EFTA01457577.pdf

27 May 2015 Biotechnology Retrophin Model updated:27 May 2015 Fiscal yam end 31-Disc 2014 2015E 2016E 2017E It n:nay) the not:lb.:ff. I Finnnevil Suntimere North America 08 EPS IUSCI -251 1 65 100 108 Awned EPS (USD) 084 063 213 219 United States OPS (USDI 0.00 000 000 000 Biotechnology 8VPS 27501 -1.49 607 788 989 Vet, tenon Monet.. Retrophin Price/Saba Ixl 11.2 11 6 8.0 5.9 P/E (08)I.1 nm 163 209 248 Reuters: RTRX.OQ Bloomberg: RTRX US pit (Remitted) (4 15.0 428 12.0 12.3 PAW lx) nm 44 34 27 Buy FCF yield 293 49 13.7 13.2 Price I26 May 151 USD 76.87 Dividend yield 1961 0.0 00 00 0.0 Target Pricy USD 52.00 EV/Salm 10.2 83 50 33 EV/E8ITDA 110 94 5.8 3 52 Week range USD 8.09 - 26.98 EWE8IT 110 94 58 38 Market Cap (ml USDm 949 Income fitainn rit itfiDnit EURrn 871 Saks 28 81 119 160 CoriinAny Pi°filo EBITDA 28 72 103 136 EMT 28 72 103 136 Riarophin is • temdurm•cetnical company focused on Pre-tax groin 29 72 103 136 discovering. developing and marketing iroovative Nat income 31 30 103 108 therapies for debilitating end often lite -threatening diseases (>3111low IIJ`ilinti agiildoblE4.3 Cash flow from operations 50 139 137 Net Codex -4 .4 4 Free cash flow ee 135 133 Equity raned/fbought backl 150 0 0 Dividends paid 0 0 0 !Pt gin Perforranncu Net incAdeci in konomogs O 0 0 Other imastingrfetencing can flows O 0 0 28 Net cash flow 186 135 133 24 Chong*In working wits; -4 70 2 10 16 (ielance Sl,a l (USOir) 12 Cohen] caM squwww 18 262 342 420 4 PRIMO/. Print a equipment 1 5 8 11 0 Goodwill O 0 0 0 Dec '2 Jun" 3 Cvc "3 Jun '4 Oec Other sets 117 109 109 109 Total assets 135 376 459 541 — 144014.11 414400 41010114•4n40 Debt O 0 0 0 MarGin Other bedlam' 173 161 171 173 Total hatillties 173 161 171 173 83 Total share/443N ' 444.4ty -37 214 288 368 82 Abt debt 48 -262 442 -420 90 89 Kitt- Company Metrics 87 Sole growth egri nm 1990 463 338 86 DB EPS growth 66) na na -39.4 8.2 84 '4 ISE (tE 17E Payout ratio 1361 0.0 0.0 0.0 0.0 -4. - a444 11111DAM/44. EST Morn EBITDA Margin 1161 928 IVO 807 855 EMT Margin 60 922 880 86.7 85.5 Dz OMR St Ptrifilabitity ROE (36) nm 338 41.2 32.9 200 50 Net debt/400y MAI nm -122 2 -118.8 -114.3 150 40 Net intemat cover (x) nm nm rint ram 30 100 Ditr31411 AnniV141 20 50 EBrt r"4610 1361 922 880 88.7 85.5 10 x Anat turnover ftit 02 03 03 03 0 x Financial toe' ratio Cd 1.0 10 1.0 1.0 x Tax end other effacts 1.1 1.2 04 1.0 08 Senrowin(U441. SBA . ROA (poet tax) Pffil 229 11.7 24,8 21.6 X Financial levere4s1x) -36 29 17 I 5 . ROE Off 433.2 338 41.2 32.9 rinnuargrowel no mo 27.9 -20 7 117 x NTA/shans (await.) -1.0 19 5.2 6.7 Reported EPS 0.84 063 213 219 -CO annual growth MN -246 2321 2.7 no -BO -100 Sauce Company dim Deutsche Bank esonusiss -1/0 •140 14 15E 10E 17E gmg -....worr wow row Ow,/ Roffrn Ktinausl- as .1 212 250-7591 rObyokerrnougreSSOS corn Page Deutsche Bank Securities Inc. CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0117182 CONFIDENTIAL SDNY_GM_00263366 EFTA01457577