ADR research

SymBio Pharmaceuticals

Business update

With experience comes confidence

Pharma & biotech
23 March 2016

Three steps forward, one step back. With the December filing of three
supplemental NDAs for Treakisym, SymBio is demonstrating it is willing tomove ahead with its strategic plans despite Astellas’s decision to withdraw
its long-delayed EU application for Treakisym in first-line iNHL. Separately,

Price

$1.81

Market cap$59m

Baxalta announced on 3 March that it would discontinue its development
and licensing agreement with Onconova for rigosertib as of August.
Onconova is in discussions with Baxalta; however, it is not clear whether
Baxalta will help Onconova obtain alternate funding to complete the trial.
Issues with SymBio’s partners may have an impact on the timeframes forboth rigosertib and the Treakisym label expansion approvals.

Net cash ($m) at December 2015

Revenue
($m)

PTP
($m)

EPADR
($)

DPADR
($)

P/E
(x)

Gross Yield
(%)

12/14

16.2

(9.2)

(0.30)

0.0

N/A

N/A

12/15

16.0

(21.8)(0.67)

0.0

N/A

N/A

12/16e16.1(22.6)(0.70)

0.0

N/A

N/A

12/17e18.9(27.5)(0.85)

0.0

N/A

N/A

Year end

Note: Converted at ¥121/US$. Dividend yield excludes withholding tax. Investors should
consult their tax advisor regarding the application of any domestic and foreign tax laws.

Files label expansion sNDAs for Treakisym
In December, SymBio filed three supplemental NDAs in Japan for Treakisym totreat first-line iNHL/MCL, CLL and for a 25mg vial dosage strength. SymBio has
generally waited to file for approval in Japan once an indication has been received
from both US and EU regulators. However, Astellas withdrew its application for firstline NHL/MCL approval in the EU in January 2016 following numerous delays in theapproval, which was initially expected in late 2014/early 2015. SymBio’s decision toprogress in Japan independently of Astellas’s decision highlights SymBio’s
confidence in approval for these new indications and perhaps substantiates
Astellas’s assertion that it withdrew due to technicalities in the EU approval
process. Upside sales from additional indications for Treakisym account for 12% of
our risk-adjusted valuation for SymBio.

Potential funding setback for rigosertib
On 3 March, Baxalta announced it would no longer seek to develop and licenserigosertib with Onconova, citing changes in its development priorities. Onconova
recently began to enrol patients in its Phase III INSPIRE trial and SymBio had
agreed to contribute 25-30 patients to the trial along with the related costs. If
Onconova is unable to negotiate funding to complete the trial, we believe this would
reduce the likelihood that SymBio will be able to get rigosertib approved in Japan.
We are reducing our risk-adjusted probability of success for IV rigosertib from 60%
to 50% as a result of this announcement.

Valuation: Risk-adjusted NPV of $4.91/share
Our rNPV includes ¥4,261m ($35m) cash, Treakisym, IONSYS and our lowered
possibility for IV rigosertib. SymBio will require funding during 2017 and we assume
a total funding requirement of ¥6.6bn from 2017-18.

ADR/Ord conversion ratio 1:1
35.2

ADRs in issue

32.4m

ADR Code

SYMQY

ADR exchange

OTC

Underlying exchangeTokyo

Depository

BNY

Business description
SymBio Pharmaceuticals is a Japanese specialty
pharma company with a focus on oncology,
haematology and pain management. Treakisym
was in-licensed from Astellas in 2005. Rigosertib
was in-licensed from Onconova and IONSYS wasin-licensed from The Medicines Company.

Next events
March results

May 2016

IONSYS Phase III trial start

H216

Analysts
Beth Senko
Christian Glennie+1 646 653 7026
+44 (0)20 3077 5727

healthcare@edisongroup.com
Edison profile page

SymBio Pharmaceuticals is a
research client of Edison
Investment Research LimitedUpdate: Pushing ahead as partners face challenges
SymBio was established in 2005 with the aim of becoming a specialty pharma company focused on
addressing high unmet medical needs in Asia-Pacific. SymBio’s primary strategy is to in-license
assets with proof-of-concept (Phase II) data for development and commercialization in Asia-Pacific,
removing the need for investment in early-stage R&D. As the company grows, management has
indicated it may consider assets that are in earlier stages of development, particularly if it is able toacquire global marketing rights. While SymBio currently out-licenses sales and distribution of its
lead asset Treakisym, the company plans to market rigosertib, IONSYS and any new in-licensed
product by building out its own commercial infrastructure. In-licensing additional assets will becentral to driving future operating leverage.
SymBio was very active in the last quarter of 2015. After contending with regulatory and clinicaldevelopment delays for new indications for Treakisym and initial approval for rigosertib and aheated market for identifying attractive in-licensing candidates for most of 2015, SymBio in-licensed
a new product (IONSYS), filed three supplemental NDAs for Treakisym in iNHL/MCL, CLL alongwith a new 25mg vial dose, and began recruiting patients for the new global Phase III INSPIRE trial
for rigosertib.
After SymBio filed for Treakisym approval in first-line iNHL/MCL, in January, Astellas withdrew its
application for EU approval of Treakisym for this indication. EU approval was originally expected inlate 2014/early 2015, and was delayed numerous times as the BfArM (the German drug approval
agency) requested additional data. However, Astellas may refile in 2017 when data from a study
comparing Treakisym to R-CHOP is available. SymBio’s decision to progress in Japan
independently of Astellas’s decision highlights SymBio’s confidence in approval for these new
indications and perhaps substantiates Astellas’s assertion that it withdrew due to technicalities inthe EU approval process.
On 3 March, Baxalta announced it would no longer seek to develop and license rigosertib with
Onconova as of 31 August, citing changes in its development priorities. Onconova recently began
to enrol patients in its Phase III INSPIRE trial and SymBio had agreed to contribute 25-30 patientsto the trial along with the related patient costs. Baxalta is expected to fund its portion of trial
expenses through to the end of August and Onconova is in discussions with Baxalta about funding
required to complete the trial. At this point, it is too soon to know if Baxalta will help Onconova
obtain additional funding or help identify a new development partner for rigosertib. If Onconova isunable to negotiate funding to complete the trial, we believe this would reduce the likelihood that
SymBio will be able to get rigosertib approved in Japan.
With the recent pullback in biotech valuations, and several years of laying the groundwork as astrong in-licensing partner for Asia-Pacific, we believe that SymBio is seeing greater potential deal
flow, which should lead to more licensing opportunities. Management has also expressed aninterest in evaluating potential transactions from an earlier stage. In February, SymBio announced itwill begin a joint research and development program with Teikyo Heisei University for an anticancer drug using the TTR1 nano-agonist molecule. SymBio will invest c ¥10m (US$0.1m) for 2016
in this venture and will consider further investment based on research results. While we expect thecompany to take the same cautious approach to earlier-stage candidates as it has with its othertransactions, we believe it will help provide visibility on sales growth beyond the 2020-23 timeframe.

SymBio Pharmaceuticals | 23 March 2016

2

Pipeline update
Treakisym
SymBio acquired the rights to develop and commercialize Treakisym from Astellas in Japan (2005)
and subsequently in China/Hong Kong, Korea, Taiwan and Singapore (April 2007). In 2008, SymBio
out-licensed marketing of Treakisym to select commercial partners as a way to generate cash to
support further development opportunities. The agreements call for royalties and milestones, but
precise deal terms have not been disclosed. We estimate that SymBio earns an average net marginof around 10-12% on top-line reported Treakisym sales in Asia-Pacific.
Treakisym is approved for r/r iNHL/MCL patients in Japan. We estimate SymBio (through its
partnership with Eisai) had Treakisym sales of ¥4,270m ($35m) in 2015. This number is expected to
grow 5-6% pa until 2020 when the patent expires.
First-line iNHL/MCL: SymBio completed pivotal development in first-line iNHL in 2014 and SymBio
filed its sNDA for this indication at the end of December. This filing was delayed through most of2014 and 2015 as SymBio waited for the treatment to be approved in Europe. Astellas filed forapproval in Europe for first-line iNHL with data from the StiL study demonstrating a PFS(progression free survival) of 69.5 months for patients treated with BR (bendamustine + rituximab),significantly longer than 31.2 months for R-CHOP (rituximab/Rituxan in combination with CHOP
chemotherapy: cyclophosphamide, doxorubicin, vincristine, and prednisone). The BRIGHT study
demonstrated that BR was non-inferior to R-CHOP in terms of complete response rate (31% vs25%, respectively, p=0.0225) However, the German drug approval authority, BfArM, kept delaying
approval by asking for additional data and analyses. Astellas withdrew its application at the end ofJanuary; however, SymBio opted to move ahead with its approval application in Japan based on
Phase II data in Japan and Phase III data in the EU. It is possible that Astellas will refile for EU
approval in 2017 when new data comparing Treakisym to R-CHOP therapy is released.
Approval for this indication could materially expand Treakisym’s potential, given this is a patient
market of 7,100, which is c 50% larger than the currently approved r/r iNHL indication with anestimated patient population of 4,700. Furthermore, there are generally more treatment cycles per
patient in first-line iNHL (six cycles in first-line iNHL vs four to five cycles in r/r iNHL).
Treakisym in CLL: SymBio completed its pivotal Phase II trial for CLL in 2015 and filed for approvalin Japan for this indication at the end of December. This indication is already approved in both the
US and Europe, so we believe this indication has a high chance to also gain approval in Japan.
First-line iNHL and CLL could more than double current sales: Together, we believe that sales inboth first-line iNHL and CLL could reach ¥8,151m by 2020 if Treakisym can achieve a similar 50%
market share as in r/r iNHL.
Treakisym in r/r aggressive NHL: SymBio has also completed development in r/r aggressive NHL (apatient population of 6,700 in Japan) in 2012. However, filing has been delayed owing todiscussions with regulators, which are still ongoing at the time of publication. It is possible thatapproval will only be granted subject to conducting an additional comparative trial. However, we
think it is unlikely that SymBio will invest in further development in r/r aggressive NHL owing to the
expiry of market exclusivity in 2020. Hence we do not include a contribution from this indication in
our valuation. If this indication can be approved, it could add ¥3,000-5,000m in sales.

Rigosertib
SymBio in-licensed rigosertib (IV and oral formulations, Japan and Korean rights) from Onconova in2011 for myelodysplastic syndromes (MDS), a rare blood cancer; it is partnered with

SymBio Pharmaceuticals | 23 March 2016

3

Baxalta(formerly the bioscience business of Baxter International) in Europe for higher-risk
myelodysplastic syndromes (HR-MDS).
Following discussions between Onconova and regulatory agencies, development of rigosertib was
moving forward with the start of the new pivotal Phase III INSPIRE trial. The pivotal trial, designated04-30 or ‘INSPIRE’, will enrol HR-MDS patients less than 80 years of age who had progressed on,
or failed to respond to, previous treatment with hypomethylating agents (HMA) within the first ninemonths of initiating HMA treatment, and had their last dose of HMA therapy within six months prior
to enrolment in the trial. This is the patient subset where rigosertib demonstrated a significant
benefit in the Phase III ONTIME trial, Onconova’s first Phase III trial for rigosertib (which failed tomeet its primary endpoint but demonstrated meaningful results for a subset of patients). The
primary endpoint of this new Phase III INSPIRE trial will be overall survival, and an interim analysis
is anticipated. This randomized trial of approximately 225 patients will be conducted at about 100
sites globally and Onconova enrolled its first patient in early December. SymBio committed tocontribute 25-30 patients and costs related to those patients; interim results are expected in H117.
Onconova signed a $16.5m financing agreement with Lincoln Park Capital in late 2015 to help withclinical trial costs. Per a development and licensing agreement Onconova signed with Baxalta,
which grants Baxalta commercialization rights to rigosertib in the EU and other countries in Europe,
Baxalta would have paid for half the costs of the Phase III INSPIRE trial up to a specified cap.
However, on 3 March, Baxalta announced it would discontinue its development and licensing
agreement for rigosertib and INSPIRE after 31 August. However, Baxalta is obligated to fund its
portion of trial costs until the end of August. Onconova is in discussions with Baxalta regarding theamount of financial support needed to complete the INSPIRE trial; however it is not clear whether
Baxalta will help Onconova obtain alternate funding to complete the trial or whether it will identify
another partner. SymBio is currently reviewing its options as a result of this disappointing news andwe await further information.
On the oral formulation side, as a result of Onconova’s earlier trials, the safety of the oral
formulation of rigosertib for monotherapy was confirmed, and SymBio started its domestic Phase I
clinical trial of the oral formulation of rigosertib in combination with azacitidine in December 2015.
We assume SymBio completes this trial in the first half of 2016 and its participation in the global
Phase III clinical trial to be conducted by Onconova is under consideration.
Onconova will most likely require additional cash to pursue future trials; this could delay initiation of
SymBio’s future trials and could therefore affect launch timelines.

IONSYSIn October 2015, SymBio acquired an exclusive licence in Japan to develop and market IONSYS, apatient controlled fentanyl iontophoretic transdermal system for the short-term management of
acute postoperative pain.
We believe SymBio views IONSYS as a market-changing product due to its credit-card sized,
needle-free design that does not require the patient to be tethered to an IV line and otherequipment. We also believe IONSYS will be fairly straightforward to commercialize and it will help
reinforce SymBio’s presence as a strong development and commercial partner for Asia-Pacific, inaddition to diversifying risk.
Our preliminary peak sales number of ¥6,500m ($55m) for IONSYS in Japan is based on the rate ofpost-surgical PCA use in the US (1.4 million patients in a US population of 311 million). This isdiscounted to reflect studies from the European Society of Medical Oncologists (ESMO) suggestingthat postsurgical opioid use is much lower in Japan than other developed countries. While thecompany has not announced definitive plans, we expect that SymBio will seek to market IONSYS
through its own salesforce.

SymBio Pharmaceuticals | 23 March 2016

4

SymBio is finishing the regulatory filings that will enable it to obtain opioids in Japan to conductclinical tests for IONSYS and expects to begin the Phase III trial in Q316. If approved, SymBio
could launch IONSYS at some point in 2019.

Sensitivities
SymBio is subject to the usual drug development risks, including clinical development delays or
failures, regulatory risks, competitor successes, partnering setbacks, financing and commercial
risks. The main sensitivities for SymBio include:

Expansion of Treakisym to additional indications, including first-line iNHL to drive growth; andSymBio’s ability to gain approval in Japan before it is approved in the EU.

Rigosertib success or failure, which will hinge largely on its recently launched Phase III
INSPIRE global trial and Onconova’s ability to secure additional funding for the trial to replace
Baxalta’s share of the development costs.



SymBio’s ability to execute future in-licensing deals, especially to leverage future commercial
operations.

SymBio is reliant on in-licensing assets to fill its pipeline and this will become even more important
for leveraging future commercial operations. To date, SymBio has executed four deals for productswith clinical proof-of-concept data, although development for one of these has been terminatedfollowing a lack of efficacy. We believe the CEO’s network is crucial to securing future deals,
although we have limited visibility on the potential terms and timing of any such agreements.

Valuation
We value SymBio at ¥19,227m ($159m) or $4.91/share, based on a risk-adjusted NPV analysis.
We have rolled our valuation model forward to reflect the start to a new calendar year. Our rNPV
includes ¥4,261m ($35m) net cash, Treakisym, rigosertib and IONSYS. Our net cash numbers are
based on Q415 results.
Exhibit 1: SymBio rNPV valuation
Product
Treakisym (existing sales)
Treakisym (label expansion sales)
Ribosertib (IV)
Ribosertib (oral)
IONSYSNet Cash
Valuation

Indication

Launchr/r iNHL/MCL
Frontline iNHL/MCL;
CLL
r/r high risk MDS
Low risk MDS
Opioid2010
late 2016

Peak
sales
($m)
55
80

2019
2019
2019

30
70
55

Value Probability($m)

rNPV NPV/ADR($m) ($/ADR)

22.2
20.8

100%
90%

22.2
18.7

0.7
0.6

33.6
76.2
56.0
35.2
244.0

50%
25%
95%
100%

15.1
14.5
53.2
35.2
158.9

0.5
0.4
1.6
1.1
4.91

Source: Edison Investment Research. Note: Peak sales are rounded to nearest $5m.

We use a 10% discount rate for approved products and 12.5% elsewhere. Our valuation includes
both Treakisym and rigosertib. For Treakisym we include current sales and upside from sales infirst-line iNHL and CLL; we do not include any potential in r/r aggressive NHL. Our Treakisym
valuation assumes that SymBio earns an average net margin of 10-12% on top-line reported
Treakisym sales. Our rigosertib forecasts include future R&D spend in addition to the cost ofbuilding out a sales infrastructure; we do not include any potential in indications beyond thosecurrently under development, which could include solid tumours, AML and broader use in MDS in
combination with other agents. Our IONSYS forecasts are based on our preliminary estimates for

SymBio Pharmaceuticals | 23 March 20165

royalties paid to The Medicines Company at 15%, along with potential development and sales
milestones, R&D and S&M costs.
We have maintained our 90% probability for Treakisym label expansion sales and have maintained
our peak sales estimate of c $80m (¥8bn), albeit with a more backend-loaded sales ramp up. We
have maintained our launch date of Q416 based on SymBio’s late December filing for approval in
Japan, but also to reflect what may be a longer approval time as SymBio will no longer be able toinclude information on EU approval as Astellas recently withdrew its EU application after numerous
approval delays.
In December, we raised our probability on IV rigosertib from 50% to 60% to reflect Onconova’s
successful initiation of a new pivotal Phase III trial in HR-MDS as well as its recent $16.5m
financing to support the testing. However, with Baxalta’s recent announcement it would discontinue
its participation, we have lowered our probability on IV rigosertib back to 50%. Our 25% probability
on oral rigosertib is unchanged.

Financials
SymBio reported cash of ¥4,261m ($35m) at end-December 2015, which includes current
investments with more than three months’ maturity; we do not exclude these longer-term
investments from the cash in our valuation. We believe cash should be sufficient to fund current
operations into early- to mid-2017, unless the company signs additional licensing agreements
during 2016. We assume additional funds will be needed at this point, both to start building out asales and marketing infrastructure ahead of the potential launches of IONSYS and rigosertib in
2019, and for milestones that could become due to partner Onconova if rigosertib is approved inboth the US and Japan. Our model uses illustrative debt funding of c $55m (¥6.6bn) from 2017-18.
2015 results on target: for 2015, SymBio reported results generally in line with guidance as wellas our estimates. Revenue totalled $16m (¥1,933m), approximately in line with our estimate of$16.4m (¥1,951m) and slightly ahead of guidance of ¥1,870m. The primary difference stemmed
from the timing of a Treakisym shipment to South Korea, which booked at the end of 2014, insteadof early 2015. Gross profit totalled $4.8m (¥583m), below our estimate of $5.1m (¥613m). SymBio
posted R&D expenses (excluding SG&A) of $16.8m (¥2,035m), compared with our $16.3m(¥1,946m) estimate and SymBio’s guidance of ¥1,866m. Operating expenses (which include R&D
and SG&A) were $25.9m (¥3,134m), compared with our estimate of $25.6m (¥3,108m) andguidance of ¥2,999m.
Fine-tuning 2016 estimates: SymBio’s revised guidance for 2016 falls largely in the mid-point of
the guidance issued a year ago. As SymBio is going ahead with its Treakisym label expansion
application without EU approval, we are further reducing our label expansion sales in 2016 as well
as a related delay in spending for marketing and milestone payments. Hence, our revenues in 2016
are towards the bottom end of SymBio’s outlook. Our operating, ordinary and net loss forecasts in2016 are above SymBio’s outlook as we do not include unknown or uncertain future milestone
payments for future out-licensing activities (which we believe are included in SymBio’s outlook). We
believe these elements explain the majority of the difference between the company’s last publishedguidance and our recently updated estimates. Our revised forecasts for 2016 are broadly in linewith SymBio’s 2016 financial guidance, summarised in Exhibit 2.

SymBio Pharmaceuticals | 23 March 2016

6

Exhibit 2: SymBio guidance for 2016 and Edison estimates
SymBio guidance
Revenue
Operating loss
Ordinary loss
Net loss

Edison estimates
Previous¥2,140m¥2,086m¥2,076m¥2,080m¥2,339m¥2,778m¥2,811m¥2,815m

Current¥1,951m¥2,733m¥2,724m¥2,728m

Difference (guidance
vs estimates)
¥388m
¥45m
¥87m
¥87m

Source: SymBio Pharmaceuticals reports and Edison Investment Research estimates

More conservative guidance for 2017; initial guidance for 2018: SymBio released its mid-range
financial guidance for 2017 and 2018 on 10 February. Compared with its previous mid-range
guidance released in February 2015, SymBio lowered the top end of its sales range for 2017 andbecame less optimistic on operating losses. In our view, the more conservative expectations arereasonable given delays for Treakisym label expansion and incremental R&D spend for IONSYS
since the last mid-range guidance update. Our lowered sales expectations reflect a more modest
ramp up of Treakisym label expansion sales vs our previous revenue estimate.
Exhibit 3: SymBio guidance for 2017 and Edison estimates

Revenue
Operating loss
Ordinary loss
Net loss

SymBio guidance, 10 February 2016Low
High
¥2,188m¥2,604m¥3,521m¥3,379m¥3,554m¥3,412m¥3,558m¥3,416m

Edison estimates
Previous
Current¥2,829m¥2,290m¥2,563m¥3,316m¥2,563m¥3,316m¥2,566m¥3,320m

DifferenceLow(¥102m)
¥205m
¥238m
¥238m

High
¥314m
¥63m
¥96m
¥96m

Difference
Low
¥599m
(¥15m)(¥18m)(¥18m)

High¥77m(¥267m)(¥234m)(¥234m)Source: SymBio Pharmaceuticals reports and Edison Investment Research estimates

Exhibit 4: SymBio guidance for 2018 and Edison estimates

Revenue
Operating loss
Ordinary loss
Net loss

SymBio guidance, 10 February 2016Low
High
¥2,298m¥2,974m¥3,778m¥3,526m¥3,811m¥3,559m¥3,815m¥3,563m

Edisonestimates¥2,897m¥3,793m¥3,793m¥3,797m

Source: SymBio Pharmaceuticals reports and Edison Investment Research estimates

SymBio Pharmaceuticals | 23 March 2016

7

Exhibit 5: Financial summary
US$:JPY
December
PROFIT & LOSS
Revenue
Cost of Sales
Gross Profit
Research and development
EBITDA
Operating Profit (before amort. and except.)
Intangible Amortization
Exceptionals
Other
Operating Profit
Net Interest
Pre-tax Profit (norm)
Pre-tax Profit (reported)
Tax
Profit After Tax (norm)
Profit After Tax (reported)$'000s2013
JPN GAAP

2014
JPN GAAP

2015
JPN GAAP

2016e
JPN GAAP

2017e
JPN GAAP

2018e
JPN GAAP

12,662(10,034)
2,628(8,701)(13,301)(13,343)25
00(13,318)
83(13,260)(13,235)(31)(13,292)(13,266)

16,157(11,805)
4,352(6,398)(9,372)(9,429)48(15)
0(9,396)205(9,224)(9,191)(31)(9,255)(9,222)

15,977(11,159)
4,818(16,816)(21,826)(21,950)77
17
0(21,856)
134(21,816)(21,721)(31)(21,847)(21,753)

16,125(10,916)
5,209(17,579)(22,522)(22,667)78
0
0(22,589)76(22,590)(22,513)(31)(22,622)(22,544)

18,929(13,326)
5,603(17,880)(27,233)(27,487)79
0
0(27,408)
0(27,487)(27,408)(31)(27,519)(27,440)

23,945(16,857)
7,088(22,201)(31,037)(31,425)80
00(31,345)0(31,425)(31,345)(31)(31,457)(31,376)

Average Number of Shares Outstanding (m)Average number of ADS outstanding (m)EPADR - normalized ($)
EPADR - normalized and fully diluted ($)
EPADR - (reported) ($)
Dividend per share ($)

23.2
23.2
(0.57)(0.57)(0.57)
0.0

30.8
30.8
(0.30)(0.30)(0.30)
0.0

32.4
32.4
(0.67)(0.67)(0.67)
0.0

32.4
32.4
(0.70)(0.70)(0.70)
0.0

32.4
32.4
(0.85)(0.85)(0.85)
0.0

32.4
32.4
(0.97)(0.97)(0.97)
0.0

Gross Margin (%)
EBITDA Margin (%)
Operating Margin (before GW and except.) (%)

20.8-105.0-105.4

26.9
-58.0
-58.4

30.2
-136.6-137.432.3-139.7-140.629.6-143.9-145.229.6-129.6-131.2BALANCE SHEETFixed Assets
Intangible Assets
Tangible Assets
Investments
Current Assets
Stocks
DebtorsCash
Other
Current Liabilities
Creditors
Short term borrowings
Long Term Liabilities
Long term borrowings
Other long term liabilities
Net Assets

438
64
71
302
63,0911,034
043,75318,304(2,074)(2,074)
0
(25)
0
(25)
61,430

1,353
546
405
402
60,2492,021
2,253
42,083
13,891(4,033)(4,033)
0
(19)
0
(19)
57,550

1,302
430
438
434
39,891
1,099
2,485
35,2181,087(4,553)(4,553)
0
(13)
0
(13)
36,626

1,975
412
1,129
434
19,618
1,869
884
15,7781,087(6,553)(6,553)
0
(18)
0
(18)
15,022

2,598
343
1,821
434
16,803
2,282
1,037
12,397
1,087(7,412)(7,412)
0(23,556)(23,538)(18)(11,567)

3,337
273
2,630
434
17,6832,887
1,312
12,3971,087(8,303)(8,303)0(54,810)(54,792)(18)(42,093)

CASH FLOW
Operating Cash Flow
Net Interest
Tax
Capex
Acquisitions/disposals
Financing
Dividends
Net Cash Flow
Opening net debt/(cash)
HP finance leases initiated
Other
Closing net debt/(cash)(13,886)
55
(31)
0
0
33,5330
8,712(35,042)00(43,753)(10,655)
222
(31)
(368)
0
4,500
0
(1,670)(43,753)0(0)(42,083)(18,889)
146
(31)
(186)
0
(15)
0
(6,865)(42,083)0(0)(35,218)(18,684)
92
(31)
(806)
0
0
0
(19,440)(35,218)00(15,778)(25,932)
0
(31)
(946)
0
0
0
(26,920)(15,778)0011,141(30,015)0(31)(1,197)000(31,254)
11,1410042,395

Source: SymBio accounts, Edison Investment Research. Note: Our 2017-18 long-term liabilities include illustrative financing ofc ¥6.6bn ($55m), which we classify as a long-term liability for the purposes of our model. Solely for the convenience of the reader thefinancial summary table has been converted at a rate of ¥121/US$. SymBio reports statutory accounts in Japanese yen. Thesetranslations should not be considered representations that any such amounts have been or could be converted into US dollars at theassumed conversion rate.

SymBio Pharmaceuticals | 23 March 2016

8

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