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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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slide1

Financial Analysis

Pierre Mouy

March 2010

company overview
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:
company snapshot
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 )

company snapshot1
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

company snapshot2
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

financial performance
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
financial report
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
financial report1
Financial report
  • For the year ended 30 June 2009
  • Biota Holdings Limited
    • Expenses Statements
financial report2
Financial report
  • For the year ended 30 June 2009
  • Biota Holdings Limited
    • Income/Expenses Statements

R&D

financial report3
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

financial report4
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
financial report5
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

financial position analysis
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
profitability ratios
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

profitability ratios1
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

operating cost ratio
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

liquidity ratios
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)

stocks analysis
Stocks Analysis
  • S&P/ASX 300 , in the Intersuisse Biotechnologies Index
  • Market capitalisation ~ $324m
  • Shareholders ~ 13,300
  • Total shares ~ 174m
stocks analysis1
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

stocks analysis2
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
slide22

THE END

References:

- Annual report 2009

- Global market directs

- Business week

- Intersuisse

- Euronext

- Google fiinance

- biota website