Historical Overview of Exxon and Its Industry
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages
Historical Overview of Exxon and Its Industry
Historical overview of Exxon and its industry (accounting related)
Write 3 pages historical overview of Exxon and its industry
Your report should be double-spaced with margins of at least one inch
You can including tables/exhibits of financial information contained in 10-Ks and 10-Qs is available at http://www.sec.gov
You should collect other information pertaining to the company and its industry from sources such as Dun & Bradstreet, Moody’s, Robert Morris Associates, newspaper articles, and other on-line sources such as finance.yahoo.com and www.ceoexpress.com
Simple from previous semester’s paper:
Avid Bioservices is a CDMO, contract development and manufacturing organization. The company develops and manufactures products for pharmaceutical and biotechnology companies. Avid Bioservices offers many services including commercial and clinical manufacturing, testing of stability, mass-product packaging, and purification. The company develops therapeutic treatments for people living with viral diseases or cancer.
A CDMO, also referred to as a contract manufacturing organization (CMO), allows for large pharmaceutical companies to outsource the development and manufacturing of the drugs so that they can focus their attention on discovering and marketing the drugs. Avid Bioservices has over 25 years of experience in producing recombinant proteins and monoclonal antibodies. It concentrates its efforts on manufacturing biopharmaceuticals that are made from mammalian cell cultures. The company is specialized in producing rHuPH20 for its largest customer.
Avid Bioservices rely on a small number of customers for the majority of its sales and revenue. Halozyme Therapeutics, Inc. is its largest customer and contributes to more than half of Avid Bioservices’s revenue for the year-ended 2018. In 2018, Avid Bioservices transferred to ASC 606 revenue recognition which caused revenue to decrease in the nine-month ended January 31st, 2019. This is discussed in detail later in the paper.
Cell and gene therapy products, one specialization of Avid Bioservices, are in the early stages of development and market demand continues to grow. Cell and gene therapy is a new generation of high-end therapy, which is expected to be complementary to traditional chemical and biological drugs. Compared with traditional medicines, the development, production and declaration process of cell and gene therapy products is much more complicated. On the other hand, investment in research and development of cell and gene therapy products is higher (including the special needs of production, transportation, storage, and clinical trials).
The global CDMO/CMO market for cell and gene therapy products is expected to achieve a high growth rate of about 24.5 percent in the future. Frost & Sullivan forecasts that the global market for CDMO/CMO cell and gene therapy products will be about $1.5 billion in 2018. Technology innovation, process optimization and regulatory requirements continue to rise, which will drive the rapid development of the CDMO/CMO industry for cell and gene therapy products. It is estimated that the global market size of CDMO/CMO for cell and gene therapy products will reach $3.6 billion in 2022, with a compound annual growth rate of about 24.5 percent from 2018 to 2022.
The below chart from Avid Bioservices, Inc. 2019 10-Q and WuXi AppTec 2018 10-k. WuXi AppTec is a competitor of Avid Bioservices, as it is also in the CDMO industry.
This chart highlights Avid Bioservices’s contract manufacturing revenue increasing dramatically from $6819 to $13781 for the three months ended, which is increase by about 102% compared to the last year in the same period. The increase rate exceeds the annual growth rate(25%).
WuXi AppTec not only provides CDMO services for drug companies, but also provides other services. This chart only shows the CDMO services revenue, WuXi AppTec CDMO revenue increased 28% from 2017 to 2018, the gross profit increased 23% from 2017 to 2018. Compared to Avid Bioservices, WuXi AppTec demonstrates the higher gross profit rate.
Compared to WuXi AppTec’s financial statements over the past two years, Avid Bioservices gross profit rate is lower in both its nine month ending for 2018 and 2019. It is a good trend that Avid Bioservices’s manufacturing revenue and the gross profit rate have had a large increase and both accounts exceed the growth rate of 24.5%. It would help to know the reason why Avid Bioservices has a lower gross profit rate, as it will aid in the question of its going concern.
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