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The zones of discrimination for M-Score is as such:
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Good Sign:
Beneish M-Score -2.7 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Jazz Pharmaceuticals's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Jazz Pharmaceuticals was -2.13. The lowest was -2.85. And the median was -2.55.
The historical data trend for Jazz Pharmaceuticals's Beneish M-Score 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.
Jazz Pharmaceuticals Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.35 | -2.67 | -2.51 | -2.75 | -2.71 |
Jazz Pharmaceuticals Quarterly Data | ||||||||||||||||||||
Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.81 | -2.85 | -2.77 | -2.71 | -2.70 |
For the Biotechnology subindustry, Jazz Pharmaceuticals's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
For the Biotechnology industry and Healthcare sector, Jazz Pharmaceuticals's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Jazz Pharmaceuticals's Beneish M-Score falls into.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Jazz Pharmaceuticals for today is based on a combination of the following eight different indices:
M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
= | -4.84 | + | 0.92 * 1.1023 | + | 0.528 * 0.9515 | + | 0.404 * 0.9263 | + | 0.892 * 1.0281 | + | 0.115 * 0.9028 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.9664 | + | 4.679 * -0.060354 | - | 0.327 * 0.983 | |||||||
= | -2.70 |
* 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.
This Year (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $707 Mil. Revenue was 901.983 + 1011.935 + 972.14 + 957.317 = $3,843 Mil. Gross Profit was 806.496 + 904.692 + 869.987 + 859.78 = $3,441 Mil. Total Current Assets was $3,540 Mil. Total Assets was $11,327 Mil. Property, Plant and Equipment(Net PPE) was $228 Mil. Depreciation, Depletion and Amortization(DDA) was $645 Mil. Selling, General, & Admin. Expense(SGA) was $1,397 Mil. Total Current Liabilities was $1,562 Mil. Long-Term Debt & Capital Lease Obligation was $5,161 Mil. Net Income was -14.618 + 94.154 + 146.82 + 104.438 = $331 Mil. Non Operating Income was -11.693 + -8.647 + -1.377 + -2.382 = $-24 Mil. Cash Flow from Operations was 267.229 + 167.339 + 307.195 + 296.765 = $1,039 Mil. |
Total Receivables was $624 Mil. Revenue was 892.812 + 972.123 + 940.652 + 932.878 = $3,738 Mil. Gross Profit was 764.168 + 804.759 + 806.991 + 808.67 = $3,185 Mil. Total Current Assets was $2,785 Mil. Total Assets was $11,047 Mil. Property, Plant and Equipment(Net PPE) was $303 Mil. Depreciation, Depletion and Amortization(DDA) was $607 Mil. Selling, General, & Admin. Expense(SGA) was $1,406 Mil. Total Current Liabilities was $909 Mil. Long-Term Debt & Capital Lease Obligation was $5,762 Mil. |
1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
= | (707.095 / 3843.375) | / | (623.938 / 3738.465) | |
= | 0.183978 | / | 0.166897 | |
= | 1.1023 |
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
= | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) | |
= | (3184.588 / 3738.465) | / | (3440.955 / 3843.375) | |
= | 0.851844 | / | 0.895295 | |
= | 0.9515 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
= | (1 - (3539.898 + 227.873) / 11327.075) | / | (1 - (2784.65 + 303.09) / 11047.125) | |
= | 0.667366 | / | 0.720494 | |
= | 0.9263 |
4. SGI = Sales Growth Index
Ratio of Revenue in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
SGI | = | Sales_t | / | Sales_t-1 |
= | Revenue_t | / | Revenue_t-1 | |
= | 3843.375 | / | 3738.465 | |
= | 1.0281 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
DEPI | = | (Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) | / | (Depreciation_t / (Depreciaton_t + PPE_t)) |
= | (607.12 / (607.12 + 303.09)) | / | (644.719 / (644.719 + 227.873)) | |
= | 0.667011 | / | 0.738855 | |
= | 0.9028 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
SGAI | = | (SGA_t / Sales_t) | / | (SGA_t-1 /Sales_t-1) |
= | (1396.9 / 3843.375) | / | (1406.071 / 3738.465) | |
= | 0.363457 | / | 0.376109 | |
= | 0.9664 |
7. LVGI = Leverage Index
The ratio of total debt to Total Assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase in leverage
LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
= | ((5161.269 + 1562.206) / 11327.075) | / | ((5761.757 + 908.902) / 11047.125) | |
= | 0.593576 | / | 0.603837 | |
= | 0.983 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
= | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t | |
= | (330.794 - -24.099 | - | 1038.528) | / | 11327.075 | |
= | -0.060354 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Jazz Pharmaceuticals has a M-score of -2.70 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Jazz Pharmaceuticals's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Jennifer E. Cook | director | C/O DENALI THERAPEUTICS INC., 151 OYSTER POINT BLVD., 2ND FLOOR, SOUTH SAN FRANCISCO CA 94080 |
Mark Douglas Smith | director | C/O TELADOC HEALTH, INC., 2 MANHATTANVILLE ROAD, SUITE 203, PURCHASE NY 10577 |
Neena M Patil | officer: SVP, General Counsel | JAZZ PHARMACEUTICALS, 3170 PORTER DRIVE, PALO ALTO CA 94304 |
Patricia Carr | officer: VP, Finance& PAO | JAZZ PHARMACEUTICALS, 3170 PORTER DRIVE, PALO ALTO CA 94304 |
Heather Ann Mcsharry | director | C/O JAZZ PHARMACEUTICALS PLC, 5TH FL, WATERLOO EXCHANGE, WATERLOO RD, DUBLIN L2 4 L2 |
Patrick G Enright | director, 10 percent owner | CO LONGITUDE CAPITAL PARTNERS LLC, 800 EL CAMINO REAL, SUITE 220, MENLO PARK CA 94025 |
Norbert G Riedel | director | BAXTER INTERNATIONAL INC, ONE BAXTER PKWY DF2-1W, DEERFIELD IL 60015 |
Catherine A. Sohn | director | C/O JAZZ PHARMACEUTICALS PLC, 5TH FL, WATERLOO EXCHANGE, WATERLOO RD, DUBLIN L2 4 L2 |
Rick E Winningham | director | 901 GATEWAY BOULEVARD, SOUTH SAN FRANCISCO CA 94080 |
Peter Gray | director | C/O JAZZ PHARMACEUTICALS PLC, 5TH FL, WATERLOO EXCHANGE, WATERLOO RD, DUBLIN L2 4 L2 |
Anne Oriordan | director | HOUSE 120, TAI HANG HAU VILLAGE, LOBSTER BAY, CLEARWATER BAY K3 HK |
Kenneth W O'keefe | director | C/O BEECKEN PETTY O'KEEFE & COMPANY, 131 S. DEARBORN STREET, SUITE 2800, CHICAGO IL 60603 |
Mary Elizabeth Henderson | officer: SVP, Technical Operations | 3170 PORTER DRIVE, PALO ALTO CA 94304 |
Renee D Gala | officer: EVP & CFO | 901 GATEWAY BLVD, SOUTH SAN FRANCISCO CA 94080 |
Kim Sablich | officer: EVP & GM, North America | C/O MYOVANT SCIENCES INC., 2000 SIERRA POINT PARKWAY, BRISBANE CA 94005 |
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