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    Roches Excel

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    Jaydeep Shete

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    Roches Excel

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    17 views4 pages

    Roches Excel

    Uploaded by

    Jaydeep Shete

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 4

    Copyright

    Roche's Acquisition of Genentech


    Harvard Business School Case 9-210-040
    Courseware 211-706

    This courseware was prepared solely as the basis for class discussion. Cases are not intended to
    serve as endorsements, sources of primary data, or illustrations of effective or ineffective
    management. Copyright © 2011 President and Fellows of Harvard College. No part of this product
    may be reproduced, stored in a retrieval system, used in a spreadsheet or transmitted in any form or
    by any means—electronic, mechanical, photocopying, recording or otherwise—without the permission
    of Harvard Business School.

    1
    Forecasted Financial Data and Ratios, adapted from case Exhibit 11

    LRP 2009 2010 2011 2012 2013 2014

    Forecast End 2018


    Terminal Growth 2.0%
    Tax Rate 35.0%
    Equity Compensation -
    Opt-In Rights -

    Net Sales 13,535 13,535 14,482 15,496 16,581 17,742 18,984


    % growth 7.0% 7.0% 7.0% 7.0% 7.0% 7.0%

    R&D (Incl Depreciation) 2,504 2,679 2,867 3,067 3,282 3,512


    % of sales 18.5% 18.5% 18.5% 18.5% 18.5% 18.5% 18.5%

    Other Costs (Incl Depreciation) 4,548 4,866 5,207 5,571 5,961 6,378
    % of sales 33.6% 33.6% 33.6% 33.6% 33.6% 33.6% 33.6%

    EBIT 6,483 6,937 7,423 7,942 8,498 9,093


    % of sales 47.9% 47.9% 47.9% 47.9% 47.9% 47.9%

    Depreciation 447 478 511 547 585 626


    % of sales 3.3% 3.3% 3.3% 3.3% 3.3% 3.3% 3.3%

    Capex 528 565 604 647 692 740


    % of sales 3.9% 3.9% 3.9% 3.9% 3.9% 3.9% 3.9%

    Working Capital Investment 176 188 201 216 231 247


    % of sales 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3%

    Equity Compensation 1,567 1,567 188 201 216 231 247


    % of sales 1.3% 1.3% 1.3% 1.3% 1.3% 1.3%

    Source: Adapted from Carliss Baldwin, Bo Becker, and Vincent Dessain, "Roche's Acquisition of Genentech",
    HBS no. 210-040 (Boston: Harvard Business Publishing, 2010), Exhibit 11, page 25.
    2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

    20,312 21,734 23,256 24,884 25,381 25,889 26,407 26,935 27,473 28,023
    7.0% 7.0% 7.0% 7.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%

    3,758 4,021 4,302 4,603 4,696 4,789 4,885 4,983 5,083 5,184
    18.5% 18.5% 18.5% 18.5% 18.5% 18.5% 18.5% 18.5% 18.5% 18.5%

    6,825 7,303 7,814 8,361 8,528 8,699 8,873 9,050 9,231 9,416
    33.6% 33.6% 33.6% 33.6% 33.6% 33.6% 33.6% 33.6% 33.6% 33.6%

    9,730 10,411 11,139 11,919 12,158 12,401 12,649 12,902 13,160 13,423
    47.9% 47.9% 47.9% 47.9% 47.9% 47.9% 47.9% 47.9% 47.9% 47.9%

    670 717 767 821 838 854 871 889 907 925
    3.3% 3.3% 3.3% 3.3% 3.3% 3.3% 3.3% 3.3% 3.3% 3.3%

    792 848 907 970 990 1,010 1,030 1,050 1,071 1,093
    3.9% 3.9% 3.9% 3.9% 3.9% 3.9% 3.9% 3.9% 3.9% 3.9%

    264 283 302 323 330 337 343 350 357 364
    1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3%

    264 283 302 323 330 337 343 350 357 364
    1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3%

    Genentech",
    LRP NFM 1
    2
    2,018 2,024 3
    2.0% 3.0% 4
    35.0% 30.7% 5
    - 11,420 6
    - 8,190 7
    8
    13,535 14,344 9
    7.0% 6.9% 10
    11
    12
    18.5% 19.9% 13
    14
    15
    33.6% 32.4% 16
    17
    18
    19
    20
    21
    3.3% 2.9% 22
    23
    24
    3.9% 3.1% 25
    26
    27
    1.3% 0.7% 28
    29
    1,567 - 30
    1.3% 0.0% 31

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