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Biotech / Medical : Abgenix, Inc. (ABGX) -- Ignore unavailable to you. Want to Upgrade?

To: Icebrg who wrote (233)	6/13/2003 2:59:56 PM
From: nigel bates	Read Replies (1) \| Respond to of 590

And fourth !

To: Icebrg who wrote (233)	6/14/2003 10:52:03 AM
From: Icebrg	Respond to of 590

Abgenix - Financial development As part of a "project" I am working on, I have put together some figures for the financial development of Abgenix over the last three years. The figures have been picked from 10K and 10Q reports (without much afterthought). 2000 2001 2002 Q2/02-Q1/03 Revenue 26 601 34 064 19 293 14 451 CoG Gross Profit 26 601 34 064 19 293 14 451 R&D -55 352 -96 234 -128 494 -120 702 GSA -8 859 -19 367 -31 625 -31 768 Other costs -3 992 -8 602 -83 387 -60 325 Net op profit -41 602 -90 139 -224 213 -198 344 Financials 32 809 29 283 15 315 12 817 Tax -84 Net income -8 793 -60 856 -208 898 -185 527 Cash 772 064 557 813 396 549 345 747 L-T Debt 0 0 200 000 200 000 Equity 839 675 790 970 601 639 566 042 Other costs refers to other costs, which can be almost anything. In Abgenix case there is impairment costs of existing investments, start-up costs for the manufacturing plant etc. I think it is fairly easy to see why Abgenix is pulling the brake now. The substantial amounts they have put into R&D have so far generated a very limited return. It is a pity that these companies don't separate (preclinical) research from (clinical) development in their financial reports. It would be interesting to see in more detail where the money is disappearing. Perhaps, that is the reason that companies prefer to lump everything into one figure. The Long-term debt is a convertible issued in 2002. It has a conversion price of 27,58 and falls due March 15, 2007. That is already almost soon. Comparing the financial result with the cash development there appears to be somewhat of a "gap". That comes from the factory they have been bilding, for which the outlays evidently don't find their way through the profit and loss account. Erik