Summary

Other Scenarios:

Buyer: Novo Nordisk A/S (ADR) (NVO) Last Price: 59.11 Market Cap.: 19.13B
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
Medical Devices   246

- 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: 32)
  • rFactor XIII
  • NovoSeven (Recombinant Coagulation Factor VIIa)
  • Levemir (Insulin Detemir)
  • Velosulin (Human Insulin)
Target (Total: 9)
  • Berna Products Vivotif (Typhoid Vaccine Live Oral Ty21a)
  • Smallpox-MVA3000
  • C. difficile Vaccine
  • ChimeriVax
Buyer
  • InDuo
  • Innovo
  • NordiPen System
  • NovoPen Delivery System Series
Target

n/a

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 7)
  • ZymoGenetics, Inc. (ZGEN)
  • Interwoven, Inc. (IWOV)
  • Phase Forward Incorporated (PFWD)
  • Neose Technologies, Inc. (NTEC)
Target (Total: 2)
  • Baxter International Inc. (BAX)
  • Cangene Corporation
Buyer (Total: 3)
  • Cephalon, Inc. (CEPH)
  • Serologicals Corporation (SERO)
  • Grupo Casa Saba, S.A. (ADR) (SAB)
Target (Total: 1)
  • Federal Government Agencies (United States)

Key Financial Summary:

Metric Buyer Target
Number of Employees 22,007 270
Revenue Per Employee 273,563.4 117,943.6
Total Revenue 1,508.6 8.0
Total Expenses 1,200.8 26.8
Other Revenue 0.0 0.0
Cost of Revenue 403.9 9.4
SG&A Expense 561.3 2.4
Research & Development 248.2 15.0
Other Operating Expense -12.6 0.0
Operating Income 307.8 -18.8
Unusual Income 0.0 0.0
Gross Margin % 73.22 -17.39
Metric Buyer Target
Operating Margin % 20.4 -234.78
Total Assets 6,715.4 229.6
Return on Equity % 17.31 -49.33
Cash+ ST Inv. Per Share 2.48 2.39
Total Debt 430.8 8.7
Curr Portion of LTD/Cap Lease 0.0 0.0
Total Debt to Equity 9.74 5.56
LT Debt to Capital 4.32 5.26
Fwd P/E 20.47 n/a
Fwd P/Rev n/a n/a
Book Value 4,422.6 156.6

Individual Company Summary

Focused

Buyer

Focused (): *Healthcare > Biopharmaceuticals > Endocrinology/Metabolism > Diabetes

Target

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

Business Description

Buyer

Novo Nordisk A/S (Novo Nordisk) is a healthcare company engaged in the discovery, development, manufacturing and marketing of pharmaceutical products. The Company operates in two business segments: diabetes care and biopharmaceuticals. The diabetes care segment covers Novo Nordisk's insulin franchise, including insulin analogues, human insulin and insulin-related sales, and oral anti-diabetic drugs (OADs). The biopharmaceuticals segment covers the therapy areas, such as haemostasis management (NovoSeven), growth hormone therapy, hormone replacement therapy (HRT) and other products. The Company markets its products in 179 countries. Novo Nordisk's insulin and other pharmaceutical products are marketed and distributed through subsidiaries, distributors and independent agents to markets that include the United States, Japan, Brazil, Russia, India, China and other European countries.

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
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.
  
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.
  
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.
  
Wound Management
The Wound Management Subsector includes therapeutics that treat cuts, abrasions, and burns from trauma or diseases.
  
Medical Devices  
Drug Delivery
The Drug Delivery Subsector includes medical devices that facilitate the delivery of medications through different anatomical entryways, including blood vessels, skin, the mouth, and the lungs. Common devices in this sector include vascular access catheters, needles, implants, and inhalers.
  

- 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.

Buyer Products:

  • rFactor XIII
  • NovoSeven (Recombinant Coagulation Factor VIIa)
  
Digestive System  
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:

  • NovoSeven (Recombinant Coagulation Factor VIIa)
  
Endocrinology/Metabolism  
Diabetes  
Insulin Dependent Diabetes Mellitus (IDDM)/Type 1 Diabetes  
Insulin Therapy  
Human Analogs
Insulin supplements that resemble natural human insulin.

Buyer Products:

  • Levemir (Insulin Detemir)
  • Velosulin (Human Insulin)
  • NovoMix 70 (Insulin Aspart Mixture)
  • NovoMix 50 (Insulin Aspart Mixture)
  • NovoLog (Insulin Aspart)
  • Velosulin BR (Human Insulin)
  
Recombinant Human
Therapeutics that are derived from human genes.

Buyer Products:

  • AERx iDMS/NN 1998 (Aerosolized Insulin)
  • Novolin R (Regular Insulin)
  • Novolin N (Isophane Insulin Suspension)
  • Novolin 70/30 (Isophane/Regular Insulin)
  
Non-Insulin Dependent Diabetes Mellitus (NIDDM)/Type 2 Diabetes  
Insulin Stimulating Agents (Non-Sulfonylureas)
Therapeutics that treat non-insulin dependent diabetes by stimulating the secretion of insulin.

Buyer Products:

  • Prandin (Repaglinide)
  
Insulin Therapy  
Human Analogs
Insulin supplements that resemble natural human insulin.

Buyer Products:

  • Levemir (Insulin Detemir)
  • NovoLog (Insulin Aspart)
  • Velosulin BR (Human Insulin)
  • NovoMix 50 (Insulin Aspart Mixture)
  • NovoMix 70 (Insulin Aspart Mixture)
  • Velosulin (Human Insulin)
  
Recombinant Human
Therapeutics that are derived from human genes.

Buyer Products:

  • AERx iDMS/NN 1998 (Aerosolized Insulin)
  • Novolin R (Regular Insulin)
  • Novolin N (Isophane Insulin Suspension)
  • Novolin 70/30 (Isophane/Regular Insulin)
  
General Hormone Treatments  
Estrogens
Therapeutics that treat hormonal disorders by providing estrogen.

Buyer Products:

  • Vagifem (Estradiol Vaginal Tablets, USP)
  
Hypoglycemia  
Gluconeogenic Agents/Glycogenolytic Agents
Therapeutics that treat hypoglycemia by enabling the release of glucose from the liver.

Buyer Products:

  • GlucaGen (Glucagon)
  
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.

Buyer Products:

  • Liraglutide (NN 2211)
  • NN 414 (Potassium Channel Opener)
  • NN 344 (Long-Acting Insulin Analog)
  
Pituitary Gland Disorders  
Severe Short Stature  
Growth Hormones
Therapeutics similar to pituitary hormones, which stimulate body growth and development.

Buyer Products:

  • Norditropin (r-Somatropin)
  
Reproductive Disorders  
Menopause  
Estrogens/Progestins
Therapeutics that are mixture of two female sex hormones that are important for the development of the female reproductive system.

Buyer Products:

  • Activelle (Estradiol/Norethindrone Acetate)
  
Hematology  
Hemophilia  
Hemophilia A  
Clotting Agents
Therapeutics that aid in blood coagulation.

Buyer Products:

  • NovoSeven (Recombinant Coagulation Factor VIIa)
  
Hemophilia B  
Clotting Agents
Therapeutics that assist in blood coagulation.

Buyer Products:

  • NovoSeven (Recombinant Coagulation Factor VIIa)
  
Serum Factor Disorders  
Hypoglycemia  
Gluconeogenic Agents/Glycogenolytic Agents
Therapeutics that treat low blood sugar by promoting the breakdown of glycogen into glucose in the liver as well as the synthesis of glucose from non-carbohydrate precursors.

Buyer Products:

  • GlucaGen (Glucagon)
  
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)
  
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.

Target Products:

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

Target Products:

  • Hyperimmune Globulin
  • Influenza Vaccine Program
  
Viral  
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
  
Musculoskeletal System  
Skeletal Disorders  
Bone Disorders  
Osteoporosis  
Hormonal Treatments  
Estrogens/Progestins
Therapeutics that treat osteoporosis by providing female hormones which results in a decrease in the rate of bone loss due to osteoclasts.

Buyer Products:

  • Activelle (Estradiol/Norethindrone Acetate)
  
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:

  • NovoSeven (Recombinant Coagulation Factor VIIa)
  
Obstetrics/Gynecology  
Female Genital Disorders  
Vulvovaginal  
Atrophy  
Hormonal Treatments  
Estrogens/Progestins
Therapeutics that treat disorders characterized by thinning of the vaginal walls with a combination of the female sex hormones estrogen and progestin.

Buyer Products:

  • Activelle (Estradiol/Norethindrone Acetate)
  
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.

Buyer Products:

  • Interleukin 21
  
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:

  • Interleukin 21
  
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.

Buyer Products:

  • ASIS (Active Site Inhibited Seven or FFR-FVIIa)
  
Surgery  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of surgical complications in early stages of clinical research where human subject is involved.

Buyer Products:

  • rFactor XIII
  • NovoSeven (Recombinant Coagulation Factor VIIa)
  
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.

Buyer Products:

  • NovoSeven (Recombinant Coagulation Factor VIIa)
  
Wound Management  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of wounds in early stages of clinical research where human subject is involved.

Buyer Products:

  • Norditropin (r-Somatropin)
  
Medical Devices  
Drug Delivery  
Infusion Therapy  
Delivery Systems  
Insulin  
Pumps  
External/Random Analysis Monitoring System
External pump that delivers insulin to the patient and measure patient glucose levels as a blood sample is obtained.

Buyer Products:

  • InDuo
  
Percutaneous (Subcutaneous/Intramuscular/Intravenous)  
Automatic Injectors
Pen-shaped medical devices used to contain and deliver liquid medications to a specified needle depth with a press of a button.

Buyer Products:

  • InDuo
  • Innovo
  • NordiPen System
  • NovoPen Delivery System Series
  • PenMate Insulin Injection System
  • NovoLog FlexPen/70/30 Mix FlexPen
  • Norditropin NordiFlex(Somatropin Injection)
  • Novolin Prefilled
  • Novolin InnoLet
  
Needleless  
Disposable  
Hypodermic
Disposable needles for use below the skin.

Buyer Products:

  • NovoFine Insulin Series
  

- 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
  sanofi-aventis (ADR) n/a 117,145.313 n/a 11.83 4.03 3.33 n/a
Buyer
  sanofi-aventis (ADR) n/a 117,145.313 n/a 11.83 4.03 3.33 n/a
Eli Lilly & Co. n/a 64,691.524 32.63 18.18 4.42 4.16 5.99
BASF AG (ADR) n/a 38,613.975 9.59 10.44 0.76 0.78 2.36
Akzo Nobel N.V. (ADR) n/a 14,675.830 16.83 15.66 0.97 0.91 4.48
Serono S.A. (ADR) n/a 10,240.729 n/a 18.83 3.96 3.86 5.60
Amylin Pharmaceuticals n/a 4,599.026 n/a -23.97 32.74 11.48 67.20
Nektar Therapeutics n/a 1,743.716 n/a -16.44 13.81 10.68 7.42
Aspreva Pharmaceuticals Corporation n/a 934.150 77.20 14.36 12.21 5.14 6.31
MannKind Corporation n/a 904.220 n/a -7.19 n/a 25.21 4.37
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
  ZymoGenetics, Inc. n/a 1,419.556 n/a -9.83 33.08 41.07 4.25
Interwoven, Inc. n/a 376.499 629.58 24.31 2.15 1.87 4.64
Phase Forward Incorporated n/a 323.020 26.92 32.31 3.71 3.11 6.92
Neose Technologies, Inc. n/a 97.691 n/a -3.33 16.99 15.18 2.10
Ciphergen Biosystems n/a 61.918 n/a -2.06 2.27 2.06 15.36
Aradigm Corporation n/a 53.300 n/a -2.00 3.03 5.31 1.73
Spherix Incorporated n/a 29.028 n/a n/a 1.28 n/a 3.18
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
  Cephalon, Inc. n/a 4,730.751 n/a 25.59 3.90 2.97 -7.86
Serologicals Corporation n/a 851.382 441.02 21.95 3.10 2.90 17.32
Grupo Casa Saba, S.A. (ADR) n/a 524.469 7.39 n/a 0.25 n/a 1.21
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
  General Electric Company n/a 358,055.215 21.97 16.77 2.39 2.18 12.96
Pfizer Inc. n/a 191,895.175 23.84 13.03 3.74 3.73 13.64
Roche Holding Ltd. (ADR) n/a 131,799.556 29.24 28.64 4.77 n/a 7.51
Abbott Laboratories n/a 67,576.455 20.20 16.94 3.03 3.03 15.17
Medtronic, Inc. n/a 65,082.081 32.52 24.25 5.91 5.72 11.30
Schering AG (ADR) n/a 15,142.999 21.29 18.60 2.47 n/a 4.96
Eisai Co., Ltd (ADR) n/a 12,819.152 36.18 23.92 3.61 n/a 3.24
Chiron Corporation n/a 8,548.136 45.11 24.20 4.45 3.95 2.86
Cephalon, Inc. n/a 4,730.751 n/a 25.59 3.90 2.97 -7.86
Dr. Reddy's Laboratories Limited (ADR) n/a 2,292.342 75.34 55.75 4.70 4.46 n/a
Medarex, Inc. n/a 1,503.267 n/a -8.85 35.23 36.79 9.35
ZymoGenetics, Inc. n/a 1,419.556 n/a -9.83 33.08 41.07 4.25
MannKind Corporation n/a 904.220 n/a -7.19 n/a 25.21 4.37
Serologicals Corporation n/a 851.382 441.02 21.95 3.10 2.90 17.32
Grupo Casa Saba, S.A. (ADR) n/a 524.469 7.39 n/a 0.25 n/a 1.21
Enzon Pharmaceuticals, Inc. n/a 305.161 n/a 85.62 1.80 1.79 -2.55
Clinical Data, Inc. n/a 173.416 n/a n/a 2.97 n/a 30.61
Sangamo Biosciences, Inc. n/a 146.904 n/a -12.89 59.12 20.24 n/a
Neose Technologies, Inc. n/a 97.691 n/a -3.33 16.99 15.18 2.10
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 5,403.0 69.8 5,472.8
Other Revenue 0.0 0.0 0.0
Total Revenue 5,403.0 69.8 5,472.8
Cost of Revenue 1,468.7 43.7 1,512.4
SG&A Expense 1,890.6 11.3 1,901.9
Depreciation & Amortization 0.0 0.0 0.0
Research & Development 813.8 53.4 867.2
Interest Expense 0.0 0.0 0.0
Other Operating Expense -64.5 0.0 -64.5
Total Expenses 4,108.6 108.4 4,217.0
Operating Income 1,294.4 -38.6 1,255.8
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng -27.7 0.9 -26.8
Other, Net 0.0 0.0 0.0
Income Before Taxes 1,317.8 -32.4 1,285.4
Income Taxes 379.3 -5.6 373.7
Income After Taxes 938.5 -26.8 911.7
Net Income - Excl. Xord. Items 938.5 -26.8 911.7
Net Income - Incl. Xord. Items 938.5 -26.8 911.7
Income Avail. to Common 938.5 -26.8 911.7
Share Items
Basic Avg. Shares Outstanding 321.3 53.6 374.9
Basic EPS - Excl. Xord. Items 2.86 -0.25 2.43
Basic EPS - Incl. Xord. Items 2.86 -0.50 2.43
Full Dilution Adjustment 0.0 0.0 0.0
Fully Diluted Shares Outstanding 324.8 53.6 378.4
F.D. EPS - Excl. Xord. Items 2.85 -0.52 2.41
F.D. EPS - Incl. Xord. Items 2.85 -0.52 2.41
Dividends Per Common Share 0.96 0.00 0.96
Balance Sheet
Assets
Cash and Equivalents 528.6 103.6 632.2
ST Investments 275.6 24.4 300.0
Accounts Receivable 1,080.8 24.9 1,105.7
Inventory 1,245.4 6.4 1,251.9
Other Current Assets 0.0 0.0 0.0
Current Assets 3,130.4 159.3 3,289.7
Accum D&A 0.0 0.0 0.0
PPE, Net 3,191.4 36.2 3,227.6
Goodwill & Intangibles 77.6 34.1 111.7
Long Term Investments 175.2 0.0 175.2
Other Assets 0.0 0.0 0.0
Other LT Assets 140.7 0.0 140.7
Total Assets 6,715.4 229.6 6,945.0
Liabilities
Accounts Payable 240.1 60.0 300.1
Payable/Accrued 0.0 0.0 0.0
ST Debt 231.1 0.0 231.1
Other (Current) Liabilities 1,222.2 0.0 1,222.2
Current Liab. 1,693.4 60.0 1,753.5
LT Debt 199.7 8.7 208.4
Total LT Debt 199.7 8.7 208.4
Deferred Taxes 295.4 2.8 298.2
Other LT Liab. 104.2 1.4 105.6
Total Liabilities 2,292.8 72.9 2,365.7
Shareholders Equity
Common Stock 113.5 18.6 132.1
Additional Paid in Capital 0.0 170.6 170.6
Retained Earnings 4,315.1 -32.5 4,282.5
Treasure Stock -9.8 0.0 -9.8
Other Equity 3.8 0.0 3.8
Total Equity 4,422.6 156.6 4,579.3
Total Liab. & Equity 6,715.4 229.6 6,945.0
Shares Outstanding 323.7 53.6 377.3
Cash Flow
Operating Cash Flow
CF Net Income 938.5 -32.4 906.1
CF Depreciation 0.0 7.5 7.5
CF Deferred Taxes 0.0 0.0 0.0
Other Non-Cash Items 872.7 1.0 873.8
Change in Working Capital -416.9 -40.2 -457.1
Total Cash From Operating Activities 1,394.3 -64.1 1,330.2
Investing Cash Flow
Capital Expenditures -666.3 -7.1 -673.4
Other Investing Cash Flows -119.7 -2.8 -122.5
Total Cash From Investing Activities -786.0 -9.9 -795.9
Financing Cash Flow
Dividends Paid 0.0 0.0 0.0
Purchase Or Sale of Stock 0.0 2.3 2.3
Purchase and Retirement of Debt 0.0 118.2 118.2
Other Financing Cash Flow -709.8 -45.1 -754.9
Total Cash From Financing Activities -709.8 69.6 -640.2
Exchange Rate Effects 24.6 0.0 24.6
Net Change in Cash -76.8 -4.4 -81.2
Cash Taxes Paid 342.2 9.9 352.1
Cash Interest Paid 0.0 6.8 6.8