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

To: Ian@SI who wrote (16607)	4/23/2005 1:26:18 AM
From: DewDiligence_on_SI	Respond to of 52153

>>If we were to presume that all Cash and ST investments are offshore (which I believe is just plain wrong),<< Probably 85% is ex-U.S. for the reasons I mentioned in the previous post. >>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.<< Some “long term” assets are close to being cash equivalents, i.e. government bonds with a remaining maturity of 1-3 years (anything over one year must be classified as long term on the balance sheet). Some of these securities held abroad may be liquidated for the repatriation. Regarding off-balance-sheet assets, there aren’t any that are material. I reread PFE’s 10K this evening to be sure – it explicitly states that there are none. Regards, Dew