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January 2002 (v02-n01) |
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- Main Story - pgs. 1-23 Sector Survey: Contract Research Organizations
- Macro Market Commentary - pg. 24-25
- News Briefs - pgs. 26-27
- NIBM Model Portfolio & Updates - pgs. 28-32
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| This month's Main Story is on Contract
Research Organizations (CROs). These "pick-and-shovel" firms help drug and
biotechnology companies take their drugs through clinical trials. We review and evaluate
fourteen companies according to our stated investment thesis. |
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| The following is an outline of this issue of
the NIBM Newsletter. |
Subscriber direct access |
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- Main Story
- Summary
- Introduction
- Investment Thesis
- Disclosure
- General concept
- Warnings
- What makes CROs tick?
- Potential market size
- Table: Worldwide R&D spending
- Table: Worldwide outsourced R&D
- CenterWatch report
- Table: CenterWatch top seven CROs
- Our Survey - The Next Phase™ Consultancy
- Industry Trends
- Mergers and Acquisitions
- Focus on biotechs
- Shift to risk-based agreements
- CROs as biotech companies
- CROs as venture capital companies
- Industry consolidation and strategic acquisitions
- FDA approval delays
- Evaluating CROs
- EPS
- Gross Margin
- Backlog
- Top 5 concentration
- Days sales outstanding
- Market Cap
- Contract Research Organizations
- Table: CRO Company Breakdown
- Quintiles (QTRN)
- Sidebar: What do we mean by 'Earnings Quality'?
- Covance (CVD)
- Ingenix, a UnitedHealth Group subsidiary (UNH)
- Table: UNH vs. Ingenix revenues
- PPD, Inc. (PPDI)
- PAREXEL (PRXL)
- Kendle (KNDL)
- MDS, Inc. (MDZ)
- Omnicare
- Table: Omnicare/CRO revenue comparison
- ICON, Plc. (ICLR)
- Table: Indications as percent of revenue
- aaiPharma (AAII)
- BioReliance (BREL)
- The Covalent Group (CVGR)
- Celeris (NASDAQ-OTC:CRSC)
- US Oncology (USON)
- Table: Summary of opinion
- What Can Go Wrong
- Macro Market Commentary
- News Briefs
- Herceptin gets mixed results in single-agent trial
- Inspire Pharmaceuticals (ISPH) announces bad news on INS365
- Imclone (IMCL) botches Erbitux filing, entire sector suffers
- Univ. of Washington research finds link between AAV and
genetic changes
- NIBM Model Portfolio and Updates
- Dendreon (2 pages)
- Nabi
- Targeted Genetics
- Genta
- NIBM Model Portfolio Addition
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