Version 4
Hi,
Please ignore this message.
Testing it.
Regards,
John McCarthy
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FDA Approved
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Sy3= Synvisc@35% of Retail $-Osteoarthritis-Liquid prosthesis
Sy1= Synvisc@100% of Retail $-Osteoarthritis-Liquid prosthesis
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FDA Expected 1997
Hf = Hylaform -Facial Wrinkles-Hylan device
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NOT FDA APPROVED
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Sold in Canada/Italy
Hs = Hylashield -Eye drops -Protect Eyes
====================================
Major Assumption:
1998 USA Revenues from Synvisc
====================================
Annual AHP @ Retail $135,000,000
Annual Price (2 visits) 1,000
BIOX % of AHP .35
BIOX $ Gross Rev $47,250,000
Implied about AHP
====================================
1998 Patients Treated 135,000
Total Target
Patient Population 7,000,000
1998 % Treated 1.93%
Total Osteoarthritis
Population 15,600,000
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Biomatrix (BIOX) - 1998 1st 2nd 3rd 4th 1998
===================================================================
Pr Loc Dist
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Sy3 USA (AHP) 8,000 10,000 13,000 16,000 47,000
Sy3 NON-USA (AHP) 500 800 1,200 1,600 4,100
Sy3 France (Boe Ing) 400 600 800 1,000 2,800
Sy3 Canada (RPR) 500 500 500 500 2,000
Sy3 Sweden (Roche) 300 300 300 300 1,200
Sy3 Isr./FE (Bayer AG) 300 300 300 300 1,200
Sy3 Italy (Recdati) 150 150 150 150 600
Sy1 England (Biox) 50 100 150 200 500
Sy1 China (Biox) 25 50 75 100 250
Sy1 Norway (Biox) 1 1 1 1 4
Sy1 Finland (Biox) 1 1 1 1 4
Sy1 Switzer (Biox) 1 1 1 1 4
Hf USA (Collagen) 700 900 1,100 1,300 4,000
Hf NON-USA (Collagen) 400 600 800 1,000 2,800
Hs ITAL (Far Farm) 50 50 50 50 200
Other (Biox) 300 300 300 300 1,200
-------------------- ------- ------- ------- ------- -------
Total Product Sales 11,678 14,653 18,728 22,803 67,862
-------------------- ------- ------- ------- ------- -------
Memo:Seq. % N/A 25 28 22
Memo:Yr/Yr % 515 714 N/A N/A
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Milestone Fees
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AHP 1,000 2,000 2,000 2,000 7,000
Boehringer Ingelheim 2,000 2,000 2,000 1,000 7,000
Bayer AG 0 0 1,000 1,000 2,000
-------------------- ------- ------- ------- ------- -------
Total Fees 3,000 4,000 5,000 4,000 16,000
-------------------- ------- ------- ------- ------- -------
Total Net Revenues 14,678 18,653 23,728 26,803 83,862
================== ====== ======= ======= ======= =======
Product GM (Avg. %) .60 .60 .60 .60 .60
Product GM $ 7,007 8,792 11,237 13,682 40,717
License GM $ 3,000 4,000 5,000 4,000 16,000
-------------------- ------- ------- ------- ------- -------
Total GM $ 10,007 12,792 16,237 17,682 56,717
=================== ======= ======= ======= ======= =======
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R & D
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Hylagel/Sur.Adhes/Ph1 600 600 600 600 2,400
Hylasine/EarNose/Ph1 600 600 600 600 2,400
Hylasol/Opth Sur/Ph1 200 200 200 200 800
Other 300 300 300 300 1,200
-------------------- ------- ------- ------- ------- -------
Total R&D 1,700 1,700 1,700 1,700 6,800
-------------------- ------- ------- ------- ------- -------
Memo:1997 (est.) 1,400 1,400 1,500 1,600 5,900
-------------------- ------- ------- ------- ------- -------
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SG&A
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Normal 2,000 2,200 2,400 2,600 9,200
Sy England (Biox) 300 500 600 600 2,000
Sy China (Biox) 300 300 400 500 1,400
-------------------- ------- ------- ------- ------- -------
Total SG&A 2,500 3,000 3,400 3,700 12,600
-------------------- ------- ------- ------- ------- -------
Memo:1997 (est.) 1,400 1,900 2,300 2,600 8,200
-------------------- ------- ------- ------- ------- -------
-------------------- ------- ------- ------- ------- -------
Total R&D/SG&A 4,200 4,700 5,100 5,400 19,400
-------------------- ------- ------- ------- ------- -------
-------------------- ------- ------- ------- ------- -------
Inc. from Operations 5,807 8,092 11,137 12,282 37,317
-------------------- ------- ------- ------- ------- -------
Int.Income- Net (4%) 270 307 358 428 1,364
-------------------- ------- ------- ------- ------- -------
EBT 6,077 8,399 11,495 12,710 38,681
-------------------- ------- ------- ------- ------- -------
Tax Prov. (%) .39 .39 .39 .39 .39
Tax Prov. ($) 2,370 3,276 4,483 4,957 15,086
-------------------- ------- ------- ------- ------- -------
EAT 3,707 5,123 7,012 7,753 23,595
================== ======= ======= ======= ======= =======
Cash/Mrt.Sec-BOP 27,000 30,707 35,830 42,842 42,842
================== ======= ======= ======= ======= =======
Shares Outstanding 11,400 11,400 11,400 11,400 11,400
================== ======= ======= ======= ======= =======
E.P.S .33 .45 .62 .78 2.07
================== ======= ======= ======= ======= =======
@ PE / Share Price
-------------------- ------- ------- ------- ------- -------
20 41.00
-------------------- ------- ------- ------- ------- -------
25 52.00
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30 62.00
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35 72.00
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40 82.00
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45 93.00
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50 103.00
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Notes:
===========================
A.Amendment 5/29/97 to increase auth. shares
===========================
TO 60,000,000
FROM 20,000,000.
Don't know if ratified.
===========================
B.Ownership at 3/1/97
===========================
Endre A. Balazs 2,161,519 20%
Janet I. Denlinger 1,099,085 10%
H. Stuart Campbell 61,248
Rory B. Riggs 600,000 6%
Others 54,000
Shares Outstanding 6/30/97 11,158,098
===========================
C. Distribution Agreements
===========================
Boehringer Ingelheim - 12/18/96
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Fee:$8.0 million
France,Algeria,Morocco
Req. Biomedical Specialists:5
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Wyeth-Ayerst (AHP) - 2/10/97
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Fee:$25.0 million
USA
Germany,Austria,Greece,Spain,Portuagal
Poland,Hungry,Romania,Bulgaria,Check
Turkey,Saudi Arabia,Egypt,Syria,Jordan
Req. Biomedical Specialists:Yes(# unknown)
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Bayer AG - 4/29/97
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Fee:$5.0 million
Israel,Australia,New Zeland,Taiwan,Singapore
Indonesia,Thailand,Maylaysia
Req. Biomedical Specialists:2 |
