DOCUMENTS DE RECHERCHE WORKING PAPERS N 01002

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1 CENTRE DE RECHERCHE RESEARCH CENTER DOCUMENTS DE RECHERCHE WORKING PAPERS N Financial Analysis of Biotech Companies According to their Involvement in Research. Francis Declerck ESSEC-IMIA July 2001 GROUPE ESSEC CERNTRE DE RECHERCHE / RESEARCH CENTER AVENUE BERNARD HIRSCH - BP CERGY-PONTOISE CEDEX FRANCE TÉL. : 33 (0) FAX : 33 (0) Mail : research.center@essec.fr GROUPE ESSEC, ÉTABLISSEMENTS PRIVÉS D'ENSEIGNEMENT SUPÉRIEUR, ASSOCIATION LOI 1901, ACCRÉDITÉ AACSB - THE INTERNATIONAL ASSOCIATION FOR MANAGEMENT EDUCATION, AFFILIÉ A LA CHAMBRE DE COMMERCE ET D'INDUSTRIE DE VERSAILLES VAL D'OISE - YVELINES. WEB :

2 Financial Analysis of Biotech Companies According to their Involvement in Research. by 1 Francis Declerck ESSEC-IMIA (the International Agri-Food Management Institute - ESSEC Business School) B.P Cergy-Pontoise cedex, France Phone: 33 (0) Fax: 33 (0) declerck@essec.fr KEY WORDS: Financial Analysis, Biotechnology, Biotech companies ABSTRACT The financial analysis of sixteen biotech companies is carried in relationship with their research activity according to the following typology: 1/ pure biotech companies, 2/ pharmaceutical companies, and 3/ other medical application companies. Companies studied are: Asta Medica, Amgen, Amershan, Chiron, Evotec, Genset, Genentech, Genzyme, Innogenetics, Qiagen, Eli Lilly, Novartis, Novo Nordisk, Roche, Solvay and Shering. INTRODUCTION In order to understand the determinant of success, a sample of biotech companies is drawn and studied through financial analysis. The paper presents 1/ the typology of biotech companies according to their involvement in research activities, 2/ the sample of sixteen biotech companies, 3/ a financial analysis related to the typology, and 4/ conclusions are inferred. TYPOLOGY OF THE BIOTECH COMPANIES ACCORDING TO THEIR INVOLVEMENT IN RESEARCH ACTIVITY. A sample of sixteen companies involved in international biotech companies is drawn because of available financial data. The sixteen Companies that have been included in this study are directly involved in biotechnology either through research for their pharmaceutical businesses or directly in biotech products. Usually companies start as a pure research companies and move from the development stages to significant Pharmaceutical companies either with drugs or medical applications/devices. Hence these companies can be classified into the following: 1. Pure Biotech Companies: Companies in pure Biotech research and development such as Evotech and Genset. 2. Pharmaceutical Companies: Companies with well-developed pharmaceutical products such as Asta Medica, Amgen, Chiron, Genentech, Genzyme, Innogenetics, Eli Lilly, Novartis, Roche, Solvay and Schering. 1 The author is professor at ESSEC-IMIA (the International Agri-Food Management Institute of the ESSEC Business School) adjunct professor in the department of finance at ESSEC Business School, Cergy-Paris, France. The content of the publication is the sole responsibility of the author and it in no way represents the views of the ESSEC Business School. 1

3 3. Other Medical Application Companies: Companies having products into other applications or medical devices such as Amersham, Qiagen and Novo Nordisk. Biotech companies are benefiting from increased investments and alliances by drug manufacturers looking to outsource their research into new pharmaceutical areas and biotech firms are providing research and development pipelines as drug patents expire. Most of the acquisition targets have been US based biotech companies, mainly because they are more mature than biotech companies in Europe. Acquirers are more eager for deals with biotech companies whose products are close to commercialization and hence deal prices are based on a biotech company s R&D and Product potential. (Source: Chemical Market Reporter, Biotech industry continues to consolidate and mature, Oct 18, 1999, F. Mirasol) In 1982 there was virtually no biotech products on the market, but since then many biotech companies have been launched and the main reasons for this growth in biotech have been (Source: Medical Economics, Are biotech stocks finally ready to soar, June 21, 1999, D. Mangan) 1. Speedier FDA (Food & Drug Administration) Approval process. 2. Diseases such as Cancer, Diabetes, cystic fibrosis, multiple sclerosis and AIDS require leading genetic and molecular engineering for providing more effective therapies. 3. Small Biotech companies are becoming the target of alliance / acquisition by large Pharmaceutical majors. Several of the Pharmaceutical majors have their own biotech research divisions, but it makes better business sense to link with pure biotech firms. The suggested approach by D. Mangan to Evaluate biotech companies and their financial performances are based on the following: 1. Biotech companies cannot be evaluated by the traditional methods of financial performance due to lack of earnings and many companies do not have products to sell. Their value stems from the chance their drugs will be approved. Often their reported revenues represents funds from investments or research grants from government or private industry. 2. The Product Pipeline: The Company should have enough products in the developmental pipeline so that even if one fails there will others to depend on. 3. Collaborations such as Marketing and Research arrangements with pharmaceutical giants or majors are leading to substantial payment and cash commitments. 4. Solid Management: Ideally a biotech company should be managed by a team of persons with a track record of shepherding drug discoveries through regulatory hurdles and into the market place. 5. Cash: A company whose product release is years away, requires cash reserves for sustaining it for a long periods of time. 6. Potential Customers for its drugs which will be frequently prescribed such as for cancer, AIDS or other chronic diseases such as diabetes etc. PRESENTATION OF THE BIOTECH COMPANIES STUDIED IN THE SAMPLE. A brief description of lesser known companies under this study and its product strategy and recent major activities are as given below: ASTA MEDICA: This German company has evolved over the years and was started in 1919 as a Chemical Trading Company named Hening & Kipper in Bielefeld. In 1983 it was taken over by Degussa and in 1987 it became its fully owned subsidiary. In 1991 it was renamed as ASTA Medica AG. 2

4 The Worldwide Product Strategy has been to concentrate on areas such a cancer / endocrinology as well as allergies / respiratory disorders with regional focusing in neurology, the central nervous system and the cardiovascular system. ASTA formed a joint venture with Wallace Laboratories forming Carter-Wallace, Inc in USA, which produces, and markets products developed by ASTA Medica such as the antihistamine nasal spray and a drug for the treatment of serious rheumatism. In the process of obtaining a license from Hoechst Marion Roussel for the Cancer drug. In 1997 it introduced a licensed product form Hoffmann La Roche but had to stop it due to suspension of authorization from European Authorities. ASTA entered in agreement with FH Faulding & Co Ltd of Australia for marketing Cancer products in the clinical sector. Launch of reproductive treatment products in Western Europe in AMGEN: One of the best Biotech companies, is based in California, USA and has a large number of products in its pipeline. The Product strategy is concentrated in Hematology/Oncology, Neuroendocrine such as Obesity and Diabetes, Neurodegenerative diseases such as Parkinson s disease, Inflammatory diseases such as Rheumatoid arthritis, Infectious diseases such as AIDS & Pneumonia, Renal diseases and Osteoporosis. Two drugs are in the Phase 3, two have been filed for regulatory approval and nearly 13 drugs are in the Clinical trials or the Phase 1 & 2 stages. Amgen is considered as the worlds top Biotech Company. Investors are betting that Dupont s target is Amgen. ( Source: Business Week, Dupont and Amgen: Lab Partners? June 1, 1998, Gene G Marcial) The same source has indicated that Dupont has looked into Amgen s books and operations. Dupont was expected to make a Cash offer for a total of $25 billions in 1998 AMERSHAM:The Amersham group based in Sweden consists of the following three companies: Nycomed Amersham Imaging: is involved in the development, manufacture and supply of in-vivo diagnostic imaging agents, radiotherapy products and Ultrasound contrast media. The imaging agents improve pictures obtained through medical scans, enabling an early detection of illnesses such as cancer or heart diseases. Amersham Pharma Biotech: is a joint venture created by the 1997 merger of the life sciences business of Nycomed Amersham (55%)and Pharmacia & Upjohn Inc (45%) and is involved in the identification of the genes and proteins which can cause disease, to the search for a possible drug to industrial production of the drug itself. (Source: Chemical Market Reporter, May10,1999. Amersham Pharmacia Biotech fulfils merger potential) Nycomed Pharma: is a leading pharmaceutical company in the Nordic region with a strong presence in Benelux, Central and Easter Europe with prescription drugs, OTC products and diagnostic testing products for infections and blood sugar levels in diabetics. CHIRON: is a California, USA based Biotech company with business in areas of Cancer, infectious diseases and Cardiovascular diseases. Its products are either sold directly or licensed to marketing partners. In April 1998 Chiron acquired Hoechst AG s interests in Chiron Gmbh & Co, a vaccines joint venture based in Germany. In June 1998, Chiron & Gen-Probe Inc formed a strategic alliance aimed at the introduction of nucleic acid testing. In November 1998, Chiron completed the sale of its in vitro diagnostics business to Bayer Corporation but retained its blood testing business, including joint ventures with Ortho- Clinical Diagnostics, Inc and Gen-Probe Inc. 3

5 EVOTEC: Evotec Biosystems based in Hamburg, Germany has four business units: i. Drug Discovery Technology unit collaborates with third parties such as Novartis, SmithKline Beecham and Pfizer ii. Drug Discovery Services unit, which enters into service contracts with, third parties to provide screening assay development and other early drug services for a fee. iii. Drug Discovery Products Unit iv. Instruments Unit, which designs and sells instruments used in drug discovery process. In November 1999 it made Public Offering of its Shares. In March 2000 Evotec agreed to apply its screening systems to a cancer research collaboration with Sugen Inc. a biotechnology unit of Pharmacia & Upjohn Inc.( Source: Wall Street Journal, March 3-4, 2000.) GENSET: is a Paris based biotech firm founded in 1989 by France Biotech and is involved in Genomics research for discovery of Genes involved in common diseases and drug response. Its corporate partners are Abbott Laboratories, Ceres, Genetics Institute, J&J/Janssen Pharmaceutica, Pharmacia & Upjohn and Wyeth. In March Genset entered into an agreement with Abbott Laboratories to hunt genes linked to adult-onset diabetes and bipolar disorder, a mental disorder also known as manic depression. ( Source: Wall Street Journal, March 3-4, 2000.) GENENTECH: A California based biotech company was founded in 1976 by a venture capitalists and the scientist who pioneered recombinant DNA technology and the first drug was human insulin. Genentech went public in 1980 and last year its groundbreaking breast cancer drug won FDA approval. Genentech is considered to be a biotech leader. Genentech has five products on the market, including growth hormone and at least 13 drugs are in clinical trials. Some of these involve new uses for exiting Genetech compounds. The company has research and development agreements with several pharmaceutical and biotech companies. Genentech has the foreign marketing rights for a drug discovered by Idec Pharmaceuticals. In 1999 June, it was expected that Genentech would have been acquired by Roche. (Source: Medical Economics, Are biotech stocks finally ready to soar, June 21, 1999, D. Mangan) GENZYME: a Massachusetts based biotech company having products in Therapeutics, Diagnostics and Surgical Products. It has a good product pipeline with 6 products to be launched in 2000 and 8 therapeutic products to be launched in The Genzyme corporation consists of three group companies, which are Genzyme General, Genzyme Tissue Repair and Genzyme Molecular Oncology. INNOGENETICS: was founded in 1985 based in Belgium and engaged in the discovery, development and marketing of diagnostic products and the discovery and development of therapeutic products. The five disease areas are infectious diseases, tissue repair and immune, neurodegenerative and genetic disorders. In 1998 the takeover of Murex by Abbott Laboratories, affected its distribution of diagnostic products as Murex was the important distributor for Innogenetics. In end 1998 Innogenetics & Abbott were negotiating for the continuation of the Murex Sales contract. 4

6 Innogenetics entered into a research and development collaboration and supply agreement with Cepheid. Innogenetics took a strategic investment in Thallia Pharmaceuticals in France. Established a new company in USA for the introduction of its products in US. QIAGEN: based in Netherlands produces and distributes biotechnology products primarily for the separation and purification of Nucleic Acids DNA & RNA. The company also assembles and distributes certain robotic equipment to be used with its products. It has wholly owned subsidiaries in Germany, USA, UK, Switzerland, France, Australia, Canada and Japan. FINANCIAL ANALYSIS The financial analysis of the sixteen biotech companies is conducted in order to understand the determinants of success. The analysis focuses on the following ratios: profitability ratios, liquidity ratios, asset management ratios, debt management ratios, R&D expenditures, value added ratio. Profitability Ratios: Asta Medica, Evotec, Genset and Innogenetics have Negative Profit Margin on Sales and Amgen has the highest Profit Margin on Sales. The reason for Genset s high profit margins is due to the new products, which are still under patent, and is able to command a high price in the market. The Pure Biotech companies such as Evotec and Genset are yet to make their research profitable. The Medical Devices / Applications companies have lower profit margin in comparison to the pharmaceutical companies. Similarly the Return on Total Assets are negative for Asta Medica, Evotec, Genset and Innogenetics. Amgen has the best Return on the Total Assets and has been able to utilize its assets better than any company under study. Among the pharmaceutical majors Solvay and Schering has the lowest returns at 5% as they do not have any profitable products and hence will looking for buying new successful products under patents either through mergers with smaller Biotech companies or buying the license for such new products. The Return on Equity has been the best for Amersham at 48% closely followed by Eli Lilly at 47%. Amgen also has a good Return on Equity at 33%. Chiron, Genentech and Genzyme have the lowest returns among the pharmaceutical companies. Liquidity Ratios: The Liquidity ratios consisting of Current and Quick ratios are higher for Research companies such as Evotec and Genset because the Current liabilities consisting especially of Accounts Payable will be lower as they have much lower Inventory which uses the Working Capital. Among the pharmaceutical companies, Genentech has a high Liquidity Ratio because they have just successfully transformed themselves from a pure research company into a pharmaceutical company but they still concentrate on basic development activities. Apart from this they outsource many of their marketing activities. Other pharmaceutical majors have better liquidity ratios except Solvay and Asta Medica and the new pharmaceutical companies such as Amgen, Chiron, Genzyme and Innogenetics have better liquidity than the older and well established pharmaceutical companies such as Eli Lilly, Novartis, Roche and Schering. This can be due to the fact that the newer pharmaceutical companies have still basic Research activities as part of their sales and outsource a major part of their marketing to other large pharmaceutical majors. 5

7 Medical Application / Devices companies such as Amersham, Qiagen and Novo Nordisk have the lowest Liquidity Ratios as they have higher Account receivables and Inventories and hence higher Working Capital required for their operations. Asset Management Ratios: Among the Research companies Evotec has no inventory and among the pharmaceutical companies Genentech has the lowest Inventory Turnover Ratio and Solvay has the highest and the Medical Device companies have equally better Inventory Ratios. The Fixed Assets Turnover Ratio and Total Assets Turnover Ratio is the lowest for the Research companies - Evotec and Genset. Among the pharmaceutical companies Innogenetics has the lowest FA turnover Ratio and Total Assets Ratio. The other reasons can be that the Research or the Pure Biotech companies such as Evotec and Genset and Innogenetics are New companies with their Fixed Assets not much depreciated in comparison to the older companies in the pharmaceutical and medical applications or devices companies. Debt Management Ratios: The Debt Ratio of new pharmaceutical and biotechnological companies are much lower than the older and established companies. Genentech has the lowest Debt Ratio of 18% whereas the Amersham has the highest Debt ratio of 84% followed by Asta Medica. The reason for Amersham having the highest Debt can due to the fact that it had undergone a merger in 1997 and Asta Medica has been not performing well and hence has borrowed more to cover its losses. The Debt on Equity Ratio is the lowest for Innogenetics, Amgen, Genentech and Qiagen. All these companies are new companies which, will be having a large part of investments made through their own equity rather than debts as in the older and established companies. R & D Expenditure: The Pure Biotech / Research companies such as Evotec and Genset spend more than 100% of its Sales on R&D as they require new successful products for becoming profitable. The Medical Applications / Devices companies such as Amersham, Qiagen and Novo Nordisk has the lowest R&D spends ranging from 10% to 19 %. Among the pharmaceutical companies Chiron has the highest R&D spend at 40% followed by Genentech at 37% whereas Solvay has the lowest R&D spends at 4% as they might be/planning to outsource their research to smaller Biotech companies. Value Addition: The Medical Application / Devices companies such as Amersham, Qiagen and Novo Nordisk have better Value Addition EBITDA on Sales in comparison to the pharmaceutical companies. Among the pharmaceutical companies Amgen has the highest Value addition of 50% of its Sales value and Asta Medica has the lowest followed by Solvay. Similarly looking at the Interest and Sales & Administration Expenses on the EBITDA Amgen is the best managed company among all of them. Though Genentech, Novartis, Schiring and Roche have lower interest charges but their Sales & Administration expenses are on the higher side. The Interest Management is better by the Older and established companies than the new companies. Similarly the Accounts Receivables is the lowest for Amgen and hence is able to manage its business better. The Pure Biotech / Research companies such as Evotec and Genset have very poor Accounts Receivables Management. 6

8 CONCLUSION It is possible to infer specific financial characteristics according to the strategic activities chosen by biotech companies: Pure Biotech / Research companies: Both Evotec and Genset are not making any Profits, but Genset is the better in terms of Debt Management, Profitability and Value Addition. The Accounts Receivable of Evotec is better than Genset as they have fewer and well-established large companies as their customers such as Novartis, SmithKline Beecham and Pfizer. Pharmaceutical Companies: Among the pharmaceutical companies of Asta Medica, Amgen, Chiron, Genentech, Genzyme, Innogenetics, Eli Lilly, Novartis, Roche, Solvay and Schering, AMGEN overall is the best biotech and pharmaceutical company. Amgen is the best on all the following aspects: 1. Asset Management. 2. Profitability. 3. Value Addition. 4. Lower Debt in comparison to the Equity. 5. Lowest Financial Debt in comparison to the Total Liabilities. 6. Lowest proportion of Accounts Receivables and best Cash generation. 7. Lowest Interest burden. 8. Lowest Selling & Administrative Expenses. 9. The Best Product Pipeline with record of successful Products. 10. Higher R&D Expenditure at 24% of Revenues. 11. Management with successful track records. 12. Products are in areas of great demands such as Obesity, Arthritis, Parkinson s Disease, AIDS and other infectious Diseases. Eli Lilly has the highest Return on Equity, and has the lowest Working Capital / Sales ratio and is the next best interms of Value Addition. Thus Eli Lilly can be considered as the best older pharmaceutical company. Among the pharmaceutical companies Genentech has the highest R&D Expenditure followed by Amgen. This can be due to the reason that Genentech is still in the transition stage to a successful pharmaceutical company. Medical Application Companies: Among these three companies consisting of Amersham, Qiagen and Novo Nordisk the performance is varying on different aspects, which might be due to the differences in the Product Markets and customers. On the Liquidity and Asset Management Qiagen is the best followed by Novo Nordisk and then by Amersham. On the Profit Margin on Sales, Novo Nordisk is best of the three companies, but the Return on Equity of Amersham is the best at 48%. The R&D Expenditure of Novo Nordisk is the highest at 19% followed by Qiagen and Amersham. The Value Addition of Amersham is the best followed by Novo Nordisk and Qiagen. The Interest burden of Novo Nordisk is the lowest but the Selling Administrative Expenses of Amersham is the lowest of the three. On the Financial Debt as proportion of the Total Liabilities, Qiagen has the lowest followed by Novo Nordisk and Amersham. 7

9 REFERENCES Amgen, Annual Report 1998; wwwext.amgen.com Asta Medica, Annual Report 1997 / Chiron Corporation, Annual Report Evotec BioSystems AG, Offering Circular, 8 th November, Eli Lilly Annual Report 1998; Genset Annual Report 1998, Genentech, Inc Annual Report; Genzyme General 1998 Annual Report; Innogenetics NV,Consolidated Financial Statements, December 31, Qiagen N.V, Annual Report Novo Nordisk, Consolidated Accounts & Annual Accounts for Novartis Annual Report 1998; Nycomed Amersham plc, Annual Report and Accounts Roche Annual Report 1998; Solvay group Annual Report 1998; Schering Annual Report 1998; List of Links to Biotech Companies; Biotech companies on the web; Companies & Biotechnology; Biotechnology Industry Organization; Arnum, P.V., MedImmune to acquire US Bioscience in $440 million biotech deal Chemical Market Reporter, New York; September 27, Chang, Joseph., A new blueprint in biotech financing Chemical Market Reporter, New York; November 9, Darby, Rose, Healthcare Financing Hits many a pothole in 1998: But it has strengths, too, like M&A, as clouds remain for 99 The Investment Dealer s Digest: IDD; New York; Jan 11,1999. Gopal, Kevin; Slow Progress Pharmaceutical Executive; Eugene; June

10 Koberstein, Wayne; Part II: A conversation with Sir David Barnes, CEO of Zeneca Pharmaceutical Executive; Eugene; October Les Echos, Importante fusion dans la biotechnologie britannique Les Echos, Juin 16, Mangan, Doreen; Are biotech stocks finally ready to soar? Medical Economics; Oradell; June 21, Marcial, Gene. G, Alza: Pepped up over Proteins Business Week; New York; March 24, Marcial, Gene. G, Dupont and Amgen: Lab Partners? Business Week; New York; June 1, Marcial, Gene. G, Making a Rush for Sugen Business Week; New York; September 21, Mirasol, F, Biotech industry continues to consolidate and mature Chemical Market Reporter, New York; October 18, Moore D. Stephen; An About-Face on Life-Sciences Model The Wall Street Journal Europe, December 3-4, Moore D. Stephen; Glaxo, SmithKline Vow to Outrun Rivals The Wall Street Journal Europe, January 18, Moore D. Stephen; Biotech Alliance Targets Drug Giants The Wall Street Journal Europe, March 2, Moore D. Stephen; European Biotechnology Companies Expand Scope Under 3 Agreements The Wall Street Journal Europe, March 3-4, Moore D. Stephen; Biotech Frenzy Boosts Cambridge After Offering News The Wall Street Journal Europe, March 8,2000. Nielsen, Karol. Drug biotech firms pick up the M&A pace Chemical Week; New York; November 17, Papanikolaw, Jim. Aventis emerges as a leader in Ag biotech Chemical Market Reporter; New York; December 14, Papanikolaw, Jim. UK Biotech industry consolidates as Celltech buys Medeva for $915mm Chemical Market Reporter; New York; November 15, Serb, Chris. Boom vs. bust Hospitals & Health Networks; Chicago; March Thompson, Andy. Biotech merger boosts IBT European Venture Capital Journal; London; August 1,

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12 Table : Financial Analysis of BIOTECH Companies. COMPANY Head-Office Year of Incorporation. Financial Statement for the YEAR ASTA MEDICA Frankfurt, Germany 1987 AMGEN California, USA AMERSHAM England, UK Products: Cancer, Allergies, Hematology/Oncology In-vivo diagnostic imaging, Respiratory Neuroendocrine radio-therapy, research Neurology Inflammatory diseases based biotechnology, OTC Cardio Vascular Infect & Renal Diseas & prescription drugs. Parent Company: Degussa BALANCE SHEET DM m m Assets: Cash & Cash Equivalents. 37,54 201,10 70,10 Marketable Securities 17, ,90 77,20 Accounts Receivables 270,50 319,90 424,50 Inventories 284,63 110,80 214,90 Other Current Assets 0,00 156,60 0,00 Total Current Assets 609, ,30 786,70 Long-term investments 0,00 0,00 57,40 Intangible Assets 270,10 0,00 161,50 Net Property, Plant & Equipment 446, ,20 534,30 Other Assets Total Assets 45, ,35 358, , ,90 Liabilities & S.Equity: DM m m Accounts Payable 81,94 121,60 126,40 Other Current Liabilities 738,21 765,40 493,20 Total Current Liabilities 820,15 887,00 619,60 Long Term Liabilities: 205,53 223,00 667,30 Total Liabilities 1025, , ,90 Shareholders Equity 100, ,90 203,30 Retained Earnings 245,86 890,30 49,70 Total Shareholder's Equity 346, ,20 253,00 Total Liabilities+S.holder's Equity 1372, , ,90

13 Table : Financial Analysis of BIOTECH Companies. COMPANY INCOME STATEMENT Revenues in Million US $ ASTA MEDICA AMGEN AMERSHAM 731, , ,31 DM m m Revenues 1593, , ,80 Cost of Sales 645,98 345,20 467,00 Gross Profit 947, ,00 856,80 Selling, Gen & Admin Expenses 633,66 515,40 486,60 Research & Development Expenses 242,13 663,30 130,20 Other Operating Expenses 87,21 5,60 6,00 Total Operating Expenses 963, ,30 622,80 Income from Operations -15, ,70 214,70 Other Income 39,97 35,70 20,10 Earnings before Int & Tax(EBIT) 24, ,40 234,80 Interest Expense 21,27 10,00 31,30 Earnings before Taxes ( EBT ) 2, ,40 203,50 Income Tax 7,33 361,20 81,30 Net Income -4,57 853,20 122,20 Earnings Per Share ( EPS ) 0,00 3,39 0,19 Depreciation 106,05 143,80 206,60 EBITDA 130, ,20 441,40

14 Table : Financial Analysis of BIOTECH Companies. COMPANY ASTA MEDICA AMGEN AMERSHAM Current Ratio (Current Assets/Current Liabilities) 0,74 2,10 1,27 Quick Ratio(Curn Assets-Invntory/Curn Liabilities) 0,40 1,98 0,92 Inventory Turnover Ratio(Cost of Sales/Inventory) 2,27 3,12 2,17 Fixed Assets Turnover(Revenues / Net Fixed Assets) 3,57 1,87 2,48 Total Assets Turnover(Revenues / Total Assets) 1,16 0,74 0,86 Debt Ratio (Total Debt/Total Assets) 0,75 0,30 0,84 Profit Margin on Revenues (%) (Net Income) -0,29% 31% 9% Profit Margin on Revenues (%) (EBIT) 1,51% 45,04% 18% Return on Total Assets (Net Income/Total Assets) -0,33% 23% 8% Return on Total Assets (EBIT/Total Assets) 1,75% 33,34% 15% Return on Equity -1% 33% 48% R&D Exp on Revenues 15% 24% 10% EBITDA / Revenues 8% 50% 33% R & D Expenses / EBITDA 186% 48% 29% Interest / EBITDA 16% 0,73% 7% Selling & Admn Expn / EBITDA 487% 38% 110% Debt / Equity Capital 0,59 0,09 2,64 Financial Debt / Total Liabilities. 20,04% 20,09% 51,85% Working Capital / Revenues(days) -48,22 131,10 46,07 Accounts Receivables / Revenues (days) 61,98 42,96 117,04

15 Table : Financial Analysis of BIOTECH Companies. COMPANY Head-Office Year of Incorporation. Financial Statement for the YEAR Products: Parent Company: BALANCE SHEET Assets: Cash & Cash Equivalents. Marketable Securities Accounts Receivables Inventories Other Current Assets Total Current Assets Long-term investments Intangible Assets Net Property, Plant & Equipment Other Assets Total Assets CHIRON California, USA Cancer, Infectious & Designs & Develops Genomics research Medicines for TEN Cardiovascular diseas, Ultra-High Screening discovery of Genes serious medical condtn Blood Testing, HIV, to increase Speed of involved in Common like Growth Hormones Vaccines. Drug Discovery diseases & drug respn Cancer etc. Novartis (thru Ciba'95) EVOTEC Hamburg, Germany DM m GENSET Paris, France France Biotech 513,32 31,18 58,94 281,16 716,63 4,38 0,00 606,54 169,10 3,81 12,63 149,74 79,87 0,86 1,22 148,63 152,73 1,79 1,92 55, ,64 42,01 74, ,96 360,07 0,00 2,28 716,89 166,70 0,00 11,29 0,00 303,38 9,54 30,34 700,25 62,47 0,48 0,65 196, ,26 52,03 119, ,40 GENENTECH California, USA Liabilities & S.Equity: Accounts Payable Other Current Liabilities Long Term Liabilities: Shareholders Equity Retained Earnings Total Current Liabilities Total Liabilities Total Shareholder's Equity DM m 45,00 2,16 13,29 40,90 512,42 5,88 8,23 250,43 557,42 8,04 21,52 291,33 421,04 16,94 9,42 220,23 978,45 24,98 30,93 511, ,54 52,61 128, ,53 2,26-25,56-39,98 752, ,80 27,05 88, ,85 Total Liabilities+S.holder's Equity 2524,26 52,03 119, ,40

16 Table : Financial Analysis of BIOTECH Companies. COMPANY INCOME STATEMENT Revenues in Million US $ Revenues Cost of Sales Gross Profit Selling, Gen & Admin Expenses Research & Development Expenses Other Operating Expenses Total Operating Expenses Income from Operations Other Income Earnings before Int & Tax(EBIT) Interest Expense Earnings before Taxes ( EBT ) Income Tax Net Income Earnings Per Share ( EPS ) Depreciation EBITDA CHIRON 736,67 EVOTEC 6,56 GENSET 31,60 GENENTECH 1062,18 DM m 736,67 14,29 31, ,18 178,06 0,30 3,13 138,62 558,61 13,99 28,47 923,56 140,44 9,66 11,64 358,93 294,25 16,20 39,60 396,19 39,03 0,00 0,00 0,00 473,72 25,86 51,25 755,12 84,90-11,87-22,78 168,44 34,76 0,94 6,16 88,76 119,66-10,93-16,62 257,20 24,67 0,00 0,66 4,55 94,98-10,93-17,28 252,65 18,99 0,00 0,00 70,74 76,00-10,93-17,28 181,91 2,95 0,00-2,37 1,45 107,86 3,05 4,57 78,10 227,52-7,89-12,05 335,30

17 Table : Financial Analysis of BIOTECH Companies. COMPANY Current Ratio (Current Assets/Current Liabilities) Quick Ratio(Curn Assets-Invntory/Curn Liabilities) Inventory Turnover Ratio(Cost of Sales/Inventory) Fixed Assets Turnover(Revenues / Net Fixed Assets) Total Assets Turnover(Revenues / Total Assets) Debt Ratio (Total Debt/Total Assets) Profit Margin on Revenues (%) (Net Income) Profit Margin on Revenues (%) (EBIT) Return on Total Assets (Net Income/Total Assets) Return on Total Assets (EBIT/Total Assets) Return on Equity R&D Exp on Revenues EBITDA / Revenues R & D Expenses / EBITDA Interest / EBITDA Selling & Admn Expn / EBITDA Debt / Equity Capital Financial Debt / Total Liabilities. Working Capital / Revenues(days) Accounts Receivables / Revenues (days) CHIRON EVOTEC GENSET GENENTECH 2,93 5,23 3,47 4,26 2,78 5,12 3,42 3,75 2,23 2,57 0,93 2,43 1,50 1,04 1,52 0,29 0,27 0,26 0,37 0,39 0,48 0,26 0,18 10% -76% -55% 17% 16% -76,48% -53% 24% 3% -21% -14% 6% 5% -21,01% -14% 9% 5% -40% -20% 8% 40% 113% 125% 37% 31% -55% -38% 32% 129% -205% -329% 118% 11% 0% -5% 1,36% 62% -123% -97% 107% 0,27 0,63 0,11 0,09 43,03% 67,82% 30,44% 43,05% 532,24 867,40 614,53 326,67 83,78 97,19 145,90 51,46

18 Table : Financial Analysis of BIOTECH Companies. COMPANY Head-Office Year of Incorporation. Financial Statement for the YEAR Products: Parent Company: BALANCE SHEET Assets: Cash & Cash Equivalents. Marketable Securities Accounts Receivables Inventories Other Current Assets Total Current Assets Long-term investments Intangible Assets Net Property, Plant & Equipment Other Assets Total Assets GENZYME Massachusetts, USA Therapeutics, Surgery, Infectious Diseases, Products for seperation Neurosciences,Endocrinology Diagnostics, Tissue repair, Immune, & purification of DNA Anti-infectives,Cardiovascular Orthopedics &Molecular neurodegenerative & /RNA used by Genome Gastrointestinal, Oncology, Cancer therapies. Genetic disorders. sequencing industries. Animal Health & Others. INNOGENETICS Belgium. m QIAGEN Netherlands 118,61 30,24 6, ,7 175,45 0,00 23,78 101,4 163,04 20,32 18, ,7 109,83 6,51 19,93 999,9 71,19 0,30 6,06 566,1 638,13 57,37 74, ,8 281,66 2,49 0,00 816,3 279,52 5,74 4, ,9 382,62 27,61 26, ,3 108,62 0,00 1,53 758,2 1690,55 93,20 106, ,5 ELI LILLY USA Liabilities & S.Equity: Accounts Payable Other Current Liabilities Long Term Liabilities: Shareholders Equity Retained Earnings Total Current Liabilities Total Liabilities Total Shareholder's Equity m 120,96 14,88 18, ,1 101,75 6,19 9, ,1 222,70 21,07 28, ,2 295,30 1,33 5, ,7 518,01 22,41 33, ,9 1196,70 100,70 49,60 200,8-24,15-29,91 23, ,8 1172,55 70,79 73, ,6 Total Liabilities+S.holder's Equity 1690,56 93,20 106, ,5

19 Table : Financial Analysis of BIOTECH Companies. COMPANY INCOME STATEMENT Revenues in Million US $ Revenues Cost of Sales Gross Profit Selling, Gen & Admin Expenses Research & Development Expenses Other Operating Expenses Total Operating Expenses Income from Operations Other Income Earnings before Int & Tax(EBIT) Interest Expense Earnings before Taxes ( EBT ) Income Tax Net Income Earnings Per Share ( EPS ) Depreciation EBITDA GENZYME INNOGENETICS QIAGEN ELI LILLY 709,34 33,28 110, ,80 m 709,34 31,70 110, ,8 259,66 13,65 32, ,1 449,67 18,05 77, ,7 215,20 21,15 49, ,3 119,01 9,81 12, ,9 24,33 0,00 0,00 127,5 358,54 30,96 62, ,7 91,13-12,91 14, ,0 33,90 1,58 4,04 158,1 125,03-11,33 18, ,1 22,59 0,98 1,17 188,5 102,44-12,31 17, ,6 39,87 0,03 5,11 568,7 62,57-12,34 12, ,9 1,48-0,51 0,73 1,91 58,87 3,79 5,70 490,40 183,90-7,54 24, ,50

20 Table : Financial Analysis of BIOTECH Companies. COMPANY Current Ratio (Current Assets/Current Liabilities) Quick Ratio(Curn Assets-Invntory/Curn Liabilities) Inventory Turnover Ratio(Cost of Sales/Inventory) Fixed Assets Turnover(Revenues / Net Fixed Assets) Total Assets Turnover(Revenues / Total Assets) Debt Ratio (Total Debt/Total Assets) Profit Margin on Revenues (%) (Net Income) Profit Margin on Revenues (%) (EBIT) Return on Total Assets (Net Income/Total Assets) Return on Total Assets (EBIT/Total Assets) Return on Equity R&D Exp on Revenues EBITDA / Revenues R & D Expenses / EBITDA Interest / EBITDA Selling & Admn Expn / EBITDA Debt / Equity Capital Financial Debt / Total Liabilities. Working Capital / Revenues(days) Accounts Receivables / Revenues (days) GENZYME INNOGENETICS QIAGEN ELI LILLY 2,87 2,72 2,65 1,17 2,37 2,41 1,93 0,96 2,36 2,10 1,64 2,02 1,85 1,15 4,17 2,25 0,42 0,34 1,03 0,73 0,31 0,24 0,32 0,65 9% -39% 11% 23% 18% -36% 17% 31% 4% -13% 12% 17% 7% -12% 18% 23% 5% -17% 17% 47% 17% 31% 12% 19% 26% -24% 22% 36% 65% -130% 53% 52% 12% -13% 5% 6% 117% -280% 205% 79% 0,25 0,02 0,08 0,80 57,01% 5,95% 16,73% 43,58% 213,77 417,97 152,72 31,60 83,90 234,01 59,72 88,66

21 Table : Financial Analysis of BIOTECH Companies. COMPANY Head-Office Year of Incorporation. Financial Statement for the YEAR Products: NOVARTIS Basel, Switzerland NOVO NORDISK DENMARK Health Care, Enzyme business & Others ROCHE Basel, Switzerland 1998 SOLVAY Belgium 1998 SCHERING Germany 1998 Parent Company: BALANCE SHEET Assets: Cash & Cash Equivalents. Marketable Securities Accounts Receivables Inventories Other Current Assets Total Current Assets Long-term investments Intangible Assets Net Property, Plant & Equipment Other Assets Total Assets Swiss Fr m DKK m Swiss Fr m m DM m 1953,27 0, , ,28 0, ,56 872,99 744, ,21 0, ,38 Liabilities & S.Equity: Accounts Payable Other Current Liabilities Long Term Liabilities: Shareholders Equity Retained Earnings Total Current Liabilities Total Liabilities Total Shareholder's Equity Swiss Fr m DKK m Swiss Fr m m DM m 3793,76 0, , , , , , ,37 Total Liabilities+S.holder's Equity ,38

22 Table : Financial Analysis of BIOTECH Companies. COMPANY INCOME STATEMENT Revenues in Million US $ Revenues Cost of Sales Gross Profit Selling, Gen & Admin Expenses Research & Development Expenses Other Operating Expenses Total Operating Expenses Income from Operations Other Income Earnings before Int & Tax(EBIT) Interest Expense Earnings before Taxes ( EBT ) Income Tax Net Income Earnings Per Share ( EPS ) Depreciation EBITDA NOVARTIS NOVO NORDISK ROCHE SOLVAY 18501, , , ,55 Swiss Fr m DKK m Swiss Fr m m , , , SCHERING 2950,39 DM m 6425, , , , ,37 569, ,47 287,72 540,82 828,54 8,00 820,54 342,15 478,40 435, ,59

23 Table : Financial Analysis of BIOTECH Companies. COMPANY NOVARTIS NOVO NORDISK ROCHE SOLVAY SCHERING Current Ratio (Current Assets/Current Liabilities) Quick Ratio(Curn Assets-Invntory/Curn Liabilities) Inventory Turnover Ratio(Cost of Sales/Inventory) Fixed Assets Turnover(Revenues / Net Fixed Assets) Total Assets Turnover(Revenues / Total Assets) Debt Ratio (Total Debt/Total Assets) Profit Margin on Revenues (%) (Net Income) Profit Margin on Revenues (%) (EBIT) Return on Total Assets (Net Income/Total Assets) Return on Total Assets (EBIT/Total Assets) Return on Equity R&D Exp on Revenues EBITDA / Revenues R & D Expenses / EBITDA Interest / EBITDA Selling & Admn Expn / EBITDA Debt / Equity Capital Financial Debt / Total Liabilities. Working Capital / Revenues(days) Accounts Receivables / Revenues (days) 2,01 1,75 2,40 0,83 1,55 1,13 1,93 0,55 1,50 1,26 1,47 5,58 2,80 1,29 1,94 2,12 0,57 0,66 0,44 1,00 0,44 0,34 0,59 0,56 19% 13% 18% 5% 25% 22% 22% 8% 11% 9% 8% 5% 14% 14% 10% 8% 19% 13% 19% 11% 12% 19% 14% 4% 30% 30% 28% 15% 40% 63% 50% 26% 0,28% 3% 1,11% 5% 113% 122% 114% 99% 0,31 0,11 0,94 0,20 39,92% 20,28% 64,77% 15,73% 168,17 114,00 240,93-29,29 66,94 116,26 67,12 80,19 1,37 1,07 1,35 3,04 0,72 0,55 7% 12,90% 5% 9,27% 12% 19% 20% 97% 0,63% 220% 0,28 22,75% 80,15 118,73

24 ESSEC CE NTRE DE RECHERCHE LISTE DES DOCUMENTS DE RECHERCHE DU CENTRE DE RECHERCHE DE L ESSEC (Pour se procurer ces documents, s adresser au CENTRE DE RECHERCHE DE L ESSEC) LISTE OF ESSEC RESEARCH CENTER WORKING PAPERS (Contact the ESSEC RESEARCH CENTER for information on how to obtain copies of these papers) RESEARCH.CENTER@ESSEC.FR BESANCENOT D., VRANCEANU Radu Reputation in a Model of Economy-wide Privatization GURVIEZ P. The Trust Concept in the Brand-consumers Relationship POTULNY S. L utilitarisme cognitif de John Stuart Mill LONGIN François From Value at Risk to Stress Testing: The Extreme Value Approach BIBARD Laurent, PRORIOL G. Machiavel : entre pensée du pouvoir et philosophie de la modernité LONGIN François Value at Risk: une nouvelle méthode fondée sur la théorie des valeurs extrêmes CONTENSOU François, VRANCEANU Radu Effects of Working Time Constraints on Employment: A Two-sector Model BESANCENOT D., VRANCEANU Radu Reputation in a Model of Exchange Rate Policy with Incomplete Information AKOKA Jacky, BRIOLAT Dominique, WATTIAU Isabelle La reconfiguration des processus inter-organisationnels NGUYEN. P Bank Regulation by Capital Adequacy and Cash Reserves Requirements LONGIN François Beyond the VaR LONGIN François Optimal Margin Level in Futures Markets: A Method Based on Extreme Price Movements GROUT DE BEAUFORT Viviane Maastricth II ou la copie à réviser ALBIGOT J.G., GROUT DE BEAUFORT V., BONFILLON P.O., RIEGER B. Perspectives communautaires et européennes sur la réduction du temps de travail. Page 1

25 97015 DEMEESTERE René, LORINO Philippe, MOTTIS Nicolas Business Process Management: Case Studies of Different Companies and Hypotheses for Further Research PERETTI Jean-Marie, HOURQUET P.G., ALIS D. Hétérogénéité de la perception des déterminants de l équité dans un contexte international NYECK Simon, ROUX Elyette WWW as a Communication Tool for Luxury Brands: Compared Perceptions of Consumers and Managers NAPPI-CHOULET Ingrid L analyse économique du fonctionnement des marchés immobiliers BESANCENOT D., ROCHETEAU G., VRANCEANU Radu Effects of Currency Unit Substitution in a Search Equilibrium Model BOUCHIKHI Hamid Living with and Building on Complexity: A Constructivist Perspective on Organizations GROUT DE BEAUFORT V., GRENOT S., TIXIER A. TSE K.L Essai sur le Parlement Européen BOULIER J.F., DALAUD R., LONGIN François Application de la théorie des valeurs extrêmes aux marchés financiers LORINO Philippe Théorie stratégique : des approches fondées sur les ressources aux approches fondées sur les processus VRANCEANU Radu Investment through Retained Earnings and Employment in Transitional Economies INGHAM M., XUEREB Jean-Marc The Evolution of Market Knowledge in New High Technology Firms: An Organizational Learning Perspective KOENING Christian Les alliances inter-entreprises et la coopération émergente LEMPEREUR Alain Retour sur la négociation de positions : pourquoi intégrer l autre dans mon équation personnelle? GATTO Riccardo Hypothesis Testing by Symbolic Computation GATTO Riccardo, JAMMALAMADAKA S. Rao A conditional Saddlepoint Approximation for Testing Problems ROSSI (de) F.X., GATTO Riccardo High-order Asymptotic Expansions for Robust Tests LEMPEREUR Alain Negotiation and Mediation in France: The Challenge of Skill-based Learnings and Interdisciplinary Research in Legal Education LEMPEREUR Alain Pédagogie de la négociation : allier théorie et pratique WARIN T. Crédibilité des politiques monétaires en économie ouverte FRANCOIS P. Bond Evaluation with Default Risk: A Review of the Continuous Time Approach FOURCANS André, VRANCEANU Radu Fiscal Coordination in the EMU: A Theoretical and Policy Perspective. Page 2

26 97036 AKOKA Jacky, WATTIAU Isabelle MeRCI: An Expert System for Software Reverse Engineering MNOOKIN R. (traduit par LEMPEREUR Alain) Surmonter les obstacles dans la résolution des conflits LARDINOIT Thierry, DERBAIX D. An Experimental Study of the Effectiveness of Sport Sponsorship Stimuli LONGIN François, SOLNIK B. Dependences Structure of International Equity Markets during Extremely Volatile Periods LONGIN François Stress Testing : application de la théorie des valeurs extrêmes aux marchés des changes TISSOT (de) Olivier Quelques observations sur les problèmes juridiques posés par la rémunération des artistes interprètes MOTTIS Nicolas, PONSSARD J.P. Incitations et création de valeur dans l entreprise. Faut-il réinventer Taylor? LIOUI A., PONCET Patrice Trading on Interest Rate Derivatives and the Costs of Marking-to-market DEMEESTERE René La comptabilité de gestion : une modélisation de l entreprise? TISSOT (de) Olivier La mise en œuvre du droit à rémunération d un comédien ayant «doublé» une œuvre audiovisuelle (film cinématographique ou fiction télévisée ) avant le 1 er janvier KUESTER Sabine, HOMBURG C., ROBERTSON T.S. Retaliatory Behavior to New Product Entry MONTAGUTI E., KUESTER Sabine, ROBERTSON T.S. Déterminants of «Take-off» Time for Emerging Technologies: A Conceptual Model and Propositional Inventory KUESTER Sabine, HOMBURG C. An Economic Model of Organizational Buying Behavior BOURGUIGNON Annick Images of Performance: Accounting is not Enough BESANCENOT D., VRANCEANU Radu A model of Manager Corruption in Developing Countries with Macroeconomic Implications VRANCEANU Radu, WARIN T. Une étude théorique de la coordination budgétaire en union monétaire BANDYOPADHYAU D. K. A Multiple Criteria Decision Making Approach for Information System Project Section NGUYEN P., PORTAIT Roland Dynamic Mean-variance Efficiency and Strategic Asset Allocation with a Solvency Constraint CONTENSOU François Heures supplémentaires et captation du surplus des travailleurs GOMEZ M.L. De l apprentissage organisationnel à la construction de connaissances organisationnelles. Page 3

27 98016 BOUYSSOU Denis Using DEA as a Tool for MCDM: some Remarks INDJEHAGOPIAN Jean-Pierre, LANTZ F., SIMON V. Dynamique des prix sur le marché des fiouls domestiques en Europe PELISSIER-TANON Arnaud La division du travail, une affaire de prudence PELISSIER-TANON Arnaud Prudence et qualité totale. L apport de la philosophie morale classique à l étude du ressort psychologique par lequel les produits satisfont les besoins de leurs utilisateurs BRIOLAT Dominique, AKOKA Jacky, WATTIAU Isabelle Le commerce électronique sur Internet. Mythe ou réalité? DARMON René Equitable Pay for the Sales Force CONTENSOU François, VRANCEANU Radu Working Time in a Model of Wage-hours Negociation BIBARD Laurent La notion de démocratie BIBARD Laurent Recherche et expertise LEMPEREUR Alain Les étapes du processus de conciliation INDJEHAGOPIAN Jean-Pierre, LANTZ F., SIMON V. Exchange Rate and Medium Distillates Distribution Margins LEMPEREUR Alain Dialogue national pour l Europe. Essai sur l identité européenne des français TIXIER Maud What are the Implications of Differing Perceptions in Western, Central and Eastern Europe for Emerging Management TIXIER Maud Internal Communication and Structural Change. The Case of the European Public Service: Privatisation And Deregulation NAPPI-CHOULET Ingrid La crise des bureaux : retournement de cycle ou bulle? Une revue internationale des recherches DEMEESTERE René La comptabilité de gestion dans le secteur public en France LIOUI A., PONCET Patrice The Minimum Variance Hedge Ratio Revisited with Stochastic Interest Rates LIOUI A., PONCET Patrice Is the Bernoulli Speculator always Myobic in a Complete Information Economy? LIOUI A., PONCET Patrice More on the Optimal Portfolio Choice under Stochastic Interest Rates FAUCHER Hubert The Value of Dependency is Plant Breeding: A Game Theoretic Analysis BOUCHIKHI Hamid, ROND (de) Mark., LEROUX V. Alliances as Social Facts: A Constructivist of Inter-Organizational Collaboration BOUCHIKHI Hamid, KIMBERLY John R. Page 4

28 In Search of Substance: Content and Dynamics of Organizational Identity BRIOLAT Dominique, AKOKA Jacky, COMYN-WATTIAU Isabelle Electronic Commerce on the Internet in France. An Explanatory Survey CONTENSOU François, VRANCEANU Radu Réduction de la durée du travail et complémentarité des niveaux de qualification TIXIER Daniel La globalisation de la relation Producteurs-Distributeurs BOURGUIGNON Annick L évaluation de la performance : un instrument de gestion éclaté BOURGUIGNON Annick Benchmarking: from Intentions to Perceptions BOURGUIGNON Annick Management Accounting and Value Creation: Value, Yes, but What Value? VRANCEANU Radu A Simple Matching Model of Unemployment and Working Time Determination with Policy Implications PORTAIT Roland, BAJEUX-BESNAINOU Isabelle Pricing Contingent Claims in Incomplete Markets Using the Numeraire Portfolio TAKAGI Junko Changes in Institutional Logics in the US. Health Care Sector: A Discourse Analysis TAKAGI Junko Changing Policies and Professionals: A Symbolic Framework Approach to Organizational Effects on Physician Autonomy LORINO Philippe L apprentissage organisationnel bloquée (Groupe Bull ) : du signe porteur d apprentissage au Piège de l habitude et de la représentation-miroir TAKAGI Junko, ALLES G. Uncertainty, Symbolic Frameworks and Worker Discomfort with Change CHOFFRAY Jean-Marie Innovation et entreprenariat : De l idée au Spin-Off TAKAGI Junko Physician Mobility and Attidudes across Organizational Work Settings between 1987 and GUYOT Marc, VRANCEANU Radu La réduction des budgets de la défense en Europe : économie budgétaire ou concurrence budgétaire? CONTENSOU François, LEE Janghyuk Interactions on the Quality of Services in Franchise Chains: Externalities and Free-riding Incentives LIOUI Abraham, PONCET Patrice International Bond Portfolio Diversification GUIOTTO Paolo, RONCORONI Andrea Infinite Dimensional HJM Dynamics for the Term Structure of Interest Rates GROUT de BEAUFORT Viviane, BERNET Anne-Cécile Les OPA en Allemagne. Page 5

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