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Financial Analysis Pierre Mouy March 2010

Financial Analysis Pierre Mouy March 2010. Company Overview. Biota Holdings is a Pharmaceutical company engaged in anti-infective drug R&D, and its commercialization to treat respiratory diseases, particulary Influenza.

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Financial Analysis Pierre Mouy March 2010

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  1. Financial Analysis Pierre Mouy March 2010

  2. Company Overview • Biota Holdings is a Pharmaceutical company engaged in anti-infective drug R&D, and its commercialization to treat respiratory diseases, particulary Influenza. • Biota’s blockbuster product , Relenza, 1st in class NAI is marketed by GSK. • R&D activities focus on the development of drug candidates for the treatment of : • HCV infections • RSV infections • HRV infections • The company has several partnerships with Pharmaceuticals such as:

  3. Company snapshot NuMAX Pharmaceuticals Inc USA (2001) Biota Holdings Limited • In 2010 Biota Holdings Ltd operates with 3 subsidiaries Biota Scientific Management Pty Ltd Biota Investments Pty Ltd Biota Respiratory Research Pty Ltd Maxthera Inc USA ( 2009 ) Prolysis Limited UK ( 2009 )

  4. Company snapshot • Biota’s Headquarters in Melbourne, Australia • 34 Employees estimated Dr John Lambert Executive director Since 2002 Mr Peter Cook CEO Managing director Since 2005 Dr Jane Ryan Vice President Product D Since 1997 Dr Simon Tucker Vice President Research Since 1997 Dr James Fox Chairman since 2009 Dr Leigh Farrell Vice President Business D Since 2006

  5. Company snapshot • Biota Holdings floated on the Australian Stock Exchange ( ASX ) • 2006Biotaadmitted to the S&P/ASX 300 index • Biota datas: • 174 m shares for a AUD $324 m Market Cap 20 Largest shareholders for 42% equity

  6. Financial performance • The Company reported: • Financial year end June • Revenues of $60.56m during the fiscal year ended June 2009, increase of 54.11% over 2008 • Net Profit of $38.18m in 2009, whereas Biota reported a net loss of 6.49m during 2008

  7. Financial report • For the year ended 30 June 2009 • Biota Holdings Limited • Income Statements • Others incomes : $22.776 m ( suit GSK ) • Total Revenues : $83.334 m

  8. Financial report • For the year ended 30 June 2009 • Biota Holdings Limited • Expenses Statements

  9. Financial report • For the year ended 30 June 2009 • Biota Holdings Limited • Income/Expenses Statements R&D

  10. Financial report • Biota Holdings Limited • For the year ended 30 June 2009 • Total Revenues : $83.334 m • Total Expenses : $ 41.517 m • R&D : 42% Revenues • Litigation : 12% Revenues • Salaries : 7.10% Revenues • Sub-royalty : 7% Revenues • Finance cost : 0.2% Revenues R&D

  11. Financial report • For the year ended 30 June 2009 • Biota Holdings Limited • Balance sheets • Strong cash position • ~ $86.7million • ~ 1.43 x Incomes • ~ 1 year½available • Total equity • ~ $97 million

  12. Financial report • Biota Holdings Limited • Balance sheets • Total Assets • ~ $111,629 million • Total Liabilities • Total equity ~ $ 97,032 • + Liabilities ~ $ 12,454 • = ~ $111,629 million Assets = Liabilities

  13. Financial position Analysis • Biota Holdings Limited vs Pharmaceuticals & Healthcare sector (Oz) during the period 2005-2009 • 100.61 % Annual growth rate , 11.8% above the average sector • 3 kinds of ratios for the fiscal year year 2009: • Profitability ratios: • 69.05 % operating margin OM , 18.5 % above the average sector • 39.4 % return on equity ROE , 16.1 % above the average sector • Operating costs ratios: • 31 % operating costs (% sales) OP over 5 years • Liquidity ratios: • 7,6 % current ratio CR over 5 years

  14. Profitability ratios • To assess the Biota’s ability to generate earnings based on Revenues • 69.05 % operating margin , 18.5 % above the average sector • OP used to mesure the Biota’s Pricing strategy & Operating efficiency OM = (Operating Income/ revenues) * 100

  15. Profitability ratios • To assess the Biota’s ability to generate earnings based on Ressources used • 39.4 % return on equity , 16.1 % above the average sector • OP used to mesure the rate Of Return on the Shareholder’s equity ROE = (Net Income/Shareholders Equity) * 100

  16. Operating cost ratio • Operating costs : • To understand the costs the company is incurring as % of sales • 31 % operating costs (% sales) OP in 2009 Operating cost = (operating expenses/Revenues) * 100

  17. Liquidity ratios • Current ratio ( absolute ratio ) • Current ratio 2009 = 7,61 • Used to determine the Biota ability to pay off its short-terms debts obligations • ( the highter the value ratio is, the larger the margin of safety biota would possese to cover short term debts) • ( if ratio = 1 near Bankruptcy !! ) Current ratio= (Current assets/Current liabilities)

  18. Stocks Analysis • S&P/ASX 300 , in the Intersuisse Biotechnologies Index • Market capitalisation ~ $324m • Shareholders ~ 13,300 • Total shares ~ 174m

  19. Stocks Analysis Mars 2009 24/10/2009 Mediatization + 296,32% Mediatization + 312,65% 27/04/2009 Open gap 10/10/2005 Jul 2006 US order 16m courses 2.24 Nov 2005 French order 9m courses Inside Traders wave + 31,34% April 2006 US defense order 5,5m courses Inside Traders wave + 30,6% First Profitability announced 24 April 2009 Swine Flu Rumour 11 Aug 2005 Bird Flu Rumour Nasdaq biotech

  20. Stocks Analysis • PER Capital market ratio: • Mesure of the pricepaid for a share relative to the annualincomeearned per share. • PER (Price earning ratio) = 9,66 ; vs 11,4 Aussiesectoraverage • Capital management : • $20m return to shareholders in Dec 2009 ! 1st time since 1985 • ~0,12 cents per sharedividend • ~ significant

  21. SWOT Analysis

  22. THE END References: - Annual report 2009 - Global market directs - Business week - Intersuisse - Euronext - Google fiinance - biota website

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