ANIK - 1997 Qtrly P&L .............................
ANIK's OrthoVisc (comp. to Synvisc) has just filed
for PMA here in the states. Chances are OV will hit the
USA market late 98/ early 99. It will be marketed
by BMY - who licensed from ANIK for $23.0+ mil. fee.
The P&L below will give you a feel for the competative
match-ups between ANIK and BIOX throughout the world.
The #'s I am using for OV are *false* in terms of their
$ amounts, but do accurately represent those countries
where ANIK markets already. Note:If you see a screw-up
on my part, please yell so that I can fix it.
Finally, I doubt that SYNVISC will sell in Australia/New Zeland
until 1999. In fact, the clinicals there are not even set up
yet. This would impact license fees BIOX would receive from
Bayer as well as sales dollars.
What follows is my post on the ANIK thread:
Some of the primary reasons to do this is:
-------------------------------------------
(1) Set a working format for 1998
(2) See the *breath* of where the OrthoVisc product can sell.
(3) See, on a market basis, who the competition is.
-------------------------------------------
Things to especially note about ANIK:
-------------------------------------------
(1) They will be profitable in 1998 due to the AM-V product.
(2) They will attack Canada via BMY and go up against RPR which
sells Biomatrix's product Synvisc.
Synvisc has been in Canada since 1995 and has a strong
following their.
(3) ANIK should logically get into U.K. in as much as Biomatrix who intends
to market Synvisc their, has not done so as of yet.
(4) I am guessing their competition in France is weak i.e. Boehringer Ingel
(5) I am guessing their competition vs AHP will be tough.
(6) They are claiming that in animal clinicals their INCERT
product did better than Seprafilm.
(See comments after P&L below)
(7) Orthovisc's biggest competion will come from Bioxmatrix's
Synvisc product which is distributed by
American Home Products (AHP)
(8) At present, it is speculated that whereas Synvisc's product
label advises that 3 injections will last a total of
13 weeks, the FDA will allow Orthovisc to have a label
that claims 26 weeks.
This - as exploited by BMY - may become a big selling point.
(9) The market size of O/A is large. See my post #175 on the
BIOX thread for more market size information.
(10) Disclosure: I have been long BIOX - several 000 shares for
a while now. Will enter ANIK, hopefully, before June.
Regards,
John McCarthy
====================================================================
Anika Res (ANIK)- By Quarter - 1997
====================================================================
Pr Loc Dist 1st 2nd 3rd 4th 1997 Compt
---- -------- ----- ----- ----- ----- ----- ----- ------
AM-V World CHIR 1,917 2,390 1,525 3,475 9,307 None
OV UK ANIK 0 8 8 30 46 BIOX
OV Neth/Hol ANIK 0 7 7 15 29 BIOX
OV Belgium ANIK 0 7 7 10 24 BIOX
OV Norway ANIK 0 0 0 0 0 BIOX
OV Finland ANIK 0 0 0 0 0 BIOX
OV Sweden ANIK 0 0 0 0 0 Roche
OV France ANIK 0 7 7 40 54 Boeh Ing
OV Morraco None 0 0 0 0 0 Boeh Ing
OV Algeria None 0 0 0 0 0 Boeh Ing
OV Italy ANIK 0 7 7 20 34 Recdati
OV Germany ANIK 0 7 7 50 64 AHP
OV Spn/Port Ferrer 0 0 0 38 38 AHP
OV Greece ANIK 0 0 0 0 0 AHP
OV Austria ANIK 0 0 0 0 0 AHP
OV Saud Ar None 0 0 0 0 0 AHP
OV Kuwait None 0 0 0 0 0 AHP
OV Turkey ANIK 0 7 7 25 39 None
OV USA BMY 0 0 0 0 0 AHP
OV Canada BMY 0 0 0 0 0 RPR
OV Australia BMY 0 0 0 0 0 Bayer
OV New Zeala BMY 0 0 0 0 0 Bayer
OV Israel None 0 0 0 0 0 Bayer
OV Tawain None 0 0 0 0 0 Bayer
OV Singapore None 0 0 0 0 0 Bayer
OV China None 0 0 0 0 0 BIOX
OV Russia None 0 0 0 0 0 None
HV World ANIK 10 10 10 10 40
-------------------- ----- ----- ----- ----- -----
Total Product Sales 1,927 2,450 1,585 3,713 9,675
-------------------- ----- ----- ----- ----- -----
OV-BMY 0 0 0 2,500 2,500
OV-Ferrer 0 0 0 0 0
Other 0 0 0 0 0
-------------------- ----- ----- ----- ----- -----
Total License Fees 0 0 0 2,500 2,500
-------------------- ----- ----- ----- ----- -----
-------------------- ----- ----- ----- ----- ------
Total Net Revenues 1,927 2,450 1,585 6,213 12,175
-------------------- ===== ===== ===== ===== ======
-------------------- ----- ----- ----- ----- -----
Memo:Rev - AV 1,917 2,390 1,525 3,475 9,307
-------------------- ----- ----- ----- ----- -----
AV GM - % 0.471 0.515 0.486 0.500 0.496
AV GM - $ 903 1,231 741 1,738 4,613
-------------------- ----- ----- ----- ----- -----
Memo:Rev - OV 0 50 50 228 328
-------------------- ----- ----- ----- ----- -----
OV GM - % 0 0.560 0.560 0.560 0.560
OV GM - $ 0 28 28 128 184
-------------------- ----- ----- ----- ----- -----
Memo:Rev - HV 10 10 10 10 40
-------------------- ----- ----- ----- ----- -----
HV GM - % 0.500 0.500 0.500 0.500 0.500
HV GM - $ 5 5 5 5 20
-------------------- ----- ----- ----- ----- -----
Memo:Rev - Total 1,927 2,450 1,585 3,713 9,675
-------------------- ----- ----- ----- ----- -----
Product - GM-% 0.471 0.516 0.488 0.504 0.498
Product - GM-$ 908 1,264 774 1,871 4,817
License Fee - GM$ 0 0 0 2,500 2,500
-------------------- ----- ----- ----- ----- -----
Total GM$ 908 1,264 774 4,371 7,317
-------------------- ----- ----- ----- ----- -----
--------------------
R&D
--------------------
OrthoViscPMA 200 386 522 550 1,658
InCert - 123 123 123 130 499
Ossigel 0 0 0 0 0
Other 0 0 0 0 0
-------------------- ----- ----- ----- ----- -----
Total R&D 323 509 645 680 2,157
-------------------- ----- ----- ----- ----- -----
G&A 395 436 441 450 1,722
-------------------- ----- ----- ----- ----- -----
Total Operating Exp 718 945 1,086 1,130 3,879
-------------------- ----- ----- ----- ----- -----
-------------------- ----- ----- ----- ----- -----
Income From Operations 190 319 (312) 3,241 3,438
-------------------- ----- ----- ----- ----- -----
Int Inc/(Exp) 30 28 47 50 155
-------------------- ----- ----- ----- ----- -----
EBT 220 347 (265) 3,291 3,593
-------------------- ----- ----- ----- ----- -----
Tax - % 1.8 2.9 (0.8) 4.3 4.3
Tax - $ 4 10 2 140 156
-------------------- ----- ----- ----- ----- -----
EAT 216 337 (267) 3,151 3,437
-------------------- ===== ===== ===== ===== ======
Full Shares 7,456 7,456 5,098 9,380 9,380
-------------------- ===== ===== ===== ===== ======
Primary Shares 6,048 6,048 5,098 9,380 9,380
-------------------- ===== ===== ===== ===== ======
Full E.P.S. 0.03 0.05 (0.05) 0.34 0.37
-------------------- ===== ===== ===== ===== ======
Primary E.P.S. 0.04 0.06 (0.05) 0.34 0.37
-------------------- ===== ===== ===== ===== ======
Cash 2,592 2,946 3,055 N/A N/A
-------------------- ===== ===== ===== ===== ======
Product Backlog 0 0 1,000 0 0
-------------------- ===== ===== ===== ===== ======
-------------------------------------------
INCERT
-------------------------------------------
As reported by Jing-wen Kuo, Ph.D., Anika's vice president, technical
and clinical affairs, a rabbit study conducted by
an independent third-party, demonstrated that INCERT
significantly reduced the number of adhesions formed after
abdominal surgery in comparison to Seprafilm. Assessed three weeks
after surgery, the results demonstrated that 16
percent (2 out of 12) of the animals treated with INCERT
formed post-surgical adhesions, compared with a 50 percent
adhesion rate (6 out of 12) of the animals tested with Seprafilm.
All 12 untreated animals in a control group formed
surgical adhesions covering 80 to 100 percent of the surgical sites. |
