Financial Analysis of Biotech Companies According to their

Transcription

CENTRE
DE RECHERCHE
RESEARCH CENTER
DOCUMENTS DE RECHERCHE
WORKING PAPERS
– N° 01002 –
Involvement in Research.
Francis Declerck
ESSEC-IMIA
July 2001
GROUPE ESSEC
CERNTRE DE RECHERCHE / RESEARCH CENTER
AVENUE BERNARD HIRSCH - BP 105
95021 CERGY-PONTOISE CEDEX FRANCE
TÉL. : 33 (0) 1 34 43 30 91
FAX : 33 (0) 1 34 43 30 01
Mail : [email protected]
GROUPE ESSEC,
ÉTABLISSEMENTS PRIVÉS D'ENSEIGNEMENT SUPÉRIEUR,
ASSOCIATION LOI 1901,
ACCRÉDITÉ AACSB - THE INTERNATIONAL ASSOCIATION
FOR MANAGEMENT EDUCATION,
AFFILIÉ A LA CHAMBRE DE COMMERCE ET D'INDUSTRIE
DE VERSAILLES VAL D'OISE - YVELINES.
WEB : WWW.ESSEC.FR
Involvement in Research.
by 1Francis Declerck
ESSEC-IMIA
(the International Agri-Food Management Institute - ESSEC Business School)
B.P. 105 - 95021 Cergy-Pontoise cedex, France
Phone: 33 (0)1 34 43 32 66 Fax: 33 (0)1 34 43 32 60
E-mail: [email protected]
KEY WORDS: Financial Analysis, Biotechnology, Biotech companies
ABSTRACT
The financial analysis of sixteen biotech companies is carried in relationship with their research
activity according to the following typology: 1/ pure biotech companies, 2/ pharmaceutical
companies, and 3/ other medical application companies. Companies studied are: Asta Medica,
Amgen, Amershan, Chiron, Evotec, Genset, Genentech, Genzyme, Innogenetics, Qiagen, Eli
Lilly, Novartis, Novo Nordisk, Roche, Solvay and Shering.
INTRODUCTION
In order to understand the determinant of success, a sample of biotech companies is drawn and
studied through financial analysis. The paper presents 1/ the typology of biotech companies
according to their involvement in research activities, 2/ the sample of sixteen biotech companies,
3/ a financial analysis related to the typology, and 4/ conclusions are inferred.
TYPOLOGY OF THE BIOTECH COMPANIES ACCORDING TO THEIR
INVOLVEMENT IN RESEARCH ACTIVITY.
A sample of sixteen companies involved in international biotech companies is drawn because of
available financial data.
The sixteen Companies that have been included in this study are directly involved in
biotechnology either through research for their pharmaceutical businesses or directly in biotech
products. Usually companies start as a pure research companies and move from the development
stages to significant Pharmaceutical companies either with drugs or medical applications/devices.
Hence these companies can be classified into the following:
1. Pure Biotech Companies: Companies in pure Biotech research and development such as
Evotech and Genset.
2. Pharmaceutical Companies: Companies with well-developed pharmaceutical products
such as Asta Medica, Amgen, Chiron, Genentech, Genzyme, Innogenetics, Eli Lilly,
Novartis, Roche, Solvay and Schering.
1
The author is professor at ESSEC-IMIA (the International Agri-Food Management Institute of the ESSEC Business
School) adjunct professor in the department of finance at ESSEC Business School, Cergy-Paris, France.
The content of the publication is the sole responsibility of the author and it in no way represents the views of the
ESSEC Business School.
1
3. Other Medical Application Companies: Companies having products into other
applications or medical devices such as Amersham, Qiagen and Novo Nordisk.
Biotech companies are benefiting from increased investments and alliances by drug manufacturers
looking to outsource their research into new pharmaceutical areas and biotech firms are providing
research and development pipelines as drug patents expire. Most of the acquisition targets have
been US based biotech companies, mainly because they are more mature than biotech companies
in Europe. Acquirers are more eager for deals with biotech companies whose products are close to
commercialization and hence deal prices are based on a biotech company’s R&D and Product
potential. (Source: Chemical Market Reporter, Biotech industry continues to consolidate and
mature, Oct 18, 1999, F. Mirasol)
In 1982 there was virtually no biotech products on the market, but since then many biotech
companies have been launched and the main reasons for this growth in biotech have been
(Source: Medical Economics, Are biotech stocks finally ready to soar, June 21, 1999, D. Mangan)
1. Speedier FDA (Food & Drug Administration) Approval process.
2. Diseases such as Cancer, Diabetes, cystic fibrosis, multiple sclerosis and AIDS require
leading genetic and molecular engineering for providing more effective therapies.
3. Small Biotech companies are becoming the target of alliance / acquisition by large
Pharmaceutical majors. Several of the Pharmaceutical majors have their own biotech
research divisions, but it makes better business sense to link with pure biotech firms.
The suggested approach by D. Mangan to Evaluate biotech companies and their financial
performances are based on the following:
1. Biotech companies cannot be evaluated by the traditional methods of financial
performance due to lack of earnings and many companies do not have products to sell.
Their value stems from the chance their drugs will be approved. Often their reported
revenues represents funds from investments or research grants from government or private
industry.
2. The Product Pipeline: The Company should have enough products in the developmental
pipeline so that even if one fails there will others to depend on.
3. Collaborations such as Marketing and Research arrangements with pharmaceutical giants
or majors are leading to substantial payment and cash commitments.
4. Solid Management: Ideally a biotech company should be managed by a team of persons
with a track record of shepherding drug discoveries through regulatory hurdles and into
the market place.
5. Cash: A company whose product release is years away, requires cash reserves for
sustaining it for a long periods of time.
6. Potential Customers for its drugs which will be frequently prescribed such as for cancer,
AIDS or other chronic diseases such as diabetes etc.
PRESENTATION OF THE BIOTECH COMPANIES STUDIED IN THE SAMPLE.
A brief description of lesser known companies under this study and its product strategy and recent
major activities are as given below:
ASTA MEDICA: This German company has evolved over the years and was started in 1919 as a
Chemical Trading Company named “Hening & Kipper in Bielefeld”. In 1983 it was taken over
by Degussa and in 1987 it became its fully owned subsidiary. In 1991 it was renamed as ASTA
Medica AG.
2
The Worldwide Product Strategy has been to concentrate on areas such a cancer / endocrinology
as well as allergies / respiratory disorders with regional focusing in neurology, the central nervous
system and the cardiovascular system.
q ASTA formed a joint venture with Wallace Laboratories forming Carter-Wallace, Inc in
USA, which produces, and markets products developed by ASTA Medica such as the antihistamine nasal spray and a drug for the treatment of serious rheumatism.
q In the process of obtaining a license from Hoechst Marion Roussel for the Cancer drug.
q In 1997 it introduced a licensed product form Hoffmann La Roche but had to stop it due to
suspension of authorization from European Authorities.
q ASTA entered in agreement with FH Faulding & Co Ltd of Australia for marketing
Cancer products in the clinical sector.
q Launch of reproductive treatment products in Western Europe in 1999.
AMGEN: One of the best Biotech companies, is based in California, USA and has a large number
of products in its pipeline. The Product strategy is concentrated in Hematology/Oncology,
Neuroendocrine such as Obesity and Diabetes, Neurodegenerative diseases such as Parkinson’s
disease, Inflammatory diseases such as Rheumatoid arthritis, Infectious diseases such as AIDS &
Pneumonia, Renal diseases and Osteoporosis. Two drugs are in the Phase 3, two have been filed
for regulatory approval and nearly 13 drugs are in the Clinical trials or the Phase 1 & 2 stages.
v Amgen is considered as the worlds top Biotech Company.
v Investors are betting that Dupont’s target is Amgen. ( Source: Business Week, Dupont and
Amgen: Lab Partners? June 1, 1998, Gene G Marcial)
v The same source has indicated that Dupont has looked into Amgen’s books and
operations.
v Dupont was expected to make a Cash offer for a total of $25 billions in 1998
AMERSHAM:The Amersham group based in Sweden consists of the following three companies:
• Nycomed Amersham Imaging: is involved in the development, manufacture and supply of
in-vivo diagnostic imaging agents, radiotherapy products and Ultrasound contrast media.
The imaging agents improve pictures obtained through medical scans, enabling an early
detection of illnesses such as cancer or heart diseases.
• Amersham Pharma Biotech: is a joint venture created by the 1997 merger of the life
sciences business of Nycomed Amersham (55%)and Pharmacia & Upjohn Inc (45%) and
is involved in the identification of the genes and proteins which can cause disease, to the
search for a possible drug to industrial production of the drug itself. (Source: Chemical
Market Reporter, May10,1999. Amersham Pharmacia Biotech fulfils merger potential)
• Nycomed Pharma: is a leading pharmaceutical company in the Nordic region with a strong
presence in Benelux, Central and Easter Europe with prescription drugs, OTC products
and diagnostic testing products for infections and blood sugar levels in diabetics.
CHIRON: is a California, USA based Biotech company with business in areas of Cancer,
infectious diseases and Cardiovascular diseases. Its products are either sold directly or licensed to
marketing partners.
Ø In April 1998 Chiron acquired Hoechst AG’s interests in Chiron Gmbh & Co, a vaccines
joint venture based in Germany.
Ø In June 1998, Chiron & Gen-Probe Inc formed a strategic alliance aimed at the
introduction of nucleic acid testing.
Ø In November 1998, Chiron completed the sale of its in vitro diagnostics business to Bayer
Corporation but retained its blood testing business, including joint ventures with OrthoClinical Diagnostics, Inc and Gen-Probe Inc.
3
EVOTEC: Evotec Biosystems based in Hamburg, Germany has four business units:
i. Drug Discovery Technology unit collaborates with third parties such as Novartis,
SmithKline Beecham and Pfizer
ii. Drug Discovery Services unit, which enters into service contracts with, third
parties to provide screening assay development and other early drug services for a
fee.
iii. Drug Discovery Products Unit
iv. Instruments Unit, which designs and sells instruments used in drug discovery
process.
§ In November 1999 it made Public Offering of its Shares.
§ In March 2000 Evotec agreed to apply its screening systems to a cancer research
collaboration with Sugen Inc. a biotechnology unit of Pharmacia & Upjohn Inc.( Source:
Wall Street Journal, March 3-4, 2000.)
GENSET: is a Paris based biotech firm founded in 1989 by France Biotech and is involved in
Genomics research for discovery of Genes involved in common diseases and drug response. Its
corporate partners are Abbott Laboratories, Ceres, Genetics Institute, J&J/Janssen Pharmaceutica,
Pharmacia & Upjohn and Wyeth. In March Genset entered into an agreement with Abbott
Laboratories to hunt genes linked to adult-onset diabetes and bipolar disorder, a mental disorder
also known as manic depression. ( Source: Wall Street Journal, March 3-4, 2000.)
GENENTECH: A California based biotech company was founded in 1976 by a venture
capitalists and the scientist who pioneered recombinant DNA technology and the first drug was
human insulin. Genentech went public in 1980 and last year its groundbreaking breast cancer drug
won FDA approval.
8 Genentech is considered to be a biotech leader.
8 Genentech has five products on the market, including growth hormone and at least 13
drugs are in clinical trials. Some of these involve new uses for exiting Genetech
compounds.
8 The company has research and development agreements with several pharmaceutical and
biotech companies.
8 Genentech has the foreign marketing rights for a drug discovered by Idec Pharmaceuticals.
8 In 1999 June, it was expected that Genentech would have been acquired by Roche.
(Source: Medical Economics, Are biotech stocks finally ready to soar, June 21, 1999, D.
Mangan)
GENZYME: a Massachusetts based biotech company having products in Therapeutics,
Diagnostics and Surgical Products. It has a good product pipeline with 6 products to be launched
in 2000 and 8 therapeutic products to be launched in 2001. The Genzyme corporation consists of
three group companies, which are Genzyme General, Genzyme Tissue Repair and Genzyme
Molecular Oncology.
INNOGENETICS: was founded in 1985 based in Belgium and engaged in the discovery,
development and marketing of diagnostic products and the discovery and development of
therapeutic products. The five disease areas are infectious diseases, tissue repair and immune,
neurodegenerative and genetic disorders.
 In 1998 the takeover of Murex by Abbott Laboratories, affected its distribution of
diagnostic products as Murex was the important distributor for Innogenetics.
 In end 1998 Innogenetics & Abbott were negotiating for the continuation of the Murex
Sales contract.
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


Innogenetics entered into a research and development collaboration and supply agreement
with Cepheid.
Innogenetics took a strategic investment in Thallia Pharmaceuticals in France.
Established a new company in USA for the introduction of its products in US.
QIAGEN: based in Netherlands produces and distributes biotechnology products primarily for
the separation and purification of Nucleic Acids – DNA & RNA. The company also assembles
and distributes certain robotic equipment to be used with its products. It has wholly owned
subsidiaries in Germany, USA, UK, Switzerland, France, Australia, Canada and Japan.
FINANCIAL ANALYSIS
The financial analysis of the sixteen biotech companies is conducted in order to understand the
determinants of success. The analysis focuses on the following ratios: profitability ratios, liquidity
ratios, asset management ratios, debt management ratios, R&D expenditures, value added ratio.
Profitability Ratios:
Asta Medica, Evotec, Genset and Innogenetics have Negative Profit Margin on Sales and
Amgen has the highest Profit Margin on Sales. The reason for Genset’s high profit margins is due
to the new products, which are still under patent, and is able to command a high price in the
market. The Pure Biotech companies such as Evotec and Genset are yet to make their research
profitable. The Medical Devices / Applications companies have lower profit margin in
comparison to the pharmaceutical companies.
Similarly the Return on Total Assets are negative for Asta Medica, Evotec, Genset and
Innogenetics. Amgen has the best Return on the Total Assets and has been able to utilize its assets
better than any company under study. Among the pharmaceutical majors Solvay and Schering has
the lowest returns at 5% as they do not have any profitable products and hence will looking for
buying new successful products under patents either through mergers with smaller Biotech
companies or buying the license for such new products.
The Return on Equity has been the best for Amersham at 48% closely followed by Eli
Lilly at 47%. Amgen also has a good Return on Equity at 33%. Chiron, Genentech and Genzyme
have the lowest returns among the pharmaceutical companies.
Liquidity Ratios:
The Liquidity ratios consisting of Current and Quick ratios are higher for Research
companies such as Evotec and Genset because the Current liabilities consisting especially of
Accounts Payable will be lower as they have much lower Inventory which uses the Working
Capital.
Among the pharmaceutical companies, Genentech has a high Liquidity Ratio because they
have just successfully transformed themselves from a pure research company into a
pharmaceutical company but they still concentrate on basic development activities. Apart from
this they outsource many of their marketing activities. Other pharmaceutical majors have better
liquidity ratios except Solvay and Asta Medica and the new pharmaceutical companies such as
Amgen, Chiron, Genzyme and Innogenetics have better liquidity than the older and well
established pharmaceutical companies such as Eli Lilly, Novartis, Roche and Schering. This can
be due to the fact that the newer pharmaceutical companies have still basic Research activities as
part of their sales and outsource a major part of their marketing to other large pharmaceutical
majors.
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Medical Application / Devices companies such as Amersham, Qiagen and Novo Nordisk
have the lowest Liquidity Ratios as they have higher Account receivables and Inventories and
hence higher Working Capital required for their operations.
Asset Management Ratios:
Among the Research companies Evotec has no inventory and among the pharmaceutical
companies Genentech has the lowest Inventory Turnover Ratio and Solvay has the highest and the
Medical Device companies have equally better Inventory Ratios.
The Fixed Assets Turnover Ratio and Total Assets Turnover Ratio is the lowest for the
Research companies - Evotec and Genset. Among the pharmaceutical companies Innogenetics has
the lowest FA turnover Ratio and Total Assets Ratio. The other reasons can be that the Research
or the Pure Biotech companies such as Evotec and Genset and Innogenetics are New companies
with their Fixed Assets not much depreciated in comparison to the older companies in the
pharmaceutical and medical applications or devices companies.
Debt Management Ratios:
The Debt Ratio of new pharmaceutical and biotechnological companies are much lower
than the older and established companies. Genentech has the lowest Debt Ratio of 18% whereas
the Amersham has the highest Debt ratio of 84% followed by Asta Medica. The reason for
Amersham having the highest Debt can due to the fact that it had undergone a merger in 1997 and
Asta Medica has been not performing well and hence has borrowed more to cover its losses.
The Debt on Equity Ratio is the lowest for Innogenetics, Amgen, Genentech and Qiagen.
All these companies are new companies which, will be having a large part of investments made
through their own equity rather than debts as in the older and established companies.
R & D Expenditure:
The Pure Biotech / Research companies such as Evotec and Genset spend more than
100% of its Sales on R&D as they require new successful products for becoming profitable. The
Medical Applications / Devices companies such as Amersham, Qiagen and Novo Nordisk has the
lowest R&D spends ranging from 10% to 19 %. Among the pharmaceutical companies Chiron has
the highest R&D spend at 40% followed by Genentech at 37% whereas Solvay has the lowest
R&D spends at 4% as they might be/planning to outsource their research to smaller Biotech
companies.
Value Addition:
The Medical Application / Devices companies such as Amersham, Qiagen and Novo
Nordisk have better Value Addition – EBITDA on Sales in comparison to the pharmaceutical
companies. Among the pharmaceutical companies Amgen has the highest Value addition of 50%
of its Sales value and Asta Medica has the lowest followed by Solvay.
Similarly looking at the Interest and Sales & Administration Expenses on the EBITDA
Amgen is the best managed company among all of them. Though Genentech, Novartis, Schiring
and Roche have lower interest charges but their Sales & Administration expenses are on the
higher side. The Interest Management is better by the Older and established companies than the
new companies.
Similarly the Accounts Receivables is the lowest for Amgen and hence is able to manage
its business better. The Pure Biotech / Research companies such as Evotec and Genset have very
poor Accounts Receivables Management.
6
CONCLUSION
It is possible to infer specific financial characteristics according to the strategic activities chosen
by biotech companies:
Pure Biotech / Research companies: Both Evotec and Genset are not making any Profits, but
Genset is the better in terms of Debt Management, Profitability and Value Addition. The
Accounts Receivable of Evotec is better than Genset as they have fewer and well-established large
companies as their customers such as Novartis, SmithKline Beecham and Pfizer .
Pharmaceutical Companies: Among the pharmaceutical companies of Asta Medica, Amgen,
Chiron, Genentech, Genzyme, Innogenetics, Eli Lilly, Novartis, Roche, Solvay and Schering,
AMGEN overall is the best biotech and pharmaceutical company.
Amgen is the best on all the following aspects:
1.
Asset Management.
2.
Profitability.
3.
Value Addition.
4.
Lower Debt in comparison to the Equity.
5.
Lowest Financial Debt in comparison to the Total Liabilities.
6.
Lowest proportion of Accounts Receivables and best Cash generation.
7.
Lowest Interest burden.
8.
Lowest Selling & Administrative Expenses.
9.
The Best Product Pipeline with record of successful Products.
10. Higher R&D Expenditure at 24% of Revenues.
11. Management with successful track records.
12. Products are in areas of great demands such as Obesity, Arthritis, Parkinson’s
Disease, AIDS and other infectious Diseases.
Eli Lilly has the highest Return on Equity, and has the lowest Working Capital / Sales ratio
and is the next best interms of Value Addition. Thus Eli Lilly can be considered as the best older
pharmaceutical company.
Among the pharmaceutical companies Genentech has the highest R&D Expenditure
followed by Amgen. This can be due to the reason that Genentech is still in the transition stage to
a successful pharmaceutical company.
Medical Application Companies: Among these three companies consisting of Amersham, Qiagen
and Novo Nordisk the performance is varying on different aspects, which might be due to the
differences in the Product Markets and customers .
On the Liquidity and Asset Management Qiagen is the best followed by Novo Nordisk and
then by Amersham.
On the Profit Margin on Sales, Novo Nordisk is best of the three companies, but the
Return on Equity of Amersham is the best at 48%.
The R&D Expenditure of Novo Nordisk is the highest at 19% followed by Qiagen and
Amersham.
The Value Addition of Amersham is the best followed by Novo Nordisk and Qiagen. The
Interest burden of Novo Nordisk is the lowest but the Selling Administrative Expenses of
Amersham is the lowest of the three.
On the Financial Debt as proportion of the Total Liabilities, Qiagen has the lowest
followed by Novo Nordisk and Amersham.
7
REFERENCES
Amgen, Annual Report 1998; wwwext.Amgen.com
Asta Medica, Annual Report 1997 / 1998. www.astamedica.de
Chiron Corporation, Annual Report 1998. www.chiron.com
Evotec BioSystems AG, Offering Circular, 8th November, 1999.
Eli Lilly Annual Report 1998; www.lilly.com
Genset Annual Report 1998, www.genset.fr
Genentech, Inc. 1998 Annual Report; www.gene.com
Genzyme General 1998 Annual Report; www.genzyme.com
Innogenetics NV,Consolidated Financial Statements, December 31, 1998. www.innogenetics.be
Qiagen N.V, Annual Report 1998. www.qiagen.com
Novo Nordisk, Consolidated Accounts & Annual Accounts for 1998. www.novo.dk
Novartis Annual Report 1998; www.novartis.com
Nycomed Amersham plc, Annual Report and Accounts 1998.
Roche Annual Report 1998; www.roche.com
Solvay group Annual Report 1998; www.solvay.com
Schering Annual Report 1998; www.schering.de
List of Links to Biotech Companies; www.mpiz-koeln.mpg.de/~amica/links/companies.html
Biotech companies on the web; http://cbweb.med.harvard.edu/research/biotech_listings.html
Companies & Biotechnology; www.medwebplus.com/subject/companies/biotechnology.3.html
Biotechnology Industry Organization; http://www.bio.org/links/food&ag.html
Arnum, P.V., “MedImmune to acquire US Bioscience in $440 million biotech deal” Chemical
Market Reporter, New York; September 27, 1999.
Chang, Joseph., “ A new blueprint in biotech financing” Chemical Market Reporter, New York;
November 9, 1998.
Darby, Rose, “ Healthcare Financing Hits many a pothole in 1998: But it has strengths, too, like
M&A, as clouds remain for 99” The Investment Dealer’s Digest: IDD; New York; Jan 11,1999.
Gopal, Kevin; “Slow Progress” Pharmaceutical Executive; Eugene; June 1998.
8
Koberstein, Wayne; “Part II: A conversation with Sir David Barnes, CEO of Zeneca”
Pharmaceutical Executive; Eugene; October 1998.
Les Echos, “Importante fusion dans la biotechnologie britannique” Les Echos, Juin 16, 1999.
Mangan, Doreen; “ Are biotech stocks finally ready to soar?” Medical Economics; Oradell; June
21, 1999.
Marcial, Gene. G, “Alza: Pepped up over Proteins” Business Week; New York; March 24, 1997.
Marcial, Gene. G, “Dupont and Amgen: Lab Partners?” Business Week; New York; June 1, 1998.
Marcial, Gene. G, “Making a Rush for Sugen” Business Week; New York; September 21, 1998.
Mirasol, F, “ Biotech industry continues to consolidate and mature” Chemical Market Reporter,
New York; October 18, 1999.
Moore D. Stephen; “An About-Face on Life-Sciences Model” The Wall Street Journal Europe,
December 3-4, 1999.
Moore D. Stephen; “ Glaxo, SmithKline Vow to Outrun Rivals” The Wall Street Journal Europe,
January 18, 2000.
Moore D. Stephen; “ Biotech Alliance Targets Drug Giants ” The Wall Street Journal Europe,
March 2, 2000.
Moore D. Stephen; “ European Biotechnology Companies Expand Scope Under 3 Agreements ”
The Wall Street Journal Europe, March 3-4, 2000.
Moore D. Stephen; “ Biotech Frenzy Boosts Cambridge After Offering News” The Wall Street
Journal Europe, March 8 ,2000.
Nielsen, Karol. “ Drug biotech firms pick up the M&A pace” Chemical Week; New York;
November 17, 1999.
Papanikolaw, Jim. “Aventis emerges as a leader in Ag biotech” Chemical Market Reporter; New
York; December 14, 1998.
Papanikolaw, Jim. “UK Biotech industry consolidates as Celltech buys Medeva for $915mm”
Chemical Market Reporter; New York; November 15, 1999.
Serb, Chris. “Boom vs. bust” Hospitals & Health Networks; Chicago; March 1999.
Thompson, Andy. “ Biotech merger boosts IBT ” European Venture Capital Journal; London;
August 1, 1999.
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10
Table : Financial Analysis of BIOTECH Companies.
COMPANY
ASTA MEDICA
Head-Office
Year of Incorporation.
Financial Statement for the YEAR
Products:
AMGEN
California, USA
Parent Company:
Frankfurt, Germany
1987
1998
Cancer, Allergies,
Respiratory
Neurology
Cardio Vascular
Degussa
BALANCE SHEET
DM m
$m
37,54
17,04
270,50
284,63
0,00
609,71
0,00
270,10
446,63
45,91
201,10
1074,90
319,90
110,80
156,60
1863,30
0,00
0,00
1450,20
358,70
1372,35
3672,20
DM m
81,94
738,21
820,15
205,53
1025,68
100,81
245,86
346,67
$m
121,60
765,40
887,00
223,00
1110,00
1671,90
890,30
2562,20
1372,35
3672,20
Assets:
Cash & Cash Equivalents.
Marketable Securities
Accounts Receivables
Inventories
Other Current Assets
Total Current Assets
Long-term investments
Intangible Assets
Net Property, Plant & Equipment
Other Assets
Total Assets
Liabilities & S.Equity:
Accounts Payable
Other Current Liabilities
Total Current Liabilities
Long Term Liabilities:
Total Liabilities
Shareholders Equity
Retained Earnings
Total Shareholder's Equity
Total Liabilities+S.holder's Equity
1998
Hematology/Oncology
Neuroendocrine
Inflammatory diseases
Infect & Renal Diseas
AMERSHAM
England, UK.
1982
1998
In-vivo diagnostic imaging,
radio-therapy, research
based biotechnology, OTC
& prescription drugs.
£m
70,10
77,20
424,50
214,90
0,00
786,70
57,40
161,50
534,30
1539,90
£m
126,40
493,20
619,60
667,30
1286,90
203,30
49,70
253,00
1539,90
COMPANY
INCOME STATEMENT
ASTA MEDICA
AMGEN
AMERSHAM
Revenues in Million US $
731,53
DM m
1593,05
645,98
947,06
633,66
242,13
87,21
963,00
-15,94
39,97
24,04
21,27
2,77
7,33
2718,20
$m
2718,20
345,20
2373,00
515,40
663,30
5,60
1184,30
1188,70
35,70
1224,40
10,00
1214,40
361,20
1947,31
£m
-4,57
853,20
0,00
106,05
130,08
3,39
143,80
1368,20
Revenues
Cost of Sales
Gross Profit
Selling, Gen & Admin Expenses
Research & Development Expenses
Other Operating Expenses
Total Operating Expenses
Income from Operations
Other Income
Earnings before Int & Tax(EBIT)
Interest Expense
Earnings before Taxes ( EBT )
Income Tax
Net Income
Earnings Per Share ( EPS )
Depreciation
EBITDA
1323,80
467,00
856,80
486,60
130,20
6,00
622,80
214,70
20,10
234,80
31,30
203,50
81,30
122,20
0,19
206,60
441,40
COMPANY
ASTA MEDICA
AMGEN
Current Ratio (Current Assets/Current Liabilities)
Quick Ratio(Curn Assets-Invntory/Curn Liabilities)
0,74
0,40
2,10
1,98
1,27
0,92
Inventory Turnover Ratio(Cost of Sales/Inventory)
Fixed Assets Turnover(Revenues / Net Fixed Assets)
Total Assets Turnover(Revenues / Total Assets)
Debt Ratio (Total Debt/Total Assets)
2,27
3,57
1,16
0,75
3,12
1,87
0,74
0,30
2,17
2,48
0,86
0,84
Profit Margin on Revenues (%) (Net Income)
Profit Margin on Revenues (%) (EBIT)
Return on Total Assets (Net Income/Total Assets)
Return on Total Assets (EBIT/Total Assets)
Return on Equity
R&D Exp on Revenues
-0,29%
1,51%
-0,33%
1,75%
-1%
15%
31%
45,04%
23%
33,34%
33%
24%
9%
18%
8%
15%
48%
10%
EBITDA / Revenues
R & D Expenses / EBITDA
Interest / EBITDA
Selling & Admn Expn / EBITDA
8%
186%
16%
487%
50%
48%
0,73%
38%
33%
29%
7%
110%
Debt / Equity Capital
Financial Debt / Total Liabilities.
Working Capital / Revenues(days)
Accounts Receivables / Revenues (days)
0,59
20,04%
-48,22
61,98
0,09
20,09%
131,10
42,96
2,64
51,85%
46,07
117,04
AMERSHAM
COMPANY
CHIRON
Head-Office
Products:
California, USA
Parent Company:
BALANCE SHEET
1998
Cancer, Infectious &
Cardiovascular diseas,
Blood Testing, HIV,
Vaccines.
Novartis (thru Ciba'95)
$m
Assets:
Inventories
Intangible Assets
Other Assets
Total Assets
Accounts Payable
513,32
716,63
169,10
79,87
152,73
1631,64
360,07
166,70
303,38
62,47
2524,26
$m
Total Liabilities
Shareholders Equity
Retained Earnings
45,00
512,42
557,42
421,04
978,45
1543,54
2,26
1545,80
2524,26
EVOTEC
Hamburg, Germany.
1993
1998
Designs & Develops
Ultra-High Screening
to increase Speed of
Drug Discovery
---DM m
GENSET
Paris, France
1989
1998
Genomics research
discovery of Genes
involved in Common
diseases & drug respn
France Biotech
$m
1998
Medicines for TEN
serious medical condtn
like Growth Hormones
Cancer etc.
$m
119,28
52,03
52,03
California, USA
58,94
0,00
12,63
1,22
1,92
74,71
2,28
11,29
30,34
0,65
31,18
4,38
3,81
0,86
1,79
42,01
0,00
0,00
9,54
0,48
DM m
2,16
5,88
8,04
16,94
24,98
52,61
-25,56
27,05
GENENTECH
$m
281,16
606,54
149,74
148,63
55,89
1241,96
716,89
0,00
700,25
196,31
2855,40
$m
13,29
8,23
21,52
9,42
30,93
128,32
-39,98
88,34
119,28
40,90
250,43
291,33
220,23
511,56
1591,53
752,31
2343,85
2855,40
COMPANY
INCOME STATEMENT
CHIRON
EVOTEC
GENSET
GENENTECH
736,67
$m
6,56
DM m
14,29
0,30
13,99
9,66
16,20
0,00
25,86
-11,87
0,94
-10,93
0,00
-10,93
0,00
31,60
$m
1062,18
$m
Revenues
Cost of Sales
Gross Profit
Other Income
Interest Expense
Income Tax
Net Income
Depreciation
EBITDA
736,67
178,06
558,61
140,44
294,25
39,03
473,72
84,90
34,76
119,66
24,67
94,98
18,99
76,00
2,95
107,86
227,52
-10,93
0,00
3,05
-7,89
31,60
3,13
28,47
11,64
39,60
0,00
51,25
-22,78
6,16
-16,62
0,66
-17,28
0,00
-17,28
-2,37
4,57
-12,05
1062,18
138,62
923,56
358,93
396,19
0,00
755,12
168,44
88,76
257,20
4,55
252,65
70,74
181,91
1,45
78,10
335,30
COMPANY
CHIRON
EVOTEC
GENSET
GENENTECH
2,93
2,78
5,23
5,12
3,47
3,42
4,26
3,75
2,23
2,43
0,29
0,39
1,50
0,27
0,48
2,57
1,04
0,26
0,26
0,93
1,52
0,37
0,18
Return on Equity
R&D Exp on Revenues
10%
16%
3%
5%
5%
40%
-76%
-76,48%
-21%
-21,01%
-40%
113%
-55%
-53%
-14%
-14%
-20%
125%
17%
24%
6%
9%
8%
37%
EBITDA / Revenues
Interest / EBITDA
31%
129%
11%
62%
-55%
-205%
0%
-123%
-38%
-329%
-5%
-97%
32%
118%
1,36%
107%
0,27
43,03%
532,24
83,78
0,63
67,82%
867,40
97,19
0,11
30,44%
614,53
145,90
0,09
43,05%
326,67
51,46
COMPANY
GENZYME
Head-Office
Products:
Massachusetts, USA.
1998
Therapeutics, Surgery,
Diagnostics,
Orthopedics &Molecular
Cancer therapies.
INNOGENETICS
QIAGEN
ELI LILLY
Belgium.
1985
1998
Infectious Diseases,
Tissue repair, Immune,
neurodegenerative &
Genetic disorders.
Netherlands
USA
1998
Products for seperation
& purification of DNA
/RNA used by Genome
sequencing industries.
1998
Neurosciences,Endocrinology
Anti-infectives,Cardiovascular
Gastrointestinal, Oncology,
Animal Health & Others.
Parent Company:
BALANCE SHEET
$m
Assets:
Inventories
Intangible Assets
Other Assets
Total Assets
Accounts Payable
€m
118,61
175,45
163,04
109,83
71,19
638,13
281,66
279,52
382,62
108,62
1690,55
30,24
0,00
20,32
6,51
0,30
57,37
2,49
5,74
27,61
0,00
Total Liabilities
Shareholders Equity
Retained Earnings
106,69
€m
1690,56
14,88
6,19
21,07
1,33
22,41
100,70
-29,91
70,79
93,20
$m
6,34
23,78
18,04
19,93
6,06
74,15
0,00
4,59
26,42
1,53
93,20
$m
120,96
101,75
222,70
295,30
518,01
1196,70
-24,15
1172,55
$m
$m
1495,7
101,4
2243,7
999,9
566,1
5406,8
816,3
1517,9
4096,3
758,2
12595,5
$m
18,94
9,08
28,02
5,63
33,65
49,60
23,44
73,04
106,69
3433,1
1174,1
4607,2
3558,7
8165,9
200,8
4228,8
4429,6
12595,5
COMPANY
INCOME STATEMENT
GENZYME
709,34
$m
Revenues
Cost of Sales
Gross Profit
Other Income
Interest Expense
Income Tax
Net Income
Depreciation
EBITDA
INNOGENETICS
709,34
259,66
449,67
215,20
119,01
24,33
358,54
91,13
33,90
125,03
22,59
102,44
39,87
62,57
1,48
58,87
183,90
33,28
€m
31,70
13,65
18,05
21,15
9,81
0,00
30,96
-12,91
1,58
-11,33
0,98
-12,31
0,03
-12,34
-0,51
3,79
-7,54
QIAGEN
ELI LILLY
110,25
$m
9236,80
$m
110,25
32,77
77,48
49,97
12,84
0,00
62,81
14,67
4,04
18,71
1,17
17,54
5,11
12,43
0,73
5,70
24,41
9236,8
2015,1
7221,7
2658,3
1738,9
127,5
4524,7
2697,0
158,1
2855,1
188,5
2666,6
568,7
2097,9
1,91
490,40
3345,50
COMPANY
GENZYME
INNOGENETICS
QIAGEN
ELI LILLY
2,87
2,37
2,72
2,41
2,65
1,93
1,17
0,96
2,36
1,85
0,42
0,31
2,10
1,15
0,34
0,24
1,64
4,17
1,03
0,32
2,02
2,25
0,73
0,65
Return on Equity
R&D Exp on Revenues
9%
18%
4%
7%
5%
17%
-39%
-36%
-13%
-12%
-17%
31%
11%
17%
12%
18%
17%
12%
23%
31%
17%
23%
47%
19%
EBITDA / Revenues
Interest / EBITDA
26%
65%
12%
117%
-24%
-130%
-13%
-280%
22%
53%
5%
205%
36%
52%
6%
79%
0,25
57,01%
213,77
83,90
0,02
5,95%
417,97
234,01
0,08
16,73%
152,72
59,72
0,80
43,58%
31,60
88,66
COMPANY
NOVARTIS
NOVO NORDISK
ROCHE
SOLVAY
SCHERING
Head-Office
Products:
Basel, Switzerland
DENMARK
Basel, Switzerland
Belgium
Germany
1998
1998
1998
Swiss Fr m
€m
DM m
275
0
1637
966
0
2878
704
323
3513
0
1953,27
0,00
2090,01
1161,28
0,00
5204,56
872,99
744,63
2114,21
0,00
1998
1998
Health Care,
Enzyme business
& Others
Parent Company:
BALANCE SHEET
Assets:
Inventories
Intangible Assets
Other Assets
Total Assets
Accounts Payable
Total Liabilities
Shareholders Equity
Retained Earnings
Swiss Fr m
6963
6373
5814
6695
3274
29119
6617
2655
11335
5609
55335
Swiss Fr m
7278
7235
14513
9645
24158
1564
29613
31177
55335
DKK m
799
1918
5705
4642
0
13064
210
237
13831
0
27342
DKK m
1984
5486
7470
1900
9370
3432
14540
17972
27342
16058
0
4535
5389
1945
27927
425
10757
12704
4066
55879
Swiss Fr m
2602
9046
11648
21416
33064
1309
21506
22815
55879
7418
€m
1664
1812
3476
649
4125
3293
0
3293
7418
8936,38
DM m
3793,76
0,00
3793,76
1117,25
4911,01
1122,31
2903,06
4025,37
8936,38
COMPANY
INCOME STATEMENT
Revenues
Cost of Sales
Gross Profit
Other Income
Interest Expense
Income Tax
Net Income
Depreciation
EBITDA
NOVARTIS
18501,29
Swiss Fr m
31702
10052
21650
10569
3725
0
14294
7356
614
7970
26
7944
1880
6064
89
1388
9358
NOVO NORDISK
2164,39
DKK m
17911
5856
12055
6589
3399
0
9988
2067
1861
3928
182
3746
1337
2409
1469,00
5397,00
ROCHE
SOLVAY
SCHERING
14392,74
Swiss Fr m
24662
7901
16761
7827
3408
1176
12411
4350
1083
5433
76
5357
965
7823,55
€m
7451
5392
2059
1102
292
69
1463
596
14
610
57
553
178
2950,39
DM m
6425,07
1564,88
4860,19
2773,83
1229,37
569,27
4572,47
287,72
540,82
828,54
8,00
820,54
342,15
4392
375
509
4,45
1425
6858
478,40
507
1117
435,05
1263,59
COMPANY
NOVARTIS
NOVO NORDISK
ROCHE
SOLVAY
SCHERING
2,01
1,55
1,75
1,13
2,40
1,93
0,83
0,55
1,37
1,07
1,50
2,80
0,57
0,44
1,26
1,29
0,66
0,34
1,47
1,94
0,44
0,59
5,58
2,12
1,00
0,56
1,35
3,04
0,72
0,55
Return on Equity
R&D Exp on Revenues
19%
25%
11%
14%
19%
12%
13%
22%
9%
14%
13%
19%
18%
22%
8%
10%
19%
14%
5%
8%
5%
8%
11%
4%
7%
12,90%
5%
9,27%
12%
19%
EBITDA / Revenues
Interest / EBITDA
30%
40%
0,28%
113%
30%
63%
3%
122%
28%
50%
1,11%
114%
15%
26%
5%
99%
20%
97%
0,63%
220%
0,31
39,92%
168,17
66,94
0,11
20,28%
114,00
116,26
0,94
64,77%
240,93
67,12
0,20
15,73%
-29,29
80,19
0,28
22,75%
80,15
118,73
ESSEC
CE NTRE
DE RECHERCHE
LISTE DES DOCUMENTS DE RECHERCHE DU CENTRE DE RECHERCHE DE L’ESSEC
(Pour se procurer ces documents, s’adresser au CENTRE DE RECHERCHE DE L’ESSEC)
LISTE OF ESSEC RESEARCH CENTER WORKING PAPERS
(Contact the ESSEC RESEARCH CENTER for information on how to obtain copies of these papers)
[email protected]
1997
97001 BESANCENOT D., VRANCEANU Radu
Reputation in a Model of Economy-wide Privatization.
97002 GURVIEZ P.
The Trust Concept in the Brand-consumers Relationship.
97003 POTULNY S.
L’utilitarisme cognitif de John Stuart Mill.
97004 LONGIN François
From Value at Risk to Stress Testing: The Extreme Value Approach.
97005 BIBARD Laurent, PRORIOL G.
Machiavel : entre pensée du pouvoir et philosophie de la modernité.
Value at Risk: une nouvelle méthode fondée sur la théorie des valeurs extrêmes.
97007 CONTENSOU François, VRANCEANU Radu
Effects of Working Time Constraints on Employment: A Two-sector Model.
Reputation in a Model of Exchange Rate Policy with Incomplete Information.
97009 AKOKA Jacky, BRIOLAT Dominique, WATTIAU Isabelle
La reconfiguration des processus inter-organisationnels.
97010 NGUYEN. P
Bank Regulation by Capital Adequacy and Cash Reserves Requirements.
Beyond the VaR.
Optimal Margin Level in Futures Markets: A Method Based on Extreme Price Movements.
97013 GROUT DE BEAUFORT Viviane
Maastricth II ou la copie à réviser.
97014 ALBIGOT J.G., GROUT DE BEAUFORT V., BONFILLON P.O., RIEGER B .
Perspectives communautaires et européennes sur la réduction du temps de travail.
Page 1
97015 DEMEESTERE René, LORINO Philippe, MOTTIS Nicolas
Business Process Management: Case Studies of Different Companies and Hypotheses for Further
Research.
97016 PERETTI Jean-Marie, HOURQUET P.G., ALIS D.
Hétérogénéité de la perception des déterminants de l’équité dans un contexte international.
97017 NYECK Simon, ROUX Elyette
WWW as a Communication Tool for Luxury Brands: Compared Perceptions of Consumers and
Managers.
97018 NAPPI-CHOULET Ingrid
L’analyse économique du fonctionnement des marchés immobiliers.
97019 BESANCENOT D., ROCHETEAU G., VRANCEANU Radu
Effects of Currency Unit Substitution in a Search Equilibrium Model.
97020 BOUCHIKHI Hamid
Living with and Building on Complexity: A Constructivist Perspective on Organizations.
97021 GROUT DE BEAUFORT V., GRENOT S., TIXIER A . TSE K.L
Essai sur le Parlement Européen.
97022 BOULIER J.F., DALAUD R., LONGIN François
Application de la théorie des valeurs extrêmes aux marchés financiers.
97023 LORINO Philippe
Théorie stratégique : des approches fondées sur les ressources aux approches fondées sur les processus.
97024 VRANCEANU Radu
Investment through Retained Earnings and Employment in Transitional Economies.
97025 INGHAM M., XUEREB Jean-Marc
The Evolution of Market Knowledge in New High Technology Firms: An Organizational Learning
Perspective.
97026 KOENING Christian
Les alliances inter-entreprises et la coopération émergente.
97027 LEMPEREUR Alain
Retour sur la négociation de positions : pourquoi intégrer l’autre dans mon équation personnelle ?
97028 GATTO Riccardo
Hypothesis Testing by Symbolic Computation.
97029 GATTO Riccardo , JAMMALAMADAKA S. Rao
A conditional Saddlepoint Approximation for Testing Problems.
97030 ROSSI (de) F.X., GATTO Riccardo
High-order Asymptotic Expansions for Robust Tests.
Negotiation and Mediation in France: The Challenge of Skill-based Learnings and Interdisciplinary
Research in Legal Education.
Pédagogie de la négociation : allier théorie et pratique.
97033 WARIN T.
Crédibilité des politiques monétaires en économie ouverte.
97034 FRANCOIS P.
Bond Evaluation with Default Risk: A Review of the Continuous Time Approach.
97035 FOURCANS André, VRANCEANU Radu
Fiscal Coordination in the EMU: A Theoretical and Policy Perspective.
Page 2
97036 AKOKA Jacky, WATTIAU Isabelle
MeRCI: An Expert System for Software Reverse Engineering.
97037 MNOOKIN R. (traduit par LEMPEREUR Alain)
Surmonter les obstacles dans la résolution des conflits.
97038 LARDINOIT Thierry, DERBAIX D.
An Experimental Study of the Effectiveness of Sport Sponsorship Stimuli.
97039 LONGIN François, SOLNIK B.
Dependences Structure of International Equity Markets during Extremely Volatile Periods.
Stress Testing : application de la théorie des valeurs extrêmes aux marchés des changes.
1998
98001 TISSOT (de) Olivier
Quelques observations sur les problèmes juridiques posés par la rémunération des artistes interprètes.
98002 MOTTIS Nicolas, PONSSARD J.P.
Incitations et création de valeur dans l’entreprise. Faut-il réinventer Taylor ?
98003 LIOUI A., PONCET Patrice
Trading on Interest Rate Derivatives and the Costs of Marking-to-market.
98004 DEMEESTERE René
La comptabilité de gestion : une modélisation de l’entreprise ?
98005 TISSOT (de) Olivier
La mise en œuvre du droit à rémunération d’un comédien ayant « doublé » une œuvre audiovisuelle
er
(film cinématographique ou fiction télévisée ) avant le 1 janvier 1986.
98006 KUESTER Sabine, HOMBURG C., ROBERTSON T.S.
Retaliatory Behavior to New Product Entry.
98007 MONTAGUTI E., KUESTER Sabine, ROBERTSON T.S.
Déterminants of « Take-off » Time for Emerging Technologies: A Conceptual Model and Propositional
Inventory.
98008 KUESTER Sabine, HOMBURG C .
An Economic Model of Organizational Buying Behavior.
98009 BOURGUIGNON Annick
Images of Performance: Accounting is not Enough.
A model of Manager Corruption in Developing Countries with Macroeconomic Implications.
98011 VRANCEANU Radu, WARIN T.
Une étude théorique de la coordination budgétaire en union monétaire.
98012 BANDYOPADHYAU D. K.
A Multiple Criteria Decision Making Approach for Information System Project Section.
98013 NGUYEN P., PORTAIT Roland
Dynamic Mean-variance Efficiency and Strategic Asset Allocation with a Solvency Constraint.
98014 CONTENSOU François
Heures supplémentaires et captation du surplus des travailleurs.
98015 GOMEZ M.L.
De l’apprentissage organisationnel à la construction de connaissances organisationnelles.
Page 3
98016 BOUYSSOU Denis
Using DEA as a Tool for MCDM: some Remarks.
98017 INDJEHAGOPIAN Jean-Pierre, LANTZ F., SIMON V.
Dynamique des prix sur le marché des fiouls domestiques en Europe.
98019 PELISSIER-TANON Arnaud
La division du travail, une affaire de prudence.
98020 PELISSIER-TANON Arnaud
Prudence et qualité totale. L’apport de la philosophie morale classique à l’étude du ressort psychologique
par lequel les produits satisfont les besoins de leurs utilisateurs.
98021 BRIOLAT Dominique, AKOKA Jacky, WATTIAU Isabelle
Le commerce électronique sur Internet. Mythe ou réalité ?
98022 DARMON René
Equitable Pay for the Sales Force.
Working Time in a Model of Wage-hours Negociation.
98024 BIBARD Laurent
La notion de démocratie.
98025 BIBARD Laurent
Recherche et expertise.
Les étapes du processus de conciliation.
98027 INDJEHAGOPIAN Jean-Pierre, LANTZ F., SIMON V.
Exchange Rate and Medium Distillates Distribution Margins.
Dialogue national pour l’Europe. Essai sur l’identité européenne des français.
98029 TIXIER Maud
What are the Implications of Differing Perceptions in Western, Central and Eastern Europe for Emerging
Management.
98030 TIXIER Maud
Internal Communication and Structural Change. The Case of the European Public Service: Privatisation
And Deregulation.
98031 NAPPI-CHOULET Ingrid
La crise des bureaux : retournement de cycle ou bulle ? Une revue internationale des recherches.
98032 DEMEESTERE René
La comptabilité de gestion dans le secteur public en France.
The Minimum Variance Hedge Ratio Revisited with Stochastic Interest Rates.
Is the Bernoulli Speculator always Myobic in a Complete Information Economy?
More on the Optimal Portfolio Choice under Stochastic Interest Rates.
98036 FAUCHER Hubert
The Value of Dependency is Plant Breeding: A Game Theoretic Analysis.
98037 BOUCHIKHI Hamid, ROND (de) Mark., LEROUX V.
Alliances as Social Facts: A Constructivist of Inter-Organizational Collaboration.
98038 BOUCHIKHI Hamid, KIMBERLY John R.
Page 4
In Search of Substance: Content and Dynamics of Organizational Identity.
98039 BRIOLAT Dominique, AKOKA Jacky, COMYN-WATTIAU Isabelle
Electronic Commerce on the Internet in France. An Explanatory Survey.
Réduction de la durée du travail et complémentarité des niveaux de qualification.
98041 TIXIER Daniel
La globalisation de la relation Producteurs-Distributeurs.
L’évaluation de la performance : un instrument de gestion éclaté.
Benchmarking: from Intentions to Perceptions.
Management Accounting and Value Creation: Value, Yes, but What Value?
98045 VRANCEANU Radu
A Simple Matching Model of Unemployment and Working Time Determination with Policy Implications.
98046 PORTAIT Roland, BAJEUX-BESNAINOU Isabelle
Pricing Contingent Claims in Incomplete Markets Using the Numeraire Portfolio.
98047 TAKAGI Junko
Changes in Institutional Logics in the US. Health Care Sector: A Discourse Analysis.
98048 TAKAGI Junko
Changing Policies and Professionals: A Symbolic Framework Approach to Organizational Effects on
Physician Autonomy.
L’apprentissage organisationnel bloquée (Groupe Bull 1986-1992) : du signe porteur d’apprentissage au
Piège de l’habitude et de la représentation-miroir.
98050 TAKAGI Junko, ALLES G.
Uncertainty, Symbolic Frameworks and Worker Discomfort with Change.
1999
99001 CHOFFRAY Jean-Marie
Innovation et entreprenariat : De l’idée… au Spin-Off.
99002 TAKAGI Junko
Physician Mobility and Attidudes across Organizational Work Settings between 1987 and 1991.
99003 GUYOT Marc, VRANCEANU Radu
La réduction des budgets de la défense en Europe : économie budgétaire ou concurrence budgétaire ?
99004 CONTENSOU François, LEE Janghyuk
Interactions on the Quality of Services in Franchise Chains: Externalities and Free-riding Incentives.
99005 LIOUI Abraham, PONCET Patrice
International Bond Portfolio Diversification.
99006 GUIOTTO Paolo, RONCORONI Andrea
Infinite Dimensional HJM Dynamics for the Term Structure of Interest Rates.
99007 GROUT de BEAUFORT Viviane, BERNET Anne-Cécile
Les OPA en Allemagne.
Page 5
99008 GROUT de BEAUFORT Viviane, GENEST Elodie
Les OPA aux Pays-Bas.
99009 GROUT de BEAUFORT Viviane
Les OPA en Italie.
99010 GROUT de BEAUFORT Viviane, LEVY M.
Les OPA au Royaume-Uni.
99011 GROUT de BEAUFORT Viviane, GENEST Elodie
Les OPA en Suède.
99012 BOUCHIKHI Hamid, KIMBERLY John R.
st
The Customized Workplace: A New Management Paradigm for the 21 Century.
The Perception of Performance Evaluation Criteria (1): Perception Styles
Performance et contrôle de gestion.
99015 BAJEUX-BESNAINOU Isabelle, JORDAN J., PORTAIT Roland
Dynamic Asset Allocation for Stocks, Bonds and Cash over Long Horizons.
99016 BAJEUX-BESNAINOU Isabelle, JORDAN J., PORTAIT Roland
On the Bonds-stock Asset Allocation Puzzle.
99017 TIXIER Daniel
La logistique est-elle l’avenir du Marketing ?
99018 FOURCANS André, WARIN Thierry
Euroland versus USA: A Theoretical Framework for Monetary Strategies.
99019 GATTO Riccardo, JAMMALAMADAKA S.R.
Saddlepoint Approximations and Inference for Wrapped α-stable Circular Models.
99020 MOTTIS Nicolas, PONSSARD Jean-Pierre
Création de valeur et politique de rémunération. Enjeux et pratiques.
99021 STOLOWY Nicole
Les aspects contemporains du droit processuel : règles communes à toutes les juridictions et procédures
devant le Tribunal de Grande Instance.
Les juridictions civiles d’exception et l’étude des processus dans le droit judiciaire privé.
99023 GATTO Riccardo
Multivariate Saddlepoint Test for Wrapped Normal Models.
99024 LORINO Philippe, PEYROLLE Jean-Claude
Enquête sur le facteur X. L’autonomie de l’activité pour le management des ressources humaines et pour
le contrôle de gestion.
99025 SALLEZ Alain
Les critères de métropolisation et les éléments de comparaison entre Lyon et d’autres métropoles
françaises.
Réflexions sur l’actualité des procédures pénales et administratives.
99027 MOTTIS Nicolas, THEVENET Maurice
Accréditation et Enseignement supérieur : certifier un service comme les autres…
99028 CERDIN Jean-Luc
International Adjustment of French Expatriate Managers.
Page 6
99029 BEAUFORT Viviane, CARREY Eric
L’union européenne et la politique étrangère et de sécurité commune : la difficile voie de la construction
d’une identité de défense européenne.
How French Law Treats Fraudulent Bankruptcy.
99031 CHEVALIER Anne, LONGIN François
Coût d’investissement à la bourse de Paris.
Les indicateurs de performance dans le pilotage organisationnel.
99033 LARDINOIT Thierry, QUESTER Pascale
Prominent vs Non Prominent Bands: Their Respective Effect on Sponsorship Effectiveness.
Working Time and Unemployment in an Efficiency Wage Model.
99035 EL OUARDIGHI Fouad
La théorie statistique de la décision (I).
2000
00001
CHAU Minh, LIM Terence
The Dynamic Response of Stock Prices Under Asymetric Information and Inventory Costs: Theory and
Evidence
00002
BIBARD Laurent
Matérialisme et spiritualité
00003
BIBARD Laurent
La crise du monde moderne ou le divorce de l’occident.
00004
MATHE Hervé
Exploring the Role of Space and Architecture in Business Education.
00005
MATHE Hervé
Customer Service: Building Highly Innovative Organizations that Deliver Value.
00006
BEAUFORT (de) Viviane
L’Union Européenne et la question autrichienne, ses conséquences éventuelles sur le champ de révision
de la CIG.
00007
MOTTIS Nicolas, PONSSARD Jean-Pierre
Value Creation and Compensation Policy Implications and Practices.
00009
BOURGUIGNON Annick
The Perception of Performance Evaluation Criteria (2): Determinants of Perception Styles.
00010
EL OUARDIGHI Fouad
The Dynamics of Cooperation.
00011
CHOFFRAY Jean-Marie
Innovation et entrepreneuriat : De l’Idée…au Spin-Off. (Version révisée du DR 99001).
00012
LE BON Joël
De l’intelligence économique à la veille marketing et commerciale : vers une nécessaire mise au point
conceptuelle et théorique.
00013
ROND (de) Mark
Reviewer 198 and Next Generation Theories in Strategy.
00014
BIBARD Laurent
Amérique latine : identité, culture et management.
Page 7
00016
BIBARD Laurent
Les sciences de gestion et l’action.
00017
BEAUFORT (de) V.
Les OPA au Danemark.
00018
BEAUFORT (de) V.
Les OPA en Belgique.
00019
BEAUFORT (de) V.
Les OPA en Finlande.
00020
BEAUFORT (de) V.
Les OPA en Irlande.
00021
BEAUFORT (de) V.
Les OPA au Luxembourg.
00022
BEAUFORT (de) V.
Les OPA au Portugal.
00023
BEAUFORT (de) V.
Les OPA en Autriche.
00024
KORCHIA Mickael
Brand Image and Brand Associations.
00025
L’impact des FIE sur les firmes françaises et allemandes : épiphénomène ou influence réelle ?
00026
BIBARD Laurent
Penser la paix entre hommes et femmes.
00027
BIBARD Laurent
Sciences et éthique (Notule pour une conférence).
00028
MARTEL Jocelyn, C.G. FISHER Timothy
Empirical Estimates of Filtering Failure in Court-supervised Reorganization.
00029
MARTEL Jocelyn
Faillite et réorganisation financière : comparaison internationale et évidence empirique.
00030
The Effect of Bankruptcy Reform on the Number of Reorganization Proposals.
00031
The Bankruptcy Decision: Empirical Evidence from Canada.
00032
CONTENSOU François
Profit-sharing Constraints, Efforts Output and Welfare.
00033
CHARLETY-LEPERS Patricia, SOUAM Saïd
Analyse économique des fusions horizontales.
00034
BOUYSSOU Denis, PIRLOT Marc
A Characterization of Asymmetric Concordance Relations.
00035
BOUYSSOU Denis, PIRLOT Marc
Nontransitive Decomposable Conjoint Measurement.
00036
A Comparison of Business Bankruptcies across Industries in Canada, 1981-2000.
Page 8
2001
01001
DEMEESTERE René
Pour une vue pragmatique de la comptabilité.
01003
EL OUARDIGHI Fouad, GANNON Frédéric
The Dynamics of Optimal Cooperation.
01004
DARMON René
Optimal Salesforce Quota Plans Under Salesperson Job Equity Constraints.
01005
BOURGUIGNON Annick, MALLERET Véronique, NORREKLIT Hanne
Balanced Scorecard versus French tableau de bord : Beyond Dispute, a Cultural and Ideological
Perspective.
01006
CERDIN Jean-Luc
Vers la collecte de données via Internet : Cas d’une recherche sur l’expatriation.
01007
LADHARI Riahd, MORALES Miguel, NYECK Simon, Pons Franck
Profils d’attitudes par rapport aux loisirs culturels : L’exemple des spectacles cinématographiques.
01008
NYECK Simon, PARADIS Sylvie, de COSTER Louis, BOURDEAU Laurent
Profils de satisfaction des consommateurs par rapport aux événements culturels :
L’exemple du festival de jazz.
01009
NYECK Simon, Pons Franck
Orientation des consommateurs par rapport aux événements sportifs (oes) : Proposition et validation
d’un outil de mesure .
01010
NYECK Simon
Représentations masculines des produits cosmétiques : Etude exploratoire auprès
de la population "gay".
01011
LADHARI Riahd, MORALES Miguel, NYECK Simon
Assessment of SERVQUAL Validity : An Evaluation of 10 Years of Use of the Measurement of the
Quality.
01012
VRANCEANU Radu, CERNAT Lucian
Globalisation and Growth: New Evidence from Central and Eastern Europe.
01013
BIBARD Laurent
De quoi s’occupe la sociologie ?
01014
BIBARD Laurent
Introduction aux questions que posent les rapports entre éthique et entreprise.
01015
BIBARD Laurent
Quel XXIème siècle pour l’humanité ?
01016
Value-based Management at the Profit Center Level.
01017
BESANCENOT Damien, HUYNH Kim, VRANCEANU Radu
Public Debt : From Insolvency to Illiquidity Default.
01018
BIBARD Laurent
Ethique de la vie bonne et théorie du sujet : nature et liberté, ou la question du corps.
01019
INDJEHAGOPIAN Jean-Pierre, JUAN S . LANTZ F., PHILIPPE F.
La pénétration du Diesel en France : tendances et ruptures.
01020
BARONI Michel, BARTHELEMY Fabrice, MOKRANE Mahdi
Physical Real Estates: Risk Factors and Investor Behaviour.
01022
BESANCENOT Damien, VRANCEANU Radu
Quality Leaps and Price Distribution in an Equilibrium Search model
Page 9
01023
BIBARD Laurent
Gestion et Politique
01024
Technological Change, Acquisition of Skills and Wages in a search Economy
01025
Quality Uncertainty and Welfare in a search Economy
01026
MOTTIS N. , PONSARD J.P.,
L’impact des FIE sur le pilotage de l’entreprise
01027
TAPIERO Charles, VALOIS Pierre
The inverse Range Process in a Random Volatibility Random Walk
01028
ZARLOWSKI Ph., MOTTIS N.
Making Managers into Owners An Experimental Research on the impact of Incentive Schemes on
Shareolder Value Creation
01029
Incertitude, bien-être et distribution des salaires dans un modèle de recherche d’emploi
01030
BOUCHIKHI H.
De l’entrepreneur au gestionnaire et du gestionnaire à l’entrepreneur
01031
TAPIERO A., SULEM A.
Inventory Control wth Supply Delays, On Going Order and Emergency Supplies
01032
ROND (DE) M., MILLER A.N.
The playground of Academe : The Rhetoric and Reality of Tenure and Terror
01033
BIBARD L.
Décision et écoute
01034
GEHRKE I., HORVATH P.
Implementation of Performance Measurement. A comparative Study of French and German
Organizations
01035
NAPPI-CHOULET I.
The Recent Emergence Of Real Estate Education in French Business Schools : The Paradox of the
French Experience
Page 10
2002
Page 11

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