Intrinsic value of Medicines - MDCO

Previous Close

$20.75

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$20.75

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

We calculate the intrinsic value of MDCO 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 0001), $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 1.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

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
  46
  47
  48
  49
  51
  52
  54
  56
  58
  60
  63
  65
  68
  71
  74
  77
  81
  84
  88
  92
  97
  101
  106
  111
  116
  122
  127
  134
  140
  147
Variable operating expenses, $m
  116
  119
  121
  124
  127
  131
  134
  138
  143
  148
  132
  138
  144
  150
  156
  163
  170
  178
  186
  195
  204
  213
  223
  234
  245
  256
  269
  282
  295
  310
Fixed operating expenses, $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 operating expenses, $m
  116
  119
  121
  124
  127
  131
  134
  138
  143
  148
  132
  138
  144
  150
  156
  163
  170
  178
  186
  195
  204
  213
  223
  234
  245
  256
  269
  282
  295
  310
Operating income, $m
  -71
  -72
  -73
  -75
  -76
  -78
  -80
  -82
  -85
  -87
  -70
  -72
  -75
  -79
  -82
  -86
  -89
  -93
  -98
  -102
  -107
  -112
  -117
  -123
  -129
  -135
  -141
  -148
  -155
  -163
EBITDA, $m
  -39
  -40
  -41
  -42
  -43
  -44
  -46
  -48
  -49
  -51
  -53
  -55
  -58
  -60
  -63
  -66
  -68
  -72
  -75
  -78
  -82
  -86
  -90
  -94
  -98
  -103
  -108
  -113
  -119
  -125
Interest expense (income), $m
  12
  47
  43
  45
  46
  48
  50
  52
  54
  56
  59
  62
  65
  68
  72
  75
  79
  83
  87
  92
  97
  102
  107
  113
  119
  125
  132
  139
  147
  154
  163
Earnings before tax, $m
  -118
  -115
  -118
  -121
  -124
  -128
  -132
  -136
  -141
  -146
  -132
  -137
  -144
  -150
  -157
  -165
  -173
  -181
  -190
  -199
  -209
  -219
  -230
  -242
  -254
  -267
  -280
  -295
  -310
  -325
Tax expense, $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
Net income, $m
  -118
  -115
  -118
  -121
  -124
  -128
  -132
  -136
  -141
  -146
  -132
  -137
  -144
  -150
  -157
  -165
  -173
  -181
  -190
  -199
  -209
  -219
  -230
  -242
  -254
  -267
  -280
  -295
  -310
  -325

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
  879
  899
  922
  948
  977
  1,008
  1,042
  1,080
  1,120
  1,163
  1,209
  1,258
  1,310
  1,365
  1,424
  1,487
  1,553
  1,623
  1,696
  1,774
  1,857
  1,943
  2,035
  2,131
  2,232
  2,339
  2,452
  2,570
  2,694
  2,825
Adjusted assets (=assets-cash), $m
  879
  899
  922
  948
  977
  1,008
  1,042
  1,080
  1,120
  1,163
  1,209
  1,258
  1,310
  1,365
  1,424
  1,487
  1,553
  1,623
  1,696
  1,774
  1,857
  1,943
  2,035
  2,131
  2,232
  2,339
  2,452
  2,570
  2,694
  2,825
Revenue / Adjusted assets
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
Average production assets, $m
  192
  196
  201
  207
  213
  220
  227
  235
  244
  253
  263
  274
  286
  298
  311
  324
  339
  354
  370
  387
  405
  424
  444
  465
  487
  510
  535
  560
  587
  616
Working capital, $m
  23
  23
  24
  25
  25
  26
  27
  28
  29
  30
  31
  33
  34
  35
  37
  39
  40
  42
  44
  46
  48
  51
  53
  55
  58
  61
  64
  67
  70
  73
Total debt, $m
  592
  610
  631
  654
  680
  708
  739
  773
  809
  847
  889
  933
  980
  1,030
  1,083
  1,139
  1,199
  1,261
  1,328
  1,398
  1,472
  1,550
  1,632
  1,719
  1,810
  1,906
  2,008
  2,114
  2,226
  2,344
Total liabilities, $m
  791
  809
  830
  853
  879
  907
  938
  972
  1,008
  1,046
  1,088
  1,132
  1,179
  1,229
  1,282
  1,338
  1,397
  1,460
  1,527
  1,597
  1,671
  1,749
  1,831
  1,918
  2,009
  2,105
  2,207
  2,313
  2,425
  2,543
Total equity, $m
  88
  90
  92
  95
  98
  101
  104
  108
  112
  116
  121
  126
  131
  137
  142
  149
  155
  162
  170
  177
  186
  194
  203
  213
  223
  234
  245
  257
  269
  283
Total liabilities and equity, $m
  879
  899
  922
  948
  977
  1,008
  1,042
  1,080
  1,120
  1,162
  1,209
  1,258
  1,310
  1,366
  1,424
  1,487
  1,552
  1,622
  1,697
  1,774
  1,857
  1,943
  2,034
  2,131
  2,232
  2,339
  2,452
  2,570
  2,694
  2,826
Debt-to-equity ratio
  6.740
  6.790
  6.840
  6.900
  6.960
  7.030
  7.090
  7.160
  7.220
  7.290
  7.350
  7.420
  7.480
  7.540
  7.600
  7.660
  7.720
  7.770
  7.830
  7.880
  7.930
  7.980
  8.020
  8.070
  8.110
  8.150
  8.190
  8.230
  8.260
  8.300
Adjusted equity ratio
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -118
  -115
  -118
  -121
  -124
  -128
  -132
  -136
  -141
  -146
  -132
  -137
  -144
  -150
  -157
  -165
  -173
  -181
  -190
  -199
  -209
  -219
  -230
  -242
  -254
  -267
  -280
  -295
  -310
  -325
Depreciation, amort., depletion, $m
  32
  32
  33
  33
  33
  34
  34
  35
  35
  36
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  26
  28
  29
  30
  32
  33
  35
  36
  38
Funds from operations, $m
  -86
  -83
  -85
  -88
  -91
  -94
  -98
  -102
  -106
  -110
  -115
  -120
  -126
  -132
  -138
  -145
  -152
  -159
  -167
  -175
  -184
  -193
  -203
  -213
  -224
  -235
  -247
  -260
  -273
  -287
Change in working capital, $m
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
Cash from operations, $m
  -87
  -83
  -86
  -89
  -92
  -95
  -99
  -103
  -107
  -111
  -116
  -122
  -127
  -133
  -139
  -146
  -153
  -161
  -169
  -177
  -186
  -195
  -205
  -216
  -227
  -238
  -250
  -263
  -276
  -290
Maintenance CAPEX, $m
  -12
  -12
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -32
  -33
  -35
  -36
New CAPEX, $m
  -3
  -4
  -5
  -6
  -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
Cash from investing activities, $m
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -24
  -24
  -26
  -27
  -28
  -30
  -31
  -33
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -49
  -51
  -53
  -57
  -59
  -62
  -65
Free cash flow, $m
  -101
  -100
  -103
  -107
  -111
  -115
  -120
  -125
  -130
  -136
  -142
  -149
  -156
  -163
  -171
  -179
  -188
  -197
  -207
  -217
  -228
  -239
  -251
  -264
  -278
  -292
  -306
  -322
  -338
  -356
Issuance/(repayment) of debt, $m
  -57
  18
  21
  23
  26
  28
  31
  33
  36
  39
  41
  44
  47
  50
  53
  56
  59
  63
  66
  70
  74
  78
  82
  87
  91
  96
  101
  106
  112
  118
Issuance/(repurchase) of shares, $m
  181
  117
  120
  123
  127
  131
  135
  140
  145
  150
  136
  142
  149
  156
  163
  171
  179
  188
  197
  207
  217
  228
  240
  252
  264
  278
  292
  306
  322
  338
Cash from financing (excl. dividends), $m  
  124
  135
  141
  146
  153
  159
  166
  173
  181
  189
  177
  186
  196
  206
  216
  227
  238
  251
  263
  277
  291
  306
  322
  339
  355
  374
  393
  412
  434
  456
Total cash flow (excl. dividends), $m
  22
  36
  38
  40
  42
  44
  46
  49
  51
  53
  35
  38
  40
  43
  45
  48
  51
  54
  57
  60
  63
  67
  70
  74
  78
  82
  87
  91
  96
  101
Retained Cash Flow (-), $m
  -181
  -117
  -120
  -123
  -127
  -131
  -135
  -140
  -145
  -150
  -136
  -142
  -149
  -156
  -163
  -171
  -179
  -188
  -197
  -207
  -217
  -228
  -240
  -252
  -264
  -278
  -292
  -306
  -322
  -338
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
  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 available for distribution, $m
  -159
  -81
  -82
  -83
  -85
  -87
  -89
  -91
  -94
  -97
  -101
  -105
  -109
  -113
  -118
  -123
  -128
  -134
  -140
  -147
  -154
  -161
  -169
  -177
  -186
  -195
  -205
  -215
  -226
  -238
Discount rate, %
  12.10
  12.71
  13.34
  14.01
  14.71
  15.44
  16.22
  17.03
  17.88
  18.77
  19.71
  20.70
  21.73
  22.82
  23.96
  25.16
  26.41
  27.73
  29.12
  30.58
  32.10
  33.71
  35.40
  37.17
  39.02
  40.97
  43.02
  45.17
  47.43
  49.81
PV of cash for distribution, $m
  -141
  -64
  -56
  -49
  -43
  -37
  -31
  -26
  -21
  -17
  -14
  -11
  -8
  -6
  -5
  -3
  -2
  -2
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  57.9
  51.1
  45.1
  39.8
  35.1
  30.9
  27.3
  24.0
  21.2
  18.7
  16.7
  15.0
  13.4
  12.0
  10.7
  9.5
  8.5
  7.6
  6.8
  6.0
  5.4
  4.8
  4.3
  3.8
  3.4
  3.0
  2.7
  2.4
  2.1
  1.9

The Medicines Company is a global biopharmaceutical company. The Company is focused on advancing the treatment of acute and intensive care patients through the delivery of medicines to the hospital marketplace around the world. It markets Angiomax (bivalirudin), Ionsys (fentanyl iontophoretic transdermal system), Minocin (minocycline) for injection and Orbactiv (oritavancin). It also has a pipeline of products in development, including Carbavance, inclisiran and MDCO-700. Carbavance is used for the treatment of hospitalized patients with gram-negative bacterial infections. Inclisiran is used for the treatment of hypercholesterolemia. MDCO-700 includes sedative-hypnotic, which is used to induce and maintain sedation for procedural care and general anesthesia for surgical care. In addition to these products and products in development, it has a portfolio of generic drugs.

FINANCIAL RATIOS  of  Medicines (MDCO)

Valuation Ratios
P/E Ratio -12.4
Price to Sales 8.8
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow -4.6
Price to Free Cash Flow -4.4
Growth Rates
Sales Growth Rate -45.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -89.6%
Cap. Spend. - 3 Yr. Gr. Rate -3%
Financial Strength
Quick Ratio 10
Current Ratio 0
LT Debt to Equity 95.3%
Total Debt to Equity 103.5%
Interest Coverage -9
Management Effectiveness
Return On Assets -6.1%
Ret/ On Assets - 3 Yr. Avg. -8.9%
Return On Total Capital -9%
Ret/ On T. Cap. - 3 Yr. Avg. -13.4%
Return On Equity -17%
Return On Equity - 3 Yr. Avg. -20.9%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 57.1%
Gross Margin - 3 Yr. Avg. 61%
EBITDA Margin -45.2%
EBITDA Margin - 3 Yr. Avg. -35.7%
Operating Margin -218.5%
Oper. Margin - 3 Yr. Avg. -102.1%
Pre-Tax Margin -70.8%
Pre-Tax Margin - 3 Yr. Avg. -50.9%
Net Profit Margin -70.8%
Net Profit Margin - 3 Yr. Avg. -63.3%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 37.3%
Payout Ratio 0%

MDCO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MDCO stock intrinsic value calculation we used $44.789 million for the last fiscal year's total revenue generated by Medicines. The default revenue input number comes from 0001 income statement of Medicines. 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 MDCO 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 12.1%, whose default value for MDCO is calculated based on our internal credit rating of Medicines, 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 Medicines.
    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 MDCO stock the variable cost ratio is equal to 255.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for MDCO 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 7.3% for Medicines.

Corporate tax rate of 27% is the nominal tax rate for Medicines. 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 MDCO stock is equal to 0%.

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 MDCO are equal to 419.3%.

Life of production assets of 16.1 years is the average useful life of capital assets used in Medicines 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 MDCO is equal to 50%. 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 - $24.914 million for Medicines - 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 73.611 million for Medicines 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 Medicines at the current share price and the inputted number of shares is $1.5 billion.

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COMPANY NEWS

▶ [$$] Business horrified by UK political turmoil over Brexit   [Nov-14-18 11:36PM  Financial Times]
▶ Company Profile for The Medicines Company   [Nov-09-18 10:15AM  Business Wire]
▶ Medicines Co.: 3Q Earnings Snapshot   [08:13AM  Associated Press]
▶ [$$] UK drugmaker ITH Pharma charged after baby deaths   [Oct-30-18 10:34PM  Financial Times]
▶ [$$] Budget 2018: The chancellors speech   [Oct-29-18 05:39AM  Financial Times]
▶ [$$] Medicines Co. Spinout Qpex Biopharma Raises $33 Million Series A   [Oct-22-18 04:26PM  The Wall Street Journal]
▶ [$$] Brexit fears ease over supplies of UK drugs to Europe   [Sep-24-18 02:28AM  Financial Times]
▶ 5 Stocks With Low Price-Sales Ratios   [Sep-06-18 05:34PM  GuruFocus.com]
▶ [$$] Opinion today: Africas demographic destiny   [Aug-17-18 01:00AM  Financial Times]
▶ [$$] FT Health: Vaping debate heats up   [Aug-16-18 10:09PM  Financial Times]
▶ Medicines Co.: 2Q Earnings Snapshot   [08:08AM  Associated Press]
▶ Medicines Co. reports Q2 loss   [07:18AM  MarketWatch]
▶ Medicines Company to Host Earnings Call   [06:30AM  ACCESSWIRE]
▶ [$$] Europes development bank set to stick with London   [Jul-28-18 10:40PM  Financial Times]
▶ 5 Favorite Biotech Bets   [Jul-20-18 06:00AM  Investopedia]
▶ Delivering Alpha 2018: Everything You Need To Know   [Jul-19-18 08:48AM  Benzinga]
▶ [$$] Supply of 100 UK medicines to be disrupted, warns EMA   [Jul-11-18 05:08AM  Financial Times]
▶ [$$] UK ratifies European patent court agreement   [Apr-25-18 11:31PM  Financial Times]
▶ Medicines Co.: 1Q Earnings Snapshot   [07:16AM  Associated Press]
▶ Medicines Company to Host Earnings Call   [06:30AM  ACCESSWIRE]
▶ [$$] How to manage a Brexit-enforced move   [Mar-24-18 10:00PM  Financial Times]
▶ [$$] FT Health: Time for action on tuberculosis   [08:56AM  Financial Times]
▶ [$$] Brexit and the NHS dividend   [Mar-13-18 10:06PM  Financial Times]
▶ How A Strong Trial From Regeneron Pharma Could Help These Rivals   [Mar-12-18 04:53PM  Investor's Business Daily]
▶ [$$] EU rejects UKs plans for post-Brexit trade relationship   [Mar-07-18 06:06AM  Financial Times]
▶ [$$] Can Britain stick with the EU regulators?   [Mar-05-18 08:26PM  Financial Times]
▶ Four Stocks Move Thursday   [Mar-01-18 03:25PM  GuruFocus.com]
▶ A Six-Pack of Biotech Bets   [06:00AM  Investopedia]
▶ Medicines Co. reports 4Q loss   [Feb-21-18 07:21AM  Associated Press]
▶ Medicines Company to Host Earnings Call   [06:30AM  ACCESSWIRE]
▶ Alnylam Pharmaceuticals Starts the Wait for Approval   [Feb-12-18 03:37PM  Motley Fool]
▶ 3 Top Cholesterol Drug Stocks to Consider Buying Now   [Feb-06-18 09:04AM  Motley Fool]
▶ 3 Biotech Stocks That Soared This Week: Are They Buys?   [Jan-27-18 10:32AM  Motley Fool]

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