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Pharma, biotech and medical devices

Animal health company financial model, built free.

A three-statement Excel model for an animal health company, built from your own figures and checked to balance.

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  • Usually ready within the hour

We use generative AI in parts of our process, so mistakes can occur. Every model should be checked by a person before it is relied on. Read more

The business

Develops and sells medicines, vaccines, parasiticides and diagnostics for companion animals and livestock, through vets and distributors, with patent-protected franchises and species-driven demand.

See the sampleHow the model works

In short

  • 01

    Three linked statements

    Income statement, balance sheet and cash flow, linked in every period.

  • 02

    Valued two ways

    Discounted cash flow and trading multiples, side by side.

  • 03

    Monthly to annual

    Monthly, quarterly, half-yearly or annual periods, for up to 30 years.

  • 04

    Checked every period

    A Checks sheet shows the balance sheet balances and the cash reconciles.

The sample

The sample, as Excel draws it.

Built by the same system and checks as yours, on illustrative figures: every sheet as Excel draws it, or live.

Annual · 10 years · Low detail
Animal health company sample model.xlsx
The Summary sheet of the sample animal health company model

Illustrative figures: the sample describes no real business. The live preview shows values; your model’s Excel file has every formula.

How it works

How the model works for an animal health company.

  1. How it earns revenue3 formulas
    Device sales and gross margin · All medical devices
    Device revenueUnits soldAverage selling price
    Device sales and gross margin · All medical devices
    Cost of goods soldDevice revenueGross margin
    Device sales and gross margin · All medical devices
    Units soldAnnual unit run-rate at full accessMarket access (share of markets open)share of the year
  2. What drives its costs3 formulas
    Operating expenses · Across the business
    Total FTEsOperations and deliverySales and marketingTechnologyFinance, HR and administration
    Operating expenses · Across the business
    Total average FTEsOperations and deliverySales and marketingTechnologyFinance, HR and administration
    Operating expenses · Across the business
    Total staff costsSalariesOn-costsOther costs per FTE
  3. What it invests in3 formulas
    Corporate fixed assets
    Capital expenditureRevenuefrom statementsCapex as % of revenueAdditional planned capex
    Corporate fixed assets
    DepreciationDepreciation of the opening asset baseDepreciation of new capex
    Corporate fixed assets
    Closing net book valueOpening net book valueCapital expenditureDepreciation
  4. How it is funded3 formulas
    Debt
    RepaymentsScheduled repaymentsPrepayments from an equity raise and the cash sweep
    Debt
    Closing balanceOpening balanceDrawdownsRepayments
    Debt
    Interest expenseOpening balanceAll-in interest rateshare of the year
  5. How profit becomes cash3 formulas
    Working capital
    Trade receivablesRevenuefrom statementsDebtor daysDays in period
    Working capital
    InventoryDirect costs (positive)from statementsInventory daysDays in period
    Working capital
    Trade payablesCash operating costs (positive)from statementsCreditor daysDays in period
What it covers

22 parts, each one tested.

Every part is a tested building block with its own checks: yours is put together from the ones your business needs.

  • Exchange rate (US dollar)Exchange rate by financial year
  • Operating expensesHeadcount build by function
  • Corporate costsFixed cost base indexed to CPI
  • Working capitalFull working capital
  • Income taxCorporate rate with tax losses
  • Corporate fixed assetsStraight-line over remaining life
  • DebtAmortising term loan
  • Equity raisingDistribution reinvestment plan
  • Dividends and distributionsPayout of net profit
  • Discounted cash flow valuationDCF on free cash flow to the firm
  • Multiples valuationEV / EBITDA multiple
  • InventoryWeighted average cost
  • Key-metric summaryLast-twelve-month and run-rate metrics
  • Case selectionStackable stress toggles
  • CPI forecastCPI glide path
  • Device sales and gross marginUnits × average selling priceRevenue from devices, capital equipment, consumables and service, and the cost of goods sold.
  • Clinical and regulatory pipelinePhase durations and benchmark probabilitiesPhase timing, regulatory milestones and the probability that each asset reaches market.
  • Sales forecast and launch curveIn-market product trendIn-market net sales of each asset before loss of exclusivity and before risking.
  • Loss of exclusivity (patent cliff)Erosion curve after expiryErosion of in-market sales after patents and regulatory exclusivity expire and generics or biosimilars enter.
  • Commercialisation and deal economicsOwn sales with margin ratiosHow each asset's sales reach the company — own product sales with their costs, or upfront, milestone, royalty and profit-share income from partners.
  • Clinical development costsCost per phaseResearch, clinical trial, manufacturing-development and regulatory costs for each asset, and any R&D tax incentive earned on them.
  • Capacity and productionFeed × conversion yield
Key numbers

The numbers it tracks.

  1. 01revenue by species and franchise
  2. 02companion share
  3. 03price and volume growth
  4. 04gross margin
  5. 05R&D to sales
  6. 06EPS
Used for

What it is used for.

Also used for
  • Scenarios and sensitivities
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Every healthcare model

Looking for an animal health company financial model template? Ours arrives built for your business, with your figures in it.

Running a small business? Read what goes into a small business financial model.

See a finished model, sheet by sheet

The sample is built on illustrative figures and describes no real business. Models are calculations prepared from the information you provide. They are not financial advice and must be independently verified. See our terms.