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Biotech / Medical : Biotech Valuation -- Ignore unavailable to you. Want to Upgrade?

To: DewDiligence_on_SI who wrote (16605)	4/23/2005 1:08:32 AM
From: Ian@SI	Read Replies (1) \| Respond to of 52153

All the same, at least $15B listed as current assets just aren't offshore. If we were to presume that all Cash and ST investments are offshore (which I believe is just plain wrong), there'd still have to be another $18B Cash generated offshore - a mighty tall order even for PFE. I strongly suspect that the lion's share of the $38B doesn't show up in the balance sheet; or, at the very least, not in current assets.

To: DewDiligence_on_SI who wrote (16605)	4/23/2005 1:39:52 AM
From: Robohogs	Respond to of 52153

Two points: 1. The repatriated amount will include a portion of cash flow from 2005 foreign operations – not just foreign assets held on 12/31/04. 2. Most of PFE’s cash and cash equivalents are outside the U.S. .The U.S. cash is quickly used up for dividends, share repurchases and R&D, while overseas cash just piles up. And that is why a company with this much cash has debt in some jurisdictions. Hard to move cash into/out of some jurisdictions without issues (costs, timing, etc). Jon