Valuing Pharmaceutical Companies: A Guide to the Assessment and Evaluation of Assets, Performance and Prospects

From the Publisher Part 1: THE GLOBAL PHARMACEUTICAL INDUTRY Part 2: ANALYSIS AND EVALUATION OF PHARMACEUTICAL COMPANIES Part 3: PHARMACEUTICAL EQUITY TRADING Part 1: THE GLOBAL PHARMACEUTICAL INDUTRY Pharmaceuticals and the treatment of disease - History - Biotechnology - Changing patterns of health - Drug discovery - Intellectual property - R&D - The use of pharmaceuticals Structure and internationalisation of the industry - Pharmaceutical market structure - The global marketplace - International organisations - Mutual recognition agreements - Trade associations Regional and national developments - The USA - The European single market - Japan - Emerging markets Major changes in the pharmaceutical industry - Industry consolidation - Life sciences - Genomics - Generics - Drug delivery - Vaccines - Outsourcing - Distributors and wholesalers - DTC advertising - E-commerce Part 2: ANALYSIS AND EVALUATION OF PHARMACEUTICAL COMPANIES Valuing major quoted companies - Factors in assessing pharmaceutical equities - Standard investment analysis criteria - Financial accounts - policies and analysis - Company strategy - Competition - Financial policy and non-operating income - Takeover bid and merger valuation - Comparative analysis Valuing new venture and biotechnology companies - The US and European markets - Innovation in the pharmaceutical industry - Stages of development and funding requirements - Venture capital - New issues and initial public offerings - Evaluation of development companies - Equity trading and liquidity - Biotechnology companies The assessment of research and development - R&D organisation and strategy - Early research - Important stages of development - Issues in R&D assessment - Interpretation of clinical trial results - Project failure - Comparative analysis and efficiency of R&D spend - Sources of information on R&D The assessment of product sales performance - Changes in product sales expectations - Issues in pharmaceutical product forecasting - Size of market - Forecasting market growth - Estimating market share - Pricing and reimbursement - Product loyalty - Launch phasing - Company priorities - Salesforce - Blockbusters Part 3: PHARMACEUTICAL EQUITY TRADING Key issues influencing pharmaceutical share price movement - General equity market price movements - Pharmaceutical sector price movements - Company price movements - Sources of price sensitive news - Chart analysis Investment and trading strategy - Factors in portfolio selection - Timing and risk - International fund management - Use of options and derivatives Dealing in major equity markets - USA - Europe - Japan

The final part deals with trading itself and looks at share price movement and the main equity markets throughout the world. The pharmaceutical sector offers some of the most exciting financial and business opportunities today. The second part explores how to analyse and value pharmaceutical and biotechnology companies. The book is international in outlook, and explains the rules of the game not just for wise investing, but also for understanding how this uniquely complex and highly regulated business works. Both practical and comprehensive, this handbook will be essential reading for investors, analysers and corporate planners - and is the ONLY book which will show you how to actually value pharmaceutical companies.. This essential and practical guide gives you all the tools you need to assess such opportunities. The second edition of the respected Pharmaceutical Equities, it has been thoroughly revised and updated to reflect the changes, especially in life sciences, since the first edition. The authors explain:HOW to evaluate the technology and research and development, as well as the sales potential of ensuing productsWHAT key issues will affect and influence companies in the next few yearsHOW to balance potential high returns on breakthrough products against accompanying risksThe book begins with a look at the global pharmaceutical i