A	B	C	D	E	F	G	H	I	J	K	L	M	N	O	P	Q	R	S	T	U	V	W	X	Y	Z	AA	AB	AC	AD	AE	AF	AG	AH	AI	AJ	AK	AL	AM	AN	AO	AP	AQ	AR	AS	AT	AU	AV	AW	AX	AY	AZ	BA	BB	BC	BD	BE	BF	BG	BH	BI	BJ	BK	BL	BM	BN	BO	BP	BQ	BR	BS	BT	BU	BV	BW	BX	BY	BZ	CA	CB	CC	CD	CE	CF	CG	CH	CI	CJ	CK	CL	CM	CN	CO	CP	CQ	CR	CS
1	Main
2			Q419	Q120	Q220	Q320	Q420	Q121	Q221	Q321	Q421	Q122	Q222	Q322	Q422	Q123	Q223	Q323	Q423				2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035
3		Adcetris	166.2	164.1	167.5	163.3	163.7	162.55	181.9	184.8	176.3	181	201.9	219.089	193.93000000000004	199.10000000000002	222.09000000000003	240.99790000000002	213.32300000000006				226.052	265.766	307.562	476.903	627.733	658.6	705.55	795.9190000000001	875.5109000000002	901.7762270000003	928.8295138100003	956.6943992243004	985.3952312010294	1014.9570881370604	1045.4058007811723	1076.7679748046075
4		Padcev	0.2	34.5	57.2	61.8	69	69.75	82.4	95	92.7	100.2	123.6	105	101.97000000000001	110.22000000000001	135.96	115.50000000000001	112.16700000000003				0	0	0	0	0.244	222.5	339.85	430.77000000000004	473.84700000000004	568.6164	682.3396799999999	784.6906319999998	863.1596951999999	889.0544860559999	915.7261206376799	943.1979042568103
5		Tukysa	0	0	15.8	42.4	61.4	70.3	83	86.6	94.1	90.5	89	88	95.041	91.405	89.89	88.88	95.99141				0	0	0	0	0	119.6	334	362.541	366.16641000000004	384.4747305000001	403.6984670250001	423.88339037625013	445.0775598950627	467.33143788981585	490.69800978430663	515.232910273522
6		Tivdak	0	0	0	0	0	0	0	0.1	6.1	11.4	17.2	16	21	26	31	36	41				0	0	0	0	0	0	6.199999999999999	65.6	134	201	301.5	361.8	434.16	455.86800000000005	478.66140000000007	502.5944700000001
7		Royalty	72.273	20.36	31.235	0	39.2	27.2	36.296	41.028	46	28.2	39.1	43.904	50.6	31.020000000000003	43.010000000000005	48.29440000000001	55.660000000000004				40.98	67.455	66.056	83.44	138.491	90.795	150.524	161.804	177.98440000000002	183.323932	188.82364996	194.4883594588	200.323010242564	206.33270054984092	212.52268156633616	218.89836201332625
8		Collab	51.1	15.6	6.3	0	267.9	2.2	4.8	16.6	14.7	15.2	26.7	38.307	38.307	38.307	38.307	38.307	38.307				69.77	84.926	108.632	94.357	150.245	0	0	76.614	153.228	0	0	0	0	0	0	0
9		Revenue	238.67299999999997	218.95999999999998	271.735	267.5	333.29999999999995	329.8	383.596	407.528	415.20000000000005	411.29999999999995	470.8	510.3	500.84800000000007	496.052	560.2570000000001	567.9793000000001	556.4484100000001				336.80199999999996	418.147	482.25	654.7	916.713	1091.4950000000001	1536.1240000000003	1893.248	2180.73671	2239.1912895000005	2505.1913107950004	2721.5567810593507	2928.115496538656	3033.543712632717	3143.014012769495	3256.691621348266
10		COGS	11.928	29.421	48.244	61.8	61.8	64.135	78.09	82.65	86.7	87.626	106.1	108.122	105.17808000000002	104.17091999999997	117.65397000000002	119.27565299999998	116.85416609999999						54.118	88.29299999999999	43.952	201.265	311.57500000000005	407.02608000000004	457.95470909999995	447.8382578999999	501.03826215899994	544.3113562118701	585.6230993077311	606.7087425265431	628.602802553899	651.3383242696532
11		Gross Profit	226.74499999999998	189.539	223.491	205.7	271.49999999999994	265.665	305.506	324.87800000000004	328.50000000000006	323.674	364.70000000000005	402.178	395.66992000000005	391.88108000000005	442.60303000000005	448.7036470000001	439.5942439000001				336.80199999999996	418.147	428.132	566.407	872.761	890.2300000000001	1224.5490000000002	1486.22192	1722.7820009000002	1791.3530316000006	2004.1530486360004	2177.2454248474805	2342.492397230925	2426.834970106174	2514.411210215596	2605.3532970786127
12		R&D	201.061	195.199	198.077	217.67	216.184	230.426	234.861	459.092	304.3	297.659	304.254	384.605											456.7	565.309	719.374	827.13	1228.6789999999999	986.518
13		SG&A	115.229	122.249	125.642	127.579	158.365	159.842	165.13	180.281	210.9	174.225	220.259	210.378	221.44500000000002	182.93625	231.27195	220.8969	232.51725000000002						167.233	261.096	373.932	533.835	716.153	826.307	400	412	424.36	437.0908	450.203524	463.70962972	477.6209186116	491.949546169948
14		OpEx	316.29	317.448	323.719	345.24899999999997	374.549	390.26800000000003	399.991	639.373	515.2	471.884	524.513	594.983	221.44500000000002	182.93625	231.27195	220.8969	232.51725000000002				0	0	623.933	826.405	1093.306	1360.9650000000001	1944.8319999999999	1812.825	400	412	424.36	437.0908	450.203524	463.70962972	477.6209186116	491.949546169948
15		OpInc	-89.54500000000004	-127.90899999999999	-100.22799999999998	-139.54899999999998	-103.04900000000004	-124.60300000000001	-94.48500000000001	-314.495	-186.7	-148.21000000000004	-159.813	-192.80499999999995	174.22492000000003	208.94483000000005	211.33108000000004	227.80674700000012	207.07699390000008				336.80199999999996	418.147	-195.801	-259.99799999999993	-220.54500000000007	-470.735	-720.2829999999997	-326.6030800000001	1322.7820009000002	1379.3530316000006	1579.7930486360005	1740.1546248474806	1892.2888732309248	1963.1253403861738	2036.790291603996	2113.4037509086647
16		Interest	64.244	-56.047	72.775	1.223	0.898	1	5.027	5.228	-4.9	-2.19	-1.609	4.278											36.914	13.652	61.895	18.849000000000007	6.354999999999999	0.47899999999999965	58.13780760000001	91.27988300400001	126.57507295449604	167.52790787266795	213.31228865795154	263.8467165432846	317.29404590959155	373.7920700099176
17		Pretax Income	-25.301000000000045	-183.956	-27.452999999999975	-138.32599999999996	-102.15100000000004	-123.60300000000001	-89.45800000000001	-309.267	-191.6	-150.40000000000003	-161.422	-188.52699999999996	174.22492000000003	208.94483000000005	211.33108000000004	227.80674700000012	207.07699390000008				336.80199999999996	418.147	-158.887	-246.34599999999995	-158.65000000000006	-451.886	-713.9279999999997	-326.1240800000001	1380.9198085000003	1470.6329146040007	1706.3681215904967	1907.6825327201486	2105.6011618888765	2226.972056929458	2354.0843375135873	2487.1958209185823
18		Taxes	0	0	0	3.242	-1.211	0	0	1.112	-2.345	1.254	0.107	2.289											-33.357	-23.653	0	2.0309999999999997	-1.233	3.6500000000000004	276.18396170000005	294.12658292080016	341.27362431809934	381.53650654402975	421.1202323777753	445.39441138589166	470.8168675027175	497.43916418371646
19		Net Income	-25.301000000000045	-183.956	-27.452999999999975	-141.56799999999996	-100.94000000000004	-123.60300000000001	-89.45800000000001	-310.379	-189.255	-151.65400000000002	-161.529	-190.81599999999995	174.22492000000003	208.94483000000005	211.33108000000004	227.80674700000012	207.07699390000008				336.80199999999996	418.147	-125.53	-222.69299999999996	-158.65000000000006	-453.91700000000003	-712.6949999999997	-329.7740800000001	1104.7358468000002	1176.5063316832006	1365.0944972723973	1526.146026176119	1684.4809295111013	1781.5776455435666	1883.2674700108698	1989.7566567348658	1969.8590901675173	1950.160499265842	1930.6588942731835	1911.3523053304516	1892.238782277147	1873.3163944543755	1854.5832305098318	1836.0373982047333	1817.677024222686	1799.500253980459	1781.5052514406545	1763.690198926248	1746.0532969369856	1728.5927639676156	1711.3068363279394	1694.19376796466	1677.2518302850135	1660.4793119821634	1643.8745188623418	1627.4357736737184	1611.1614159369813	1595.0498017776115	1579.0993037598353	1563.308310722237	1547.6752276150146	1532.1984753388645	1516.8764905854757	1501.707725679621	1486.6906484228248	1471.8237419385964	1457.1055045192104	1442.5344494740182	1428.109104979278	1413.8280139294852	1399.6897337901903	1385.6928364522885	1371.8359080877656	1358.1175490068879	1344.536373516819	1331.0910097816507	1317.7800996838341	1304.6022986869957	1291.5562757001258	1278.6407129431245	1265.8543058136934	1253.1957627555564	1240.6638051280008	1228.2571670767209	1215.9745954059536	1203.814849451894	1191.776700957375	1179.8589339478012	1168.0603446083232	1156.37974116224	1144.8159437506176	1133.3677843131115	1122.0341064699803	1110.8137654052805	1099.7056277512277
20		EPS	-0.14174150284872378	-1.067339715694807	-0.15831632123455922	-0.7783721965944014	-0.5425714900021503	-0.6823240408501242	-0.49253419076353877	-1.7025446646517064	-1.0336437368579152	-0.8257907834051198	-0.8771837410736104	-1.032598813801463	0.9428163556863934	1.1307027901640767	1.1436159574007534	1.2327738592579771	1.1205950143945629				2.607149492197176	2.9709334545919597	-0.8767653344881053	-1.4125336969966062	-0.9586218564574803	-2.5441175440292683	-3.91496011953154	-1.7889059584255524	5.992795245844725	6.38212435274921	7.405147426943091	8.278794135833653	9.137704126584543	9.664418942539852	10.21604972231735	10.79371531883254
21		Shares	178.501	172.35	173.406	181.877	186.04	181.15	181.628	182.303	183.095	183.647	184.145	184.792	184.792	184.792	184.792	184.792	184.792				129.184	140.746	143.174	157.655	165.498	178.41825	182.044	184.34400000000002	184.34400000000002	184.34400000000002	184.34400000000002	184.34400000000002	184.34400000000002	184.34400000000002	184.34400000000002	184.34400000000002
22
23		Revenue y/y					0.39647132268836427	0.5062111801242237	0.41165473715200473	0.5234691588785048	0.2457245724572461	0.24711946634323811	0.2273329231795953	0.2521838990204355	0.20628131021194607	0.20605883783126688	0.19001062022090065	0.11303017832647466	0.11101254272753414					0.24152172493037471	0.15330254671204147	0.3575946086054951	0.40020314647930344	0.19066163564823468	0.4073577982491905	0.23248383594032762	0.15184947244101155	0.026804968812580876	0.11879289748148159	0.08636684525130689	0.07589726472614822	0.03600548414797444	0.036086607119226954	0.03616834290808746		Discount	0.08
24		Adcetris y/y					-0.015042117930204602	-0.009445460085313773	0.08597014925373148	0.13165952235150025	0.07697006719609045	0.11350353737311591	0.10995052226498081	0.18554653679653677	0.10000000000000009	0.10000000000000009	0.10000000000000009	0.10000000000000009	0.10000000000000009					0.17568524056411805	0.15726616647727698	0.5505914254686859	0.3162697655498077	0.049172179891769474	0.0712875797145458	0.1280830557720929	0.10000000000000009	0.030000000000000027	0.030000000000000027	0.030000000000000027	0.030000000000000027	0.030000000000000027	0.030000000000000027	0.030000000000000027		Maturity	-0.01
25		Gross Margin	0.9500236725561751	0.8656329923273658	0.822459381382597	0.7689719626168224	0.8145814581458145	0.8055336567616738	0.7964264486595272	0.7971918493943975	0.7911849710982659	0.7869535618769755	0.7746389124893799	0.7881207133058985	0.79	0.79	0.79	0.79	0.79				1	1	0.8877801969932607	0.8651397586680922	0.9520547870489455	0.8156061182140093	0.7971680671612448	0.7850117470083158	0.79	0.8	0.8	0.8	0.8	0.8	0.8	0.8		ROIC	0.03
26																																								NPV	22199.019174395693
27		Cash											1850	1763.7020000000002	1937.9269200000003	2146.8717500000002	2358.20283	2586.0095770000003	2793.0865709000004											1937.9269200000003	3042.6627668000006	4219.169098483201	5584.2635957555985	7110.409621931718	8794.890551442819	10576.468196986385	12459.735666997254	14449.49232373212			119.56497461195261
28		A/R												486.755
29		Inventories												364.97
30		Prepaids												144.192
31		PP&E												230.302
32		Lease												49.308
33		Goodwill												518.0029999999999
34		ONCA												61.846
35		Assets												3619.078000000001
36
37		AP												144.499
38		AL												581.499
39		Leases												46.703
40		OLTL												24.566
41		S/E												2821.811
42		L+SE												3619.0780000000004
43
44		Headcount																									1605