Biocytogen Pharmaceuticals (Beijing) Co (FRA:I54) ROC % : 0.11% (As of Jun. 2024)

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What is Biocytogen Pharmaceuticals (Beijing) Co ROC %?

ROC % measures how well a company generates cash flow relative to the capital it has invested in its business. It is also called ROIC %. Biocytogen Pharmaceuticals (Beijing) Co's annualized return on capital (ROC %) for the quarter that ended in Jun. 2024 was 0.11%.

As of today (2025-03-17), Biocytogen Pharmaceuticals (Beijing) Co's WACC % is 11.24%. Biocytogen Pharmaceuticals (Beijing) Co's ROC % is -7.41% (calculated using TTM income statement data). Biocytogen Pharmaceuticals (Beijing) Co earns returns that do not match up to its cost of capital. It will destroy value as it grows.

Biocytogen Pharmaceuticals (Beijing) Co ROC % Historical Data

The historical data trend for Biocytogen Pharmaceuticals (Beijing) Co's ROC % 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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Biocytogen Pharmaceuticals (Beijing) Co ROC % Chart

Biocytogen Pharmaceuticals (Beijing) Co Annual Data

Trend

Dec20

Dec21

Dec22

Dec23

ROC %

-30.65

-40.05

-33.11

-14.61

Biocytogen Pharmaceuticals (Beijing) Co Semi-Annual Data
	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24
ROC %	Get a 7-Day Free Trial			-36.56	-32.90	-14.33	-14.39	0.11

Biocytogen Pharmaceuticals (Beijing) Co ROC % Calculation

Biocytogen Pharmaceuticals (Beijing) Co's annualized Return on Capital (ROC %) for the fiscal year that ended in Dec. 2023 is calculated as:

	ROC % (A: Dec. 2023 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (A: Dec. 2022 )	+	Invested Capital (A: Dec. 2023 ))	/ count )
=	-39.308 * ( 1 - -0.74% )	/	( (285.502	+	256.699)	/ 2 )
=	-39.5988792	/	271.1005
=	-14.61 %

where

	Invested Capital		(A: Dec. 2022 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	379.11	-	51.192	-	( 82.769	-	max(0, 82.061	-	124.477	+	82.769	))
=	285.502

	Invested Capital		(A: Dec. 2023 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	314.572	-	39.195	-	( 52.41	-	max(0, 74.182	-	92.86	+	52.41	))
=	256.699

Biocytogen Pharmaceuticals (Beijing) Co's annualized Return on Capital (ROC %) for the quarter that ended in Jun. 2024 is calculated as:

	ROC % (Q: Jun. 2024 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Dec. 2023 )	+	Invested Capital (Q: Jun. 2024 ))	/ count )
=	0.27 * ( 1 - -7.63% )	/	( (256.699	+	254.312)	/ 2 )
=	0.290601	/	255.5055
=	0.11 %

where

	Invested Capital		(Q: Dec. 2023 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	314.572	-	39.195	-	( 52.41	-	max(0, 74.182	-	92.86	+	52.41	))
=	256.699

	Invested Capital		(Q: Jun. 2024 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	311.458	-	32.362	-	( 50.186	-	max(0, 73.325	-	98.109	+	50.186	))
=	254.312

Note: The Operating Income data used here is two times the semi-annual (Jun. 2024) data.

Biocytogen Pharmaceuticals (Beijing) Co (FRA:I54) ROC % Explanation

ROC % measures how well a company generates cash flow relative to the capital it has invested in its business. It is also called ROIC %. The reason book values of debt and equity are used is because the book values are the capital the company received when issuing the debt or receiving the equity investments.

There are four key components to this definition. The first is the use of operating income or EBIT rather than net income in the numerator. The second is the tax adjustment to this operating income or EBIT, computed as a hypothetical tax based on an effective or marginal tax rate. The third is the use of book values for invested capital, rather than market values. The final is the timing difference; the capital invested is from the end of the prior year whereas the operating income or EBIT is the current year's number.

Why is ROC % important?

Because it costs money to raise capital. A firm that generates higher returns on investment than it costs the company to raise the capital needed for that investment is earning excess returns. A firm that expects to continue generating positive excess returns on new investments in the future will see its value increase as growth increases, whereas a firm that earns returns that do not match up to its cost of capital will destroy value as it grows.

As of today, Biocytogen Pharmaceuticals (Beijing) Co's WACC % is 11.24%. Biocytogen Pharmaceuticals (Beijing) Co's ROC % is -7.41% (calculated using TTM income statement data). Biocytogen Pharmaceuticals (Beijing) Co earns returns that do not match up to its cost of capital. It will destroy value as it grows.

Be Aware

Like ROE % and ROA %, ROC % is calculated with only 12 months of data. Fluctuations in the company's earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective.

Biocytogen Pharmaceuticals (Beijing) Co ROC % Related Terms

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Biocytogen Pharmaceuticals (Beijing) Co Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Biotechnology » Biocytogen Pharmaceuticals (Beijing) Co Ltd (FRA:I54) » Definitions » ROC %

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02315:Hong Kong

Address

12 Baoshen South Street, Daxing Bio-Medicine Industry Park, Daxing District, Beijing, CHN

Website

https://www.biocytogen.com.cn

Biocytogen Pharmaceuticals (Beijing) Co Ltd is a biopharmaceutical and pre-clinical research services company. It has two Core Products, YH003 and YH001. YH003 is a recombinant humanized agonistic anti-Cluster of Differentiation 40 (CD40) Immunoglobulin G2 (IgG2) monoclonal antibody and YH001 is a recombinant humanized anti-CTLA-4, a protein receptor expressed constitutively on T cells that functions as an immune checkpoint and downregulates immune responses, Immunoglobulin G1 (IgG1) monoclonal antibody. YH003 is being developed for pancreatic ductal adenocarcinoma, melanoma, and other advanced solid tumors. YH001 is being developed for hepatocellular carcinoma (HCC), non-small-cell lung carcinoma (NSCLC), and other solid tumors.

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