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Pharma, biotech and medical devices

CDMO financial model, built free.

A three-statement Excel model for a contract development and manufacturing organisation (CDMO), built from your own figures and checked to balance.

  • Free account
  • No card
  • 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 processes for and manufactures drugs, biologics, cell and gene therapies or devices for pharma clients in its own suites and plants, earning reservation, batch and development fees on capacity it must build ahead of 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: its structure and its inputs, ready for your own figures.

Annual · 10 years · Low detail
CDMO sample model.xlsx
The How It Works sheet of the sample CDMO model

The sample describes no real business. Yours is calibrated to your own figures, so its results are your business’s.

How it works

How the model works for a CDMO.

  1. How it earns revenue3 formulas
    Revenue (top-down) · Across the business
    RevenueUnits soldAverage price
    Capital grants and contributions · Across the business
    Closing unspent capital grantsOpening unspent capital grantsCapital grants received (ahead of spend)Capital grants and contributions (income)
    Capital grants and contributions · Across the business
    Capital works spend (all projects)Project 1 spendProject 2 spendProject 3 spendProject 4 spend
  2. What drives its costs3 formulas
    Direct labour · All plants
    Direct labourFixed labourVariable labour (production × cost per unit)
    Maintenance · All plants
    Maintenance costFixed maintenanceVariable maintenance (production × cost per unit)
    Direct costs (top-down) · Across the business
    Cost of salesRevenuefrom statementsGross margin
  3. What it invests in3 formulas
    Plant capex and depreciation · All plants
    Plant capital expenditureSustaining capexGrowth capex
    Plant capex and depreciation · All plants
    Plant depreciationDepreciation of existing assetsDepreciation of sustaining additionsProject 1 depreciation (from commissioning)Project 2 depreciation (from commissioning)Project 3 depreciation (from commissioning)
    Plant capex and depreciation · All plants
    Closing net book valueOpening net book valuePlant capital expenditurePlant depreciation
  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

21 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
  • Revenue (top-down)Price × volume
  • Direct costs (top-down)Gross margin %
  • Operating expensesHeadcount build by function
  • Corporate costsFixed cost base indexed to CPI
  • Working capitalFull working capital
  • Income taxCorporate rate with tax losses
  • DebtAmortising term loan
  • Equity raisingDistribution reinvestment plan
  • Discounted cash flow valuationDCF on free cash flow to the firm
  • Multiples valuationEV / EBITDA multiple
  • Capital grants and contributionsFunding mix by capital project
  • InventoryWeighted average cost
  • Key-metric summaryLast-twelve-month and run-rate metrics
  • Covenant tests and headroomLVR, gearing and ICR for property
  • Case selectionStackable stress toggles
  • CPI forecastCPI glide path
  • Capacity and productionOperating days × daily rate
  • Direct labourFixed plus variable labour
  • MaintenanceFixed plus cost per unit
  • Plant capex and depreciationSustaining capex plus growth projects
Key numbers

The numbers it tracks.

  1. 01capacity (litres or suites)
  2. 02utilisation
  3. 03revenue per suite
  4. 04commercial share of revenue
  5. 05EBITDA margin
  6. 06capex
  7. 07return on capital
Used for

What it is used for.

Also used for
  • Scenarios and sensitivities
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Looking for a CDMO 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.