Savient Pharmaceuticals (FRA:BY7) ROC (Joel Greenblatt) % : -2,962.42% (As of Sep. 2013)

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What is Savient Pharmaceuticals ROC (Joel Greenblatt) %?

Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits). He defines ROC (Joel Greenblatt) % as EBIT divided by the total of Property, Plant and Equipment and net working capital. Savient Pharmaceuticals's annualized ROC (Joel Greenblatt) % for the quarter that ended in Sep. 2013 was -2,962.42%.

The historical rank and industry rank for Savient Pharmaceuticals's ROC (Joel Greenblatt) % or its related term are showing as below:

FRA:BY7's ROC (Joel Greenblatt) % is not ranked ^*
in the Biotechnology industry.
Industry Median: -334.45
* Ranked among companies with meaningful ROC (Joel Greenblatt) % only.

Savient Pharmaceuticals's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 0.00% per year.

Savient Pharmaceuticals ROC (Joel Greenblatt) % Historical Data

The historical data trend for Savient Pharmaceuticals's ROC (Joel Greenblatt) % 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.

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Savient Pharmaceuticals ROC (Joel Greenblatt) % Chart

Savient Pharmaceuticals Annual Data

Trend

Dec03

Dec04

Dec05

Dec06

Dec07

Dec08

Dec09

Dec10

Dec11

Dec12

ROC (Joel Greenblatt) %

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-6,184.79

-6,504.32

-6,546.64

-13,805.46

-6,555.63

Savient Pharmaceuticals Quarterly Data
	Mar09	Jun09	Sep09	Dec09	Mar10	Jun10	Sep10	Dec10	Mar11	Jun11	Sep11	Dec11	Mar12	Jun12	Sep12	Dec12	Mar13	Jun13	Sep13	Mar14
ROC (Joel Greenblatt) %	Get a 7-Day Free Trial															-4,075.01	-3,982.37	-3,876.88	-2,962.42	-

Competitive Comparison of Savient Pharmaceuticals's ROC (Joel Greenblatt) %

For the Biotechnology subindustry, Savient Pharmaceuticals's ROC (Joel Greenblatt) %, along with its competitors' market caps and ROC (Joel Greenblatt) % 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.

Savient Pharmaceuticals's ROC (Joel Greenblatt) % Distribution in the Biotechnology Industry

For the Biotechnology industry and Healthcare sector, Savient Pharmaceuticals's ROC (Joel Greenblatt) % distribution charts can be found below:

* The bar in red indicates where Savient Pharmaceuticals's ROC (Joel Greenblatt) % falls into.

Savient Pharmaceuticals ROC (Joel Greenblatt) % Calculation

Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits) . He defines Return on Capital as follows:

ROC (Joel Greenblatt) %

EBIT

Average of (Net fixed Assets

Net Working Capital)

EBIT stands for Earnings Before Interest and Taxes.

Fixed Assets are also known as non-current assets. They include the Property, Plant and Equipment that the firm needs in its operation.

GuruFocus calculates net working capital as: (Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Deferred Revenue + Other Current Liabilities). We're trying to account for OPERATING assets and liabilities (part of daily business) when calculating working capital. Cash and marketable securities are considered NON-OPERATING assets and are not included in calculation. We will also back out all interest bearing debt, short term debt and the portion of long term debt that is due in the current period from the current liabilities. This debt will be considered when computing cost of capital and it would be inappropriate to count it twice.

	Working Capital		(Q: Jun. 2013 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(5.877	+	1.194	+	2.895)	-	(4.987	+	1.122	+	13.763)
=	-9.906

	Working Capital		(Q: Sep. 2013 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(5.101	+	0.943	+	3.499)	-	(16.122	+	0.578	+	1.222)
=	-8.379

When net working capital is negative, 0 is used.

So ROC (Joel Greenblatt) % of Savient Pharmaceuticals for the quarter that ended in Sep. 2013 can be restated as:

	ROC (Joel Greenblatt) %		(Q: Sep. 2013 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Jun. 2013		Q: Sep. 2013
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	-39.104	/	( ( (1.367 + max(-9.906, 0))	+	(1.273 + max(-8.379, 0)) )	/	2 )
=	-39.104	/	( ( 1.367	+	1.273 )	/	2 )
=	-39.104	/	1.32
=	-2,962.42 %

Note: The EBIT data used here is four times the quarterly (Sep. 2013) EBIT data.

Savient Pharmaceuticals (FRA:BY7) ROC (Joel Greenblatt) % Explanation

The way Joel Greenblatt defines Return on Capital is a more accurate measure of how efficiently the company generates returns onthe capital actually invested in the business. EBIT is used instead of net income because the tax and interest payment may be affected by factors other than the core business operation. Intangible assets are not included in the calculation because they don't need to be replaced.

Joel Greenblatt uses his definition of Return on Capital and Earnings Yield (Joel Greenblatt) % to rank companies.

Savient Pharmaceuticals ROC (Joel Greenblatt) % Related Terms

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Savient Pharmaceuticals (FRA:BY7) Business Description

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Address

Website

http://www.savientpharma.com

Savient Pharmaceuticals, Inc., was founded in 1980. It develops, manufactures and markets products through the application of genetic engineering and related biotechnologies. The Company, and its wholly-owned Subsidiaries, is a specialty biopharmaceutical company focused on commercializing KRYSTEXXA (pegloticase) in the United States and completing the development and seeking regulatory approval outside of the United States for KRYSTEXXA, particularly in the European Union. It completed a promotional launch of KRYSTEXXA in the United States during the first quarter of 2011 with its sales force commencing field promotion to health care providers on February 28, 2011. The Company also sells and distributes branded and generic versions of oxandrolone, a drug used to promote weight gain following involuntary weight loss. The Company launched its authorized generic version of oxandrolone in December 2006 in response to the approval and launch of generic competition to Oxandrin. On January 1, 2012, KRYSTEXXA received a permanent J Code, which facilitates reimbursement to providers who treat patients suffering with RCG and who rely on Medicare and Medicaid. The manufacturing process for pegloticase, which is the drug substance of KRYSTEXXA, consists of the production through a recombinant process in which a genetically-engineered bacteria produces uricase, followed by its purification, PEGylation, further purification and formulation to produce the bulk pegloticase, which the company refers it as pegloticase drug substance. Pegloticase is aseptically filtered and filled into sterile, single dose vials to produce the KRYSTEXXA drug product. Its sales force targets rheumatologists and nephrologists with access to infusion centers and healthcare institutions, each of which treat adult patients suffering from RCG, as well as podiatrists who also treat patients with RCG. In March 2012, KRYSTEXXA was made available in the EU to healthcare professionals through a Named Patient Program. The Company sells its products to three drug wholesaler customers and various specialty distributors. Its research and development includes costs associated with the research and development of its KRYSTEXXA product prior to FDA approval and FDA-related post-marketing commitments for approved products (KRYSTEXXA post-approval). These costs mainly include pre-clinical and clinical studies and trials, personnel costs including compensation, consultants and contract research organizations, or CROs, quality control and assurance costs, regulatory costs and costs related to the development of commercial scale manufacturing capabilities for KRYSTEXXA, which also includes the costs of preparing Fujifilm to serve as its secondary source supplier of pegloticase drug substance for KRYSTEXXA in the United States. As of March 7, 2013, the company owned 14 issued U.S. patents and 154 issued foreign patents. It currently owns U.S. and several foreign registrations or applicat

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