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ValuEngine Detailed Valuation Report for HEB

ValuEngine Detailed Valuation Report for HEB

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Published by ValuEngine.com
Advanced academic research that brings you superior investment strategies in an actionable format. The most comprehensive and useful report available. ValuEngine's three models: Valuation Model, Forecast Model and Ratings Model are incorporated to give you a well-rounded analysis from three different perspectives. Consensus EPS trend and Earnings Surprise statistics provide additional insights. Also, detailed Company Profile, ValuEngine Fair Valuation; 1-3-6 month and 1-2-3 yr forecasts, ValuEngine 1-5 Engine Rating, Multi-stock comparison, Financials, Earnings Estimates, Risk Assessment, Data Summary and much more.
Advanced academic research that brings you superior investment strategies in an actionable format. The most comprehensive and useful report available. ValuEngine's three models: Valuation Model, Forecast Model and Ratings Model are incorporated to give you a well-rounded analysis from three different perspectives. Consensus EPS trend and Earnings Surprise statistics provide additional insights. Also, detailed Company Profile, ValuEngine Fair Valuation; 1-3-6 month and 1-2-3 yr forecasts, ValuEngine 1-5 Engine Rating, Multi-stock comparison, Financials, Earnings Estimates, Risk Assessment, Data Summary and much more.

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Published by: ValuEngine.com on Mar 14, 2011
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VgluEngine

TM

DETAILED RESEARCH REPORT
Mar. 04, 2011

HEMISPHERX BIO(HEB)
VALUENGINE RECOMMENDATION & BASIC INFORMATION
2 ©ValuEngine.com 2011
POSITIVE outperform

RECOMMENDATION NEGATIVE underperform NEUTRAL match

40 35 30 25 20 15 10 5 0

2 2 2 2 1 1 1

Volume (million)

VALUENGINE RATING

RECOMMENDATION FACTORS Value Overall Rank Fair Value 1Yr Target Price P/E Ratio Last 1-Y Return Market Cap(bil) $1.03 $0.48 n/a -37.36% $0.06 Rank btm 24% top 5% top 12% btm 11% btm 9% btm 23%

Price

0 0 2007 Close Price 2008 2009 Volume 2010 Sell Hold 2011 Buy

Target Price

VALUENGINE RECOMMENDATION
ValuEngine has issued a BUY recommendation for HEMISPHERX BIO on Mar. 04, 2011. Based on the information we have gathered and our resulting research, we feel that HEMISPHERX BIO has the probability to OUTPERFORM average market performance for the next year. The company exhibits ATTRACTIVE market valuation and market/book ratio.

BASIC INFORMATION Last Trade Trade Date Market Cap(bil) Trailing P/E Forward P/E PEG Ratio P/S Ratio M/B Ratio Sharpe Ratio 5-Y Avg Ann Return Volatility EPS Growth Annual Dividend Dividend Yield LT Debt/Equity Beta VALUATION ANALYSIS HEB Industry Sector Today's Fair value: $1.03 56.00% undervalued Medical-biomed/genetics 8.92% undervalued Medical 2.87% overvalued $0.451 03/03/11 $0.0609941 n/a -3.80 n/a 99 1.16 -0.45 -50.04% 110.46% -13.10% n/a n/a 0.00 0.96

RECOMMENDATION OVERVIEW
ValuEngine's stock recommendations are based on the proprietary ValuEngine one-year forecast return (1YFR) model output for each individual equity. A stock is rated Strong Buy, Buy, Hold, Sell, Strong Sell based on the Forecast One Year Return. The breakdown for each rating is as follows: • Strong Buy: More than +12% 1YFR • Buy: Between +5% and +12% 1YFR • Hold: Between -5% and +5% 1YFR • Sell: Between -12% and -5% 1YFR • Strong Sell: Less than -12% 1YFR ValuEngine's Strong Buy-rated stocks have an averaged annual return of 19% since 2001. For more details on the ValuEngine One Year Forecast Target price and its components, please go HERE.

FAIR MARKET VALUATION PRICE
Based on available data as of Mar. 04, 2011, we believe that HEB should be trading at $1.03. This makes HEB 56.00% undervalued. Fair Value indicates what we believe the stock should be trading at today if the stock market were perfectly efficient and everything traded at its true worth. For HEB, we base this on actual earnings per share (EPS) for the previous four quarters of -$0.10, forecasted EPS for the next four quarters of -$0.12, and correlations to the 30year Treasury bond yield of 4.64%. There are an additional 10 firm specific and interest rate related parameters, each playing a role in the valuation analysis. For more details on ValuEngine's Fair Value Model, please go HERE.

FORECAST ANALYSIS 1-Month 3-Month 6-Month 1-Year 2-Year 3-Year Target Price $0.46 $0.46 $0.46 $0.48 $0.45 $0.56 Exp. Return 1.73% 2.30% 2.86% 5.92% -0.27% 24.66%

FORECASTED TARGET PRICES
The predictive variables used in Valuengine's forecast target price models include both proprietary and well-established forecasting variables derived from credible financial research studies and publications. Our forecasting models capture, among other things, several important tendencies that stock prices consistently exhibit: Short-term price reversals, Intermediate-term momentum continuation, and Long-term price reversals. We use a distinct forecasting model for each time horizon and for every industry. We then apply the most advanced statistical/econometric techniques to ensure that our stock return forecasts are as reliable as possible. For more details on ValuEngine's Forecast Model, please click HERE.

Contact ValuEngine:
ValuEngine, Inc. 41 University Drive, Suite 400 Newtown, PA 18940, U.S.A. (800) 381-5576 (T) support@ValuEngine.com www.ValuEngine.com

Copyright © 1998 - 2011 ValuEngine Inc

1

and Ampligen and Oragens represent a large portfolio experimental RNA nucleic acids being developed for globally important viral diseases. HEB's current price sales ratio is 99. The best time to sell would be above $2. Hemispherx Biopharma. Hemispherx's platform technology includes large and small agent components for potential treatment of various severely debilitating and life threatening diseases.66. severely debilitating disorders and biodefense applications.16 n/a Rank 96 9 9 8 8 23 17 2 76 11 1. The following assessment is based on multiplying the historical P/S with recent 4 quarter sales per share for HEB. PEG is the most informative as it reflects both the price/earnings ratio and expected future EPS growth.46% -13. Let's take them one by one: • Valuation rank 96: 4% of stocks are more undervalued • Momentum rank 9: 91% of stocks have higher momentum • Sharpe Ratio rank 17: 83% of stocks have a higher Sharpe Ratio • 5-Year Average Annual Return 9: 91% of stocks have higher average annual return • Volatility rank 8: 92% of stocks have less volatility • EPS growth rank 8: 92% of stocks have greater projected EPS growth • Size rank 23: 77% of companies have higher market capitalization • P/E rank 11: 89% of stocks have lower P/E ratios • Price/Sales rank 2: 98% of stocks have lower price/sales ratios • Market/Book rank 76: 24% of stocks have lower market/book value ratios 2.12 Copyright © 1998 . Alferon N Injection is approved for a category of STD infection. divided by the consensus analyst forecasted next year EPS growth). HEB earned -$0. Inc.45 99 1. the more positive the influence each measurement has on the overall attractiveness of the stock.99 0.44 86.40 (or valuation below 37. OPTIMAL BUY-SELL Based solely on the Historical Mispricing of HEB. The following assessment is based on multiplying comparable stocks' average P/S today with HEB's recent 4 quarter sales per share .00%). P/E (price to forward 4 quarter earnings ratio). we resort to the P/S to assess its fair value.10 per share in its recent 4 quarters.25 7. The current P/S average of these comparables is 25. If its forecasted EPS growth is negative but its forward 4 quarter EPS is positive. HEB earned -$0. we use both (i) the average historical market ratio of the stock over the past 10 years (or however long there is data available for the stock). CYCC.06 -0. is a biopharmaceutical company engaged in the manufacture and clinical development of new drug entities for treatment of seriously debilitating disorders. To establish a valuation standard. This is sometimes confusing to newcomers to ValuEngine. The analyst consensus estimate is -$0. Each of these quantitative measurements is ranked on a scale of 1 to 100. and P/S ratio (price to trailing 4 quarter sales).12 for its 4-quarterforward EPS.36% -50. The analyst consensus estimate is -$0. we apply the P/E to give a fair value for the stock as of today.66 $0. HEB's average P/S is n/a. For each given stock. On this page.00% -37.VgluEngine BUSINESS SUMMARY TM DETAILED RESEARCH REPORT HEMISPHERX BIO(HEB) BUSINESS SUMMARY. HEB's current price sales ratio is 99. the best time to buy would be below $1. The Company is actively engaged in further expansion of its intellectual property on a world wide basis to reflect the global distribution of the various disorders which its platform technologies address. DATA SUMMARY & MARKET RATIO BASED VALUATION MARKET RATIO BASED VALUATION Portfolio managers and professionals traditionally rely on market ratios to gauge whether a stock is fair valued or overvalued. Generally the higher the ranking. Among the three.05 (or valuation above 100. EVALUATION & RANKINGS Valuation 12-Month Return 5-Y Avg Ann Rtn Volatility EPS Growth Market Cap(bill) Sharpe Ratio P/S Ratio M/B Ratio P/E Ratio Value -56. we present such a valuation based on one of three market ratios: PEG (price to trailing 4 quarter earnings ratio.97 n/a Fair Value Comparable Stocks' Avg P/S Comparable P/S-Based Fair Value 25. Hemispherx's flagship products include Alferon N Injection and the experimental therapeutics Ampligen and Oragens. Valuation Based on Comparables' P/S HEB's comparables are ACAD. Valuation Based on HEB's Past P/S Over the past 5 years.00%). These two alternative perspectives should give you a good idea about where this stock's valuation stands today.00 EVALUATION & RANKINGS SUMMARY Just as important as the percentages shown for our ten predictive variables for each stock is the way they are ranked against the 7000 plus stocks in our database. ORCH and PSTI. Comparables' P/S Comparables ACAD CYCC NGSX ORCH PSTI Current P/S 7. while P/E is better than P/S.10 per share in its recent 4 quarters. In other words a high rank is always better. we apply the PEG to give a fair value assessment if both its trailing 4 quarter EPS and forecasted EPS growth rate are positive.12 for its 4 quarter forward EPS.10% 0.04% 110. Otherwise. Fair Value Historical Average P/S P/S-Based Fair Value n/a $0. and (ii) the average market ratio today of five comparable stocks in the same sector and from companies of similar size. NGSX.2011 ValuEngine Inc 2 .

68 34 significantly higher than the industry rank of 30. At a Price/Sales rank of 2. The below data points show how the rank for each data point for HEB relates to the overall industry. S&P 500 n/a n/a -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Sharpe Ratio Rank The ValuEngine Sharpe Ratio Rank measures the risk return tradeoff HEB -0.73 30 market book value.61% 45 industry rank of 41.36% 9 performance of a stock over the recent 12 months. With a rank of 17.38% 41 has an EPS Growth Rank of 8. HEB Industry 21.63 45. S&P 500 18. Stocks with the lowest P/S ratio are Industry 28. S&P 500 n/a n/a -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- P/E Ratio HEB Industry Sector S&P 500 n/a 45. Each of these quantitative measurements is ranked on a scale of 1 to 100. Sharpe ratio is the stock's average annual return Industry -0. Industry -8. The higher the Valuation rank.87% 57 moderately higher than the average of its industry group. sector. which has a S&P 500 0. which has a rank of 35. A higher rank indicates a better return performance.08% 35 coverage universe.03% 26 stocks. which is slightly lower than the Sector 76.38 42 HEB is slightly lower than the industry.11 35 capitalization within ValuEngine's stock universe. which is Sector 9. HEB is in line with the industry P/E rank of 21. HEB is slightly lower than the S&P 500 n/a n/a industry rank of 20. and S&P 500 averages. With a Valuation Rank of 96.41% 98 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- EPS Growth Rank The ValuEngine EPS Growth Rank indicates a stock's expected EPS HEB -13. HEB is slightly lower than the industry.45 17 offered by a stock. a higher 12-Month Return rank indicates a stronger performance.This is substantially lower than the Sector 45. -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- M/B Ratio Rank The Market/Book Rank is a measure of a stock's market to book ratio HEB 1.04 61 which has a rank of 37.10% 8 growth rate. In other words a high rank is always better.16% 37 100. -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- P/S Ratio Rank The ValuEngine Price/Sales rank signifies the relative position of the HEB 99 2 company based on its P/S ratio. On a scale of 1 to Industry 14. -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 5-Y Avg Ann Rtn Rank The ValuEngine 5-Years Average Return Rank reflects a stock's HEB -50. in comparison with the Industry -31. HEB is moderately lower than the S&P 500 18. -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Volatility Rank The ValuEngine Volatility Rank reflects the volatility associated with the HEB 110. S&P 500 n/a n/a -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Market Cap(bill) Rank The ValuEngine Size rank signifies the company's size in terms of HEB 0.46% 8 stock.37% 40 industry Rank of 26. Sector 3. HEB has a Volatility Rank of 8.00% 96 company's stock price and its Fair Value.27% 45 With a rank of 9. -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 12-Month Return Rank The ValuEngine 12-Month Return Rank reflects the relative stock HEB -37. A higher rank corresponds to a lower Industry 11.71 37 ranked 1. the more positive the influence each measurement has on the overall attractiveness of the stock. A higher rank denotes a larger market Industry 1. S&P 500 0.92% 67 the more undervalued the stock. -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Valuation Rank The ValuEngine Valuation Rank measures the relationship between a HEB -56.VgluEngine TM DETAILED RESEARCH REPORT HEMISPHERX BIO(HEB) VALUENGINE RANKINGS Just as important as the percentages shown for our ten predictive variables for each stock is the way they are ranked against the 7000 plus stocks in our database. Sector 18. Stocks in the top P/E percentile are each assigned a rank of 1(highest P/E stocks) while those in the bottom P/E percentile are assigned a rank of 100 (traditional value stocks). HEB is moderately lower than the industry.06 23 market capitalization.16 76 relative to the stock universe. With a Size rank of 23. A high rank indicates a high growth rate expectation.97% 51 industry's rank score of 37. Sector -18. which carries a S&P 500 n/a n/a Valuation Rank of 67.25% 42 With a 12-Month Return Rank of 9.04% 9 average annual return over the last 5 years. 3 Copyright © 1998 .27 37 (over the last five years) divided by its annualized volatility over the Sector -0. Generally the higher the ranking. HEB is Sector 2. With a P/E rank of 11.14 46 same 5 years.2011 ValuEngine Inc . A higher Volatility Rank indicates a lower volatile percentile of Industry 92. HEB has a Market/Book rank of 76.25 n/a Rank 11 21 36 n/a The ValuEngine P/E Rank signifies the relative standing of a company on its P/E ratio.18 20 assigned a rank of 100 while stocks with the highest P/S ratio are Sector 13.78% 59 rank of 35. relative to the universe.

42% 47.13% NGSX 53.31% 1.46% 52.27% 24.55% 50.07% 44.08% -1.30% 2.54% 57.41% 44. Sharpe Ratio HEB ORCH PSTI NGSX ACAD -0.37% 50.76% -0.35 n/a -0.90% 50.02% 51.58% 52.79% 53.VgluEngine Valuation HEB ORCH PSTI NGSX ACAD -56.25% 3.06 0.39 Rank 17 23 n/a 28 21 P/S Ratio HEB ORCH PSTI NGSX ACAD 99 0.15% -41.73 n/a n/a Rank 76 52 6 n/a n/a P/E Ratio HEB ORCH PSTI NGSX ACAD n/a n/a n/a n/a 4.49% 106.14% -1.00% 107.97% 48.65% 26.39 Rank 8 n/a n/a 32 1 Market Cap(bill) HEB ORCH PSTI NGSX ACAD 0.27% Volatility HEB ORCH PSTI NGSX ACAD 110.02% HEB 47.93% 49.28 -0.62% -75.45% 49.46% 77.34% 48.13% 46.21% 46.31% 55.19% n/a -24.13 18.00% TM DETAILED RESEARCH REPORT HEMISPHERX BIO(HEB) COMPARISON OF SIMILAR STOCKS* & RISk ASSESSMENT Rank 96 n/a n/a 88 99 FORECAST COMPARISONS RETURN FORECAST: EXPECTED RETURN ACAD One-Month Three-Month Six-Month One-Year Two-Year Three-Year 0.59% 53.58% 48.74 Rank 11 18 n/a 6 97 Copyright © 1998 .52% Rank 8 23 15 17 9 RISK ASSESSMENT: CHANCE OF LOSS ACAD One-Month Three-Month Six-Month One-Year Two-Year Three-Year 49.46% 42.66% NGSX 2.25% -0.06% 15.42% -4.12% -5.2011 ValuEngine Inc 4 .98% 48.96% -0.99 7.44 Rank 2 65 n/a 13 14 M/B Ratio HEB ORCH PSTI NGSX ACAD 1.00% n/a n/a -22.21% 52.81% 90.17% 9 17 n/a 20 11 One-Month Three-Month Six-Month One-Year Two-Year Three-Year ACAD 50.44% HEB 1.28% -0.14% 49.86% 5.65% 50.10% 49.80% 52.65% 19.90% 86.57% 18.36% 40.17% 51.87% 53.67% PSTI 51.06 0.69% 44.59% 55.95% -4.73% 2.90% -55.28% -5.07% ORCH 51.06 0.85% 12-Month Return Rank HEB ORCH PSTI NGSX ACAD -37.41% 7.48% 4.25% 51.35% 49.85% 49.03% 51.42% 51.55% 20.93% ORCH 48.54% 47.04% -27.33% PSTI 48.45 -0.73% EPS Growth HEB ORCH PSTI NGSX ACAD -0.16 2.83% 48.98% HEB 52.48% -4.80% 50.06 Rank 23 23 23 23 23 * Comparables are companies in the same Sector and Industry and of approximately similar market capitalization value.87% NGSX 46.13 n/a n/a 0.75% 48.86% 50.11 -2.75% -2.79% 47.93% 55.92% -0.20% 49.41% 46.70% ORCH 0.21% PSTI 0.83% 9 73 94 5 47 RISK ASSESSMENT: CHANCE OF GAIN 5-Y Avg Ann Rtn Rank HEB ORCH PSTI NGSX ACAD -50.15% 50.63% 49.06 0.97 n/a 7.07% 50.20% 47.66% 51.

7 0 0.1 0 0 0.7 0 0 0 0 0 0 0 6.1 0 0 1.4 --4.4 200512 3.1 0.6 0 0.9 0 0 0 1 0 13.1 169.6 4.2 19.8 1.2 18.3 --4.3 --3.6 --5.6 18.7 0 0.2 13.1 191.3 0 0 0 0.8 ---0 0.1 0 0 2.1 25.4 0 1.8 0 0 0 0.5 0 3.2 0 0 0 4.5 3.1 0.6 --0.2 0 0.8 0 0 0.5 0 0 1.2011 ValuEngine Inc 5 .9 1 1.9 65 0 1.1 4.7 0 1 0 0 0.1 0.5 3.5 ---0 0.6 0 0 0 0 0 0 0 2.1 158 -138 0 -0 20.6 31.VgluEngine BALANCE SHEET Cash Marketable Securities Receivables Inventory Raw Materials Work in Progress Finished Goods Notes Receivable Other Current Assets Total Current Assets Property.3 0 0.4 0 0 107.9 ---0 0.1 206.8 12.8 0 24.3 0 0 2.9 0.5 3.8 7.1 -185. Plant & Equipment Accumulated Depreciation Net Property.2 0 1 0 0 4.3 0 1.9 0.9 2.3 2.6 6 Current Portion of Long-term Debt Current Portion of Capital Leases Accrued Expenses Income Taxes Payable Other Current Liabilities Total Current Liabilities Mortgages Deferred Charges (taxes/income) Convertible Debt Long Term Debt Non-Current Capital Leases Other Long-Term Liabilities Minority Interest (liabilities) Total Liabilities Preferred Stock Common Stock.2 0 0 0 0 0 0 0 2.6 0 0 0 3.7 0 0 1.3 0 0 0 5.2 0.1 0 1.6 16.1 0 0 24.8 0 0 0.2 200312 3.6 0 0 ---0 1.4 0.1 0 0 1.3 0.1 -210.3 19.3 0.2 23.1 ---0 0.8 31.2 -99.4 200212 2.9 0.4 --0.9 0 0 1.2 0 1.3 58.4 0 0 1 0.5 13.7 0 -0.6 0 0 1.3 7.9 0 1.1 200612 3.8 0 0 62.3 13.1 1.3 0 1.6 -149.8 24.1 0 0.2 0.2 0 0.2 0 0.2 0 -0 21 23.7 200412 8.9 0. Net Capital Surplus Retained Earnings Treasury Stock Other Equity Total Shareholders' Equity Total Liabilites & Shareholders Equity Copyright © 1998 .8 0.1 -113.8 0 0.9 ---0 0.3 --4.3 0 0 1.2 8.4 0 0. Plant & Equipment Investment & Advances Other non-current Assets Deferred Charges Intangibles Deposits & other assets TOTAL ASSETS Notes Payable Accounts Payable TM DETAILED RESEARCH REPORT HEMISPHERX BIO(HEB) ANNUAL FINANCIALS (All items in Millions) 200912 58.4 0.3 0 0 6.5 4.4 65 200812 6.5 0 0 0 0 0 0 0.7 -167.3 0.8 0 0 9.4 0 0 11.1 0 0 0 ---0 0.9 ---0 0.2 --5.2 200712 11.1 6 0 0.1 208.1 0.6 0 0 0 2 0 0 0.9 -197.8 0 0 0 0.1 273.4 0 1.7 0 0 0 0 0 0 0 1.5 0.2 0 0 123.3 23.9 0 25.1 2.

4 0.3 0 0 -2.1 8.8 0 0.1 -7.3 -0.1 0 0 0 0 -18.8 0 3.4 -24.2 -0. net EPS .6 62.9 11.1 0. Plant.5 7 5.2 -14.7 0.5 -12. Non-Operating Income Interest Expense Pretax Income Provision for Income Taxes Minority Interest Investment Gains (Losses) Other Income Income Before Extraordinaries & Disc Extraordinary Items & Discontinued Net Income Average Shares used for Diluted EPS Average Shares used for Basic EPS Income Before Non-Recurring Items Income From Non-Recurring Items EPS . General & Admin.6 0 -3.2 0 -12.8 1.6 61.2 75.3 -0 0 200512 1.1 -0 0 200812 0.1 -0..9 2 -6.2 2.8 0 -0.4 0 -13.8 0 0 0 0 61.VgluEngine INCOME STATEMENT Net Sales or Revenues Cost of Goods Sold Gross Profit TM DETAILED RESEARCH REPORT HEMISPHERX BIO(HEB) ANNUAL FINANCIALS (All items in Millions) 200912 0.2 0 -13.4 0 0 0 0 -13.5 -24.3 -5.9 0.2 -0. Other Adjustments .2 -0.4 0 -0.2 50.4 -13.1 11.4 0 -7.8 0 0 0 0 -14.2 -0.4 0 0 0 0 -7. Depreciation.9 0 1.1 -0.4 62.2 20.4 32.9 3.2 -5.1 5.9 0 0.7 2 0 1 -9.4 0.3 0.2 -0.4 -0 0 200212 0.2 0 0 0 0 -12.4 0 -0.8 52 -12.8 -0.3 -0.6 -0.5 -0.4 0 -19.2 4.4 0 0 4.8 0 0 0 0 20. Acquisition/Disposition of Subsidiaires Increase (decrease) in Investments Other Cash inflow from Investment Act.8 8 0 0 0 0 8 -5 -24.1 0 0 1.1 10.2 -14.9 0.5 9 7.5 19.2 4.3 -7.1 75.6 1 0 0 0 0 1 -0. & Equ.5 109.1 0 -1.3 0.5 5.2 -0 0 200712 1 0.1 -0.3 0 1. Amort.1 5 -14.1 3.4 0 -7.8 6. Depletion.2 -18.1 0.8 -13.1 0.2 -1 0 -4.9 0 -12.1 0 -0.2 0 -0.2 -6.2 -6.4 -0.2 0 -0.3 0 -0.3 0 2.6 0 0 -0.1 0 -0.8 -0.7 -0.1 -12.2 -9.2 0. Net Cash from (used by) Invesment Act. Amort. before non-recurring Preferred Dividends .2 0.6 0 -12.7 1.9 6 .2 -7.5 -0 0 200312 0.7 5.2 -7 -0 0 -1 -0.8 -1.6 -6.6 -19.Diluted.1 71.4 -0.3 -0.1 -15.Basic.3 -0.1 45.8 0 -14. Net Change in Cash & Cash Equivalents Copyright © 1998 .3 10.Net Net Cash from (used by) Operating Act. Expense Income Before Depr.3 -18.4 9 -19.3 1.2 -13. Increase/Decrease in Prop. Amortization-CF Net Increase(decrease) in Cash from(used in) Discontinued Oper.8 -0.2 -0.1 0 0 0 0 -24.8 -19.1 0 4 -0.8 -13. net EPS .2 3.4 0.3 -0.8 -13.2 0 0 0 0 -13.Diluted.8 7.2 35.3 0 0 -0.3 0.4 0 -0.5 -0 0 0.1 7. Issuance (purchase) of Equity Shares Issuance (repayment) of Debt Securities Increase (decrease) in Bank & Other Payment of Dividends & Other Cash Other Cash from (used by) Financing Net Cash from (used by) Financing Act.2 0 -7.8 35.4 0. Depletion.3 -0.5 -7.7 -0.6 -19.6 0.2 4.3 -0 0 200412 1. Depl.5 45.2011 ValuEngine Inc -13.4 0 -5.2 -0 0 Research & Development Expense Selling.Acc & Pd Dividends (common) Dividend per share (common) CASH FLOW STATEMENT Net Income (Cash Flow) Depreciation..4 1 1.5 0.2 13.1 -0.2 0 -13.1 -18.6 -7.2 0 14.6 -4.2 -10.2 -0 0 200612 0.7 -7.8 12.5 -13.1 0 -18.9 4.1 0.3 0 0 0 0 0.4 -0.4 0 0 0 0 -19.1 13 1.5 -0.9 0 2.2 -0.8 6.6 -0.7 -1.9 1.2 -0.8 71.8 -18.9 0 0.4 -0.5 -9.7 0 -0.3 32.8 50.4 109.8 -0.4 0 -0.1 10.6 0 0.1 0 -24.

1 273.4 0 0 0 0 0 0 0 2.9 ---0 0.3 6.6 0 1.9 ---0 0.2 38.1 ---0 0.9 48.4 65 200909 61 0 0 0.2 Current Portion of Long-term Debt Current Portion of Capital Leases Accrued Expenses Income Taxes Payable Other Current Liabilities Total Current Liabilities Mortgages Deferred Charges (taxes/income) Convertible Debt Long Term Debt Non-Current Capital Leases Other Long-Term Liabilities Minority Interest (liabilities) Total Liabilities Preferred Stock Common Stock.9 0 67.3 --4.7 0 0 0 0.9 0 0 0 0 0 0 0 1.5 0 0 9.7 0 0 0 0 0 0 0 1.9 ---0 0.9 0 0.5 13.2011 ValuEngine Inc 7 .6 0 0 2.8 0.1 -218.2 -214.4 200903 3.2 0 0.9 200912 58.8 0 0.9 0 12.1 208.4 0 0 45.1 0 0 2.8 0 0 0.VgluEngine BALANCE SHEET Cash Marketable Securities Receivables Inventory Raw Materials Work in Progress Finished Goods Notes Receivable Other Current Assets Total Current Assets Property.7 1 0 0.3 42.7 57. Plant & Equipment Accumulated Depreciation Net Property.4 0 0.8 0 57.7 0 0 0 0.4 0 0 0 0 0. Plant & Equipment Investment & Advances Other non-current Assets Deferred Charges Intangibles Deposits & other assets TOTAL ASSETS Notes Payable Accounts Payable TM DETAILED RESEARCH REPORT HEMISPHERX BIO(HEB) QUARTERLY FINANCIALS (All items in Millions) 201009 3 34.1 273.5 0 0 2.9 0 0 2.9 0 1.1 0 0 0 ---0 0.6 0 0 1.9 0 0 0 1 0 13.6 201003 50.4 0 0.4 0 1 0 0 1.7 3 0 0 ---0 0.4 -200.7 0 0.5 0 0 1.1 0 0 0.1 0 0 1 0 55.3 0 0 0.9 60.6 0 0.9 0 -0 58.9 -197.4 60. Net Capital Surplus Retained Earnings Treasury Stock Other Equity Total Shareholders' Equity Total Liabilites & Shareholders Equity Copyright © 1998 .3 7.7 200906 40.9 ---0 0.8 0 0 66.7 0 0 1.3 0 0 1.5 0 0.1 14.6 1.8 0 0 62.7 0 0.2 62.4 55.8 --4.1 274.3 58.4 --4.9 0 0.3 0 0 2.1 274.7 0 0 0.8 0.6 0 0 0 0 0 0 0 2.1 210.9 65 0 1.6 0 0 2.9 0 48.2 54 --5.9 ---0 0.7 53.9 0 1.5 --5.1 -210.3 30.8 0 0 0.1 273 -206.5 0 0 0 0 0 0 0 2.8 --5.9 201006 5.1 36.9 12.1 250.1 --4.2 11.8 0 0 0.5 0 0.8 0 0 0 0.4 200812 6.4 0 0 11.1 0.2 0 1.5 0 0.5 0 0 0 0 0 0 0 2.7 --4.1 0 0 0 0.7 0 0.9 0 0 1.3 67.4 -221.1 -204.6 0 -0 55.8 0 0 0 0.4 0 0.4 0 0 0 0 0 0 0 1.4 0 0.

4 2. Depl. Depletion.9 0 0 0 0 -3.8 0 -2.8 34.9 0.3 0 -0 0 0 0. Amort.5 0 0 0 -2.8 -3.6 1.6 61.2 0 0.5 109.9 -0.7 2 0 1 -9.1 1.1 39. General & Admin.1 2 2 -4.1 0 -3.4 0 0 0 0 -2.9 0 -3.2 -0. Acquisition/Disposition of Subsidiaires Increase (decrease) in Investments Other Cash inflow from Investment Act.2 0 -3.1 -3.8 94.7 0 0.Net Net Cash from (used by) Operating Act. Plant.1 0 -3. Expense Income Before Depr.1 100.1 0 -3.1 0 4 -0.8 0 0 0 0 39. Non-Operating Income Interest Expense Pretax Income Provision for Income Taxes Minority Interest Investment Gains (Losses) Other Income Income Before Extraordinaries & Disc Extraordinary Items & Discontinued Net Income Average Shares used for Diluted EPS Average Shares used for Basic EPS Income Before Non-Recurring Items Income From Non-Recurring Items EPS .7 0.8 0 0 0 0 61.2 61.VgluEngine INCOME STATEMENT Net Sales or Revenues Cost of Goods Sold Gross Profit TM DETAILED RESEARCH REPORT HEMISPHERX BIO(HEB) QUARTERLY FINANCIALS (All items in Millions) 201009 0 0.4 0.5 0 -44.3 -4.2 0.3 -5.5 -0.1 -1.2 -0.7 -3.5 -4 0.Basic.4 0.1 0.6 -10.2 0 0.3 -13.6 -4 0 -0.1 -0.5 -9. Amortization-CF Net Increase(decrease) in Cash from(used in) Discontinued Oper. Issuance (purchase) of Equity Shares Issuance (repayment) of Debt Securities Increase (decrease) in Bank & Other Payment of Dividends & Other Cash Other Cash from (used by) Financing Net Cash from (used by) Financing Act.7 0 0 0 0 -3.1 0 0.2 1. Depletion.9 0.1 0 0 0 0 -4.9 100.4 2.1 -0 0 -1 -0.1 -0 -3.1 -0.Diluted.7 1. Net Change in Cash & Cash Equivalents Copyright © 1998 .2 -0. net EPS .1 0 0 0 0 -3.3 0 0 0 0 0.8 0 0.1 0 -0 -0 -0 -0 0 200812 0.2 0 -0 -0 -0 -0 0 201006 0 0.3 0 -3.3 -0.2 -1. net EPS .1 3.9 -2.4 -0 0 -1.1 79.3 1.1 -0 0 -1 -0.4 0 -3.2 -0.9 134.7 1.8 1.3 -0.5 -3.1 0 0 -0.1 -1.2 1. Increase/Decrease in Prop.6 -2.8 0 0 0 0 39.3 8 .3 -55 -6.8 52 -9.1 2 1.3 -0.8 -4 0 -0 -0 -0 -0 0 200912 0 0.5 1.2 -2..8 -2.9 0 0 0 0 0.7 -0.7 122.8 0 0 0 0 61.1 -0.2 -2..2 0 0 0 0 -3.9 0 -0 -0 -0 -0 0 200903 0 0.2 0 -3.3 0 0.Diluted.5 -12.6 94.4 -0.2 134.1 -0 0 0 -3.3 0 0 -0.2 0.1 0 -0 -0 -0 -0 0 200909 0 0.8 54.3 -4.8 -3.7 -0. Depreciation.1 2.2 -0.1 0.9 -0 -1. before non-recurring Preferred Dividends .1 0 0 0 -4 0 0 0 0 -4 0 -4 132.1 0 -4.2011 ValuEngine Inc -11 0. Net Cash from (used by) Invesment Act.6 0 0. Other Adjustments .4 0 -0 -0 -0 -0 0 200906 0 0.8 0 0.1 1. Amort.Acc & Pd Dividends (common) Dividend per share (common) CASH FLOW STATEMENT Net Income (Cash Flow) Depreciation.9 -4 0 0.5 -3.1 39.8 79.7 0 -3.2 -0.8 121. & Equ.7 0 -0 -0 -0 -0 0 201003 0 0.2 -45.2 1.1 -0.9 -3.1 0 -4.1 1.4 0 -2.7 1.4 0 0 -0 0 0 -0 -7.2 0 0.8 132.4 0 0 0 0 -2.4 121.1 -0.5 122.1 109.5 -4.8 0 -0.9 -6.2 -0.9 -6.2 -0.9 0.8 0 -0 -0 -0 -0 0 Research & Development Expense Selling.8 34.

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