1. .noitacifitreC s'tsylanA eht gnidulcni ,stnemetatS erusolcsiD rof 5 ot 2 segap ot refer esaelP
moc.omb@knirbmut.semaj :liamE
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.serahs ADLC no gnitar MROFREPTUO ruo niatniam ew ;srotsevni rof ytinutroppo
g ni si m orp a si ataD lacin ilC ,dy rbiiV fo lavorppa elc y c tsrif elbakra m er eh t htiW ∗
.ataD lacin ilC fo es ahcrup th girtuo
n a fo lait netop eht ro/dna , ypareh t gn is i m orp eht tekra m ot y n apm oc lacitu eca m rahp
r e h t o n a h ti w e c n a i l l a r o j a m a f o d o o hi l e ki l e h t s e s a e r c n i y ll a i r e t a m l a v o r p p a d y r b i i V e h T ∗
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htob ,stnasserpeditna rehto ot derapmoc noitaitnereffid lufgninaem edivorp ot ytiliba
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rojam/noisserped rof )enodozaliv( dyrbiiV s'ataD lacinilC ot lavorppa lluf sevig ADF Flash:
Vilazodone Fully Approved for Depression - Our Quick Take
)QADSAN-ADLC(
Clinical Data (Outperform)
11 02 ,12 y rau naJ , y adirF
2. hsalF stekraM latipaC OMB
CLINICAL DATA INC NEW (CLDA)
Target Price(US$)
Quarterly Price (US$)
Share Price(US$)
30 30
25 25
25 25
20 20 20 20
15 15 15 15
1) OP
10 10 10 10
5 5 5 5
0 0
CLDA Relative to S&P 500 CLDA Relative to S&P 500
CLDA Relative to Health Care Equipment CLDA Relative to Health Care Equipment
140 140
800 800
120 120
600 600
100 100
400 400
80 80
200 200 60 60
40 40
1980 1985 1990 1995 2000 2005 2010 2008 2009 2010
EPS (4 Qtr Trailing) - (US$) CLDA Relative to S&P 500 Y/Y (%)
Price / Earnings CLDA Relative to Health Care Equipment Y/Y (%)
10 100 100 100
0 50
0 -100 -100
1980 1985 1990 1995 2000 2005 2010 2008 2009 2010
CLDA - Rating as of 8-Feb-08 = NR
Date Rating Change Share Price
1 2-Dec-09 NR to OP $16.09
Last Daily Data Point: January 20, 2011
2 eg aP • hsalF
3. 3 eg aP • hsalF
fdp.smetsys_gnitar_roirp/9002/stnemucod/moc.stekramlatipacomb.labolghcraeser//:ptth
smetsyS sgnitaR stekraM latipaC OMB roirP
.3H1 X5M ,oiratnO ,otnoroT ,ecalP naidanaC tsriF 1 ,stekraM latipaC OMB ,tnemtrapeD lairotidE ro 63001
YN ,kroY weN ,erauqS semiT 3 ,stekraM latipaC OMB ,tnemtrapeD lairotidE ot etirw ro psa.cilbuP_erusolcsiD_ynapmoC
/moc.stekramlatipacomb.labolghcraeser//:ptth ot og esaelp ,troper siht ni dessucsid skcots eht no serusolcsiD tnatropmI rehtO roF
serusolcsiD tnatropmI rehtO
.gnitar
kciP poT eht decalper evah )llams SU ,egral SU dna ;evitatitnauq ,emocni ,eulav ,htworg ,llams ,egral naidanaC( sevitcejbo
tnereffid ot gnidrocca saedi tseb ruo ot srotsevni ediug stsil 51 poT thgie stekraM latipaC OMB .ynapmoc hcae rof etairporppa
sa ,etisopmoC qadsaN ,005 P&S ,xednI etisopmoC XST/P&S eht sa hcus xedni kramhcneb a yb derusaem si ecnamrofrep tekraM
.detcirtser yltnerruc si hcraeser fo noitanimessiD – detcirtseR = R
;emit siht ta gnitar oN = RN
;tnemtsevni evitaluceps = )S(
;tekram eht mrofreprednu ot tsaceroF - mrofreprednU = dnU
;tekram eht htiw enil ni ylhguor mrofrep ot tsaceroF - mrofreP tekraM = tkM
;tekram eht mrofreptuo ot tsaceroF - mrofreptuO = PO
:snoitinifed metsys sgnitar gniwollof eht esu eW
yeK rotceS dna sgnitaR
.stneilc gniknaB tnemtsevnI fo egatnecrep sa secivres gniknaB
tnemtsevnI rof noitasnepmoc deviecer sah stekraM latipaC OMB hcihw morf seinapmoc lla fo noitubirtsid gnitar stcelfeR * ** **
.stsylana hcraeser ytiuqe stekraM latipaC OMB yb derevoc seinapmoc lla fo noitubirtsid gnitar stcelfeR ** **
.stneilc gniknaB tnemtsevnI fo egatnecrep sa secivres gniknaB tnemtsevnI
rof noitasnepmoc deviecer sah .proC stekraM latipaC OMB hcihw morf seinapmoc lla fo noitubirtsid gnitar stcelfeR * **
.yrogetac sgnitar nihtiw egatnecrep sa secivres gniknaB tnemtsevnI
rof noitasnepmoc deviecer sah .proC stekraM latipaC OMB hcihw morf seinapmoc lla fo noitubirtsid gnitar stcelfeR **
.stsylana hcraeser ytiuqe .proC stekraM latipaC OMB yb derevoc seinapmoc lla fo noitubirtsid gnitar stcelfeR *
%1.5 %1.3 %9.3 %6.1 %3.8 %4.2 mrofreprednU lleS
%7.14 %8.15 %5.75 %4.95 %0.21 %3.26 mrofreP tekraM dloH
%2.35 %1.54 %6.83 %1.93 %0.41 %3.53 mrofreptuO yuB
esrevinU * ****stneilC BI * ***esrevinU ***stneilC BI **stneilC BI *esrevinU gnitaR OMB yrogetaC
enimratS MCOMB MCOMB SU MCOMB SU MCOMB SU MCOMB gnitaR
)0102 ,13 rebmeceD( sgnitaR fo noitubirtsiD
stcudorp gnitset citeneg noilimaF
eht fo gnitekram dna ,gnicnanif ,seipareht enilepip fo tnempoleved lufsseccus eht edulcni tegrat ecirp ruo ot sksiR :sksiR
sisylana strap eht fo mus ruo no desab si tegrat ecirp ruO :ygolodohteM
tegraT ecirP ruO ot sksiR dna ygolodohteM
.ytiruces siht ni tekram a sekam stekraM latipaC OMB :9 erusolcsiD
.secivreS gniknaB tnemtsevnI :shtnom 21 tsap eht nihtiw etailiffa
na ro .dtL MC OMB ,.proC stekraM latipaC OMB ,.cnI snruB ttibseN OMB fo )tneilc a saw ro( tneilc a si reussi sihT :6 erusolcsiD
.shtnom 21 tsap eht nihtiw
reussi siht morf secivres gniknab tnemtsevni rof noitasnepmoc deviecer sah etailiffa na ro stekraM latipaC OMB :4 erusolcsiD
.shtnom 21 tsap
eht nihtiw reussi siht ot tcepser htiw seitiruces fo gnireffo cilbup a deganam-oc ro deganam sah stekraM latipaC OMB :3 erusolcsiD
.shtnom 21 tsap eht nihtiw reussi siht ot tcepser htiw secivres gniknab tnemtsevni dedivorp sah stekraM latipaC OMB :2 erusolcsiD
.shtnom 21 tsap eht nihtiw reussi siht ot tcepser htiw ytilibail gnitirwrednu na nekatrednu sah stekraM latipaC OMB :1 erusolcsiD
erusolcsiD cificepS ynapmoC
.stneilc ot ecivres dna ,setamitse sgninrae fo ycarucca
,snoitadnemmocer fo ecnamrofrep ,stneilc ot saedi fo noitacinummoc ni dna saedi wen gnitareneg ni ssenevitceffe no desab
si hcraeser rof noitasnepmoC .secivres gniknab tnemtsevni fo ytilibatiforp llarevo eht sedulcni hcihw ,setailiffa rieht dna stekraM
latipaC OMB fo ytilibatiforp llarevo eht )srotcaf rehto gnoma( nopu desab detasnepmoc era troper siht deraperp ohw stsylanA
.troper siht ni desserpxe sweiv ro snoitadnemmocer
cificeps eht ot detaler ,yltceridni ro yltcerid ,eb lliw ro ,si ,saw noitasnepmoc ym fo trap on taht yfitrec osla I .sreussi ro seitiruces
tcejbus eht tuoba sweiv lanosrep ym tcelfer yletarucca troper siht ni desserpxe sweiv eht taht yfitrec ybereh ,ttelzaH treboR ,I
noitacifitreC s'tsylanA
se rusol csiD tnatropmI
stekraM latipaC OMB hsalF
4. 4 eg aP • hsalF
.stneilc liater ,ot no dessap ro deussi eb ton yam dna fo esu eht rof dednetni
ton era foereh stnetnoc ehT .)”snosrep tnaveler“ sa ot derrefer rehtegot snosrep hcus lla( redrO eht fo )d( ot )a()2(94 elcitrA
nihtiw gnillaf seititne htrow ten hgih )II( ro )”redrO“ eht( 5002 redrO )noitomorP laicnaniF( 0002 tcA stekraM dna secivreS
laicnaniF eht fo )5(91 elcitrA nihtiw gnillaf stnemtsevni ot gnitaler srettam ni ecneirepxe lanoisseforp evah ohw snosrep )I(
,ot no dessap ro deussi eb ylno yam dna ,fo esu eht rof ylelos dednetni era foereh stnetnoc ehT .ytirohtuA secivreS laicnaniF eht
yb detaluger dna desirohtua si hcihw detimiL stekraM latipaC OMB yb dehsilbup si tnemucod siht KU eht nI :stnediseR .K.U oT
.dtL seitiruceS snruB ttibseN OMB ro/dna .proC stekraM
latipaC OMB hguorht os od dluohs niereh dessucsid ytiruces yna ni snoitcasnart tceffe ot gnihsiw nosrep .S.U ynA .laertnoM
fo knaB fo seitiruces ot srefer ti taht tnetxe eht ot tpecxe ,niereh stnetnoc eht rof ytilibisnopser tpecca dna stnediser .S.U ot troper
siht hsinruf ,BN OMB fo setailiffa ,.dtL seitiruceS snruB ttibseN OMB ro/dna .proC stekraM latipaC OMB :stnediseR .S.U oT
.dtL/eetL snruB ttibseN OMB ro/dna .cnI snruB
ttibseN OMB hguorht os od dluohs troper siht ni dedulcni seitiruces eht fo yna ni snoitcasnart tceffe ot gnihsiw nosrep naidanaC
ynA .evoba tuo tes smret eht ot tcejbus niereh stnetnoc eht rof ytilibisnopser tpecca dna stnediser naidanaC ot troper siht hsinruf
,.proC stekraM latipaC OMB fo setailiffa ,.dtL/eetL snruB ttibseN OMB dna .cnI snruB ttibseN OMB :stnediseR naidanaC oT
srettaM lanoitiddA
.niereh dessucsid sreussi fo seitiruces lles ro yub
ot ton ro rehtehw gnitaulave ni troper siht no ylelos yler ton dluohs dna tseretni fo tcilfnoc a evah yam setailiffa sti ro stekraM
latipaC OMB taht emussa dluohs redaer ehT .noereht desab stnemurtsni evitavired rehto ro serutuf ,snoitpo ni ro seitiruces
detaler ,niereh dessucsid seitiruces eht fo ynam ni noitisop trohs ro gnol a evah seeyolpme ro srotcerid ,sreciffo ,setailiffa sti
ro stekraM latipaC OMB .sisab lapicnirp a no troper siht ni denoitnem sreussi fo seitiruces eht sremotsuc ot lles ro morf yub lliw
setailiffa sti ro stekraM latipaC OMB .ytiruces yna yub ot reffo na fo noitaticilos eht ro lles ot reffo na ton si dna ylno sesoprup
noitamrofni rof si lairetam sihT .rotsevni yna fo sdeen tnemtsevni ralucitrap eht teem ot dengised ecivda sa deurtsnoc eb ton
dluohs ,sevitcejbo tneilc laudividni fo esuaceb dna ,snoisiced tnemtsevni fo sisab yramirp eht sa desu eb ot dednetni ton si troper
siht ni noitamrofni ehT .troper siht ni detcelfer ton si taht setailiffa sti ro stekraM latipaC OMB ot elbaliava eb yam noitamrofnI
.stnetnoc sti ro troper siht ,no ecnailer ro ,fo esu yna morf gnisira ssol yna rof reveostahw ytilibail on stpecca dna niereh
deniatnoc snoissimo dna srorre yna rof ytilibisnopser on sekat ,foereht tcepser ni ,deilpmi ro sserpxe ,ytnarraw ro noitatneserper
on sekam stekraM latipaC OMB ,revewoH .etelpmoc dna etarucca era taht snoinipo dna noitamrofni niatnoc dna elbailer
era eveileb ew taht secruos morf devired ro delipmoc neeb evah stnetnoc eht taht erusne ot sruovaedne stekraM latipaC OMB
.eciton tuohtiw egnahc ot tcejbus era dna troper siht fo etad eht fo sa stekraM latipaC OMB fo esoht era troper siht ni deniatnoc
snoitcejorp dna setamitse ,snoinipo ehT .stekraM latipaC OMB yb derevoc sreussi ynam ,ot secivres detarenumer rehto edivorp
ro ,htiw stnemegnarra gnidnel sah )”puorG laicnaniF OMB“( seiraidisbus sti ro laertnoM fo knaB .setailiffa era .proC stekraM
latipaC OMB dna .dtL stekraM latipaC OMB ,.cnI snruB ttibseN OMB .S.U eht ni .proC stekraM latipaC OMB dna .K.U eht
ni .dtL stekraM latipaC OMB ,.dtL/.eétL snruB ttibseN OMB dna .cnI snruB ttibseN OMB seiraidisbus sti dna laertnoM fo knaB
fo mra elaselohw eht sedulcni hcihw ,puorG gniknaB tnemtsevnI OMB eht yb desu eman edart a si ”stekraM latipaC OMB“
remialcsiD lareneG
.psa.cilbuP_tnemetatS_tcilfnoC/moc.stekramlatipacomb.labolghcraeser//:ptth
ta elbaliava si hcihw hcraeser tnemtsevni htiw noitcennoc ni tseretni fo stcilfnoc gniganam rof
ycilop gnicaf cilbup ruo ni deniatnoc si tseretni fo stcilfnoc seganam dna seifitnedi puorG laicnaniF OMB woh fo noitpircsed lareneg A
tnemetatS tcilfnoC
.noitamrofni erom rof nosrepselas lanoitutitsni
ro rosivda tnemtsevni ruoy tcatnoc esaelP .liam raluger ro liame aiv rucco yam noitanimessid lanoitiddA .hcraeser ruo ot deltitne
spuorg tneilc stekraM latipaC OMB lla ot emit emas eht ta elbaliava ylediw edam si hcraeser ruo fo llA .moc.stekraMehT
dna ,QI latipaC ,teStcaF ,grebmoolB ,sretueR ,tceriD hcraeseR LLAC TSRIF ,LLAC TSRIF aiv hcraeser ruo eviecer
osla yam stneilc lanoitutitsnI ./hcraeser/moc.stekramlatipacomb//:ptth etis bew ruo aiv elbaliava era snoitacilbup hcraeser ruO
hcraeseR fo noitanimessiD
stekraM latipaC OMB hsalF
