Summary

Other Scenarios:

Buyer: Sepracor Inc. (SEPR) Last Price: 23.79 Market Cap.: 2.66B
Target: Pharmion Corporation (PHRM) Last Price: 70.12 Market Cap.: 2.62B

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
Healthcare 927
Biopharmaceuticals 378

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

Sample Products in Similar Lines of Business

Sample Products in Complementary Lines of Business
Buyer (Total: 20)
  • Clarinex (Desloratadine)
  • Xyzal (Levocetirizine Dihydrochloride)
  • Allegra (Fexofenadine Hydrochloride)
  • Omnaris (Nasal Spray Ciclesonide)
Target (Total: 5)
  • Innohep (Tinzaparin Sodium)
  • MGCD0103 (Histone Deacetylase (HDAC) Inhibitor)
  • Oral Azacitidine
  • Vidaza (Azacitidine)
Buyer

n/a
Target

n/a

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 5)
  • ACADIA Pharmaceuticals Inc. (ACAD)
  • 3M Company (MMM)
  • PHC, Inc. (PHC)
  • Pharsight Corporation (PHST)
Target (Total: 6)
  • GPC Biotech AG (ADR) (GPCB)
  • Celgene Corporation (CELG)
  • salesforce.com, inc. (CRM)
  • MethylGene Inc. (MYG:CA)
Buyer (Total: 3)
  • McKesson Corporation (MCK)
  • Cardinal Health, Inc. (CAH)
  • AmerisourceBergen Corp. (ABC)
Target (Total: 4)
  • US Oncology, Inc.
  • Cardinal Health, Inc. (CAH)
  • McKesson Corporation (MCK)
  • Government - United Kingdom

Key Financial Summary:

Key Metrics

  Buyer Target
Number of Employees 2,470 417
Revenue Per Employee 461,093.2 647,481.4
Total Revenue 283.9 67.3
Total Expenses 250.6 90.4
Other Revenue 0.0 0.0
Cost of Revenue 26.4 18.2
SG&A Expense 175.1 32.5
Research & Development 49.0 29.1
Other Operating Expense 0.0 0.0
Operating Income 33.4 -23.0
Unusual Income 0.0 8.0
LT Debt to Capital 75.21 0
Fwd P/E 16.82 -59.30
Fwd P/Rev 2.23 9.87
Book Value 238.4 380.0
Curr Portion of LTD/Cap Lease 1.2 0.0

Individual Company Summary

Focused

Buyer

Focused (): Healthcare > Biopharmaceuticals > Neurology

Focused (): Healthcare > Biopharmaceuticals > Respiratory System

Target

Focused (): Healthcare > Biopharmaceuticals > Oncology

Business Description

Buyer

Sepracor Inc. is a research-based pharmaceutical company engaged in the discovery, development and commercialization of differentiated products that are prescribed principally by primary care physicians. The Company's compounds are either single isomer or active metabolite of existing drugs, or new chemical entities that are unrelated to marketed drugs. Sepracor Inc. markets three products: XOPENEX (levalbuterol hydrochloride (HCl)) Inhalation Solution, XOPENEX HFA (levalbuterol tartrate) Inhalation Aerosol and LUNESTA (eszopiclone). The Company markets these products in the United States to primary care physicians, allergists, pulmonologists, pediatricians, hospitals, psychiatrists and sleep specialists.

Target

Pharmion Corporation is a global pharmaceutical company that acquires, develops and commercializes products for the treatment of hematology and oncology patients. The Company has established a portfolio of approved products and product candidates focused on the hematology and oncology markets. These include Pharmion?s primary commercial products, Vidaza (azacitidine for injection), which it markets and sells as an approved treatment for myelodysplastic syndromes in the United States, Switzerland, Israel and the Philippines. and Thalidomide Pharmion 50 milligram (Thalidomide Pharmion), a therapy for the treatment of multiple myeloma and certain other forms of cancer, which it sells on a compassionate use or named patient basis in certain countries of Europe. Thalidomide Pharmion is approved in Australia, New Zealand, Turkey, Israel, South Korea and Thailand for the treatment of multiple myeloma. In January 2008, Celgene Corporation has cleared its pending acquisition of Pharmion.

Deal Summary

Key Ratios

  Buyer Target
Gross Margin % 90.66 72.65
Operating Margin % 10.98 -40.39
Quick Ratio 3.1 4.49
Current Ratio 3.39 4.89
Coverage Ratio 0.29 -0.08
Total Assets 1,265.9 451.5
Return on Equity % 71.58 -26.47
Return on Assets % 13.48 -22.28
Cash+ ST Inv. Per Share 6.14 6.96
Total Debt 724.2 0.0
Total Debt to Equity % 303.82 0
Total Debt to Tangible Equity % 304.5 0
Debt to Asset % 57.21 0.00

Product Summary

Sector Buyer Target
Healthcare
Biopharmaceuticals
Allergies
The Allergies Subsector includes therapeutics that treat exaggerated immune reaction induced by exposure to a foreign substance.
  
Cardiovascular System
The Cardiovascular System Subsector includes therapeutics that treat disorders affecting the heart and blood vessels.
  
Dermatology
The Dermatology Subsector includes therapeutics that treat disorders affecting the skin.
  
Hematology
The Hematology Subsector includes therapeutics that treat blood-based diseases and disorders.
  
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.
  

- 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
Allergies  
Upper Respiratory  
Antihistamines
Therapeutics that inhibit the inflammation by blocking the action of histamines on tissues.

Buyer Products:

  • Clarinex (Desloratadine)
  • Xyzal (Levocetirizine Dihydrochloride)
  • Allegra (Fexofenadine Hydrochloride)
  
Steroidal Anti-Inflammatory Drugs (SAID)
Therapeutics that counteract or suppress inflammation using a steroidal compound.

Buyer Products:

  • Omnaris (Nasal Spray Ciclesonide)
  
Cardiovascular System  
Vascular Disorders  
Deep Vein Thrombosis (DVT)  
Anticoagulating Agents (Anticoagulants)  
Thrombin Inhibitors
Therapeutics that prevent or treat clots in blood vessels by preventing blood clots from forming.

Target Products:

  • Innohep (Tinzaparin Sodium)
  
Thromboembolism  
Anticoagulating Agents (Anticoagulants)  
Thrombin Inhibitors
Therapeutics that treat the obstruction of a blood vessel by preventing blood clots from forming.

Target Products:

  • Innohep (Tinzaparin Sodium)
  
Dermatology  
Lesion/Scaling Disorders  
Chronic Urticaria  
Antihistamines
Therapeutics that treat allergic skin conditions by blocking the action of histamines.

Buyer Products:

  • Allegra (Fexofenadine Hydrochloride)
  • Xyzal (Levocetirizine Dihydrochloride)
  • Clarinex (Desloratadine)
  
Hematology  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment of hematological disorders in early stages of clinical research where human subject is involved.

Target Products:

  • MGCD0103 (Histone Deacetylase (HDAC) Inhibitor)
  • Oral Azacitidine
  
White Blood Cell (WBC) Disorders  
Myelodysplastic Syndromes (MDS)  
Antimetabolite Agents  
Pyrimidine Analogs
Therapeutics that treat and manage rmyelodysplastic syndrome by interfering with the production of DNA.

Target Products:

  • Vidaza (Azacitidine)
  
Neurology  
Neurological Disorders  
Epilepsy  
Partial Seizures  
Complex  
Adjunctive Therapy  
Sodium Channel Blocking Agents
Therapeutics that treat complex partial seizures by blocking the sodium channels which in turn block the conductance of neural impulses through the brain.

Buyer Products:

  • BIA 2-093 (Eslicarbazepine Acetate)
  
Simple  
Adjunctive Therapy  
Sodium Channel Blocking Agents
Therapeutics that treat Petit Mal Seizures by preventing the entrance of sodium into nerve cells.

Buyer Products:

  • BIA 2-093 (Eslicarbazepine Acetate)
  
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:

  • SEP-225289 (Norepinephrine/Dopamine/Serotonin Reuptake Blocker)
  • SEP-225441
  • SEP-227162 (Serotonin/Norepinephrine Reuptake Inhibitor)
  
Psychiatric Disorders  
Sleep Disorders  
Insomnia  
Gamma-Aminobutyric Acid (GABA) Receptor Agonists
Therapeutics that treat insomnia by enhancing the inhibitory action of gamma-aminobutyric acid.

Buyer Products:

  • Lunesta (Eszopiclone)
  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of nervous system and mental disorders in very early stages of research where no human subject is involved.

Buyer Products:

  • D-Amino Acid Oxidase (DAAO) Inhibitors
  • SEP-227900
  • SEP-228432
  • SEP-228425
  • GABA-A Receptor Agonist
  • Selective M1 Agonist
  
Oncology  
Phase I/Phase II Clinical Stage Products
Therapeutics that are being investigated for the treatment and management of cancer in early stages of clinical research where human subject is involved.

Target Products:

  • MGCD0103 (Histone Deacetylase (HDAC) Inhibitor)
  • Vidaza (Azacitidine)
  • Oral Azacitidine
  
Respiratory System/Thoracic  
Lung Cancer  
Small Cell Lung Cancer (SCLC)  
Topoisomerase II Inhibitors
Therapeutics that treat and manage cancers of the small cells in the lung by inhibiting a specific enzyme, topoisomerase II, needed for transcription and replication of DNA.

Target Products:

  • Amrubicin (Anthracycline)
  
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:

  • Xopenex HFA MDI (Levalbuterol Hydrochloride)
  • Xopenex (Levalbuterol Hydrochloride)
  
Prophylactic Treatments  
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:

  • Xopenex HFA MDI (Levalbuterol Hydrochloride)
  • Xopenex (Levalbuterol Hydrochloride)
  
Steroidal Anti-Inflammatory Drugs (SAID)
Therapeutics that treat asthma by reducing inflammation in the lung passages with steroids.

Buyer Products:

  • Alvesco Inhalation Aerosol (Ciclesonide)
  
Bronchospasm  
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:

  • Xopenex HFA MDI (Levalbuterol Hydrochloride)
  • Xopenex (Levalbuterol Hydrochloride)
  
Chronic Obstructive Pulmonary Disease (COPD)  
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:

  • Xopenex HFA MDI (Levalbuterol Hydrochloride)
  • Brovana (Arformoterol Tartrate)
  • Xopenex (Levalbuterol Hydrochloride)
  
Prophylactic Treatments  
Beta Adrenergic Receptor Agonists  
Research/Preclinical Stage Products
Therapeutics that are being investigated for the treatment of respiratory disorders in very early stages of research where no human subject is involved.

Buyer Products:

  • Long-Acting Beta Agonist
  
Upper Respiratory Tract Disorders  
Coughs/Colds  
Antihistamines
Therapeutics that inhibit the inflammation by blocking the action of histamines on tissues.

Buyer Products:

  • Clarinex (Desloratadine)
  • Xyzal (Levocetirizine Dihydrochloride)
  • Allegra (Fexofenadine Hydrochloride)
  
Surgery  
Musculoskeletal System  
Deep Vein Thrombosis (DVT)  
Anticoagulating Agents (Anticoagulants)  
Thrombin Inhibitors
Therapeutics that treat vascular obstructions due to platelets and cell matter by blocking an enzyme involved in the clotting process.

Target Products:

  • Innohep (Tinzaparin Sodium)
  

- 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 152,509.546 18.39 9.51 3.14 3.18 n/a
GlaxoSmithKline plc (ADR) n/a 121,467.568 11.54 11.02 2.71 2.62 11.91
sanofi-aventis (ADR) n/a 103,942.365 17.61 9.50 2.38 2.52 n/a
Buyer
  Pfizer Inc. n/a 152,509.546 18.39 9.51 3.14 3.18 n/a
GlaxoSmithKline plc (ADR) n/a 121,467.568 11.54 11.02 2.71 2.62 11.91
sanofi-aventis (ADR) n/a 103,942.365 17.61 9.50 2.38 2.52 n/a
Schering-Plough Corporation n/a 35,390.927 0.00 14.32 2.79 1.97 n/a
Shire plc (ADR) n/a 9,967.258 0.00 23.21 4.51 4.19 n/a
Biovail Corporation (USA) n/a 2,254.332 6.53 7.84 2.38 2.69 3.61
ACADIA Pharmaceuticals Inc. n/a 388.896 0.00 -6.60 50.22 45.17 3.00
Neurocrine Biosciences, Inc. n/a 190.987 0.00 -2.32 155.88 15.14 1.61
Vanda Pharmaceuticals Inc. n/a 138.852 0.00 -1.72 n/a 2.97 1.66
Somaxon Pharmaceuticals, Inc. n/a 92.817 0.00 -3.14 n/a 17.39 2.33
BioDelivery Sciences International, Inc. n/a 46.936 0.00 -1.62 214.12 n/a n/a
Target
  Pfizer Inc. n/a 152,509.546 18.39 9.51 3.14 3.18 n/a
GlaxoSmithKline plc (ADR) n/a 121,467.568 11.54 11.02 2.71 2.62 11.91
sanofi-aventis (ADR) n/a 103,942.365 17.61 9.50 2.38 2.52 n/a
Genentech, Inc. n/a 76,528.124 27.63 23.12 6.53 5.93 n/a
Eli Lilly & Co. n/a 57,645.785 19.52 12.72 3.09 2.80 n/a
Celgene Corporation n/a 21,496.271 94.94 39.83 15.29 11.22 n/a
Eisai Co., Ltd (ADR) n/a 10,187.229 14.29 14.39 1.54 1.43 2.41
Millennium Pharmaceuticals, Inc. n/a 4,533.078 303.80 60.43 8.59 7.89 6.30
Poniard Pharmaceuticals, Inc. n/a 181.954 0.00 -5.06 n/a 8.13 2.10
SuperGen, Inc. n/a 160.939 99.51 14.65 8.92 7.42 1.84
Vion Pharmaceuticals, Inc. n/a 32.464 0.00 -0.94 1,598.51 n/a 3.93

- 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
  ACADIA Pharmaceuticals Inc. 47.00% 388.896 0.00 -6.60 50.22 45.17 3.00
3M Company n/a 56,697.020 13.84 14.71 2.32 2.16 10.07
PHC, Inc. n/a 55.345 25.13 15.63 1.16 0.92 3.97
Pharsight Corporation n/a 46.812 0.00 28.94 1.67 1.54 5.33
Bridgeline Software, Inc. n/a 29.490 0.00 n/a 2.26 n/a 4.25
Target
  GPC Biotech AG (ADR) 66.00% 143.727 0.00 n/a 4.60 n/a 1.90
Celgene Corporation n/a 21,496.271 94.94 39.83 15.29 11.22 n/a
salesforce.com, inc. n/a 6,358.504 553.10 393.86 9.41 8.79 17.23
MethylGene Inc. n/a 109.680 0.00 n/a 7.54 n/a 2.20
Ben Venue Laboratories, Inc. n/a n/a n/a n/a n/a n/a n/a
Ash Stevens, 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
Overlap
  McKesson Corporation 35.00% 16,910.073 17.99 17.49 0.17 0.17 5.71
Cardinal Health, Inc. 26.00% 21,506.208 13.90 15.79 0.24 0.23 16.61
Buyer
  McKesson Corporation 35.00% 16,910.073 17.99 17.49 0.17 0.17 5.71
Cardinal Health, Inc. 26.00% 21,506.208 13.90 15.79 0.24 0.23 16.61
AmerisourceBergen Corp. 17.00% 7,092.874 15.53 15.22 0.11 0.10 n/a
Target
  US Oncology, Inc. 19.00% n/a n/a n/a n/a n/a n/a
Cardinal Health, Inc. 11.00% 21,506.208 13.90 15.79 0.24 0.23 16.61
McKesson Corporation 9.00% 16,910.073 17.99 17.49 0.17 0.17 5.71
Government - United Kingdom 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
  Cardinal Health, Inc. n/a 21,506.208 13.90 15.79 0.24 0.23 16.61
Buyer
  GlaxoSmithKline plc (ADR) n/a 121,467.568 11.54 11.02 2.71 2.62 11.91
sanofi-aventis (ADR) n/a 103,942.365 17.61 9.50 2.38 2.52 n/a
3M Company n/a 56,697.020 13.84 14.71 2.32 2.16 10.07
The Dow Chemical Company n/a 36,472.635 12.63 10.98 0.68 0.67 2.27
Schering-Plough Corporation n/a 35,390.927 0.00 14.32 2.79 1.97 n/a
Cardinal Health, Inc. n/a 21,506.208 13.90 15.79 0.24 0.23 16.61
Eisai Co., Ltd (ADR) n/a 10,187.229 14.29 14.39 1.54 1.43 2.41
Rhodia (ADR) n/a 2,709.871 31.75 15.26 0.34 0.37 n/a
ACADIA Pharmaceuticals Inc. n/a 388.896 0.00 -6.60 50.22 45.17 3.00
Patheon, Inc. n/a 284.561 0.00 n/a 0.42 n/a 1.54
BioSphere Medical, Inc. n/a 83.335 0.00 -46.90 3.10 2.71 3.01
DARA BioSciences, Inc. n/a 3.587 0.00 n/a 44.84 n/a 2.32
Target
  Pfizer Inc. n/a 152,509.546 18.39 9.51 3.14 3.18 n/a
Cardinal Health, Inc. n/a 21,506.208 13.90 15.79 0.24 0.23 16.61
Celgene Corporation n/a 21,496.271 94.94 39.83 15.29 11.22 n/a
McKesson Corporation n/a 16,910.073 17.99 17.49 0.17 0.17 5.71
GPC Biotech AG (ADR) n/a 143.727 0.00 n/a 4.60 n/a 1.90
MethylGene Inc. n/a 109.680 0.00 n/a 7.54 n/a 2.20
US Oncology, Inc. n/a n/a n/a n/a n/a n/a n/a
LEO Pharma A/S n/a n/a n/a n/a n/a n/a n/a
Ash Stevens, Inc. n/a n/a n/a n/a n/a n/a n/a
Dainippon Sumitomo Pharma Co., Ltd. n/a n/a n/a n/a n/a n/a n/a
Ben Venue Laboratories, Inc. n/a n/a n/a n/a n/a n/a n/a
Nippon Shinyaku Co., Ltd. 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 1,250.7 255.9 1,506.5
Other Revenue 0.0 0.0 0.0
Total Revenue 1,250.7 255.9 1,506.5
Cost of Revenue 116.8 70.0 186.7
SG&A Expense 785.1 125.2 910.3
Depreciation & Amortization 0.0 9.9 9.9
Research & Development 177.5 91.9 269.5
Interest Expense 0.0 0.0 0.0
Other Operating Expense 0.0 0.0 0.0
Unusual Expense (Income) 34.0 62.3 96.3
Total Expenses 1,113.4 359.2 1,472.6
Operating Income 137.3 -103.3 33.9
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng 39.6 8.1 47.7
Other, Net -0.9 0.0 -0.9
Income Before Taxes 176.0 -95.3 80.7
Income Taxes 5.3 5.3 10.7
Income After Taxes 170.6 -100.6 70.0
Net Income - Excl. Xord. Items 170.6 -100.6 70.0
Net Income - Incl. Xord. Items 170.6 -100.6 70.0
Income Avail. to Common 170.6 -100.6 70.0
Share Items
Basic Avg. Shares Outstanding 107.3 37.0 144.3
Basic EPS - Excl. Xord. Items 1.59 n/a 0.49
Basic EPS - Incl. Xord. Items 1.59 n/a 0.49
Full Dilution Adjustment 0.0 0.0 0.0
Fully Diluted Shares Outstanding 116.0 37.0 153.0
F.D. EPS - Excl. Xord. Items 1.47 n/a 0.46
F.D. EPS - Incl. Xord. Items 1.47 n/a 0.46
Balance Sheet
Assets
Cash and Equivalents 387.2 135.0 522.3
ST Investments 324.8 122.6 447.4
Accounts Receivable 154.5 45.4 199.9
Inventory 49.5 13.0 62.4
Other Current Assets 31.4 14.0 45.4
Current Assets 947.4 330.0 1,277.4
Accum D&A 0.0 0.0 0.0
PPE, Net 85.2 11.0 96.2
Goodwill & Intangibles 0.5 104.7 105.2
Long Term Investments 224.6 0.0 224.6
Other Assets 0.0 0.0 0.0
Other LT Assets 8.1 5.8 13.9
Total Assets 1,265.9 451.5 1,717.4
Liabilities
Accounts Payable 17.2 10.1 27.3
Payable/Accrued 0.0 0.0 0.0
Accrued Expenses 123.9 57.5 181.4
ST Debt 0.0 0.0 0.0
Curr Port of LTD & Cap Lease Oblg 1.2 0.0 1.2
Other (Current) Liabilities 137.3 0.0 137.3
Current Liab. 279.7 67.5 347.2
LT Debt 723.0 0.0 723.0
Total LT Debt 723.0 0.0 723.0
Deferred Taxes 0.0 3.0 3.0
Other LT Liab. 24.8 1.0 25.8
Total Liabilities 1,027.5 71.5 1,099.0
Shareholders Equity
Common Stock 11.2 0.0 11.2
Additional Paid in Capital 1,848.4 627.5 2,475.9
Retained Earnings -1,406.5 -263.2 -1,669.7
Treasure Stock -232.0 0.0 -232.0
Other Equity 17.3 15.7 33.1
Total Equity 238.4 380.0 618.4
Total Liab. & Equity 1,265.9 451.5 1,717.4
Shares Outstanding 107.4 37.2 144.6
Cash Flow
Operating Cash Flow
CF Net Income 170.6 -100.6 70.0
CF Depreciation 20.6 12.4 33.0
CF Deferred Taxes 0.0 0.0 0.0
Other Non-Cash Items 42.5 3.4 45.8
Change in Working Capital 108.7 20.2 128.9
Total Cash From Operating Activities 342.5 -64.7 277.8
Investing Cash Flow (not calculated)
Capital Expenditures -23.7 -6.7 -30.4
Other Investing Cash Flows 347.4 -32.1 315.3
Total Cash From Investing Activities 323.7 -38.8 284.9
Financing Cash Flow (not calculated)
Dividends Paid 0.0 0.0 0.0
Purchase Or Sale of Stock 45.2 6.1 51.4
Purchase and Retirement of Debt -441.2 -0.9 -442.1
Other Financing Cash Flow 0.0 130.8 130.8
Total Cash From Financing Activities -395.9 135.9 -260.0
Exchange Rate Effects 0.3 3.8 4.1
Net Change in Cash 270.6 36.2 306.8
Cash Taxes Paid 7.4 11.4 18.8
Cash Interest Paid 11.2 0.4 11.6