Intrinsic value of DepoMed - DEPO

Previous Close

$7.30

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$7.30

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

We calculate the intrinsic value of DEPO stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  389
  398
  408
  419
  432
  446
  461
  478
  495
  514
  535
  556
  579
  604
  630
  658
  687
  718
  750
  785
  821
  860
  900
  943
  988
  1,035
  1,084
  1,137
  1,192
  1,250
Variable operating expenses, $m
  72
  72
  71
  71
  71
  71
  70
  70
  70
  69
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
Fixed operating expenses, $m
  361
  369
  377
  385
  394
  402
  411
  420
  429
  439
  448
  458
  468
  479
  489
  500
  511
  522
  534
  545
  557
  570
  582
  595
  608
  622
  635
  649
  664
  678
Total operating expenses, $m
  433
  441
  448
  456
  465
  473
  481
  490
  499
  508
  438
  447
  457
  467
  477
  487
  498
  508
  519
  530
  541
  553
  565
  577
  589
  602
  614
  627
  641
  654
Operating income, $m
  -44
  -43
  -41
  -37
  -33
  -27
  -20
  -13
  -4
  6
  96
  109
  122
  137
  153
  170
  189
  209
  231
  255
  280
  306
  335
  366
  398
  433
  470
  510
  551
  596
EBITDA, $m
  123
  127
  131
  137
  145
  153
  163
  175
  188
  202
  218
  235
  253
  274
  296
  319
  345
  372
  401
  432
  466
  501
  539
  579
  622
  668
  716
  767
  821
  879
Interest expense (income), $m
  71
  68
  70
  72
  75
  78
  81
  84
  88
  92
  97
  101
  107
  112
  118
  124
  130
  137
  144
  152
  160
  169
  178
  187
  197
  208
  219
  231
  243
  256
  270
Earnings before tax, $m
  -112
  -113
  -113
  -112
  -110
  -108
  -105
  -101
  -96
  -91
  -5
  2
  10
  19
  29
  40
  52
  65
  79
  94
  111
  129
  148
  168
  190
  214
  239
  266
  295
  326
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  3
  5
  8
  11
  14
  18
  21
  25
  30
  35
  40
  45
  51
  58
  65
  72
  80
  88
Net income, $m
  -112
  -113
  -113
  -112
  -110
  -108
  -105
  -101
  -96
  -91
  -5
  2
  7
  14
  21
  29
  38
  47
  58
  69
  81
  94
  108
  123
  139
  156
  175
  194
  216
  238

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,059
  1,083
  1,111
  1,142
  1,177
  1,215
  1,256
  1,301
  1,349
  1,401
  1,457
  1,516
  1,579
  1,646
  1,717
  1,792
  1,871
  1,956
  2,045
  2,139
  2,238
  2,342
  2,452
  2,568
  2,691
  2,819
  2,955
  3,098
  3,248
  3,405
Adjusted assets (=assets-cash), $m
  1,059
  1,083
  1,111
  1,142
  1,177
  1,215
  1,256
  1,301
  1,349
  1,401
  1,457
  1,516
  1,579
  1,646
  1,717
  1,792
  1,871
  1,956
  2,045
  2,139
  2,238
  2,342
  2,452
  2,568
  2,691
  2,819
  2,955
  3,098
  3,248
  3,405
Revenue / Adjusted assets
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
Average production assets, $m
  880
  900
  924
  950
  978
  1,010
  1,044
  1,082
  1,122
  1,165
  1,211
  1,260
  1,312
  1,368
  1,427
  1,489
  1,556
  1,626
  1,700
  1,778
  1,860
  1,947
  2,039
  2,135
  2,237
  2,344
  2,456
  2,575
  2,700
  2,831
Working capital, $m
  -202
  -207
  -212
  -218
  -225
  -232
  -240
  -248
  -258
  -267
  -278
  -289
  -301
  -314
  -328
  -342
  -357
  -373
  -390
  -408
  -427
  -447
  -468
  -490
  -514
  -538
  -564
  -591
  -620
  -650
Total debt, $m
  644
  665
  688
  714
  743
  775
  810
  847
  888
  931
  977
  1,027
  1,079
  1,135
  1,195
  1,258
  1,324
  1,395
  1,469
  1,548
  1,631
  1,719
  1,811
  1,908
  2,010
  2,118
  2,231
  2,351
  2,476
  2,608
Total liabilities, $m
  886
  907
  930
  956
  985
  1,017
  1,052
  1,089
  1,129
  1,173
  1,219
  1,269
  1,321
  1,377
  1,437
  1,500
  1,566
  1,637
  1,711
  1,790
  1,873
  1,960
  2,053
  2,150
  2,252
  2,360
  2,473
  2,593
  2,718
  2,850
Total equity, $m
  173
  177
  181
  186
  192
  198
  205
  212
  220
  228
  237
  247
  257
  268
  280
  292
  305
  319
  333
  349
  365
  382
  400
  419
  439
  460
  482
  505
  529
  555
Total liabilities and equity, $m
  1,059
  1,084
  1,111
  1,142
  1,177
  1,215
  1,257
  1,301
  1,349
  1,401
  1,456
  1,516
  1,578
  1,645
  1,717
  1,792
  1,871
  1,956
  2,044
  2,139
  2,238
  2,342
  2,453
  2,569
  2,691
  2,820
  2,955
  3,098
  3,247
  3,405
Debt-to-equity ratio
  3.730
  3.770
  3.800
  3.840
  3.870
  3.910
  3.950
  3.990
  4.040
  4.080
  4.120
  4.160
  4.190
  4.230
  4.270
  4.310
  4.340
  4.380
  4.410
  4.440
  4.470
  4.500
  4.530
  4.560
  4.580
  4.610
  4.630
  4.660
  4.680
  4.700
Adjusted equity ratio
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -112
  -113
  -113
  -112
  -110
  -108
  -105
  -101
  -96
  -91
  -5
  2
  7
  14
  21
  29
  38
  47
  58
  69
  81
  94
  108
  123
  139
  156
  175
  194
  216
  238
Depreciation, amort., depletion, $m
  167
  169
  172
  174
  177
  180
  184
  188
  192
  196
  121
  126
  131
  137
  143
  149
  156
  163
  170
  178
  186
  195
  204
  214
  224
  234
  246
  257
  270
  283
Funds from operations, $m
  55
  56
  59
  62
  67
  72
  79
  87
  95
  105
  116
  128
  139
  151
  164
  178
  194
  210
  228
  247
  267
  289
  312
  336
  363
  391
  420
  452
  485
  521
Change in working capital, $m
  -4
  -5
  -5
  -6
  -7
  -7
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -30
Cash from operations, $m
  59
  61
  64
  68
  73
  80
  87
  95
  105
  115
  127
  139
  151
  164
  178
  193
  209
  226
  245
  265
  286
  309
  333
  359
  386
  415
  446
  479
  514
  551
Maintenance CAPEX, $m
  -86
  -88
  -90
  -92
  -95
  -98
  -101
  -104
  -108
  -112
  -116
  -121
  -126
  -131
  -137
  -143
  -149
  -156
  -163
  -170
  -178
  -186
  -195
  -204
  -214
  -224
  -234
  -246
  -257
  -270
New CAPEX, $m
  -18
  -20
  -23
  -26
  -29
  -32
  -34
  -37
  -40
  -43
  -46
  -49
  -52
  -56
  -59
  -63
  -66
  -70
  -74
  -78
  -82
  -87
  -92
  -97
  -102
  -107
  -113
  -119
  -125
  -131
Cash from investing activities, $m
  -104
  -108
  -113
  -118
  -124
  -130
  -135
  -141
  -148
  -155
  -162
  -170
  -178
  -187
  -196
  -206
  -215
  -226
  -237
  -248
  -260
  -273
  -287
  -301
  -316
  -331
  -347
  -365
  -382
  -401
Free cash flow, $m
  -45
  -47
  -49
  -50
  -50
  -50
  -49
  -47
  -44
  -40
  -36
  -31
  -28
  -23
  -18
  -13
  -6
  1
  8
  17
  26
  36
  47
  58
  71
  85
  99
  115
  132
  150
Issuance/(repayment) of debt, $m
  18
  20
  23
  26
  29
  32
  35
  37
  40
  43
  46
  49
  53
  56
  59
  63
  67
  70
  74
  79
  83
  87
  92
  97
  102
  108
  113
  119
  126
  132
Issuance/(repurchase) of shares, $m
  115
  117
  118
  117
  116
  114
  112
  108
  104
  99
  14
  8
  3
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  133
  137
  141
  143
  145
  146
  147
  145
  144
  142
  60
  57
  56
  56
  59
  63
  67
  70
  74
  79
  83
  87
  92
  97
  102
  108
  113
  119
  126
  132
Total cash flow (excl. dividends), $m
  88
  90
  92
  93
  95
  96
  98
  99
  101
  102
  25
  26
  28
  33
  41
  50
  60
  71
  83
  95
  109
  123
  139
  155
  173
  192
  213
  234
  257
  282
Retained Cash Flow (-), $m
  -115
  -117
  -118
  -117
  -116
  -114
  -112
  -108
  -104
  -99
  -14
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  13
  13
  14
  14
  14
  15
  15
  16
  16
  17
  17
  18
  19
  20
  21
  21
  22
  23
  24
  26
  27
  28
  29
  31
  32
  34
  35
  37
  39
  41
Cash available for distribution, $m
  -27
  -27
  -26
  -24
  -21
  -18
  -14
  -9
  -3
  3
  11
  17
  18
  22
  30
  38
  47
  57
  68
  80
  93
  106
  121
  137
  153
  171
  191
  211
  233
  256
Discount rate, %
  9.40
  9.87
  10.36
  10.88
  11.43
  12.00
  12.60
  13.23
  13.89
  14.58
  15.31
  16.08
  16.88
  17.73
  18.61
  19.54
  20.52
  21.54
  22.62
  23.75
  24.94
  26.19
  27.50
  28.87
  30.32
  31.83
  33.42
  35.09
  36.85
  38.69
PV of cash for distribution, $m
  -25
  -22
  -19
  -16
  -12
  -9
  -6
  -3
  -1
  1
  2
  3
  2
  2
  2
  2
  2
  2
  1
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  80.0
  64.0
  51.3
  41.4
  33.7
  27.6
  22.8
  19.1
  16.2
  13.9
  13.5
  13.4
  13.3
  13.3
  13.3
  13.3
  13.3
  13.3
  13.3
  13.3
  13.3
  13.3
  13.3
  13.3
  13.3
  13.3
  13.3
  13.3
  13.3
  13.3

Depomed, Inc. is a specialty pharmaceutical company. The Company focuses on pain and other central nervous system (CNS) conditions. Its products include NUCYNTA ER (tapentadol extended release tablets), NUCYNTA IR (NUCYNTA) (tapentadol), Gralise (gabapentin), CAMBIA (diclofenac potassium for oral solution), Zipsor (diclofenac potassium) and Lazanda (fentanyl). Its NUCYNTA ER (tapentadol extended release tablets) is a product for the management of pain severe enough to require daily long term opioid treatment, including neuropathic pain associated with diabetic peripheral neuropathy in adults, and its NUCYNTA (tapentadol) is a product for the management of moderate to severe acute pain in adults. Its Gralise (gabapentin) is a once-daily product for the management of postherpetic neuralgia. Its CAMBIA (diclofenac potassium for oral solution) is a product for the acute treatment of migraine attacks.

FINANCIAL RATIOS  of  DepoMed (DEPO)

Valuation Ratios
P/E Ratio -5.1
Price to Sales 1
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 6.9
Price to Free Cash Flow 7.2
Growth Rates
Sales Growth Rate 32.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 50%
Cap. Spend. - 3 Yr. Gr. Rate 8.4%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 286.5%
Total Debt to Equity 286.5%
Interest Coverage 0
Management Effectiveness
Return On Assets 0.6%
Ret/ On Assets - 3 Yr. Avg. 5.8%
Return On Total Capital -8.5%
Ret/ On T. Cap. - 3 Yr. Avg. 6.2%
Return On Equity -31.4%
Return On Equity - 3 Yr. Avg. -0.4%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 80.7%
Gross Margin - 3 Yr. Avg. 85.7%
EBITDA Margin 25.2%
EBITDA Margin - 3 Yr. Avg. 27.9%
Operating Margin 4.2%
Oper. Margin - 3 Yr. Avg. 16.7%
Pre-Tax Margin -14.3%
Pre-Tax Margin - 3 Yr. Avg. 1.5%
Net Profit Margin -19.5%
Net Profit Margin - 3 Yr. Avg. -2.6%
Effective Tax Rate -36.9%
Eff/ Tax Rate - 3 Yr. Avg. 13.1%
Payout Ratio 0%

DEPO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DEPO stock intrinsic value calculation we used $381 million for the last fiscal year's total revenue generated by DepoMed. The default revenue input number comes from 2017 income statement of DepoMed. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our DEPO stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 9.4%, whose default value for DEPO is calculated based on our internal credit rating of DepoMed, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of DepoMed.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of DEPO stock the variable cost ratio is equal to 18.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $353 million in the base year in the intrinsic value calculation for DEPO stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 10.9% for DepoMed.

Corporate tax rate of 27% is the nominal tax rate for DepoMed. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the DEPO stock is equal to 3.4%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for DEPO are equal to 226.5%.

Life of production assets of 10 years is the average useful life of capital assets used in DepoMed operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for DEPO is equal to -52%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $170 million for DepoMed - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 63 million for DepoMed is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of DepoMed at the current share price and the inputted number of shares is $0.5 billion.

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COMPANY NEWS

▶ Depomed: 2Q Earnings Snapshot   [Aug-08-18 09:11AM  Associated Press]
▶ Depomed, Inc. to Host Earnings Call   [06:30AM  ACCESSWIRE]
▶ [$$] Depomed, Purdue Pharma Move to Resolve Patent Dispute   [Jul-09-18 06:50PM  The Wall Street Journal]
▶ Depomed Inc (NASDAQ:DEPO) Is Trading At A 26% Discount   [May-22-18 06:59PM  Simply Wall St.]
▶ Why Depomed Inc.'s Shares Soared 23.2% Higher   [May-10-18 05:40PM  Motley Fool]
▶ Depomed: 1Q Earnings Snapshot   [09:31AM  Associated Press]
▶ Depomed to Present at the UBS Global Healthcare Conference   [May-07-18 08:00AM  GlobeNewswire]
▶ When Will Depomed Inc (NASDAQ:DEPO) Become Profitable?   [Apr-03-18 01:19PM  Simply Wall St.]
▶ Depomed Announces New Corporate Headquarters   [08:00AM  GlobeNewswire]
▶ Should You Follow This Trend For Depomed Inc (NASDAQ:DEPO)?   [Mar-15-18 06:30PM  Simply Wall St.]
▶ This Biotech Flirts With Breakout Amid Battle With Opioid Makers   [Mar-08-18 04:48PM  Investor's Business Daily]
▶ Depomed to Present at Healthcare Conferences in March   [Mar-06-18 04:04PM  GlobeNewswire]
▶ Depomed reports 4Q loss   [Feb-27-18 04:53PM  Associated Press]
▶ Depomed, Inc. to Host Earnings Call   [01:00PM  ACCESSWIRE]
▶ Should You Buy Depomed Inc (NASDAQ:DEPO)?   [Feb-13-18 06:29PM  Simply Wall St.]
▶ Depomed to Present at Healthcare Conferences in February   [Feb-07-18 04:00PM  GlobeNewswire]
▶ Is Depomed Inc (NASDAQ:DEPO) A Financially Sound Company?   [Dec-21-17 07:35PM  Simply Wall St.]
▶ ETFs with exposure to Depomed, Inc. : December 7, 2017   [Dec-07-17 01:30PM  Capital Cube]
▶ Depomed Executes an Exit Strategy for Its Opioid Drug   [Dec-06-17 12:05PM  Motley Fool]
▶ How Two Drugmakers Rocketed On A Deal That Sees One Exit Opioid Sales   [Dec-05-17 02:29PM  Investor's Business Daily]
▶ ETFs with exposure to Depomed, Inc. : November 9, 2017   [Nov-09-17 12:33PM  Capital Cube]
▶ Depomed reports 3Q loss   [Nov-07-17 05:45PM  Associated Press]
▶ Do drugmakers stand to lose from opioid crackdown?   [Oct-26-17 02:02PM  CNBC Videos]
▶ Valeant: A ProblemOr Just More Noise?   [03:08PM  Barrons.com]
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