Maxygen, (FRA:MYN) ROCE % : -10.86% (As of Mar. 2013)

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What is Maxygen, ROCE %?

ROCE % measures how well a company generates profits from its capital. It is calculated as EBIT divided by Capital Employed, where Capital Employed is calculated as Total Assets minus Total Current Liabilities. Maxygen,'s annualized ROCE % for the quarter that ended in Mar. 2013 was -10.86%.

Maxygen, ROCE % Historical Data

The historical data trend for Maxygen,'s ROCE % 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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Maxygen, ROCE % Chart

Maxygen, Annual Data

Trend

Dec03

Dec04

Dec05

Dec06

Dec07

Dec08

Dec09

Dec10

Dec11

Dec12

ROCE %

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14.94

-18.27

-5.12

-8.00

16.78

Maxygen, Quarterly Data
	Jun08	Sep08	Dec08	Mar09	Jun09	Sep09	Dec09	Mar10	Jun10	Sep10	Dec10	Mar11	Jun11	Sep11	Dec11	Mar12	Jun12	Sep12	Dec12	Mar13
ROCE %	Get a 7-Day Free Trial															-7.09	66.19	-8.08	-8.55	-10.86

Maxygen, ROCE % Calculation

Maxygen,'s annualized ROCE % for the fiscal year that ended in Dec. 2012 is calculated as:

ROCE %	=	EBIT	/	( (Capital Employed	+	Capital Employed)	/ count )
		(A: Dec. 2012 )		(A: Dec. 2011 )		(A: Dec. 2012 )
	=	EBIT	/	( ( (Total Assets - Total Current Liabilities)	+	(Total Assets - Total Current Liabilities) )	/ count )
		(A: Dec. 2012 )		(A: Dec. 2011 )		(A: Dec. 2012 )
	=	15.439	/	( ( (125.121 - 2.443)	+	(63.414 - 2.057) )	/ 2 )
	=	15.439	/	( (122.678	+	61.357)	/ 2 )
	=	15.439	/	92.0175
	=	16.78 %

Maxygen,'s ROCE % of for the quarter that ended in Mar. 2013 is calculated as:

ROCE %	=	EBIT ⁽¹⁾	/	( (Capital Employed	+	Capital Employed)	/ count )
		(Q: Mar. 2013 )		(Q: Dec. 2012 )		(Q: Mar. 2013 )
	=	EBIT	/	( ( (Total Assets - Total Current Liabilities)	+	(Total Assets - Total Current Liabilities) )	/ count )
		(Q: Mar. 2013 )		(Q: Dec. 2012 )		(Q: Mar. 2013 )
	=	-6.64	/	( ( (63.414 - 2.057)	+	(62.93 - 2.009) )	/ 2 )
	=	-6.64	/	( ( 61.357	+	60.921 )	/ 2 )
	=	-6.64	/	61.139
	=	-10.86 %

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

Maxygen, (FRA:MYN) ROCE % Explanation

ROCE % can be especially useful when comparing the performance of capital-intensive companies. Unlike ROE %, which indicates the profitability of Shareholders Equity, ROCE % also considers long-term debt in Capital Employed. This can be helpful when analyzing companies with significant debt, as the result is neutralized by taking debt into consideration.

Generally speaking, a higher ROCE % indicates a stonger profitability for a company. Moreover, it is important to look at the ratio from a long term perspective. Investors tend to favor companies with stable and rising ROCE % trend over those with volatile ones.

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Maxygen, (FRA:MYN) Business Description

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GURUFOCUS.COM » STOCK LIST » Healthcare » Biotechnology » Maxygen, Inc. (FRA:MYN) » Definitions » ROCE %

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Address

Website

Maxygen, Inc., is incorporated in Delaware. It is a biotechnology company. It discovers and develops improved next-generation protein pharmaceuticals for the treatment of disease and serious medical conditions. The Company's MAXY-G34 product candidate has been designed to be an improved next-generation pegylated, G-CSF for the treatment of chemotherapy-induced neutropenia. G-CSF is a natural protein that functions by stimulating the body's bone marrow to produce more white blood cells. The Company completed a Phase IIa clinical trial for its MAXY-G34 product candidate for the treatment of chemotherapy-induced neutropenia in breast cancer patients in which MAXY-G34 was safe and effective in reducing chemotherapy-induced neutropenia with no serious adverse events, drug-related grade 3 or 4 adverse events or immunogenicity reported in any patient receiving MAXY-G34. Adverse events were consistent with known side effects of G-CSF molecules. The Company is subject to regulation by the FDA and comparable regulatory agencies in foreign countries with respect to any development and commercialization of its MAXY-G34 product candidate or any other products it may acquire in the future.