Pharmaceutical preparations company · DE · FY ends Dec · Revenue $607M · -19.35% margin · -$191M FCF
The business is unprofitable at the operating level (-19.35% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 14.9% YoY. The question is whether this is cyclical or a structural shift.
Negative free cash flow of -$191M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$607M
▼ -14.9% YoY
Net Income (TTM)
-$226M
▼ -324.0% YoY
Op. Margin
-19.35%
▲ +2.0pp YoY
ROIC
-5.24%
▲ +1.9pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$191M
▲ +8.5% YoY
Op. Cash Flow (TTM)
-$179M
▲ +2.7% YoY
Net Debt
$35M
Cash & Equiv.
$364M
5Y CAGR: -15.8%
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