Summary

Other Scenarios:

Buyer: Sepracor Inc. (SEPR) Last Price: 11.61 Market Cap.: 1.26B
Target: PDL BioPharma Inc. (PDLI) Last Price: 9.40 Market Cap.: 1.12B

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
Healthcare 844
Biopharmaceuticals 368
Outsourced Services   48

- 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)
  • Allegra (Fexofenadine Hydrochloride)
  • Xyzal (Levocetirizine Dihydrochloride)
  • Clarinex (Desloratadine)
  • Omnaris (Nasal Spray Ciclesonide)
Target (Total: 8)
  • Nuvion (Visilizumab)
  • Daclizumab (Monoclonal Antibody)
  • Therapeutic Antibody Candidates
  • Volociximab/M200 (Chimeric Monoclonal Antibody)
Buyer

n/a
Target
  • Humanized Antibody Technology

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 8)
  • ACADIA Pharmaceuticals Inc. (ACAD)
  • 3M Company (MMM)
  • PHC, Inc. (PHC)
  • Bridgeline Software, Inc. (BLSW)
Target (Total: 2)
  • Seattle Genetics, Inc. (SGEN)
  • Highland Distressed Opportunities, Inc (HCD)
Buyer (Total: 9)
  • McKesson Corporation (MCK)
  • Cardinal Health, Inc. (CAH)
  • AmerisourceBergen Corp. (ABC)
  • CVS Caremark Corporation (CVS)
Target (Total: 12)
  • Genentech, Inc. (DNA)
  • AstraZeneca plc (ADR) (AZN)
  • Roche Holding Ltd. (ADR) (RHHBY)
  • Wyeth (WYE)

Key Financial Summary:

Key Metrics

  Buyer Target
Number of Employees 2,277 887
Revenue Per Employee 541,260.1 348,577.5
Total Revenue 307.7 77.3
Total Expenses 302.0 64.3
Other Revenue 0.0 0.0
Cost of Revenue 35.6 0.0
SG&A Expense 204.0 18.5
Research & Development 63.0 44.7
Other Operating Expense 0.0 0.0
Operating Income 5.7 13.1
Unusual Income -2.3 1.0
LT Debt to Capital 49.79 88.93
Fwd P/E 8.70 12.78
Fwd P/Rev 0.95 3.62
Book Value 622.6 66.4
Curr Portion of LTD/Cap Lease 73.9 0.8

Individual Company Summary

Focused

Buyer

Focused (): Healthcare > Biopharmaceuticals > Neurology

Target

Focused (): Healthcare > Biopharmaceuticals

Business Description

Buyer

Sepracor Inc. is a research-based pharmaceutical company engaged in the discovery, development and commercialization of differentiated products that are prescribed by primary care physicians and certain specialists. It markets four products: XOPENEX (levalbuterol hydrochloride (HCl)) Inhalation Solution, a short-acting bronchodilator for the treatment or prevention of bronchospasm in patients with reversible obstructive airway disease; XOPENEX HFA (levalbuterol tartrate) Inhalation Aerosol, a hydrofluoroalkane (HFA), metered-dose inhaler (MDI) for treatment or prevention of bronchospasm in adults, adolescents and children of four years and older with reversible obstructive airway disease, BROVANA (arformoterol tartrate) Inhalation Solution, a long-acting, twice-daily , maintenance treatment of bronchoconstriction in patients with chronic obstructive pulmonary disease (COPD), including chronic bronchitis and emphysema and LUNESTA (eszopiclone) for the treatment of insomnia in adults.

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 % 89.95 100
Operating Margin % -4.35 23.28
Quick Ratio 1.73 8.11
Current Ratio 2.14 8.34
Coverage Ratio -0.46 0.02
Total Assets 1,885.3 718.2
Return on Equity % 67.74 98.81
Return on Assets % 22.37 9.13
Cash+ ST Inv. Per Share 5.96 3.63
Total Debt 691.3 533.8
Total Debt to Equity % 111.03 804.19
Total Debt to Tangible Equity % 158.74 911.61
Debt to Asset % 36.67 74.32

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.
  
Dermatology
The Dermatology Subsector includes therapeutics that treat disorders affecting the skin.
  
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.
  
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.
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
Allergies  
Upper Respiratory  
Antihistamines
Therapeutics that inhibit the inflammation by blocking the action of histamines on tissues.

Buyer Products:

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

Buyer Products:

  • Omnaris (Nasal Spray Ciclesonide)
  
Dermatology  
Lesion/Scaling Disorders  
Chronic Urticaria  
Antihistamines
Therapeutics that treat allergic skin conditions by blocking the action of histamines.

Buyer Products:

  • Xyzal (Levocetirizine Dihydrochloride)
  • Clarinex (Desloratadine)
  • Allegra (Fexofenadine Hydrochloride)
  
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.

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.

Target Products:

  • Nuvion (Visilizumab)
  • Daclizumab (Monoclonal Antibody)
  
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.

Target Products:

  • Therapeutic Antibody Candidates
  
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-225441
  • SEP-228432
  • SEP-228425
  • SEP-225289 (Norepinephrine/Dopamine/Serotonin Reuptake Blocker)
  • SEP-227162 (Serotonin/Norepinephrine Reuptake Inhibitor)

Target Products:

  • Daclizumab (Monoclonal Antibody)
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:

  • GABA-A Receptor Agonist
  • Selective M1 Agonist
  • D-Amino Acid Oxidase (DAAO) Inhibitors
  • SEP-227900
  
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:

  • Volociximab/M200 (Chimeric Monoclonal Antibody)
  • PDL192 (Humanized Monoclonal Antibody)
  • Elotuzumab/Previously HuLuc63 (Anti-CS1 Monoclonal Antibody)
  
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.

Target Products:

  • Therapeutic Antibody Candidates
  
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:

  • Brovana (Arformoterol Tartrate)
  • Xopenex (Levalbuterol Hydrochloride)
  • Xopenex HFA MDI (Levalbuterol Hydrochloride)
  
Prophylactic Treatments  
Beta Adrenergic Receptor Agonists  
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:

  • Daclizumab (Monoclonal Antibody)
  
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)
  
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:

  • Daclizumab (Monoclonal Antibody)
  
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
Buyer
  Neurocrine Biosciences, Inc. n/a 125.444 n/a -1.49 33.19 28.19 1.97
ACADIA Pharmaceuticals Inc. n/a 47.914 n/a -0.72 16.82 13.85 0.72
Somaxon Pharmaceuticals, Inc. n/a 28.935 n/a -0.74 n/a 0.78 2.21
MediciNova, Inc. n/a 22.651 n/a -0.75 n/a 0.27 0.47
Vanda Pharmaceuticals Inc. n/a 14.126 n/a -0.29 n/a n/a 0.27
Target
  GlaxoSmithKline plc (ADR) n/a 93,667.975 13.40 10.67 2.68 2.39 78.84
Genentech, Inc. n/a 81,785.127 26.16 24.31 6.45 6.12 6.82
Baxter International Inc. n/a 31,107.783 16.18 15.17 2.54 2.56 5.82
Hospira, Inc. n/a 4,280.381 14.64 11.00 1.17 1.19 17.62
Medarex inc. n/a 610.859 n/a -13.91 11.60 12.46 1.85
Dyax Corp. n/a 207.090 n/a -2.65 6.87 7.62 n/a
Sangamo Biosciences, Inc. n/a 133.183 n/a -4.41 10.99 8.82 2.47
Nuvelo, Inc. n/a 16.099 n/a -0.53 1.06 1.12 0.37
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
  ACADIA Pharmaceuticals Inc. 44.00% 47.914 n/a -0.72 16.82 13.85 0.72
3M Company n/a 38,833.197 10.29 10.71 1.50 1.50 7.24
PHC, Inc. n/a 24.179 n/a 4.76 0.49 n/a 1.40
Bridgeline Software, Inc. n/a 7.129 29.95 -10.01 0.37 0.06 1.17
Bial n/a n/a n/a n/a n/a n/a n/a
Rhone-Poulenc SA n/a n/a n/a n/a n/a n/a n/a
UCB S.A. n/a n/a n/a n/a n/a n/a n/a
Nycomed Holding AS n/a n/a n/a n/a n/a n/a n/a
Target
  Seattle Genetics, Inc. n/a 678.890 n/a -8.12 20.57 19.43 6.42
Highland Distressed Opportunities, Inc n/a 20.374 n/a 1.89 0.70 1.80 0.17

- 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 31.00% 9,990.133 9.34 8.83 0.09 0.10 3.82
Cardinal Health, Inc. 29.00% 11,701.788 9.38 8.59 0.13 0.12 7.08
AmerisourceBergen Corp. 17.00% 5,164.594 20.61 10.17 0.07 0.07 n/a
Buyer
  McKesson Corporation 31.00% 9,990.133 9.34 8.83 0.09 0.10 3.82
Cardinal Health, Inc. 29.00% 11,701.788 9.38 8.59 0.13 0.12 7.08
AmerisourceBergen Corp. 17.00% 5,164.594 20.61 10.17 0.07 0.07 n/a
CVS Caremark Corporation 10.00% 40,860.688 13.35 11.85 0.48 0.47 n/a
GlaxoSmithKline plc (ADR) n/a 93,667.975 13.40 10.67 2.68 2.39 78.84
Sanofi-Aventis SA (ADR) n/a 81,363.100 12.87 8.19 2.24 2.10 n/a
Schering-Plough Corporation n/a 27,467.108 n/a 9.56 1.54 1.39 14.98
Eisai Co., Ltd (ADR) n/a 11,137.136 n/a 18.24 1.35 1.33 20.95
UCB S.A. n/a n/a n/a n/a n/a n/a n/a
Target
  Genentech, Inc. 68.00% 81,785.127 26.16 24.31 6.45 6.12 6.82
AstraZeneca plc (ADR) 14.00% 56,480.158 9.23 7.88 1.79 1.75 n/a
Roche Holding Ltd. (ADR) n/a 123,605.205 14.77 14.57 3.15 2.87 5.39
Wyeth n/a 47,933.530 10.71 10.04 2.06 2.03 3.20
Bristol Myers Squibb Co. n/a 44,434.739 11.35 12.69 2.14 2.03 6.45
Biogen Idec Inc. n/a 13,712.382 17.66 13.24 3.50 3.36 5.76
Cardinal Health, Inc. n/a 11,701.788 9.38 8.59 0.13 0.12 7.08
McKesson Corporation n/a 9,990.133 9.34 8.83 0.09 0.10 3.82
AmerisourceBergen Corp. n/a 5,164.594 20.61 10.17 0.07 0.07 n/a
Elan Corporation, plc (ADR) n/a 3,413.400 n/a -12.37 3.60 3.09 n/a
Seattle Genetics, Inc. n/a 678.890 n/a -8.12 20.57 19.43 6.42
Progenics Pharmaceuticals, Inc. n/a 259.793 n/a -7.00 3.40 2.94 2.03

- 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 11,701.788 9.38 8.59 0.13 0.12 7.08
Buyer
  GlaxoSmithKline plc (ADR) n/a 93,667.975 13.40 10.67 2.68 2.39 78.84
Sanofi-Aventis SA (ADR) n/a 81,363.100 12.87 8.19 2.24 2.10 n/a
3M Company n/a 38,833.197 10.29 10.71 1.50 1.50 7.24
Schering-Plough Corporation n/a 27,467.108 n/a 9.56 1.54 1.39 14.98
The Dow Chemical Company n/a 18,207.699 6.99 7.14 0.30 0.30 1.20
Cardinal Health, Inc. n/a 11,701.788 9.38 8.59 0.13 0.12 7.08
Eisai Co., Ltd (ADR) n/a 11,137.136 n/a 18.24 1.35 1.33 20.95
Cubist Pharmaceuticals, Inc. n/a 1,332.228 24.30 17.74 3.43 2.88 10.50
Rhodia (ADR) n/a 586.135 7.00 2.27 0.07 n/a n/a
Patheon, Inc. n/a 186.036 n/a n/a 0.26 n/a 1.31
ACADIA Pharmaceuticals Inc. n/a 47.914 n/a -0.72 16.82 13.85 0.72
BioSphere Medical, Inc. n/a 31.520 n/a -5.18 1.10 1.05 1.28
Target
  Roche Holding Ltd. (ADR) n/a 123,605.205 14.77 14.57 3.15 2.87 5.39
Genentech, Inc. n/a 81,785.127 26.16 24.31 6.45 6.12 6.82
Wyeth n/a 47,933.530 10.71 10.04 2.06 2.03 3.20
Bristol Myers Squibb Co. n/a 44,434.739 11.35 12.69 2.14 2.03 6.45
Eli Lilly & Co. n/a 41,396.458 17.16 8.88 2.03 1.97 3.62
Biogen Idec Inc. n/a 13,712.382 17.66 13.24 3.50 3.36 5.76
Cardinal Health, Inc. n/a 11,701.788 9.38 8.59 0.13 0.12 7.08
Elan Corporation, plc (ADR) n/a 3,413.400 n/a -12.37 3.60 3.09 n/a
Seattle Genetics, Inc. n/a 678.890 n/a -8.12 20.57 19.43 6.42
Exelixis, Inc. n/a 522.719 n/a -2.38 4.45 3.34 n/a
Progenics Pharmaceuticals, Inc. n/a 259.793 n/a -7.00 3.40 2.94 2.03
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 1,262.6 296.3 1,558.9
Other Revenue 0.0 0.0 0.0
Total Revenue 1,262.6 296.3 1,558.9
Cost of Revenue 126.9 0.0 126.9
SG&A Expense 774.5 77.7 852.2
Depreciation & Amortization 5.9 0.0 5.9
Research & Development 316.1 185.2 501.3
Interest Expense 0.0 0.0 0.0
Other Operating Expense 0.0 -49.7 -49.7
Unusual Expense (Income) 94.1 14.1 108.2
Total Expenses 1,317.4 227.3 1,544.8
Operating Income -54.9 69.0 14.1
Non Operating Items
Interest Expense (Inc.), Net Non-Oprtng 25.4 1.2 26.6
Other, Net -9.5 0.0 -9.5
Income Before Taxes -39.0 70.2 31.2
Income Taxes -460.7 4.6 -456.1
Income After Taxes 421.7 65.6 487.3
Net Income - Excl. Xord. Items 421.7 65.6 487.3
Discontinued Operations 0.0 -53.4 -53.4
Net Income - Incl. Xord. Items 421.7 12.2 433.9
Income Avail. to Common 421.7 12.2 433.9
Share Items
Basic Avg. Shares Outstanding 107.6 119.3 226.8
Basic EPS - Excl. Xord. Items 3.92 0.55 2.15
Basic EPS - Incl. Xord. Items 3.92 0.10 1.91
Full Dilution Adjustment 0.0 2.3 2.3
Fully Diluted Shares Outstanding 115.5 152.8 268.3
F.D. EPS - Excl. Xord. Items 3.65 0.43 1.82
F.D. EPS - Incl. Xord. Items 3.65 0.08 1.62
Balance Sheet
Assets
Cash and Equivalents 554.8 555.3 1,110.1
ST Investments 133.7 0.0 133.7
Accounts Receivable 203.8 0.0 203.8
Inventory 74.1 0.0 74.1
Other Current Assets 137.9 16.4 154.3
Current Assets 1,104.3 571.7 1,676.0
Accum D&A 0.0 0.0 0.0
PPE, Net 107.9 127.3 235.2
Goodwill & Intangibles 187.1 7.8 194.9
Long Term Investments 102.3 0.0 102.3
Other Assets 0.0 0.0 0.0
Other LT Assets 383.7 11.5 395.2
Total Assets 1,885.3 718.2 2,603.5
Liabilities
Accounts Payable 26.8 3.5 30.3
Payable/Accrued 0.0 0.0 0.0
Accrued Expenses 149.0 52.1 201.1
ST Debt 0.0 0.0 0.0
Curr Port of LTD & Cap Lease Oblg 73.9 0.8 74.8
Other (Current) Liabilities 265.1 12.2 277.3
Current Liab. 514.9 68.5 583.4
LT Debt 617.3 532.9 1,150.3
Total LT Debt 617.3 532.9 1,150.3
Deferred Taxes 8.6 0.0 8.6
Other LT Liab. 121.9 50.4 172.3
Total Liabilities 1,262.7 651.9 1,914.6
Shareholders Equity
Common Stock 11.3 1.2 12.5
Additional Paid in Capital 1,892.8 629.3 2,522.1
Retained Earnings -1,045.0 -563.6 -1,608.6
Treasure Stock -232.0 0.0 -232.0
Other Equity -4.5 -0.5 -5.0
Total Equity 622.6 66.4 688.9
Total Liab. & Equity 1,885.3 718.2 2,603.5
Shares Outstanding 108.9 119.3 228.2
Cash Flow
Operating Cash Flow
CF Net Income 421.7 12.2 433.9
CF Depreciation 29.0 26.2 55.2
CF Amortization 0.0 7.2 7.2
CF Deferred Taxes -463.9 -0.3 -464.1
Other Non-Cash Items 139.3 38.0 177.2
Change in Working Capital 21.1 33.8 54.9
Total Cash From Operating Activities 147.3 117.1 264.4
Investing Cash Flow (not calculated)
Capital Expenditures -191.2 -15.1 -206.3
Other Investing Cash Flows 234.6 723.1 957.7
Total Cash From Investing Activities 43.4 708.0 751.4
Financing Cash Flow (not calculated)
Dividends Paid 0.0 0.0 0.0
Purchase Or Sale of Stock 8.5 20.6 29.1
Purchase and Retirement of Debt -30.0 -6.1 -36.1
Other Financing Cash Flow 0.2 -494.2 -494.0
Total Cash From Financing Activities -21.3 -479.8 -501.1
Exchange Rate Effects -1.9 0.0 -1.9
Net Change in Cash 167.5 345.3 512.8
Cash Taxes Paid 8.4 0.2 8.5
Cash Interest Paid 0.2 12.4 12.7