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Millipore Corporation is a leading provider of products and services that improve productivity and results in biopharmaceutical manufacturing and in clinical, analytical and research laboratories. The Company is organized in two operating divisions. Its Bioprocess Division helps pharmaceutical and biotechnology companies to optimize their manufacturing productivity, ensure the quality of drugs, and scale up the production of difficult-to-manufacture biologics. Its Bioscience Division helps optimize laboratory productivity and workflows by providing reagents, kits and other enabling technologies and products for life science research and development. Millipore has a deep understanding of its customers' research and manufacturing process needs, and offers reliable and innovative tools, technologies and services. Millipore Corp. has a market cap of $3.82 billion; its shares were traded at around $68.7 with a P/E ratio of 17.4 and P/S ratio of 2.4. Millipore Corp. had an annual average earning growth of 5.6% over the past 10 years. Highlight of Business Operations: Operating profit for the three months ended October 3, 2009 of $63.1 million increased $3.4 million, or 6 percent, versus the prior year comparable period. Operating profit as a percent of revenues was 15 percent in both periods. The favorable effects of foreign currency translation and product pricing were offset by increased incentive compensation costs and investments in research and development.
Diluted earnings per share (“EPS”) of $0.71 in the three months ended October 3, 2009 increased $0.03 from the prior year comparable period largely because of higher operating profit. The positive effect of interest expense attributable to debt repayment was offset by a higher income tax provision caused by a higher proportion of current year pre-tax income in the United States.
Bioprocess revenues of $233.9 million for the three months ended October 3, 2009 increased $13.0 million, or 6 percent, versus the prior year comparable period. Foreign currency translation had a 2 percentage points adverse effect on the year-over-year growth. Adjusting for this item, Bioprocess revenues increased 8 percent in the three months ended October 3, 2009.
Bioprocess revenues of $693.8 million for the nine months ended October 3, 2009 increased $26.5 million, or 4 percent, versus the prior year comparable period. The increase included an unfavorable foreign currency translation effect of 5 percentage points. Adjusting for this item, Bioprocess revenues increased 9 percent in the nine months ended October 3, 2009. This was primarily the result of higher spending levels by our large North American biotechnology customers. Bioprocess revenues also increased because of sales of products used in vaccine production and strong growth in China and Singapore.
Bioscience revenues of $178.0 million for the three months ended October 3, 2009 increased $3.9 million, or 2 percent, versus the prior year comparable period. The increase included an unfavorable foreign currency translation effect of 2 percentage points. Adjusting for this item, Bioscience revenues for the three months ended October 3, 2009 grew 4 percent versus the prior year comparable period.
Bioscience revenues of $534.6 million for the nine months ended October 3, 2009 decreased $3.5 million, or 1 percent, versus the prior year comparable period. The decrease included an unfavorable foreign currency translation effect of 6 percentage points and a 2 percentage points favorable effect from the Guava acquisition. Adjusting for these items, Bioscience revenues for the nine months ended October 3, 2009 grew 3 percent versus the prior year comparable period. Similar business dynamics affecting our revenue growth in the three months ended October 3, 2009 also affected the nine-month period.
Read the The complete ReportMIL is in the portfolios of John Griffin of Blue Ridge Capital, PRIMECAP Management, Ron Baron of Baron Funds.
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