This spreadsheet supports student analysis of the case,

"MoGen, Inc." (Case 40)

Copyright 2008 by the Trustees of the University of Virginia Darden School Foundation.

ol Foundation.

Exhibit 1
MOGEN INC.
Income Statement ($ millions, except per share)

Total revenues
Operating expenses:
Cost of sales
Research and development
Write-off of acquired research and development
Selling, general and administrative
Amortization of acquired intangible assets
Other items, net
Total operating expenses
Operating income
Interest expense, net
Income before income taxes
Provision for income taxes
Net income
Earnings per share:
Basic
Diluted

2005
$12,430
2,082
2,314
0
2,790
347
49
7,582
4,848
20
4,868
1,194
$3,674

$2.97
$2.92

Shares used in calculation of earnings per share (millions):

Basic
Diluted

1,236
1,258

millions, except per share)

2004
$10,550

2003
$8,356

1,731
2,028
554
2,556
333
0
7,202

1,341
1,655
0
1,957
336
(24)
5,265

3,348
47
3,395
1,032
$2,363

3,091
82
3,173
914
$2,259

$1.86
$1.79

$1.75
$1.68

1,271
1,320

1,288
1,346

Exhibit 2
MOGEN INC.
Consolidated Balance Sheets ($ millions)

2005

2004

2003

Current Assets
Cash & Short-Term Investments
Receivables
Inventories
Other Current Assets
Total Current Assets

5,255
1,769
1,258
953
9,235

5,808
1,461
888
1,013
9,170

5,123
1,008
713
558
7,402

Long-Term Assets
Net Property Plant & Equipment
Intangible Assets & Goodwill
Other Assets
Total Assets

5,038
14,237
787
20,062

4,712
14,558
781
20,051

3,799
14,108
804
18,711

596
2,999
3,595

1,173
507
2,477
4,157

327
2,129
2,456

3,957
1,294
8,846

3,937
1,422
9,516

3,080
1,188
6,724

0.122
23,561
(3,110)
20,451
29,297

0.126
22,078
(2,373)
19,705
29,221

0.128
19,995
(606)
19,389
26,113

1,224

1,260

1,284

Current Liabilities
Current Portion of Long-Term Debt
Accounts Payable
Other Accrued Liabilities
Total Current Liabilities
Long-Term Liabilities
Long-Term Debt
Deferred Taxes and Other
Total Liabilities
Shareholders' Equity
Common Capital ($0.0001 par value)
Capital Surplus
Retained Earnings
Total Shareholders' Equity
Total Liab. & Shareholders' Equity
Common Shares Outstanding (millions)

Exhibit 3
MOGEN INC.
MoGen Option Data: January 10, 2006
(MoGen closing stock price = $77.98)

Call
Call
Call
Call

Exercise
Date
4/22/2006
4/22/2006
1/20/2007
1/20/2007

Days to
Maturity
102
102
375
375

Exercise
Price
$75
$80
$75
$80

Put
Put
Put
Put

4/22/2006
4/22/2006
1/20/2007
1/20/2007

102
102
375
375

$75
$80
$75
$80

Date of data:

1/10/2006

Closing
Price
$6.60
$3.85
$10.70
$7.75
$2.70
$5.00
$4.65
$6.90

Open
Interest
3,677
6,444
6,974
9,790

Volume
52
98
143
3

9,529
8,512
5,175
4,380

10
5
10
0

Date
1/2/2001
2/1/2001
3/1/2001
4/2/2001
5/1/2001
6/1/2001
7/2/2001
8/1/2001
9/4/2001
10/1/2001
11/1/2001
12/3/2001
1/2/2002
2/1/2002
3/1/2002
4/1/2002
5/1/2002
6/3/2002
7/1/2002
8/1/2002
9/3/2002
10/1/2002
11/1/2002
12/2/2002
1/2/2003
2/3/2003
3/3/2003
4/1/2003
5/1/2003
6/2/2003
7/1/2003
8/1/2003
9/2/2003
10/1/2003
11/3/2003
12/1/2003
1/2/2004
2/2/2004
3/1/2004
4/1/2004
5/3/2004
6/1/2004
7/1/2004

S&P 500
1366.01
1239.94
1160.33
1249.46
1255.82
1224.38
1211.23
1133.58
1040.94
1059.78
1139.45
1148.08
1130.2
1106.73
1147.39
1076.92
1067.14
989.82
911.62
916.07
815.28
885.76
936.31
879.82
855.7
841.15
848.18
916.92
963.59
974.5
990.31
1008.01
995.97
1050.71
1058.2
1111.92
1131.13
1144.94
1126.21
1107.3
1120.68
1140.84
1101.72

MoGen
70.31
72.06
60.19
61.14
66.38
60.68
62.71
64.3
58.77
56.82
66.43
56.44
55.5
57.98
59.68
52.88
47.63
41.88
45.64
45.03
41.7
46.56
47.2
48.34
50.96
54.64
57.55
61.3
64.74
65.94
69.43
65.94
64.52
61.76
57.62
61.79
64.66
63.53
58.15
56.41
54.7
54.57
56.88

S&P-Indexed to
Mogen
70.31
63.8210418665
65.7957661661
75.7108172675
70.6678918893
68.5497585641
69.5548614809
65.8025394021
64.5640284762
71.5825425097
75.5956231482
70.8425159507
69.2150041809
68.8499259423
72.8931093401
65.9917248712
69.6714829328
65.2156644864
64.7552102402
70.6532126325
62.5741884354
76.3882170543
74.322566045
66.0680161485
68.3824725512
69.1144752834
70.8976232539
76.0082119361
73.8886848362
71.1060668957
71.4506886609
71.5666640749
69.4701944425
74.1743427011
70.8112057561
73.8793188433
71.5247052846
71.1684168928
69.1598032211
69.1294367835
71.1595871038
71.5748120784
67.8990333439

MoGen Returns
2.49%
-16.47%
1.58%
8.57%
-8.59%
3.35%
2.54%
-8.60%
-3.32%
16.91%
-15.04%
-1.67%
4.47%
2.93%
-11.39%
-9.93%
-12.07%
8.98%
-1.34%
-7.40%
11.65%
1.37%
2.42%
5.42%
7.22%
5.33%
6.52%
5.61%
1.85%
5.29%
-5.03%
-2.15%
-4.28%
-6.70%
7.24%
4.64%
-1.75%
-8.47%
-2.99%
-3.03%
-0.24%
4.23%

8/2/2004
9/1/2004
10/1/2004
11/1/2004
12/1/2004
1/3/2005
2/1/2005
3/1/2005
4/1/2005
5/2/2005
6/1/2005
7/1/2005
8/1/2005
9/1/2005
10/3/2005
11/1/2005
12/1/2005

1104.24
1114.58
1130.2
1173.82
1211.92
1181.27
1203.6
1180.59
1156.85
1191.5
1191.33
1234.18
1220.33
1228.81
1207.01
1249.48
1248.29
-8.6%
-1.7%

59.29
56.81
56.8
60.04
64.15
62.24
61.61
58.21
58.21
62.58
60.46
79.77
79.9
79.67
75.62
80.93
78.86
12.2%
2.4%

70.4708223505
70.9683762588
71.2953417431
73.0236101575
72.5921309911
68.531828586
71.6390969042
68.9658382353
68.8961650531
72.4159268704
70.2999683592
72.8389243954
69.5209793547
70.7985799743
69.0626484973
72.7839361729
70.2430370234

4.24%
-4.18%
-0.02%
5.70%
6.85%
-2.98%
-1.01%
-5.52%
0.00%
7.51%
-3.39%
31.94%
0.16%
-0.29%
-5.08%
7.02%
-2.56%
7.8%
27.0%

Exhibit 4
MOGEN INC.
MoGen Stock Price for 2001 to 2005

S&P Returns
-9.2%
-6.4%
7.7%
0.5%
-2.5%
-1.1%
-6.4%
-8.2%
1.8%
7.5%
0.8%
-1.6%
-2.1%
3.7%
-6.1%
-0.9%
-7.2%
-7.9%
0.5%
-11.0%
8.6%
5.7%
-6.0%
-2.7%
-1.7%
0.8%
8.1%
5.1%
1.1%
1.6%
1.8%
-1.2%
5.5%
0.7%
5.1%
1.7%
1.2%
-1.6%
-1.7%
1.2%
1.8%
-3.4%

90
80
70
60
50
40
30
20
10
0
1/1/2001

9/1/2001

5/1/2002

1/1/2003

9/1/2003

MoGen

5 year appreciation
Annual appreciation (average)
Annualized volatility

MoGen
12.2%
2.4%
27.0%

5/1/2004

0.2%
0.9%
1.4%
3.9%
3.2%
-2.5%
1.9%
-1.9%
-2.0%
3.0%
0.0%
3.6%
-1.1%
0.7%
-1.8%
3.5%
-0.1%
4.3%
14.9%

9/1/2003

5/1/2004

oGen

S&P 500
-8.6%
-1.7%
14.9%

1/1/2005

9/1/2005

Exhibit 5
MOGEN INC.
Long-Term Debt as of December 31, 2005 ($ millions)

1.125% convertible notes due in 2032

4.85% notes due 2014
4.00% notes due 2009
6.5% debt securities due 2007
8.1% notes due 2097
Total borrowings

$1,759
1,000
998
100
100
$3,957

Exhibit 6
MOGEN INC.
Capital Market Data for January 2006

U.S. Government Yields

Treasury bill (1-year)
Treasury note (5-year)
Treasury bond (20-year)

4.45%
4.46%
4.65%

Corporate Long-Term Bond Yields

Aaa
Aa
A
Baa

5.29%
5.45%
5.79%
6.24%