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Biohaven Pharmaceutical Holding Co Beneish M-Score

: 11.08 (As of Today)
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The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Warning Sign:

Beneish M-Score 11.08 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Biohaven Pharmaceutical Holding Co's Beneish M-Score or its related term are showing as below:

NYSE:BHVN' s Beneish M-Score Range Over the Past 10 Years
Min: 11.08   Med: 44.25   Max: 77.42
Current: 11.08

11.08
77.42

During the past 6 years, the highest Beneish M-Score of Biohaven Pharmaceutical Holding Co was 77.42. The lowest was 11.08. And the median was 44.25.


Biohaven Pharmaceutical Holding Co Beneish M-Score Historical Data

The historical data trend for Biohaven Pharmaceutical Holding Co's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Biohaven Pharmaceutical Holding Co Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20
Beneish M-Score
Premium Member Only - - - - -

Biohaven Pharmaceutical Holding Co Quarterly Data
Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21
Beneish M-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only - - - 77.42 11.08

Competitive Comparison

For the Biotechnology subindustry, Biohaven Pharmaceutical Holding Co's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

   

Biohaven Pharmaceutical Holding Co Beneish M-Score Distribution

For the Biotechnology industry and Healthcare sector, Biohaven Pharmaceutical Holding Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Biohaven Pharmaceutical Holding Co's Beneish M-Score falls into.



Biohaven Pharmaceutical Holding Co Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Biohaven Pharmaceutical Holding Co for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 0.2155+0.528 * 0.8869+0.404 * 1.6025+0.892 * 17.4702+0.115 * 0.2309
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.1028+4.679 * -0.0697-0.327 * 2.0291
=11.08

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Jun21) TTM:Last Year (Jun20) TTM:
Accounts Receivable was $168.6 Mil.
Revenue was 92.933 + 43.823 + 35.114 + 17.664 = $189.5 Mil.
Gross Profit was 75.594 + 30.961 + 25.146 + 13.42 = $145.1 Mil.
Total Current Assets was $666.6 Mil.
Total Assets was $845.9 Mil.
Property, Plant and Equipment(Net PPE) was $10.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $19.2 Mil.
Selling, General, & Admin. Expense(SGA) was $571.5 Mil.
Total Current Liabilities was $399.1 Mil.
Long-Term Debt & Capital Lease Obligation was $274.1 Mil.
Net Income was -210.619 + -264.968 + -217.736 + -195.189 = $-888.5 Mil.
Non Operating Income was -4.541 + 3.351 + -13.682 + -5.609 = $-20.5 Mil.
Cash Flow from Operations was -227.042 + -205.674 + -212.238 + -164.106 = $-809.1 Mil.
Accounts Receivable was $44.8 Mil.
Revenue was 9.698 + 1.151 + 0 + 0 = $10.8 Mil.
Gross Profit was 6.64 + 0.727 + 0 + 0 = $7.4 Mil.
Total Current Assets was $362.6 Mil.
Total Assets was $424.3 Mil.
Property, Plant and Equipment(Net PPE) was $9.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.6 Mil.
Selling, General, & Admin. Expense(SGA) was $318.2 Mil.
Total Current Liabilities was $166.4 Mil.
Long-Term Debt & Capital Lease Obligation was $0.0 Mil.




1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Accounts Receivable in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(168.637 / 189.534) / (44.796 / 10.849)
=0.88974538 / 4.12904415
=0.2155

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(7.367 / 10.849) / (145.121 / 189.534)
=0.67904876 / 0.76567265
=0.8869

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (666.58 + 10.885) / 845.893) / (1 - (362.562 + 8.979) / 424.255)
=0.19911265 / 0.12425075
=1.6025

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=189.534 / 10.849
=17.4702

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(1.551 / (1.551 + 8.979)) / (19.174 / (19.174 + 10.885))
=0.14729345 / 0.63787884
=0.2309

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(571.5 / 189.534) / (318.163 / 10.849)
=3.01529013 / 29.3264817
=0.1028

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((274.138 + 399.132) / 845.893) / ((0 + 166.417) / 424.255)
=0.79592809 / 0.39225702
=2.0291

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(-888.512 - -20.481 - -809.06) / 845.893
=-0.0697

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Biohaven Pharmaceutical Holding Co has a M-score of 11.08 signals that the company is likely to be a manipulator.


Biohaven Pharmaceutical Holding Co Beneish M-Score Related Terms

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Biohaven Pharmaceutical Holding Co Business Description

Biohaven Pharmaceutical Holding Co logo
Industry
Healthcare » Biotechnology NAICS : 325412 SIC : 2834
Traded in Other Exchanges
Address
C/o Biohaven Pharmaceuticals, Inc., 215 Church Street, New Haven, CT, USA, 06510
Biohaven Pharmaceutical Holding Co Ltd is a clinical-stage biopharmaceutical company. It has a portfolio of late-stage product candidates targeting neurological diseases, including rare disorders. The company product candidates are based on multiple mechanisms-calcitonin gene-related peptide receptor antagonists, glutamate modulators and myeloperoxidase inhibitor. Its pipeline products include BHV-3100, BHV5000, BHV5500, among others.
Executives
Bailey Gregory director 4 A CHESHAM STREET LONDON X0 SW1X8DT
Gentile Kimberly officer: SVP, Clinical Operations C/O BIOHAVEN PHARMACEUTICAL HOLDING COMP 234 CHURCH STREET NEW HAVEN CT 06510
Childs John W director 111 HUNTINGTON AVENUE SUITE 2900 BOSTON MA 02199
Berman Robert officer: Special Projects & Med Ovrsght C/O BIOHAVEN PHARMACEUTICAL HOLDING COMP 234 CHURCH STREET NEW HAVEN CT 06510
Doogan Declan director C/O BIOHAVEN PHARMACEUTICAL HOLDING COMP 234 CHURCH STREET NEW HAVEN CT 06510
Stock Elyse officer: Chief Medical Officer 215 CHURCH STREET NEW HAVEN CT 06510
Engelhart James officer: Chief Financial Officer C/O BIOHAVEN PHARMACEUTICAL HOLDING COMP 234 CHURCH STREET NEW HAVEN CT 06510
Tilton John officer: Chief Commercial Officer C/O BIOHAVEN PHARMACEUTICAL HOLDING COMP 234 CHURCH STREET NEW HAVEN CT 06510
Hugin Robert J director C/O THE MEDICINES CO 8 CAMPUS DR PARSIPPANY NJ 07054
Heffernan Michael Thomas director C/O CORNERSTONE THERAPEUTICS INC. 1255 CRESCENT GREEN DRIVE, SUITE 250 CARY NC 27518
Gregory Julia P director 8800 TECHNOLOGY FOREST PLACE THE WOODLANDS TX 77381
Aguiar Eric director 888 7TH AVENUE 12TH FLOOR NEW YORK NY 10106
Coric Vlad director, officer: Chief Executive Officer C/O BIOHAVEN PHARMACEUTICAL HOLDING COMP 234 CHURCH STREET NEW HAVEN CT 06510
Jones William A Jr officer: CCO-Migraine & Common Disease NITROMED, INC. 125 SPRING STREET LEXINGTON MA 02421
Conway Charles officer: Chief Scientific Officer C/O BIOHAVEN PHARMACEUTICAL HOLDING COMP 234 CHURCH STREET NEW HAVEN CT 06510

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