A	B	C	D	E	F	G	H	I	J	K	L	M	N	O	P	Q	R	S	T	U	V	W	X	Y	Z	AA	AB	AC	AD	AE	AF	AG	AH	AI	AJ	AK	AL	AM	AN	AO	AP	AQ	AR	AS	AT	AU	AV	AW	AX	AY	AZ	BA	BB	BC	BD	BE	BF	BG	BH	BI	BJ	BK	BL	BM	BN	BO	BP	BQ	BR	BS	BT	BU	BV	BW	BX	BY	BZ	CA	CB	CC	CD	CE	CF	CG	CH	CI	CJ	CK	CL	CM	CN	CO	CP	CQ	CR	CS	CT	CU	CV	CW	CX	CY	CZ	DA	DB	DC	DD	DE	DF	DG	DH	DI	DJ
1	Main
2			Q120	Q220	Q320	Q420	Q121	Q221	Q321	Q421	Q122	Q222	Q322	Q422	Q123	Q223	Q323	Q423			2018	2019	2020	2021	2022	2023	2024	2025	2026	2027	2028	2029	2030
3		US						169.411	166.554			169.838	176.552
4		EU						166.704	108.568			161.23	162.583
5		LatAm						42.248	38.958			89.911	60.791
6		ROW						80.179	55.38			59.354	64.376
7
8		Vimizim			147.9	142.5	158.4	171.655	136.9	156.3	183	173.206	155.47	165								544.3	544.4	623.2550000000001	676.676	724.0433200000001	774.7263524000001	805.7154064960001	837.9440227558401	871.4617836660738	906.3202550127168	942.5730652132255	980.2759878217546
9		ValRox																						0	0	500	1000	1500	2000	2400	2880	3456	3974.3999999999996
10		Naglazyme			76.3	119.7	107.3	118.813	71.2	83.1	128	115.783	99.506	100								374.3	391.3	380.413	443.289	461.02056	479.4613824	498.63983769600003	518.58543120384	539.3288484519936	560.9020023900733	583.3380824856763	606.6716057851033
11		Palynziq			46.1	49.6	54	58.935	60.7	63.8	54.9	61.643	66.206	67.206								86.9	171	237.435	249.95500000000004	262.45275000000004	275.57538750000003	289.35415687500006	303.8218647187501	319.0129579546876	334.96360585242195	351.71178614504305	369.2973754522952
12		Kuvan			124.1	89	70.8	78.807	67.7	68.5	59.3	57.602	57.038	54.038								463.4	457.7	285.807	227.978	205.1802	184.66218	166.195962	149.57636580000002	134.61872922000003	121.15685629800004	109.04117066820004	98.13705360138003
13		Brineura			25.4	35	27.3	30.332	32.9	37.4	36.2	37.725	37.793	38.793								72	110.2	127.93200000000002	150.51100000000002	165.56210000000004	182.11831000000006	191.22422550000007	200.78543677500008	210.8247086137501	221.3659440444376	232.4342412466595	244.05595330899249
14		Voxzogo			0	0	0	0	0.1	5.8	19.7	34.374	48.289	60								0	0	5.8999999999999995	162.363	320	500	540	583.2	629.8560000000001	680.2444800000002	734.6640384000002	793.4371614720003
15		Aldurazyme			40.9	1.2	50	28.128	24.4	20.3	24.4	37.327	29.046	26.850125								97.8	130.1	122.82799999999999	117.62312499999999	121.15181874999999	124.78637331249999	128.529964511875	132.38586344723126	136.3574393506482	140.44816253116767	144.6616074071027	149.00145562931579
16		Products			460.69999999999993	437	467.8	486.67	393.9	435.2	505.49999999999994	517.66	493.348	511.887125								1638.6999999999998	1804.7	1783.5700000000002	2028.3951250000002	2759.41074875	3521.3299856125	4119.659553078875	4726.298984700661	5241.460467257152	5845.401306128818	6554.423991565907	7215.276593070842
17		Royalty			16.043	15.072	18.261	15.023	14.902	14.591	13.834	16.138	11.996	14.977125								43.005	54.594	62.777	56.945125000000004	56.945125000000004	56.945125000000004	56.945125000000004	56.945125000000004	56.945125000000004	56.945125000000004	56.945125000000004	56.945125000000004
18		Revenue			476.74299999999994	452.072	486.06100000000004	501.69300000000004	408.80199999999996	449.791	519.334	533.798	505.344	526.86425								1681.705	1859.294	1846.3470000000002	2085.34025	2816.3558737500002	3578.2751106125	4176.604678078876	4783.244109700661	5298.405592257152	5902.346431128818	6611.3691165659075	7272.221718070842
19		COGS			188.793	126.138	120.166	127.062	103.537	119.75	116.965	123.126	116.288	115.91013499999997								359.466	524.272	470.515	472.289135	591.4347334875	751.437773228625	877.0869823965638	1004.4812630371389	1112.665174374002	1239.4927505370517	1388.3875144788406	1527.166560794877
20		Gross Profit			287.94999999999993	325.93399999999997	365.89500000000004	374.63100000000003	305.265	330.041	402.3689999999999	410.672	389.056	410.954115								1322.239	1335.022	1375.8320000000003	1613.0511150000002	2224.9211402625	2826.837337383875	3299.5176956823116	3778.7628466635224	4185.74041788315	4662.8536805917665	5222.981602087067	5745.055157275965
21		R&D			147.053	156.667	148.725	161.107	157.869	161.092	160.836	158.19	157.829									715.007	628.116	628.793	476.855
22		SG&A			179.45	195.512	174.318	184.161	183.333	217.563	194.619	196.835	216.816	228.44115								680.924	737.669	759.375	836.71115	870.1795960000001	904.98677984	941.1862510336001	978.8337010749442	1017.987049117942	1058.7065310826597	1101.0547923259662	1145.0969840190048
23		Operating Expenses			326.503	352.179	323.043	345.26800000000003	341.202	378.655	355.45500000000004	355.025	374.645	228.44115								1395.931	1365.7849999999999	1388.1680000000001	1313.56615	870.1795960000001	904.98677984	941.1862510336001	978.8337010749442	1017.987049117942	1058.7065310826597	1101.0547923259662	1145.0969840190048
24		Operating Income			-38.553000000000054	-26.245000000000005	42.85200000000003	29.363	-35.93700000000001	-48.613999999999976	46.913999999999874	55.64700000000005	14.411000000000001	182.512965								-73.69200000000001	-30.76299999999992	-12.335999999999785	299.4849650000001	1354.7415442625002	1921.8505575438749	2358.3314446487116	2799.929145588578	3167.7533687652085	3604.147149509107	4121.9268097611	4599.95817325696
25		Interest Expense			-5.275	4.655000000000001	-1.8579999999999997	2.484	7.059000000000001	-0.694	-3.1399999999999997	-4.301	0.5129999999999995	0.5129999999999995								5.646000000000001	-5.557000000000001	6.991000000000001	-6.415000000000001	0	27.094830885250005	66.07373865383249	109.7130319532783	156.26730679394802	209.45163760289452	270.46921819668654	340.7475546440112
26		Pretax Income			-43.82800000000005	-21.590000000000003	40.994000000000035	31.847	-28.87800000000001	-49.30799999999998	43.77399999999987	51.346000000000046	14.924000000000001	183.025965								-68.046	-36.31999999999992	-5.344999999999784	293.0699650000001	1354.7415442625002	1948.945388429125	2424.405183302544	2909.6421775418567	3324.0206755591566	3813.5987871120014	4392.396027957787	4940.705727900971
27		Taxes			0	0	5.857	1.215	-9.666	-8.676	13.389	7.187	4.748	27.45389475								0	0	-11.27	52.77789475	0	0	242.44051833025443	581.9284355083713	664.8041351118313	762.7197574224003	878.4792055915574	988.1411455801943
28		Net Profit			-43.82800000000005	-21.590000000000003	35.137000000000036	30.632	-19.21200000000001	-40.63199999999998	30.384999999999874	44.15900000000005	10.176000000000002	155.57207025000002								-68.046	-36.31999999999992	5.925000000000216	240.29207025000008	1354.7415442625002	1948.945388429125	2181.96466497229	2327.7137420334852	2659.2165404473253	3050.8790296896013	3513.9168223662296	3952.564582320777	3913.038936497569	3873.9085471325934	3835.1694616612676	3796.817767044655	3758.8495893742083	3721.261093480466	3684.0484825456615	3647.2079977202047	3610.7359177430026	3574.6285585655723	3538.8822729799167	3503.4934502501173	3468.4585157476163	3433.77393059014	3399.4361912842387	3365.441829371396	3331.787411077682	3298.4695369669053	3265.484841597236	3232.8299931812635	3200.501693249451	3168.4966763169564	3136.811709553787	3105.443592458249	3074.3891565336667	3043.64526496833	3013.208812318647	2983.0767241954604	2953.245956953506	2923.7134973839707	2894.476362410131	2865.53159878603	2836.8762827981695	2808.507519970188	2780.422444770486	2752.618220322781	2725.092038119553	2697.8411177383573	2670.8627065609735	2644.154079495364	2617.7125387004103	2591.535413313406	2565.620059180272	2539.9638585884695	2514.564220002585	2489.418577802559	2464.5243920245334	2439.879148104288	2415.4803566232454	2391.3255530570127	2367.4122975264427	2343.7381745511784	2320.300792805667	2297.09778487761	2274.126807028834	2251.3855389585456	2228.87168356896	2206.5829667332705	2184.5171370659377	2162.6719656952782	2141.0452460383253	2119.634793577942	2098.4384456421626	2077.454061185741	2056.6795205738836	2036.1127253681448	2015.7515981144634	1995.5940821333188	1975.6381413119857	1955.8817598988658	1936.322942299877	1916.9597128768783	1897.7901157481094	1878.8122145906284	1860.024092444722	1841.4238515202749	1823.0096130050722	1804.7795168750215	1786.7317217062712	1768.8644044892085	1751.1757604443164
29		EPS			-0.22171858716877307	-0.11703419414991655	0.19058389607571954	0.16519708564556404	-0.10486098223934857	-0.22136265077306938	0.15591166117627678	0.2355800008535703	0.05482847244298131	0.8382251342963518								-0.3800624444953335	-0.18948444787612517	0.032176604757251086	1.2755574855877954	7.1914596100609405	10.345709188930604	11.582660046991167	12.356349025031506	14.116086146485998	16.195172732477634	18.653145323683948	20.981646772625712
30		Shares			197.674	184.476	184.365	185.427	183.214	183.554	194.886	187.448	185.597	185.597								179.039	191.678	184.14000000000001	188.382	188.382	188.382	188.382	188.382	188.382	188.382	188.382	188.382
31
32		Revenue y/y							-0.14251074478282844	-0.005045656444106261	0.06845437095343976	0.06399331862314206	0.236158335820275	0.1713534730574866									0.10560056609215063	-0.006963395783560755	0.12944113430465665	0.3505498077591893	0.2705337219504147	0.16721172882762447	0.14524703159141783	0.10770127360042481	0.11398539208743053	0.12012556255554951	0.09995699678135606
33		Gross Margin			0.6039941855465103	0.7209780742890513	0.752775886154207	0.7467335601652804	0.7467306911414328	0.7337652376325894	0.7747788513750302	0.7693397127752446	0.7698834853090172	0.78								0.7862490745998852	0.7180263046080931	0.7451643705110688	0.7735193885026677	0.7899999999999999	0.7899999999999999	0.7899999999999999	0.79	0.7899999999999999	0.79	0.7899999999999999	0.7899999999999999		Discount	0.08
34		SG&A y/y							0.021638339370298132	0.11278591595400789	0.11645957388221517	0.06882021709265262	0.18263487751795915	0.050000000000000044									0.08333529145690277	0.029425121565363366	0.10184184362139925	0.040000000000000036	0.040000000000000036	0.040000000000000036	0.040000000000000036	0.040000000000000036	0.040000000000000036	0.040000000000000036	0.040000000000000036		Maturity	-0.01
35		Vimizim y/y										0.009035565523870526	0.1356464572680789	0.05566218809980805									0.00018372221201556904	0.14484753857457777	0.08571291044596507	0.07000000000000006	0.07000000000000006	0.040000000000000036	0.040000000000000036	0.040000000000000036	0.040000000000000036	0.040000000000000036	0.040000000000000036		ROIC	0.02
36																																			NPV	38320.03008754751
37		Net Cash										564	564.0370000000003												0	1354.7415442625002	3303.686932691625	5485.651597663915	7813.3653396974005	10472.581880144726	13523.460909834328	17037.37773220056	20989.942314521337		Share	206.18915148117765
38		Cash											1646.0700000000002																							0.891643591570437
39		AR											419.622
40		Inventory											839.46
41		OCA											149.851
42		PP&E											1051.821
43		Goodwill											550.223
44		DT											1455.205
45		Other											151.788
46		Assets											6264.040000000001
47
48		AP											492.717
49		CoCo											28.303
50		Debt											1082.033
51		OLTL											92.473
52		SE											4568.514
53		L+SE											6264.04