Summary

Other Scenarios:

Buyer: OSI Pharmaceuticals, Inc. (OSIP) Last Price: 38.05 Market Cap.: 2.19B
Target: Alpharma Inc. (ALO) Last Price: 36.99 Market Cap.: 1.99B

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
Healthcare 843
Biopharmaceuticals 365
Medical Devices   225
Veterinary Products and Services   7

- 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)
  • PSN010 (Glucokinase Activators)
  • PSN357 (Glycogen Phosphlorylase Inhibitor)
  • PSN821 (G-Protein Coupled Receptor 119) Agonist
  • Novantrone (Mitoxantrone Hydrochloride)
Target (Total: 10)
  • Tirosint Capsule (Levothyroxine Sodium)
  • Ketoprofen Transfersome Gel
  • Kadian (Morphine Sulphate Extended Release)
  • Embeda (Abuse Resistant Morphine Sulphate/Naltrexone)
Buyer
  • Gelclair
Target
  • Alpharma Animal Health Division

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 6)
  • Wyeth (WYE)
  • Gilead Sciences, Inc. (GILD)
  • ISIS Pharmaceuticals, Inc. (ISIS)
  • Nektar Therapeutics (NKTR)
Target (Total: 9)
  • Bayer AG (ADR) (BAYRY)
  • Archer Daniels Midland Company (ADM)
  • Koninklijke DSM N.V. (ADR) (RDSMY)
  • Cambrex Corporation (CBM)
Buyer (Total: 5)
  • Novartis AG (ADR) (NVS)
  • Genentech, Inc. (DNA)
  • Merck & Co., Inc. (MRK)
  • Bristol Myers Squibb Co. (BMY)
Target (Total: 4)
  • Teva Pharmaceutical Industries Ltd (ADR) (TEVA)
  • Alcon, Inc. (ACL)
  • Enzon Pharmaceuticals, Inc. (ENZN)
  • Accentia Biopharmaceuticals, Inc (ABPIQ)

Key Financial Summary:

Key Metrics

  Buyer Target
Number of Employees 488 2,000
Revenue Per Employee 774,137.3 352,361.4
Total Revenue 94.6 175.7
Total Expenses 58.5 166.0
Other Revenue 0.0 0.0
Cost of Revenue 2.5 63.1
SG&A Expense 22.3 89.3
Research & Development 33.1 13.5
Other Operating Expense 0.0 0.0
Operating Income 36.1 9.7
Unusual Income 0.0 0.0
LT Debt to Capital 66.57 27.66
Fwd P/E 17.36 106.50
Fwd P/Rev 5.65 2.81
Book Value 208.4 784.6
Curr Portion of LTD/Cap Lease 0.0 0.0

Individual Company Summary

Focused

Buyer

Focused (): Healthcare > Biopharmaceuticals > Oncology

Target

Focused (): Healthcare > Biopharmaceuticals > Pain Management

Business Description

Buyer

OSI Pharmaceuticals, Inc. (OSI) is a biotechnology company primarily focused on the discovery, development and commercialization of molecular targeted therapies addressing unmet medical needs in oncology, diabetes and obesity. The Company's primary focus is oncology and its flagship product is Tarceva (erlotinib), a small molecule inhibitor of the epidermal growth factor receptor (EGFR). OSI Pharmaceuticals, Inc. also has research and development programs in diabetes and obesity, which are conducted through Prosidion Limited, the Company's United Kingdom subsidiary. In October 2007, Roche Holding Ltd. and OSI Pharmaceuticals, Inc. announced that Tarceva (erlotinib) has been approved in Japan for the treatment of patients with nonresectable, recurrent and advanced non-small cell lung cancer (NSCLC), which is aggravated following chemotherapy.

Target

Alpharma Inc. is a global specialty pharmaceutical company that develops, manufactures and markets pharmaceutical products for humans and animals. As of April 2, 2008, the Company operated in two business segments: Pharmaceuticals and Animal Health (AH). The Company markets an extended release morphine sulfate pain medication sold under the trademark KADIAN, in the United States and a topical non-steroidal, anti-inflammatory (NSAID) patch product sold in the United States, under the trademark FLECTOR. The Company manufactures and markets animal health products, consisting primarily of medicated feed additives (MFAs) and water soluble therapeutics for production animals, principally poultry, cattle and swine. In April 2008, ALPHARMA, Inc. announced the divestiture of its Active Pharmaceutical Ingredients (API) business to 3i.

Deal Summary

Key Ratios

  Buyer Target
Gross Margin % 97.25 63.54
Operating Margin % 34.33 -14.42
Quick Ratio 9.81 3.65
Current Ratio 10.34 4.49
Coverage Ratio 0.02 -0.07
Total Assets 729.8 1,353.7
Return on Equity % 58.14 -11.9
Return on Assets % 16.6 -6.9
Cash+ ST Inv. Per Share 7.53 13.54
Total Debt 415.0 305.1
Total Debt to Equity % 199.11 38.89
Total Debt to Tangible Equity % 260.52 67.82
Debt to Asset % 56.86 22.54

Product Summary

Sector Buyer Target
Healthcare
Biopharmaceuticals
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.
  
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.
  
Pain Management
The Pain Management Subsector includes therapeutics that treat and management pain.
  
Weight Management
The Weight Management Subsectors includes herapeutics that treat and manage weight disorders.
  
Medical Devices  
Medical Supplies
The Medical Supplies Subsector includes basic and consumable products that are widely used in healthcare settings.
  
Veterinary Products and Services  
Veterinary Pharmaceuticals
The Veterinary Pharmaceuticals Subsector includes companies that manufacture veterinary pharmaceuticals and vaccines for the prevention and treatment of veterinary diseases.

Target Products:

  • Alpharma Animal Health Division
  

- 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
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.

Buyer Products:

  • PSN010 (Glucokinase Activators)
  • PSN357 (Glycogen Phosphlorylase Inhibitor)
  
Pituitary Gland Disorders  
Pituitary Hyperthyroidism (TSH-Induced)  
Thyroid Hormones
Hormones that affect the rate of cell metabolism and blood calcium levels.

Target Products:

  • Tirosint Capsule (Levothyroxine Sodium)
  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of endocrinology disorders in very early stages of research where no human subject is involved.

Buyer Products:

  • PSN821 (G-Protein Coupled Receptor 119) Agonist
  
Thyroid Gland Disorders  
Hypothyroidism  
Thyroid Hormones
Therapeutics that treat a deficiency in thyroid activity by supplementing thyroid hormones.

Target Products:

  • Tirosint Capsule (Levothyroxine Sodium)
  
Immunology  
Autoimmune Disorders  
Multiple Sclerosis (MS)  
Topoisomerase II Inhibitors
Therapeutics that treat a neurodegenerative disease characterized by the gradual accumulation of plaques on the nerve sheaths an enzyme that inhibits the proliferation of cells.

Buyer Products:

  • Novantrone (Mitoxantrone Hydrochloride)
  
Musculoskeletal System  
Skeletal Disorders  
Joint Disorders  
Osteoarthritis (OA)  
Non-Steroidal Anti-Inflammatory Drugs (NSAID)  
Non-Specific Cyclooxygenase Inhibitors (COX Inhibitors)
Therapeutics that treat inflammation by non-specifically inhibiting the action of cyclooxygenase.

Target Products:

  • Ketoprofen Transfersome Gel
  
Neurology  
Neuromuscular Disorders  
Multiple Sclerosis (MS)  
Topoisomerase II Inhibitors
Therapeutics that treat multiple sclerosis by inhibiting a key enzyme involved with cell division.

Buyer Products:

  • Novantrone (Mitoxantrone Hydrochloride)
  
Oncology  
Digestive System  
Colon Cancer/Colorectal Cancer  
Metastatic  
Epidermal Growth Factor Receptor Tyrosine Kinase (EGFR-TK) Inhibitors
Therapeutics that treat and manage colorectal cancer by blocking the action of tyrosine kinase enzyme through switching off the signals from the epidermal growth factor receptors, which promote cell growth.

Buyer Products:

  • Tarceva (Erlotinib)
  
Pancreatic Cancer  
Metastatic  
Epidermal Growth Factor Receptor Tyrosine Kinase (EGFR-TK) Inhibitors
Therapeutics that treat and manage cancers of the pancreas by blocking the action of tyrosine kinase enzyme through switching off the signals from the epidermal growth factor receptors, which promote cell growth.

Buyer Products:

  • Tarceva (Erlotinib)
  
Hematology  
Leukemia (White Blood Cell Cancer)  
Myeloid  
Acute  
Erythroleukemic  
Topoisomerase II Inhibitors
Therapeutics that treat and manage rapidly progressing cancers affecting immature red blood cells by inhibiting a specific enzyme needed for transcription and replication of DNA.

Buyer Products:

  • Novantrone (Mitoxantrone Hydrochloride)
  
Monocytic  
Topoisomerase II Inhibitors
Therapeutics that treat and manage cancers affecting mononuclear cells by inhibiting a specific enzyme needed for transcription and replication of DNA.

Buyer Products:

  • Novantrone (Mitoxantrone Hydrochloride)
  
Myeloblastic  
Topoisomerase II Inhibitors
Therapeutics that treat and manage rapidly progressing cancers affecting immature cells of the bone marrow by inhibiting a specific enzyme needed for transcription and replication of DNA.

Buyer Products:

  • Novantrone (Mitoxantrone Hydrochloride)
  
Myelogenous (AML)  
Topoisomerase II Inhibitors
Therapeutics that treat and manage rapidly progressing cancers of the myelogenous cells by inhibiting a specific enzyme needed for transcription and replication of DNA.

Buyer Products:

  • Novantrone (Mitoxantrone Hydrochloride)
  
Promyelocytic (APL)  
Topoisomerase II Inhibitors
Therapeutics that treat and manage promyelocytic leukemia by inhibiting a specific enzyme needed for transcription and replication of DNA.

Buyer Products:

  • Novantrone (Mitoxantrone Hydrochloride)
  
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:

  • OSI-930 (c-kit/VEGFR-2 Inhibitor)
  • OSI-027 (mTOR Inhibitor)
  • Avastin (Bevacizumab)/Tarceva (Erlotinib HCl)
  • OSI-906 (Insulin-Like Growth Factor-1 Receptor Inhibitor)
  • CP-868,596 (Platelet-Derived Growth Factor Receptor Inhibitor)
  • Tarceva (Erlotinib)
  • OSI632/Formerly CP 547,632 (VEGFR Inhibitor)
  • Novantrone (Mitoxantrone Hydrochloride)
  
Respiratory System/Thoracic  
Lung Cancer  
Non Small Cell Lung Cancer (NSCLC)  
EGFR-TK Inhibitors/Monoclonal Antibodies
Therapeutics that treat lung cancer by blocking the tyrosine kinase enzyme and by binding to specific structures on the surface of the tumor and eliciting a reaction, which results in tumor degeneration.

Buyer Products:

  • Avastin (Bevacizumab)/Tarceva (Erlotinib HCl)
  
Epidermal Growth Factor Receptor Tyrosine Kinase (EGFR-TK) Inhibitors
Therapeutics that treat and manage cancers of the lung including squamous cell carcinoma, adenocarcinoma and large cell carcinoma by blocking the tyrosine kinase enzyme by switching off the signals from the epidermal growth factor receptors.

Buyer Products:

  • Tarceva (Erlotinib)
  
Urology  
Ovarian Cancer  
Metastatic  
Epidermal Growth Factor Receptor Tyrosine Kinase (EGFR-TK) Inhibitors
Therapeutics that treat and manage ovarian cancers by blocking the action of tyrosine kinase enzyme through switching off the signals from the epidermal growth factor receptors, which promote cell growth.

Buyer Products:

  • Tarceva (Erlotinib)
  
Prostate Cancer  
Palliative Agents  
Topoisomerase II Inhibitors
Therapeutics that treat and manage cancer of the prostate gland by inhibiting a specific enzyme needed for transcription and replication of DNA but are not curative.

Buyer Products:

  • Novantrone (Mitoxantrone Hydrochloride)
  
Pain Management  
Anesthesia  
General (Systemic)  
Adjunctive  
Opioids
Therapeutics that treat pain by binding to certain nervous system receptors which alters both the perception of pain as well as the emotional response to pain.

Target Products:

  • Kadian (Morphine Sulphate Extended Release)
  
Narcotics  
Opioids
Therapeutics that treat pain by binding to certain nervous system receptors which alter both the perception of pain as well as the emotional response to pain.

Target Products:

  • Embeda (Abuse Resistant Morphine Sulphate/Naltrexone)
  • Kadian (Morphine Sulphate Extended Release)
  
Non-Narcotics  
Non-Steroidal Anti-Inflammatory Drugs (NSAID)  
Non-Specific Cyclooxygenase Inhibitors (COX Inhibitors)
Therapeutics that treat pain by non-specifically inhibiting the action of cyclooxygenase.

Target Products:

  • Flector Patch (Diclofenac Epolamine)
  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of pain in early stages of clinical research where human subject is involved.

Target Products:

  • ALO-02 (Oxycodone/Naltrexone)
  • ELADUR (TRANSDUR-Bupivacaine)
  • ALO-03
  • ALO-04
  
Weight Management  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of weight disorders in early stages of clinical research where human subject is involved.

Buyer Products:

  • PSN602 (Serotonin/Norepinephrine Reuptake Inhibitor)
  
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.

Buyer Products:

  • PSN821 (G-Protein Coupled Receptor 119) Agonist
  
Medical Devices  
Medical Supplies  
Treatment  
Wound Management/First Aid  
Drainage/Hydration
Medical devices designed to irrigate, moisturize and remove excess fluids from wounds and wound surface.

Buyer Products:

  • Gelclair
  
Veterinary Products and Services  
Veterinary Pharmaceuticals
The Veterinary Pharmaceuticals Subsector includes companies that manufacture veterinary pharmaceuticals and vaccines for the prevention and treatment of veterinary diseases.

Target Products:

  • Alpharma Animal Health Division
  

- 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 115,304.202 10.92 7.15 2.36 2.37 4.27
Novartis AG (ADR) n/a 108,257.444 14.32 12.41 2.55 2.54 3.67
Abbott Laboratories n/a 81,473.569 17.92 15.86 2.83 2.76 27.79
Bristol Myers Squibb Co. n/a 45,599.400 11.65 13.73 2.20 2.20 6.62
Eli Lilly & Co. n/a 43,181.474 17.90 9.45 2.12 2.08 3.77
Buyer
  Johnson & Johnson n/a 162,478.703 12.89 12.93 2.52 2.52 9.47
Roche Holding Ltd. (ADR) n/a 128,504.562 15.36 15.13 3.27 3.00 5.61
Target
  Pfizer Inc. n/a 115,304.202 10.92 7.15 2.36 2.37 4.27
Novartis AG (ADR) n/a 108,257.444 14.32 12.41 2.55 2.54 3.67
Abbott Laboratories n/a 81,473.569 17.92 15.86 2.83 2.76 27.79
Bristol Myers Squibb Co. n/a 45,599.400 11.65 13.73 2.20 2.20 6.62
Eli Lilly & Co. n/a 43,181.474 17.90 9.45 2.12 2.08 3.77
Teva Pharmaceutical Industries Ltd (ADR) n/a 33,970.080 17.95 14.84 3.14 3.07 7.59
Perrigo Company n/a 2,929.556 20.97 16.12 1.53 1.37 4.71
Endo Pharmaceuticals n/a 2,824.646 11.90 10.70 2.32 2.22 4.42
King Pharmaceuticals, Inc. n/a 2,479.481 9.60 8.48 1.42 1.63 1.27
XenoPort, Inc. n/a 555.251 n/a -8.50 9.72 14.35 5.84
Acura Pharmaceuticals, Inc. n/a 319.570 11.84 n/a 7.42 n/a 8.28
DURECT Corporation n/a 281.901 n/a -10.00 10.86 8.06 8.52
DepoMed, Inc. n/a 83.220 4.17 -3.21 2.65 2.61 1.92
Javelin Pharmaceuticals Inc. n/a 76.988 n/a -1.76 126.22 56.57 2.56
BioDelivery Sciences International, Inc. n/a 47.142 n/a n/a 162.97 n/a n/a
Penwest Pharmaceuticals n/a 41.801 n/a -1.40 9.75 5.09 2.74
Elite Pharmaceuticals, Inc. n/a 2.101 n/a n/a 1.05 n/a 0.26
Livzon Pharmaceutical Group Co., Ltd. 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
  Wyeth n/a 48,119.939 10.75 10.19 2.07 2.06 3.22
Gilead Sciences, Inc. n/a 45,534.589 24.69 24.61 9.10 8.63 10.93
ISIS Pharmaceuticals, Inc. n/a 1,292.067 n/a -149.33 11.61 11.42 39.75
Nektar Therapeutics n/a 503.831 n/a -3.72 3.95 5.43 17.85
Enzon Pharmaceuticals, Inc. n/a 260.282 n/a -32.33 1.32 1.51 n/a
Cadus Corporation n/a 17.087 n/a n/a 171.05 n/a 0.67
Target
  Bayer AG (ADR) n/a 42,099.954 5.82 10.59 0.92 1.04 n/a
Archer Daniels Midland Company n/a 18,185.796 7.54 8.16 0.23 0.24 1.40
Koninklijke DSM N.V. (ADR) n/a 3,957.680 4.32 3.99 0.29 n/a 0.65
Cambrex Corporation n/a 131.867 14.42 11.65 0.52 0.60 1.98
Kaken Pharmaceutical Co., Ltd. n/a n/a n/a n/a n/a n/a n/a
Actavis Group hf. n/a n/a n/a n/a n/a n/a n/a
Roquette America, Inc. n/a n/a n/a n/a n/a n/a n/a
IBSA Institut Biochimique SA n/a n/a n/a n/a n/a n/a n/a
Tris Pharma, Inc. 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
  Novartis AG (ADR) n/a 108,257.444 14.32 12.41 2.55 2.54 3.67
Genentech, Inc. n/a 86,487.712 27.67 26.04 6.82 6.51 7.21
Merck & Co., Inc. n/a 61,311.394 13.53 8.87 2.55 2.60 3.49
Bristol Myers Squibb Co. n/a 45,599.400 11.65 13.73 2.20 2.20 6.62
Eli Lilly & Co. n/a 43,181.474 17.90 9.45 2.12 2.08 3.77
Target
  Teva Pharmaceutical Industries Ltd (ADR) n/a 33,970.080 17.95 14.84 3.14 3.07 7.59
Alcon, Inc. n/a 25,696.909 12.85 14.04 4.10 4.07 6.98
Enzon Pharmaceuticals, Inc. n/a 260.282 n/a -32.33 1.32 1.51 n/a
Accentia Biopharmaceuticals, Inc n/a 6.040 n/a n/a 0.39 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
  Enzon Pharmaceuticals, Inc. n/a 260.282 n/a -32.33 1.32 1.51 n/a
Buyer
  Roche Holding Ltd. (ADR) n/a 128,504.562 15.36 15.13 3.27 3.00 5.61
Pfizer Inc. n/a 115,304.202 10.92 7.15 2.36 2.37 4.27
Novartis AG (ADR) n/a 108,257.444 14.32 12.41 2.55 2.54 3.67
Genentech, Inc. n/a 86,487.712 27.67 26.04 6.82 6.51 7.21
Abbott Laboratories n/a 81,473.569 17.92 15.86 2.83 2.76 27.79
Merck & Co., Inc. n/a 61,311.394 13.53 8.87 2.55 2.60 3.49
Wyeth n/a 48,119.939 10.75 10.19 2.07 2.06 3.22
Bristol Myers Squibb Co. n/a 45,599.400 11.65 13.73 2.20 2.20 6.62
Gilead Sciences, Inc. n/a 45,534.589 24.69 24.61 9.10 8.63 10.93
Eli Lilly & Co. n/a 43,181.474 17.90 9.45 2.12 2.08 3.77
Target
  Bayer AG (ADR) n/a 42,099.954 5.82 10.59 0.92 1.04 n/a
Teva Pharmaceutical Industries Ltd (ADR) n/a 33,970.080 17.95 14.84 3.14 3.07 7.59
Alcon, Inc. n/a 25,696.909 12.85 14.04 4.10 4.07 6.98
Archer Daniels Midland Company n/a 18,185.796 7.54 8.16 0.23 0.24 1.40
Koninklijke DSM N.V. (ADR) n/a 3,957.680 4.32 3.99 0.29 n/a 0.65
DURECT Corporation n/a 281.901 n/a -10.00 10.86 8.06 8.52
Enzon Pharmaceuticals, Inc. n/a 260.282 n/a -32.33 1.32 1.51 n/a
Cambrex Corporation n/a 131.867 14.42 11.65 0.52 0.60 1.98
Accentia Biopharmaceuticals, Inc n/a 6.040 n/a n/a 0.39 n/a n/a
IBSA Institut Biochimique SA n/a n/a n/a n/a n/a n/a n/a
Tris Pharma, Inc. n/a n/a n/a n/a n/a n/a n/a
Actavis Group hf. n/a n/a n/a n/a n/a n/a n/a
Kaken Pharmaceutical Co., Ltd. n/a n/a n/a n/a n/a n/a n/a
Roquette America, Inc. 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 365.3 650.3 1,015.6
Other Revenue 0.0 0.0 0.0
Total Revenue 365.3 650.3 1,015.6
Cost of Revenue 10.1 237.1 247.1
SG&A Expense 95.2 345.4 440.6
Depreciation & Amortization 2.3 0.0 2.3
Research & Development 130.2 161.8 291.9
Interest Expense 0.0 0.0 0.0
Other Operating Expense 0.0 0.0 0.0
Unusual Expense (Income) 2.2 -0.2 2.0
Total Expenses 239.9 744.0 983.9
Operating Income 125.4 -93.7 31.6
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng 2.4 6.7 9.1
Other, Net -3.1 -0.6 -3.7
Income Before Taxes 124.7 -87.6 37.1
Income Taxes 3.6 5.7 9.3
Income After Taxes 121.2 -93.3 27.8
Net Income - Excl. Xord. Items 121.2 -93.3 27.8
Discontinued Operations -1.4 207.5 206.1
Net Income - Incl. Xord. Items 119.8 114.1 233.9
Income Avail. to Common 119.8 114.1 233.9
Share Items
Basic Avg. Shares Outstanding 57.4 41.1 98.6
Basic EPS - Excl. Xord. Items 2.11 n/a 0.28
Basic EPS - Incl. Xord. Items 2.09 2.78 2.37
Full Dilution Adjustment 1.7 0.0 1.7
Fully Diluted Shares Outstanding 64.6 42.2 106.7
F.D. EPS - Excl. Xord. Items 1.88 n/a 0.26
F.D. EPS - Incl. Xord. Items 1.86 2.71 2.19
Balance Sheet
Assets
Cash and Equivalents 234.8 571.0 805.8
ST Investments 251.5 0.0 251.5
Accounts Receivable 95.6 98.6 194.2
Inventory 20.5 122.3 142.8
Prepayments and Advances 6.5 30.8 37.4
Other Current Assets 4.5 0.0 4.5
Current Assets 613.3 822.8 1,436.1
Accum D&A 0.0 0.0 0.0
PPE, Net 44.5 140.6 185.2
Goodwill & Intangibles 49.1 334.6 383.7
Other Assets 0.0 0.0 0.0
Other LT Assets 22.9 55.6 78.5
Total Assets 729.8 1,353.7 2,083.5
Liabilities
Accounts Payable 0.0 62.5 62.5
Payable/Accrued 44.9 0.0 44.9
Accrued Expenses 0.0 115.7 115.7
ST Debt 0.0 5.1 5.1
Other (Current) Liabilities 14.5 0.0 14.5
Current Liab. 59.3 183.3 242.6
LT Debt 415.0 300.0 714.9
Total LT Debt 415.0 300.0 714.9
Deferred Taxes 0.0 55.4 55.4
Other LT Liab. 47.1 30.4 77.6
Total Liabilities 521.4 569.1 1,090.5
Shareholders Equity
Common Stock 0.6 11.3 11.9
Additional Paid in Capital 1,688.3 1,150.7 2,839.0
Retained Earnings -1,378.3 1.6 -1,376.7
Treasure Stock -102.2 -377.0 -479.2
Other Equity 0.0 -2.2 -2.1
Total Equity 208.4 784.6 993.0
Total Liab. & Equity 729.8 1,353.7 2,083.5
Shares Outstanding 57.6 53.7 111.3
Cash Flow
Operating Cash Flow
CF Net Income 119.8 114.2 234.0
CF Depreciation 11.6 42.7 54.2
CF Deferred Taxes 0.0 12.9 12.9
Other Non-Cash Items 46.1 -221.1 -174.9
Change in Working Capital -56.6 -4.0 -60.7
Total Cash From Operating Activities 120.9 -55.3 65.6
Investing Cash Flow (not calculated)
Capital Expenditures -22.8 -37.8 -60.6
Other Investing Cash Flows -68.8 384.5 315.7
Total Cash From Investing Activities -91.6 346.7 255.2
Financing Cash Flow (not calculated)
Dividends Paid 0.0 0.0 0.0
Purchase Or Sale of Stock -33.1 -48.9 -82.0
Purchase and Retirement of Debt 150.0 3.0 152.9
Other Financing Cash Flow -9.2 0.0 -9.2
Total Cash From Financing Activities 107.7 -53.8 53.9
Exchange Rate Effects -1.5 0.7 -0.8
Net Change in Cash 135.5 238.3 373.8
Cash Taxes Paid 1.7 5.4 7.2
Cash Interest Paid 13.3 6.6 19.8