DOCUMENTS DE RECHERCHE WORKING PAPERS N 01002
|
|
- Johnathan Jenkins
- 7 years ago
- Views:
Transcription
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,
11 10
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
DOCUMENTS DE RECHERCHE WORKING PAPERS - DR 03025 - Jean-Luc CERDIN* et Ashok SOM** August 2003
CENTRE DE RECHERCHE RESEARCH CENTER DOCUMENTS DE RECHERCHE WORKING PAPERS - DR 03025 - Strategic Human Resource Management Practices : An exploratory Survey Of French Organisations Jean-Luc CERDIN* et
More informationDOCUMENTS DE RECHERCHE WORKING PAPERS - DR 03014 - Charles TAPIERO* November 2003
CENTRE DE RECHERCHE RESEARCH CENTER DOCUMENTS DE RECHERCHE WORKING PAPERS - DR 03014 - Risk Management : An Interdisciplinary Framework Charles TAPIERO* November 2003 * TAPIERO C. ESSEC, Avenue B. Hirsch,
More informationJoin our scientific talent community
Join our scientific talent community There has never been a better time to be a part of Janssen Research & Development. We are at the forefront of healthcare leading, evolving and transforming it into
More informationActive Biotech Group Interim Report 1 January 30 September 1999
Active Biotech Group Interim Report 1 January 30 September 1999 The new annual forecast shows a considerably better result. Sale of the property in Solna expected to be completed before the end of the
More informationThe Sage Group and Talentmark Consulting Announce Strategic Alliance for Services to the Global Healthcare & Life Sciences Industry
Talentmark Consulting Product Driven People Solutions Press Release The Sage Group and Talentmark Consulting Announce Strategic Alliance for Services to the Global Healthcare & Life Sciences Industry Cambridge
More informationSiegfried when substance matters Semi-annual report 2008
Siegfried when substance matters Semi-annual report 2008 Key figures Continuing Operations 1 st Half-Year 2008 1 st Half-Year 2007 Difference Change in % Net sales (million CHF) 159.6 157.8 1.8 1.2 Net
More informationPascal Quiry July 2010
Please send any questions on this case study to the author via the mail box on the web site www.vernimmen.net Pascal Quiry July 2010 This document may not be used, reproduced or sold without the authorisation
More informationMYRIAD, HITACHI, ORACLE & FRIEDLI JOIN FORCES TO MAP THE ENTIRE HUMAN PROTEOME
FOR IMMEDIATE RELEASE MYRIAD, HITACHI, ORACLE & FRIEDLI JOIN FORCES TO MAP THE ENTIRE HUMAN PROTEOME - $185 Million Collaboration to Determine All Human Protein Interactions And Decipher Biochemical Pathways
More informationWeb. Chapter International Managerial Finance. Chapter Summary
Chapter International Managerial Finance Web T his chapter provides a brief introduction to international finance. Of course, whole courses and even degree programs are offered on this topic. The reason
More informationChina Pharma Holdings, Inc. Reports Second Quarter 2010 Financial Results
China Pharma Holdings, Inc. Reports Second Quarter 2010 Financial Results HAIKOU CITY, China, August 10, 2010 China Pharma Holdings, Inc. (NYSE AMEX: CPHI) ( China Pharma or the Company ), a leading fully
More informationCegedim Half-year results 2009 September 2009
Cegedim Half-year results 2009 September 2009 1 Cegedim : Healthcare - its primary market Cegedim Founded in 1969 by Jean-Claude Labrune Jean-Claude Labrune family hold 67 % of Cegedim through FCB 849
More informationThe Active Biotech Group Quarterly Report January - March 1999
1 The Active Biotech Group Quarterly Report January - March 1999 (all figures refer exclusively to biotechnology, excluding Wilh. Sonesson) SAIK project ahead of schedule ETEC - Given top priority by SmithKline
More informationCHEM-E4140 Selectivity 12. Pharma Business
CHEM-E4140 Selectivity 12. Pharma Business Prof. Ari Koskinen Laboratory of Organic Chemistry C318 Pharma Business Total volume ca 1100 G$ (Shell 421G$; Walmart 486G$; Toyota 252 G$). Annually approx 25
More informationCurriculum Vitae. Prof. Dr. Bernhard Kutscher, Ph.D. Personal Details. Education
Curriculum Vitae Prof. Dr. Bernhard Kutscher, Ph.D. Personal Details Private Address: Date, Place of Birth: Marital Status: Nationality: Languages: Stresemannstraße 9, 93477 Maintal, Germany, Tel. +49
More informationGrandVision reports Revenue growth of 13.8% and EPS growth of 31.7%
GrandVision reports Revenue of 13.8% and EPS of 31.7% Schiphol, the Netherlands 16 March 2015. GrandVision NV (EURONEXT: GVNV) publishes Full Year and Fourth Quarter 2015 results. 2015 Highlights Revenue
More informationCCS net sales increased to SEK 42.1 (35.0) m. Profit after financial items was SEK 8.8 (3.1) m.
PRESS RELEASE, 29 April INTERIM REPORT, 1 January - 31 March MIV-210 producing positive results in ongoing phase I trial. More opportunities for Cathepsin S inhibitor. Successes in the explorative activities
More informationFull Year Results 2014
Full Year Results 2014 18 March 2015 Conference call on FY Results 2014 Corporate Finance & Investor Relations AGENDA FY 2014 results presentation Highlights 2014 Financials 2014 Outlook 2015 Appendix
More informationINTERIM REPORT, 1 January - 30 June 2003
PRESS RELEASE, 9 July INTERIM REPORT, 1 January - 30 June In May, Medivir reached a licensing agreement on MIV-210 with GlaxoSmithKline; EUR 6 m was received upon signing and up to EUR 86 m on the achievement
More informationH1 2015 Audio webcast RESULTS PRESENTATION. July 30, 2015
H1 2015 Audio webcast RESULTS PRESENTATION July 30, 2015 DISCLOSURE This presentation contains no confidential material and may include publicly available market information which has not been independently
More informationshutterstock.com Interim Management and Strategic Transactions for International Life Science Companies TCG: experienced, connected, proven success
shutterstock.com Interim Management and Strategic Transactions for International Life Science Companies TCG: experienced, connected, proven success Proven success and contacts. Not just talk. TCG is a
More informationHealth Care Worldwide. Citi - European Credit Conference September 24, 2015 - London
Health Care Worldwide Citi - European Credit Conference September 24, 2015 - London Safe Harbor Statement This presentation contains forward-looking statements that are subject to various risks and uncertainties.
More informationMEDTRONIC, INC. WORLD WIDE REVENUE (Unaudited)
WORLD WIDE REVENUE ($ millions) 1 2 3 4 1 2 3 4 FY11 FY11 FY11 FY11 FY11 FY12 FY12 FY12 FY12 FY12 QTR 1 QTR 2 QTR 3 QTR 4 Total QTR 1 QTR 2 QTR 3 QTR 4 Total REPORTED REVENUE : CARDIAC RHYTHM DISEASE MANAGEMENT
More informationAnnual Press Conference 2012. Business Year 2011
Business Year 2011 Highlights of the Business Year 2011 Andreas Barner Chairman of the Board of Managing Directors Corporate Board Division Pharma Research, Development and Medicine Value through Innovation
More informationHealth Care Worldwide
Health Care Worldwide Barclays European High Yield and Leveraged Finance Conference October 30, 2014 London Barclays European High Yield and Leveraged Finance Conference, October 30, 2014 Copyright Page
More informationHealth Care Worldwide
Health Care Worldwide Goldman Sachs - Leveraged Finance Healthcare Conference March 4, 2014 New York Goldman Sachs Leveraged Finance Conference, Fresenius SE & Co. KGaA Copyright, March 4, 2014 Page 1
More informationNordex SE Conference Call Q1 2015
Nordex SE Conference Call Q1 2015 Hamburg 13 May 2015 AGENDA 1. Highlights Dr. Jürgen Zeschky 2. Operational progress and order intake Dr. Jürgen Zeschky 3. Financials Q1 2015 Bernard Schäferbarthold 4.
More informationThe Active Biotech Group Half-Year Accounts January June 2000
The Active Biotech Group Half-Year Accounts January June 2000 Results according to schedule, MSEK -59 (-75 previous year) Vaccine sales increase by 20% Continued positive development for Dukoral +42% Aventis
More informationGalapagos reports largest cash balance ever
Regulated information 3 March 2016, 22.00 CET Galapagos reports largest cash balance ever Key 2015 financials: Cash burn of 122 million, in line with guidance Cash balance on 31 December 2015 of 348 million
More informationPennino Corporation TECHNOLOGY TO IMPROVE LIFE
Pennino Corporation TECHNOLOGY TO IMPROVE LIFE Agenda The Opportunity Highlights Corporate Profile NYU Relationship Obesity and Diabetes Graphics and Facts Next Stage of Development Efficacy and Safety
More informationProfile of Biomedical Research and Biotechnology Commercialization. San Francisco Oakland San Jose Consolidated Metropolitan Statistical Area
Profile of Biomedical Research and Biotechnology Commercialization San Oakland San Jose Consolidated Metropolitan Statistical Area Overview and History of Biotechnology in San The San Bay area is in many
More informationFinancial Statement Analysis Paper
Financial Statement Analysis Paper Example 1: Dell Computer Dell Inc. Current Year Prior Year Income Statement 3 Years Ago $ Percent $ Percent $ Percent Revenue 61,494 100.0% 52,902 100.0% 61,101 100.0%
More informationEVT Execute & EVT Innovate Leading drug discovery
EVT Execute & EVT Innovate Leading drug discovery Evotec AG, Nine-month 2015 Interim Report, 10 November 2015 Forward-looking statements Information set forth in this presentation contains forward-looking
More informationPYROSEQUENCING AB. Interim report January - September 2003
1 PYROSEQUENCING AB Interim report January - September 2003 Uppsala, Sweden, October 23, 2003. Pyrosequencing AB (Stockholm: PYRO A) today reported results for the first nine months 2003. Highlights (Figures
More informationCONSOLIDATED FINANCIAL STATEMENTS AS AT JUNE 30, 2003
JCDECAUX SA CONSOLIDATED FINANCIAL STATEMENTS AS AT JUNE 30, 2003 Translated from French and in accordance with French generally accepted accounting principles JCDECAUX SA CONSOLIDATED FINANCIAL STATEMENTS
More informationFocus on fleet customers SAF-HOLLAND 1st half-year results 2014
Focus on fleet customers SAF-HOLLAND 1st half-year results 214 Detlef Borghardt, CEO Wilfried Trepels, CFO August 7, 214 Executive Summary 1 Increase in group sales by 1.7% to 482.mn (previous year: 435.6)
More informationOPTION REPORTS FULL YEAR 2013 RESULTS
OPTION REPORTS FULL YEAR 2013 RESULTS Leuven, Belgium March 13, 2014 Option N.V. (EURONEXT Brussels: OPTI; OTC: OPNVY), a global leader in wireless connectivity, security and experience, today announced
More informationFocus on fleet customers SAF-HOLLAND Annual Financial Statements 2013
Focus on fleet customers SAF-HOLLAND Annual Financial Statements 213 Detlef Borghardt, CEO Wilfried Trepels, CFO March 13, 214 Agenda 1 Financials 3 2 Appendix 21 2 Executive Summary 1 2 3 Group sales
More informationInterim Management Report. for the Bolzoni Group
Interim Management Report for the Bolzoni Group at 31 March 2011 1 INDEX Corporate offices pg. 3 Group activity pg. 5 Group structure pg. 6 Comments of the Directors on the Company s performance pg. 7
More informationAnnual Report on Form 20-F
Annual Report on Form 20-F 2 Teva at a Glance Founded in 1901 by three young pharmacists, today Teva Pharmaceutical Industries Ltd. is a leader in the global pharmaceutical industry, providing medicines
More informationGroundbreaking Collaborative Clinical Trial Launched
Groundbreaking Collaborative Clinical Trial Launched For immediate release Media Contacts: June 16, 2014 Richard Folkers Alison Hendrie 9:00 a.m., EDT Foundation for the NIH Rubenstein Communications (301)
More informationFull Year Results 2012. Conference Call Presentation, 21 st March 2013
Full Year Results 2012 Conference Call Presentation, 21 st March 2013 0 Disclaimer This presentation may contain forward-looking statements based on current assumptionsandforecastsmadebybrenntag AG and
More informationRatio Analysis. A) Liquidity Ratio : - 1) Current ratio = Current asset Current Liability
A) Liquidity Ratio : - Ratio Analysis 1) Current ratio = Current asset Current Liability 2) Quick ratio or Acid Test ratio = Quick Asset Quick liability Quick Asset = Current Asset Stock Quick Liability
More informationIncome Measurement and Profitability Analysis
PROFITABILITY ANALYSIS The following financial statements for Spencer Company will be used to demonstrate the calculation of the various ratios in profitability analysis. Spencer Company Comparative Balance
More informationQuarterly Financial Report March 31, 2009. MBB Industries AG. Berlin
Quarterly Financial Report March 31, 2009 MBB Industries AG. Berlin Quarterly Financial Report March 31, 2009 MBB Industries AG MBB Industries in Numbers 03 MBB Industries in Numbers Three Month (Jan.
More informationHealth Care Worldwide
Health Care Worldwide Credit Suisse Global Credit Products Conference September 18, 2014 Miami Credit Suisse Global Credit Products Conference, September 18, 2014 Copyright Page 1 Safe Harbor Statement
More informationDOCUMENTS DE RECHERCHE WORKING PAPERS N 01021
CENTRE DE RECHERCHE RESEARCH CENTER DOCUMENTS DE RECHERCHE WORKING PAPERS N 002 From UML to ROLAP Multidimensional Databases Using a Pivot Model Jacky AKOKA CEDRIC CNAM & INT Isabelle COMYN-WATTIAU Université
More informationSORIN GROUP ANNOUNCES FINAL FINANCIAL RESULTS FOR 2014
Press Release SORIN GROUP ANNOUNCES FINAL FINANCIAL RESULTS FOR 2014 Consolidated results for 2014: Revenues were 746.9 million, up 3.4% 1 compared to 2013; Adjusted net profit 2 was 55.1 million compared
More informationInterpretation of Financial Statements
Interpretation of Financial Statements Author Noel O Brien, Formation 2 Accounting Framework Examiner. An important component of most introductory financial accounting programmes is the analysis and interpretation
More informationIntroduction. The Healthcare Sector in Asia - Current Situation. Projected Healthcare Expenditure
Policy Issues in the Economics and Financing of Medical Technology in the Asia-Pacific Region Dr KAI HONG PHUA Joint Professor Yong Loo Lin School of Medicine and Lee Kuan Yew School of Public Policy National
More informationDr. Reddy s Q3 and 9M FY16 Financial Results
Press Release DR. REDDY'S LABORATORIES LTD. 8-2-337, Road No. 3, Banjara Hills, Hyderabad - 500034. Telangana, India. INVESTOR RELATIONS KEDAR UPADHYE kedaru@drreddys.com (Ph: +91-40-66834297) CONTACT
More informationGenetic Testing in Research & Healthcare
We Innovate Healthcare Genetic Testing in Research & Healthcare We Innovate Healthcare Genetic Testing in Research and Healthcare Human genetic testing is a growing science. It is used to study genes
More informationGroup sales stable on a currency-neutral basis Results significantly impacted by negative currency effects adidas Group confirms full year guidance
For immediate release Herzogenaurach, May 6, 2014 First Quarter 2014 Results: Group sales stable on a currency-neutral basis Results significantly impacted by negative currency effects adidas Group confirms
More informationQuarter Report 2014 ESSANELLE HAIR GROUP AG
Quarter Report 2014 ESSANELLE HAIR GROUP AG Q1 2 Q1/2014 ESSANELLE HAIR GROUP KEY FIGURES for 1 January to 31 March 2014/2013 (IFRS) million 2014 2013 Change* Consolidated sales 32.3 30.8 +4.7% essanelle
More informationFinancial Analysis Project. Apple Inc.
MBA 606, Managerial Finance Spring 2008 Pfeiffer/Triangle Financial Analysis Project Apple Inc. Prepared by: Radoslav Petrov Course Instructor: Dr. Rosemary E. Minyard Submission Date: 5 May 2008 Petrov,
More informationThe Geography of Markets for Technology: Evidence from Bio- Pharmaceuticals
The Geography of Markets for Technology: Evidence from Bio- Pharmaceuticals Michelle Gittelman Department of Business and Management Rutgers Business School Newark-New Brunswick, New Jersey The pharmaceutical
More informationOxford Asymmetry International plc 151 Milton Park Abingdon Oxon OX14 4SD United Kingdom Tel +44 (0)1235 861561 Fax +44 (0)1235 863139 www.oai.co.
Oxford Asymmetry International plc 151 Milton Park Abingdon Oxon OX14 4SD United Kingdom Tel +44 (0)1235 861561 Fax +44 (0)1235 863139 www.oai.co.uk 2000 Interim Statements Oxford Asymmetry International
More informationHIGHLIGHTS FIRST QUARTER 2016
Q1-16 EUROPRIS ASA 2 CONTENTS / HIGHLIGHTS FIRST QUARTER 2016 HIGHLIGHTS FIRST QUARTER 2016 (Figures for the corresponding period of last year in brackets. The figures are unaudited.) Group revenues increased
More information9. WestLB Deutschland Conference. Frankfurt November 16, 2011
9. WestLB Deutschland Conference Frankfurt November 16, 2011 Safe Harbour This presentation includes forward-looking statements. Actual results could differ materially from those included in the forward-looking
More informationIncreasing Innovation in R&D - Seizing early stage external growth opportunities
Increasing Innovation in R&D - Seizing early stage external growth opportunities Paul R. Eynott, PhD sanofi-aventis, US paul.eynott@sanofi-aventis.com -1- Sommaire -2- CHRISTOPHER A. VIEHBACHER Chief Executive
More informationThe Commercialization of Technology Concepts into Medical Products
The Commercialization of Technology Concepts into Medical Products Kevin J. Scanlon, Ph.D. New Zealand 2006 International BioScience Overview Pharmaceutical Industry Biotechnology Startups Investment Community
More informationPresentation annual results 2013
Presentation annual results 2013 Amsterdam, 21 February 2014 René J. Takens, CEO Hielke H. Sybesma, CFO Jeroen M. Snijders Blok, COO Agenda 1. Accell Group in 2013 2. The Accell Group share 3. Financials
More informationWuXi PharmaTech Announces Second-Quarter 2014 Results
WuXi PharmaTech Announces Second-Quarter 2014 Results SHANGHAI, August 13, 2014 /Xinhua-PRNewswire/ -- WuXi PharmaTech (Cayman) Inc. (NYSE: WX), a leading research and development services company serving
More informationPOST-ACQUISITION INTEGRATION OF SMALL BIOTECHNOLOGY FIRMS
POST-ACQUISITION INTEGRATION OF SMALL BIOTECHNOLOGY FIRMS IN THE STRUCTURE OF LARGE PHARMACEUTICAL COMPANIES Inauguraldissertation zur Erlangung des Grades eines doctor rerum politicarum (Dr. rer. pol.)
More informationFinancial Results. siemens.com
s Financial Results Fourth Quarter and Fiscal 2015 siemens.com Key figures (in millions of, except where otherwise stated) Volume Q4 % Change Fiscal Year % Change FY 2015 FY 2014 Actual Comp. 1 2015 2014
More informationAPPENDIX 4E ANNUAL REPORT THORN GROUP LIMITED ACN 072 507 147 YEAR ENDED 31 MARCH 2015. Page 1 of 7
APPENDIX 4E ANNUAL REPORT THORN GROUP LIMITED ACN 072 507 147 YEAR ENDED 31 MARCH 2015 1 Details of the reporting period and the previous corresponding period Current period: 1 April 2014 to 31 March 2015
More informationInterim report April-June 2003
Interim report April-June 2003 Pre-tax profit for the second quarter amounted to SEK -34m, which is a SEK 30m improvement compared to last year (SEK -64m). Software revenue grew by 5% during the second
More informationThe Future of Consumer Health Care
The Future of Consumer Health Care Coming Together To Lead The Consumer Health Care Industry 2 Creating a New Business Model in Consumer Health Care 3 Serve More Consumers In More Parts of the World, More
More informationSAF-HOLLAND Annual Financial Statements 2012. Detlef Borghardt, CEO Wilfried Trepels, CFO. March 14, 2013
SAF-HOLLAND Annual Financial Statements 212 Detlef Borghardt, CEO Wilfried Trepels, CFO March 14, 213 Executive Summary business volume successfully expanded in 212 1 Group sales increased yoy by 3.4%
More informationHalf year results 2011
Half year results 2011 29 July 2011 Bert De Graeve, Chief Executive Officer Bruno Humblet, Chief Financial Officer Address by Bert De Graeve, Chief Executive Officer Introductory remark The consolidated
More informationAdecco returns to growth in October
Adecco returns to growth in October Improving revenue trends and strong profitability in Q3 2013 Q3 2013 HIGHLIGHTS Revenues flat in constant currency Gross margin of 18.7%, up 80 bps SG&A down 2% in constant
More informationEnhancing Value With Financial & Operational Excellence
Enhancing Value With Financial & Operational Excellence Robert Hombach CFO & COO Enhancing Value With Financial & Operational Excellence Growing Sales & Earnings Generating value in attractive markets
More informationThe World's Top 100 Pharmaceutical Companies
Brochure More information from http://www.researchandmarkets.com/reports/1878687/ The World's Top 100 Pharmaceutical Companies Description: Did you know? - Dr. Jeremy Levin is Senior Vice President, Strategy,
More informationJ.P. Morgan 2016 Healthcare Conference CEO. January 12, 2016 NYSE: Q. Copyright 2016 Quintiles
J.P. Morgan 2016 Healthcare Conference Tom Pike CEO January 12, 2016 Copyright 2016 Quintiles NYSE: Q Forward Looking Statements and Use of Non-GAAP Financial Measures This presentation contains forward-looking
More informationInvestors/Analysts Conference London, July 2010 Ian Bishop
Investors/Analysts Conference London, July 2010 Ian Bishop This presentation contains certain forward-looking statements. These forward-looking statements may be identified by words such as believes, expects,
More informationParis Orléans. Full year 2013/2014 results presentation
Paris Orléans Full year 2013/2014 results presentation 25 June 2014 Contents Sections 1 Highlights of 2013/2014 2 2 Business review 4 3 Financial review 9 Appendices 23 1 1. Highlights of 2013/2014 1.
More informationadidas Group records stellar financial performance in Q3 2015 and raises full year guidance
FOR IMMEDIATE RELEASE Herzogenaurach, November 5, 2015 Nine Months 2015 Results: adidas Group records stellar financial performance in Q3 2015 and raises full year guidance Major developments in Q3 2015
More informationROFIN-SINAR REPORTS RESULTS FOR THE FIRST QUARTER OF FISCAL YEAR 2016
- PRESS RELEASE - Contact: Katharina Manok ROFIN-SINAR 011-49-40-733-63-4256 - or - 734-416-0206 ROFIN-SINAR REPORTS RESULTS FOR THE FIRST QUARTER OF FISCAL YEAR 2016 Quarterly earnings per share increased
More informationG2G Guide to Financial Calculations and Valuation Principles G2G GUIDE TO FINANCIAL CALCULATIONS AND VALUATION PRINCIPLES
G2G GUIDE TO FINANCIAL CALCULATIONS AND VALUATION PRINCIPLES G2G Guide to Financial Calculations and Valuation Principles Introduction... 3 1 Basic Accounting Principles... 3 1.1 Profit & Loss statement...
More informationThe Board reviews risks to the Company s business plan at its scheduled meetings.
Pharmaxis Ltd 1. Board responsibility The Pharmaxis Board is responsible for ensuring the Company establishes and maintains a risk management framework for the oversight and management of risk. The Board
More informationVITROLIFE S PRESS RELEASE OF ANNUAL ACCOUNTS 2001
PRESSRELEASE FEBRUARY 12, 2002 VITROLIFE S PRESS RELEASE OF ANNUAL ACCOUNTS 2001 The group's total net sales was SEK 100.1 million, compared with SEK 82.2 million the year before, equivalent to an increase
More information5N PLUS INC. Condensed Interim Consolidated Financial Statements (Unaudited) For the three month periods ended March 31, 2016 and 2015 (in thousands
Condensed Interim Consolidated Financial Statements (Unaudited) (in thousands of United States dollars) Condensed Interim Consolidated Statements of Financial Position (in thousands of United States dollars)
More informationCompany Presentation VTG AG Connecting worlds. Analyst Conference April 14, 2015
Company Presentation VTG AG Connecting worlds Analyst Conference April 14, 2015 Table of content 1 Highlights 2014 2 Performance & Financials 2014 3 Update on Strategy 4 Outlook 2015 5 Appendix 1 Executive
More informationTABLE OF CONTENTS International Transfer Pricing in the Ethical Pharmaceutical Industry Second edition
TABLE OF CONTENTS International Transfer Pricing in the Ethical Pharmaceutical Industry Second edition SUMMARY OF SALIENT POINTS Importance and Competitiveness of the Ethical Pharmaceutical Industry Government
More informationManagement s Discussion and Analysis
Management s Discussion and Analysis 6 Financial Policy Sysmex regards increasing its market capitalization to maximize corporate value an important management objective and pays careful attention to stable
More informationQuarterly Financial report
Quarterly Financial report Q1 2007/2008 Technology AG Steinbeisstraße 2-5 D-72510 Stetten a. k. M. Germany Phone: +49 75 73 / 9 52-0 Fax: +49 75 73 / 9 20 34 info@.de www..eu Integrated Security Technology
More informationCommunity Futures Management Consultant in a Box
Community Futures Management Consultant in a Box Strategic Business Planning Purpose of this Document The purpose of this document is to provide you with the process that a management consultant would
More informationDPP - DSM in motion: driving focused growth DSM and JLL create leading pharma services company in US$ 2.6bn transaction 19 November 2013.
DPP - DSM in motion: driving focused growth DSM and JLL create leading pharma services company in US$ 2.6bn transaction 19 November 2013 Page Safe harbor statement This presentation may contain forward-looking
More informationOperating net income SnowWorld 1 st six months increase to 4.0 million
Press release 28 May 2014 Expected increase operating net income for the financial year 2013/2014 Operating net income SnowWorld 1 st six months increase to 4.0 million Keypoints - The number of ski passes
More informationDeals Profiled. M&A Activity. Sector Acquirer Target. In this Issue: M&A Snapshot Information Technology Medical Devices Biotechnology Pharmaceuticals
In this Issue: M&A Snapshot Information Technology Medical Devices Biotechnology Pharmaceuticals Deals Profiled Sector Healthcare-IT Intuit Medfusion Biotechnology PerkinElmer, Inc. Signature Genomics
More information19 October 2006. Company Announcement Office Bendigo Stock Exchange PO Box 191 Flinders Lane, Melbourne Vic 8009. By email; announcements@bsx.com.
19 October 2006 Company Announcement Office Bendigo Stock Exchange PO Box 191 Flinders Lane, Melbourne Vic 8009 By email; announcements@bsx.com.au RE: Announcement by State Development Fund Limited Please
More informationNordex SE Conference Call H1 2015. Hamburg 30 July 2015
Nordex SE Conference Call H1 2015 Hamburg 30 July 2015 AGENDA 1. Highlights Lars Bondo Krogsgaard 2. Operational progress and order intake Lars Bondo Krogsgaard 3. Financials H1 2015 Bernard Schäferbarthold
More informationA LEADING GLOBAL HEALTH CARE GROUP. Frankfurt Stock Exchange (DAX30): FRE US ADR program (OTC): FSNUY wwww.fresenius.com/investors
A LEADING GLOBAL HEALTH CARE GROUP Frankfurt Stock Exchange (DAX30): FRE US ADR program (OTC): FSNUY wwww.fresenius.com/investors SAFE HARBOR STATEMENT This presentation contains forward-looking statements
More informationTO OUR SHAREHOLDERS PROFITABLE GROWTH COURSE INTERNATIONALIZATION FURTHER EXTENDED US MARKET IN FOCUS
QUARTERLY STATEMENT AS OF MARCH 31, 2015 TO OUR SHAREHOLDERS Patrik Heider, Spokesman of the Executive Board and CFOO The Nemetschek Group has made a dynamic start in the 2015 financial year and continues
More informationEBiSC the first European bank for induced pluripotent stem cells
Press Release EBiSC the first European bank for induced pluripotent stem cells Pharmaceutical companies who are members of the European Federation of Pharmaceutical Industries and Associations (EFPIA)
More informationStaples, Inc. Announces First Quarter 2016 Performance
Media Contact: Mark Cautela 508-253-3832 Investor Contact: Chris Powers/Scott Tilghman 508-253-4632/1487 Staples, Inc. Announces First Quarter 2016 Performance FRAMINGHAM, Mass., May 18, 2016 Staples,
More informationFI3300 Corporation Finance
Learning Objectives FI3300 Corporation Finance Spring Semester 2010 Dr. Isabel Tkatch Assistant Professor of Finance Explain the objectives of financial statement analysis and its benefits for creditors,
More informationEarnings Release Q3 FY 2015 April 1 to June 30, 2015
Munich, Germany, July 30, 2015 Earnings Release FY 2015 April 1 to June 30, 2015 Solid performance, softening market environment»overall our businesses delivered solid underlying profitability despite
More information2015 Quarterly Report II
2015 Quarterly Report II 2 Key data Eckert & Ziegler 01 06/2015 01 06/2014 Change Sales million 69.0 61.9 + 11 % Return on revenue before tax % 16 % 9 % + 87 % EBITDA million 15.6 9.7 + 61 % EBIT million
More informationApril 29, 2015 INVESTOR NEWS. Fresenius Medical Care reports first quarter 2015 results and confirms guidance for full year 2015
April 29, 2015 INVESTOR NEWS Fresenius Medical Care reports first quarter 2015 results and confirms guidance for full year 2015 First quarter performance fully on track to achieve full year guidance Strong
More informationQ1 Trading Update, FY 2011
ARYZTA AG Q1 Trading Update, FY 2011 29 November 2010 Forward Looking Statement This document contains forward looking statements which reflect management s current views and estimates. The forward looking
More information