Semi- Value Royalty G&A + Earnings Earnigs Earnings Historical P/E
Con % subject 1.5% R&D before after per share P/E1 P/E2 Low High
Market sold to 20% Tax 40% Tax 25 100 200 333 940
Year Millions royalty 25M shrs $30.00 $85.00
1997 136,000 NM NM NM NM NM NM $0.08 $8 $16 $85
1998 156,400 NM NM NM NM NM NM $0.36 $36 $72 1998
1999 179,860 4% 7,373 111 30 81 48 $1.40 $140 $280 1999
2000 206,839 9% 17,695 265 53 212 127 $3.96 $396 $793 2000
2001 237,865 13% 31,850 478 96 382 229 $9.17 $917 $1,835
2002 273,545 17% 46,503 698 140 558 335 $13.39 $1,875 $3,750
2003 314,576 20% 62,915 944 189 755 453 $18.12 $1,812 $3,624
Year per share P/E5 P/E6 P/E7 P/E8 P/E9 P/E10 P/E11 P/E12 P/E13 P/E14 P/E15
22,000 30 50 70 100 130 150 175 200 250 300 185
1997 $0.08 2 4 5 8 10 12 14 16 20 23 14
1998 $0.36 11 18 25 36 47 54 63 72 90 108 67
1999 $1.40 42 70 98 140 182 210 245 280 350 420 259
2000 $3.96 119 198 277 396 515 595 694 793 991 1,189 733
2001 $9.17 275 459 642 917 1,192 1,376 1,605 1,835 2,293 2,752 1,697
2002 $13.39 402 670 937 1,339 1,741 2,009 2,344 2,679 3,348 4,018 2,478
2003 $18.12 544 906 1,268 1,812 2,356 2,718 3,171 3,624 4,530 5,436 3,352
Semi- Value Royalty Contract Total G&A + Earnings Earnigs Earnings
Con % subject 1.5% Revenue Revenue R&D before after per share P/E1
Market sold to royalty 20% Tax 40% Tax 25 100
Year Millions Millions Millions Millions Millions Millions Millions Millions 25M shrs
1995 0 0 0.0 0 7.364 7.364 1.347 -6,053 -6,053 $(1.24)
1996 0 0 3.3 0.065 11.205 11.270 15.838 -4,568 -4,568 $(0.73)
1997 51,200 0.6% 291.5 5.829 20.186 26.015 24.061 1,981 1,981 $0.08 $8
1998 61,440 3% 2,000.0 25.000 25.000 50.000 35.000 15 9 $0.36 $36 1
1999 73,728 10% 7,372.8 110.592 20.000 130.592 50.000 81 48 $1.40 $140 2
2000 88,474 20% 17,695 265.421 20.000 285.421 71.355 214 128 $3.96 $396 3
2001 106,168 30% 31,850 477.757 20.000 497.757 124.439 373 224 $8.96 $896 4
2002 127,402 45% 57,331 859.963 20.000 879.963 219.991 660 396 $15.84 $1,584 5
2003 152,882 60% 91,729 1,375.941 20.000 1,395.941 348.985 1,047 628 $25.13 $2,513 6
Quarters 1997 1998 Quarterly earnings projection 1999 Quarterly earnings projection
per shr per shr Fiscal per shr per shr Fiscal
DEC $0.01 $0.01 DEC $0.06 0.06 500% DEC $0.20 $0.20 233%
March $0.01 $0.02 March $0.07 0.13 550% March $0.30 $0.50 285%
June $0.02 $0.04 June $0.08 0.21 425% June $0.35 $0.85 305%
Sept $0.04 $0.08 Sept $0.12 0.33 313% Sept $0.55 $1.40 324%
2000
DEC $0.69 $0.69 244%
March $0.86 $1.55 209%
June $1.07 $2.62 208%
Sept $1.34 $3.96 183% |
