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- Other Notable Transactions - Exclusive License for PNT2002 & PNT2003 - PNT2003, for more information on the litigation. For the years ended December 31, 2025, 2024 and 2023, we invested $177.3 million, $168.1 million and $77.7 million in research and development ( R&D ), respectively, primarily related to our clinical development candidates.
$84.11
$0.22 (-0.26%)
Price from 37 days ago
20.16% operating margin is above average. ROIC at 13.46%.
Revenue growth slowed to 0.5%, essentially flat. Margins also contracted 9.6pp. This is a business that needs a catalyst.
Free cash flow declined 28% versus the prior year, cash generation momentum has weakened. ROIC dropped from 21.51% to 13.46%, capital efficiency is deteriorating.
20.1x earnings, 14.7x FCF. Valuation is in a reasonable range. The main question is whether the business can re-accelerate or if current trajectory is already priced in.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$1.55B
▲ +0.5% YoY
Net Income (TTM)
$279M
▼ -25.2% YoY
Op. Margin
18.76%
▼ -9.6pp YoY
ROIC
11.05%
▼ -8.0pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$377M
▼ -28.2% YoY
Op. Cash Flow (TTM)
$408M
▼ -28.4% YoY
Net Debt
$129M
Cash & Equiv.
$499M
5Y CAGR: +35.3%
5Y CAGR: +84.9%
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