Pierre Mouy March 2010 Company Overview Biota Holdings is a Pharmaceutical company engaged in antiinfective drug RampD and its commercialization to treat respiratory diseases particulary ID: 464603
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Slide1
Financial Analysis
Pierre
Mouy
March 2010Slide2
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 infectionsRSV infectionsHRV infectionsThe company has several partnerships with Pharmaceuticals such as:Slide3
Company snapshot
In 2010 Biota Holdings Ltd operates with 3 subsidiaries
Biota Holdings Limited
Biota Scientific Management Pty Ltd
Biota Investments
Pty Ltd
Biota Respiratory Research Pty Ltd
Prolysis
Limited
UK ( 2009 )
NuMAX
Pharmaceuticals
Inc
USA (2001)
Maxthera
Inc
USA ( 2009 )Slide4
Company snapshot
Biota’s Headquarters in Melbourne, Australia34 Employees estimated
Mr
Peter Cook
CEO
Managing director
Since 2005
Dr James Fox
Chairman since 2009
Dr Simon Tucker
Vice President
Research
Since 1997
Dr Leigh Farrell
Vice
President
Business D
Since
2006
Dr Jane Ryan
Vice
President
Product D
Since 1997
Dr John Lambert
Executive directorSince 2002Slide5
Company snapshot
Biota
Holdings
floated
on the
Australian
Stock Exchange ( ASX )
2006 Biota admitted to the S&P/ASX 300 indexBiota datas:174 m shares for a AUD $324 m Market Cap
20 Largest shareholders for 42% equitySlide6
Financial performance
The Company reported:Financial year end JuneRevenues 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 2008Slide7
Financial report
Biota Holdings LimitedIncome Statements
For the year ended 30 June 2009
Others incomes : $22.776
m
( suit GSK )
Total Revenues : $83.334
mSlide8
Financial report
Biota Holdings Limited
Expenses Statements
For the year ended 30 June 2009Slide9
Financial report
Biota Holdings Limited
Income/Expenses Statements
For the year ended 30 June 2009
R&DSlide10
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% RevenuesSalaries : 7.10% RevenuesSub-royalty : 7%
RevenuesFinance cost : 0.2% Revenues
R&DSlide11
Biota Holdings Limited
Balance sheetsStrong cash position~ $86.7million~ 1.43 x Incomes
~ 1
year
½
availableTotal equity~ $97 millionFinancial report
For the year ended 30 June 2009Slide12
Financial report
Biota Holdings Limited
Balance sheets
Total Assets
~
$111,629 million
Total
LiabilitiesTotal equity ~ $ 97,032+ Liabilities ~ $ 12,454= ~ $111,629 million Assets = LiabilitiesSlide13
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 sector3 kinds of ratios for the fiscal year year 2009:Profitability ratios:69.05 % operating margin OM , 18.5 % above the average sector39.4 % return on equity ROE , 16.1 % above the average sectorOperating costs ratios:31 % operating costs (% sales) OP over 5 years
Liquidity ratios:7,6 % current ratio CR over 5 yearsSlide14
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) * 100Slide15
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 theShareholder’s equity
ROE = (Net Income/Shareholders Equity) * 100Slide16
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
2005
2006
2007
2008
2009
Op costs
(% sales)
502,86
181,50
68,08
123,69
30,95Slide17
Liquidity ratios
Current ratio ( absolute ratio )Current ratio 2009 = 7,61Used 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)
2005
2006
2007
2008
2009
Current
ratio
6,29
4,93
5,27
3,33
7,61Slide18
Stocks Analysis
S&P/ASX 300 , in the Intersuisse Biotechnologies IndexMarket capitalisation ~ $324mShareholders
~ 13,300
Total
shares
~ 174mSlide19
Stocks Analysis
2.24
Bird Flu
Rumour
11
Aug 2005
Inside Traders wave
+ 30,6%
Mediatization
+ 312,65%
10/10/2005
Nov 2005
French order
9m courses
April 2006
US defense order
5,5m courses
Jul 2006
US order
16m courses
First Profitability
announced
Swine Flu
Rumour
24 April 2009
Inside Traders wave
+ 31,34%
Mediatization
+ 296,32%
27/04/2009
Open gap
24/10/2009
Mars 2009
Nasdaq
biotechSlide20
PER
Capital market ratio:Mesure of the price paid for a share relative to the annual
income
earned
per
share
.PER (Price earning ratio) = 9,66 ; vs 11,4 Aussie sector averageCapital management : $20m return to shareholders in Dec 2009 ! 1st time since 1985~0,12 cents per share
dividend~ significant
Stocks AnalysisSlide21
SWOT Analysis
Strengths
Weaknesses
Strong
In-house
Research
capabilities
Flagship
Product:
Relenza
Strong
Financial Position
Business Concentration:
Aussie
Limited
Investor
Confidence
Opportunities
Threats
Significant
Collaborations
Market
Potential
: HCVEmerging
Markets
Competitive
Pressures
Government
Regulations
Uncertain
R&D
OutcomesSlide22
THE END
References:
- Annual report 2009
- Global market directs
- Business week
-
Intersuisse
- Euronext
- Google fiinance
- biota website