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First Year
Product Mix
Glaxo: pills
Glaxo: syrup
Comarketer: pills
Comarketer: syrup
85%
15%
40%
60%
47.0%
29.0%
4.0%
5.0%
4.0%
5.0%
0.0%
25.0%
4.0%
15.0%
12.5%
1990
0.0%
0.25
1,566.0
20,984.0
18,226.8
1991
52.3
3.1%
1.25
1,644.7
22,038.4
19,142.7
53%
320
20%
26%
320
13%
18%
105.0
1990
Quantities:
Volumes (000)
Samples (000)
Revenues
Gross margin
Cost of samples
Med promotion
Mkt promotion
Sales rep prom
Total sales force cost Line 1
Total sales force cost Line 2
Total marketing cost
Marketing margin
1991
912
710
0.0
19.70
10.4
0.4
-0.4
3.4
0.2
2.8
0.7
6.6
4.4
18.0
-7.6
0.0
-0.4
0.0
-0.4
7.8
-0.1
0.2
3.0
-2.8
-0.4
-3.2
NPV
0.2
0.2
214.266894
1990
Price to
1990
Content of
1990
Years 2+
Retail Cust.
Key Raw
Price to
Of Ingredients
Product Mix
lira
Materials (gr)
Retailer
(lira/gr)
80%
20%
40%
60%
1992
34,400.0
29,880.0
3.0
2.5
20,984.0
18,226.8
1,566.0
1,566.0
1993
1994
1995
1996
46.6
7.0%
46.6
7.1%
44.6
7.1%
46.3
7.1%
2.25
1,710.5
22,919.9
19,908.4
53%
3.25
1,778.9
23,836.7
20,704.7
53%
4.25
1,850.0
24,790.2
21,532.9
53%
5.25
1,924.1
25,781.8
22,394.2
53%
350
25%
33%
400
18%
24%
400
16%
21%
400
17%
23%
109.2
113.6
118.1
122.8
47.2
7.1%
1997
1998
46.0
46.5
6.7%
6.4%
6.25
7.25
8.25
2,001.0 2,081.1 2,164.3
26,813.1 27,885.6 29,001.0
23,290.0 24,221.6 25,190.4
53%
53%
53%
440
17%
23%
127.7
440
17%
440
17%
22%
23%
132.9
138.2
1992
1993
1994
1995
1996
1997
1998
2560
700
2711
600
2764
400
2889
400
3003
350
2722
2604
383.3
377.8
57.13
30.3
62.93
33.4
66.73
35.4
72.54
38.4
78.41
41.6
73.92
39.2
73.54
39.0
3.5
0.6
4.1
0.3
9.5
3.1
0.6
3.8
0.4
8.2
2.2
0.7
2.0
1.1
7.4
2.3
0.7
2.2
1.2
8.5
2.0
0.8
2.4
1.3
9.7
2.3
0.7
2.4
0.7
2.2
2.3
1.2
1.2
9.8
10.4
17.9
12.3
16.1
17.3
13.3
22.0
14.9
23.6
16.2
25.3
16.3
22.9
17.0
22.0
16.3
-0.4
28.3
5.6
22.6
17.2
2.4
36.9
0.9
36.1
17.1
6.9
46.1
0.6
45.5
18.5
12.6
54.7
0.9
53.9
19.6
19.4
64.3
0.9
63.5
18.9
27.3
69.1
-0.7
69.8
18.9
36.0
76.9
2.9
74.0
19.5
55.5
101.0
154.9
218.4
288.2
362.1
1999
2000
46.6
46.4
6.1%
5.8%
9.25
10.25
2,250.9 2,340.9
30,161.1 31,367.5
26,198.0 27,246.0
53%
53%
440
17%
440
17%
23%
23%
143.7
149.4
1999
2000
2466
2306
370.4
377.2
72.44
38.4
70.43
37.3
2.4
0.7
2.6
2.3
2.3
1.2
1.2
10.8
11.1
17.5
20.9
17.2
20.1
18.7
45.3
84.9
5.4
79.4
18.4
55.2
93.7
0.6
93.1
441.5
534.7
Forecast Assumptions
First Year
Product Mix
Glaxo: pills
Glaxo: syrup
Comarketer: pills
Comarketer: syrup
85%
15%
40%
60%
47.0%
29.0%
4.0%
5.0%
4.0%
5.0%
0.0%
25.0%
4.0%
15.0%
12.5%
1990
0.0%
0.25
1,566.0
20,984.0
18,226.8
1991
52.3
5.2%
1.25
1,644.7
22,038.4
19,142.7
53%
320
20%
26%
320
13%
18%
105.0
Quantities
Volumes (000s)
Samples (000s)
Licensees (000s)
Total
1990
1991
200
200
912
710
1,099
2,721
Direct sales
Sales to licensees
Total revenue
Gross margin
Gross margin/tot rev
Gross margin, direct sales
0.0
3.9
3.9
Cost of samples
Med promotion
Mkt promotion
Sales rep prom
Total sales-force cost Line 1
Total sales-force cost Line 2
Total marketing cost
Marketing margin
0.0
0.2
0.2
0%
0.0
19.70
22.3
42.0
16.4
39%
22.3
0.4
-0.4
3.2
0.2
2.8
0.7
8.7
5.9
21.4
-5.0
0.8
0.2
12.1
0.9
Interest
Product margin
Investment in working capital
Capital Generated
0.00
0.4
0.1
0.3
0.04
5.6
4.6
0.9
0.3
1.2
NPV
285.1297
1990
Price to
1990
Content of
1990
Years 2+
Retail Cust.
Key Raw
Price to
Of Ingredients
Product Mix
lira
Materials (gr)
Retailer
(lira/gr)
80%
20%
40%
60%
34,400.0
29,880.0
3.0
2.5
20,984.0
18,226.8
1,566.0
1,566.0
1992
1993
1994
1995
1996
46.6
10.4%
46.6
10.4%
44.6
10.1%
46.3
9.6%
2.25
1,710.5
22,919.9
19,908.4
53%
3.25
1,778.9
23,836.7
20,704.7
53%
4.25
1,850.0
24,790.2
21,532.9
53%
5.25
1,924.1
25,781.8
22,394.2
53%
350
25%
33%
400
18%
24%
400
16%
21%
400
17%
23%
109.2
113.6
118.1
122.8
47.2
9.2%
1997
1998
46.0
46.5
8.7%
8.3%
6.25
7.25
8.25
2,001.0 2,081.1 2,164.3
26,813.1 27,885.6 29,001.0
23,290.0 24,221.6 25,190.4
53%
53.0%
53.0%
440
17%
23%
127.7
413.3
417.8
17%
17%
22.33%
22.78%
132.9
138.2
1992
1993
1994
1995
1996
1997
1998
2,560
700
1,583
4,843
2,711
600
1,540
4,851
2,764
400
1,337
4,501
2,889
400
1,158
4,447
2,862
350
1,133
4,345
2838.3
2863.1
383.3
377.8
1209.3
1166.8
4,431
4,408
57.13
33.4
90.6
40.7
45%
48.0
62.92
33.8
96.7
44.5
46%
51.3
66.72
30.5
97.3
44.7
46%
51.5
72.53
27.5
100.0
47.0
47%
53.0
74.72
28.0
102.7
49.3
48%
54.4
77.07
31.1
108.1
50.8
80.85
31.2
112.0
53.0
3.2
0.6
4.0
0.3
12.6
2.9
0.6
3.8
0.3
10.9
2.0
0.7
2.0
0.9
9.9
2.1
0.7
2.2
0.9
11.3
1.9
0.7
2.2
0.9
12.9
20.8
20.0
18.5
26.0
15.5
29.2
17.2
29.8
22.4
1.3
23.3
1.4
22.5
1.2
0.15
39.4
7.2
32.2
4.18
50.1
1.0
49.1
33.4
82.6
47.00%
47.33%
57.3
59.4
2.2
0.8
2.2
0.8
2.1
2.2
0.9
0.9
12.3
13.1
18.7
30.6
18.2
32.6
19.3
33.8
23.1
1.1
23.5
1.1
24.9
1.2
25.8
1.2
10.32
58.8
0.4
58.3
17.613
67.0
1.0
66.1
25.871
76.4
0.4
76.0
35.4
89.1
0.7
88.4
46.4
102.0
5.3
96.7
140.9
207.0
282.9
371.4
468.1
1999
2000
46.6
46.4
7.9%
7.5%
9.25
10.25
2,250.9 2,340.9
30,161.1 31,367.5
26,198.0 27,246.0
53.0%
53.0%
423.7
418.3
17%
17%
22.70%
22.60%
143.7
149.4
1999
2000
2854.5
2852.0
370.4
377.2
1169.7
1181.9
4,395
4,411
83.83
32.5
116.3
55.2
87.11
34.2
121.3
57.3
47.44%
47.26%
61.7
64.3
2.3
0.8
2.4
2.2
2.2
0.9
0.9
13.8
14.1
20.0
35.2
19.6
37.7
26.7
1.3
27.9
1.4
58.5
116.4
7.7
108.6
72.1
133.5
1.7
131.8
576.7
708.5