897 (CCR1 Inhibitor)
  • MLN3701 (CCR1 Inhibitor)
  • MLN0415 (IKKbeta Ihnibitor)
  
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.

Buyer Products:

  • MLN1202 (Anti-MCP1/CCR2 Monoclonal Antibody)

Target Products:

  • Zenapax (Daclizumab)
Oncology
Hematology  
Lymphoma (Lymphatic Cancer)  
Non-Hodgkin`s Lymphoma (NHL)  
Proteasome Inhibitors
Therapeutics that treat and manage non-hodgkin's lymphoma by inducing apoptosis (cell death) and cell cycle arrest.

Buyer Products:

  • Velcade (Bortezomib)
  
Multiple Myeloma (Plasma Cell Cancer)  
Proteasome Inhibitors
Therapeutics that treat and manage multiple myeloma by inducing apoptosis (cell death) and cell cycle arrest.

Buyer Products:

  • Velcade (Bortezomib)
  
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.

Buyer Products:

  • MLN8237 (Aurora A Kinase Inhibitor)
  • Velcade (Bortezomib)
  • MLN8054 (Aurora A Kinase Inhibitor)
  • MLN518 (Flt-3 Receptor Tyrosine Kinase Inhibitor)

Target Products:

  • HuLuc63 (Monoclonal Antibody)
  • M200 (Volociximab)
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment and management of cancer and are currently in an early research or preclinical stage of development.

Buyer Products:

  • MLN4924 (Nedd 8 Activating Enzyme Inhibitor)
  • MLN2238 (Proteasome Inhibitor)

Target Products:

  • PDL192 Antibody
  • Therapeutic Antibody Candidates
Respiratory System  
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:

  • Zenapax (Daclizumab)
  
Surgery  
Cardiovascular System  
Complications  
Ischemia  
Anticoagulating Agents (Anticoagulants)  
Platelet Aggregation Inhibitors  
Glycoprotein IIb/IIIa Receptor Blocking Agents
These therapeutics prevent the clotting of blood before coronary artery procedures are performed through the skin.

Buyer Products:

  • Integrilin (Eptifibatide Injection)
  
Transplantation  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the management of rejection and infection in early stages of clinical research where human subject is involved.

Target Products:

  • Zenapax (Daclizumab)
  
Renal (Kidney)  
Rejection Prophylaxis  
Monoclonal Antibodies
Protein-based therapeutics that target specific substances like proteins.

Target Products:

  • Zenapax (Daclizumab)
  
Outsourced Services  
Drug Discovery Services  
Lead Discovery/Validation/Optimization  
Lead Biologics  
Antibodies
Biological lead compounds which have a specific amino acid sequence that only interacts with specific substances to cause an immunological response.

Target Products:

  • Humanized Antibody Technology
  

- 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
  Genentech, Inc. n/a 73,762.112 24.22 21.85 6.18 5.58 7.09
Medarex inc. n/a 1,060.550 n/a -5.55 18.70 19.55 2.68
Sangamo Biosciences, Inc. n/a 542.562 n/a -18.25 51.96 37.00 n/a
Buyer
  Johnson & Johnson n/a 187,917.042 16.20 14.98 3.02 2.92 11.61
Merck & Co., Inc. n/a 85,861.122 17.62 12.05 3.54 3.50 4.93
Genentech, Inc. n/a 73,762.112 24.22 21.85 6.18 5.58 7.09
Eli Lilly & Co. n/a 55,654.924 15.86 12.38 2.90 2.73 4.44
Celgene Corporation n/a 26,627.072 n/a 43.92 16.91 11.75 13.53
Biogen Idec Inc. n/a 18,606.897 27.83 18.95 5.48 4.80 9.44
Cephalon, Inc. n/a 4,446.678 n/a 14.25 2.50 2.34 56.60
Alexion Pharmaceuticals, Inc. n/a 2,727.334 n/a -141.38 24.49 12.05 35.15
Medarex inc. n/a 1,060.550 n/a -5.55 18.70 19.55 2.68
The Medicines Company n/a 989.174 n/a 59.30 3.66 3.02 3.61
Seattle Genetics, Inc. n/a 799.094 n/a -9.46 31.74 26.21 5.79
Sangamo Biosciences, Inc. n/a 542.562 n/a -18.25 51.96 37.00 n/a
Target
  GlaxoSmithKline plc (ADR) n/a 119,228.735 12.23 11.25 2.69 2.59 20.06
Genentech, Inc. n/a 73,762.112 24.22 21.85 6.18 5.58 7.09
Baxter International Inc. n/a 38,439.522 22.18 18.93 3.35 3.15 7.36
Hospira, Inc. n/a 6,357.448 27.46 16.02 1.79 1.72 71.27
Medarex inc. n/a 1,060.550 n/a -5.55 18.70 19.55 2.68
Sangamo Biosciences, Inc. n/a 542.562 n/a -18.25 51.96 37.00 n/a
RegeneRx Biopharmaceuticals, Inc. n/a 79.908 n/a n/a 330.42 n/a 9.09
Nuvelo, Inc. n/a 48.155 n/a -1.25 1.03 4.64 0.78
DOR BioPharma, Inc. n/a 14.543 n/a n/a 11.55 n/a 11.46
Boehringer Ingelheim GmbH 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
  ImmunoGen, Inc. 2.00% 169.485 n/a -5.23 3.83 3.41 4.09
Schering-Plough Corporation n/a 31,423.003 n/a 12.69 2.19 1.69 44.32
Solvay S.A. (ADR) n/a 11,587.295 9.58 n/a 0.78 n/a 3.08
Forest City Enterprises, Inc. n/a 4,249.293 81.06 n/a 3.28 n/a 4.37
Pharsight Corporation n/a 42.430 n/a 17.22 1.51 1.35 4.82
SGX Pharmaceuticals, Inc. n/a 29.939 n/a -1.58 0.86 0.81 1.15
Lonza Group Ltd. n/a n/a n/a n/a n/a n/a n/a
Target
  Seattle Genetics, Inc. 1.60% 799.094 n/a -9.46 31.74 26.21 5.79
Johnson & Johnson n/a 187,917.042 16.20 14.98 3.02 2.92 11.61
ARIUS Research, Inc. n/a 96.503 n/a n/a 46.50 n/a 11.67

- 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
  Johnson & Johnson 25.00% 187,917.042 16.20 14.98 3.02 2.92 11.61
Schering-Plough Corporation 20.00% 31,423.003 n/a 12.69 2.19 1.69 44.32
GlaxoSmithKline plc (ADR) n/a 119,228.735 12.23 11.25 2.69 2.59 20.06
Sanofi-Aventis SA (ADR) n/a 101,061.820 12.97 8.89 2.24 2.42 n/a
Ore Pharmaceuticals Inc. n/a 9.906 n/a n/a 4.22 n/a 0.38
Portola Pharmaceuticals, Inc. n/a n/a n/a n/a n/a n/a n/a
Target
  Genentech, Inc. 36.00% 73,762.112 24.22 21.85 6.18 5.58 7.09
Cardinal Health, Inc. 18.00% 19,866.558 10.54 14.60 0.22 0.22 11.60
AmerisourceBergen Corp. 14.00% 6,622.498 14.36 14.55 0.10 0.09 n/a
McKesson Corporation 13.00% 16,240.243 16.40 15.39 0.16 0.15 6.30
AstraZeneca plc (ADR) 8.00% 63,426.408 11.45 9.41 2.10 1.99 n/a
Roche Holding Ltd. (ADR) n/a 147,325.682 15.48 15.33 3.27 3.24 4.70
Wyeth n/a 58,853.540 12.91 12.91 2.59 2.61 3.98
Biogen Idec Inc. n/a 18,606.897 27.83 18.95 5.48 4.80 9.44
Elan Corporation, plc (ADR) n/a 12,784.679 n/a -59.61 16.02 11.94 n/a
Seattle Genetics, Inc. n/a 799.094 n/a -9.46 31.74 26.21 5.79
Progenics Pharmaceuticals, Inc. n/a 372.367 n/a -10.33 4.92 4.05 2.52
Chugai Pharmaceutical 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
  Johnson & Johnson n/a 187,917.042 16.20 14.98 3.02 2.92 11.61
Buyer
  Johnson & Johnson n/a 187,917.042 16.20 14.98 3.02 2.92 11.61
GlaxoSmithKline plc (ADR) n/a 119,228.735 12.23 11.25 2.69 2.59 20.06
Sanofi-Aventis SA (ADR) n/a 101,061.820 12.97 8.89 2.24 2.42 n/a
Bayer AG (ADR) n/a 66,192.007 8.46 13.18 1.34 1.26 n/a
Schering-Plough Corporation n/a 31,423.003 n/a 12.69 2.19 1.69 44.32
Solvay S.A. (ADR) n/a 11,587.295 9.58 n/a 0.78 n/a 3.08
ImmunoGen, Inc. n/a 169.485 n/a -5.23 3.83 3.41 4.09
Ore Pharmaceuticals Inc. n/a 9.906 n/a n/a 4.22 n/a 0.38
Target
  Johnson & Johnson n/a 187,917.042 16.20 14.98 3.02 2.92 11.61
Roche Holding Ltd. (ADR) n/a 147,325.682 15.48 15.33 3.27 3.24 4.70
Genentech, Inc. n/a 73,762.112 24.22 21.85 6.18 5.58 7.09
Wyeth n/a 58,853.540 12.91 12.91 2.59 2.61 3.98
Eli Lilly & Co. n/a 55,654.924 15.86 12.38 2.90 2.73 4.44
Cardinal Health, Inc. n/a 19,866.558 10.54 14.60 0.22 0.22 11.60
Biogen Idec Inc. n/a 18,606.897 27.83 18.95 5.48 4.80 9.44
Kirin Holdings Company, Limited. (ADR) n/a 15,705.297 33.90 28.45 1.03 0.89 2.64
Elan Corporation, plc (ADR) n/a 12,784.679 n/a -59.61 16.02 11.94 n/a
Seattle Genetics, Inc. n/a 799.094 n/a -9.46 31.74 26.21 5.79
Exelixis, Inc. n/a 667.458 n/a -4.30 5.89 5.73 n/a
Progenics Pharmaceuticals, Inc. n/a 372.367 n/a -10.33 4.92 4.05 2.52
ARIUS Research, Inc. n/a 96.503 n/a n/a 46.50 n/a 11.67
Chugai Pharmaceutical Co., Ltd. n/a n/a n/a n/a n/a n/a n/a
Ophthotech Corp. n/a n/a n/a n/a n/a n/a n/a
Pierre Fabre Medicament 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 385.3 257.4 642.7
Other Revenue 171.0 0.0 171.0
Total Revenue 556.3 257.4 813.7
Cost of Revenue 33.2 0.0 33.2
SG&A Expense 197.3 75.8 273.1
Depreciation & Amortization 33.9 0.0 33.9
Research & Development 289.3 203.8 493.1
Interest Expense 0.0 0.0 0.0
Other Operating Expense 0.0 -49.7 -49.7
Unusual Expense (Income) 4.4 21.3 25.7
Total Expenses 558.1 251.2 809.4
Operating Income -1.9 6.2 4.3
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng 38.2 5.1 43.3
Other, Net 0.0 0.0 0.0
Income Before Taxes 36.3 11.2 47.5
Income Taxes 0.0 1.2 1.2
Income After Taxes 36.3 10.0 46.3
Net Income - Excl. Xord. Items 36.3 10.0 46.3
Discontinued Operations 0.0 -82.3 -82.3
Net Income - Incl. Xord. Items 36.3 -72.3 -36.0
Income Avail. to Common 36.3 -72.3 -36.0
Share Items
Basic Avg. Shares Outstanding 321.6 117.5 439.1
Basic EPS - Excl. Xord. Items 0.11 0.08 0.11
Basic EPS - Incl. Xord. Items 0.11 n/a -0.08
Full Dilution Adjustment 0.0 2.9 2.9
Fully Diluted Shares Outstanding 326.7 141.2 467.9
F.D. EPS - Excl. Xord. Items 0.11 0.07 0.10
F.D. EPS - Incl. Xord. Items 0.11 n/a -0.08
Balance Sheet
Assets
Cash and Equivalents 144.0 905.7 1,049.6
ST Investments 787.3 23.0 810.3
Accounts Receivable 85.6 5.8 91.4
Inventory 7.4 0.0 7.4
Prepayments and Advances 10.1 0.0 10.1
Other Current Assets 0.0 27.3 27.3
Current Assets 1,034.4 961.8 1,996.2
Accum D&A 0.0 0.0 0.0
PPE, Net 144.7 134.5 279.3
Goodwill & Intangibles 1,509.6 8.6 1,518.2
Other Assets 0.0 0.0 0.0
Other LT Assets 37.2 12.6 49.8
Total Assets 2,725.9 1,117.6 3,843.5
Liabilities
Accounts Payable 16.6 3.1 19.6
Payable/Accrued 0.0 0.0 0.0
Accrued Expenses 79.2 58.2 137.4
ST Debt 0.0 0.0 0.0
Curr Port of LTD & Cap Lease Oblg 1.3 0.7 2.0
Other (Current) Liabilities 4.4 17.3 21.7
Current Liab. 101.4 79.3 180.7
LT Debt 250.0 531.8 781.8
Capitalized Lease Obligations 73.5 0.0 73.5
Total LT Debt 323.5 531.8 855.3
Other LT Liab. 38.3 27.8 66.1
Total Liabilities 463.1 639.0 1,102.1
Shareholders Equity
Common Stock 0.3 1.2 1.5
Additional Paid in Capital 4,738.2 1,131.0 5,869.2
Retained Earnings -2,481.5 -653.2 -3,134.7
Other Equity 5.8 -0.4 5.4
Total Equity 2,262.8 478.6 2,741.4
Total Liab. & Equity 2,725.9 1,117.6 3,843.5
Shares Outstanding 326.7 118.1 444.7
Cash Flow
Operating Cash Flow
CF Net Income 54.0 -83.2 -29.2
CF Depreciation 38.6 25.5 64.1
CF Amortization 0.0 15.2 15.2
CF Deferred Taxes 0.0 0.0 0.0
Other Non-Cash Items 19.2 38.0 57.2
Change in Working Capital -47.7 -3.6 -51.3
Total Cash From Operating Activities 64.2 -8.3 55.9
Investing Cash Flow (not calculated)
Capital Expenditures -13.4 -42.1 -55.5
Other Investing Cash Flows -35.5 719.4 683.9
Total Cash From Investing Activities -48.9 677.3 628.4
Financing Cash Flow (not calculated)
Dividends Paid 0.0 0.0 0.0
Purchase Or Sale of Stock 22.1 13.5 35.6
Purchase and Retirement of Debt 3.2 -6.0 -2.9
Other Financing Cash Flow 0.0 23.7 23.7
Total Cash From Financing Activities 25.3 31.2 56.5
Exchange Rate Effects -0.0 0.0 -0.0
Net Change in Cash 40.6 700.3 740.8
Cash Taxes Paid 0.0 0.2 0.2
Cash Interest Paid 4.7 12.4 17.1