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Yale Pharmaceutical & Biotechnology Society EQUITY RESEARCH CLUB

Yale Pharmaceutical & Biotechnology Society EQUITY RESEARCH CLUB. GOALS of the YERC. Bring together MBA, graduate or medical students and postdocs  Learn how to invest in Biotech and Pharma companies Bridge gap between natural sciences and finance

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Yale Pharmaceutical & Biotechnology Society EQUITY RESEARCH CLUB

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  1. Yale Pharmaceutical & Biotechnology Society EQUITY RESEARCH CLUB

  2. GOALS of the YERC • Bring together MBA, graduate or medical students and postdocs •  Learn how to invest in Biotech and Pharma companies • Bridge gap between natural sciences and finance • Gain knowledge to invest one’s own money in Biotech/Pharma companies with potentially high returns AND NO BROKERAGE FEES HOW? • Bi-weekly Seminar Series, alternate Wednesdays, 18:00 • Presentation and Valuation of Pharma & Biotech Companies • Collaborative learning

  3. Company Pitch • Company Summary • Competitive Positioning • Recent Developments • Financial Analysis • Valuation • Investment Summary & Risks

  4. Resources for Titles 1. Company Summary Profile of company • Products in the pipeline • Commercial potential • Chance of FDA approval • Acquisitions of companies • Management Profile Understand both the finances and the science behind company Resources • 10-K (annual company report – SEC Filling) • Company’s website • Yahoo Finance • Morningstar.com

  5. 2. Recent Developments • Wall Street • Journal • Yahoo Finance • Company’s • website • Morningstar.com • Marketwatch.com New publications, FDA approvals/comments, lawsuits, presentations at scientific congresses, quarter results, press conference, financial statements…

  6. 3. Competitive Positioning • 10-K (annual company report) • Companies websites • Scientific publications • Wall street journal etc.. • Most importantly, knowledge of field • Ability to judge competitors scientifically Scientists in the field: • Know the competition and the latest scientific developments because companies publish • Can evaluate quality of experiments and conclusions drawn from data • Understand company’s products and pipeline

  7. 4. Financial Analysis • Debt to equity ratio • P/E ratio • Market Capital • Assets vs liability • Return on Equity Resources • Most important: 10-K • Accounting basics • Come and Learn how to read it: • “Financial Statements and Accounting Principles” • Oct 24th, lecture by Joe Citarella • Yahoo finance also provides some information

  8. 5. Valuation Valuation: the process of estimating the market value of a financial asset (such as stocks). • Methods • Relative value models • Absolute value models • Resources • 10-K form from EDGAR database or company website • (http://www.sec.gov/edgar/searchedgar/companysearch.html) • Come and learn about it: • “Principles of Valuation and Valuation Methods”, • Panos Patatoukas, TBA

  9. 6. Investment Risks • Regulation • Serious side-effects that might only show up in Phase III clinical trials and might cost FDA approval • Poor leadership • Lawsuits • Patent expiration • Drug development process • New Products • New Managers

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