AGIOAGIOS PHARMACEUTICALS, INC.

Pharmaceutical Preparations

Revenue: $54M; 48% YoY
Operating margin: -873.9%; 25% YoY
EBITDA: −$467M; 11% YoY
Market cap: $1.8B
Employees: 200,000; $270 revenue each
Net debt / EBITDA: —
AI in 10-K: 0.3; mentions per 10K words

Takeover score 6 of 13

Fixable underperformance 3 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
97% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentYes
68% lowest support
Any vote under 80% support

Buyer economics 3 of 4

Low revenue per employeeYes
$270 · 7th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.3 per 10K words · 16th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.8B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$5M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$0	$14M	$27M	$36M	$54M	48%
Operating income	−$378M	−$389M	−$391M	−$426M	−$472M	11%
Net income	$1.6B	−$232M	−$352M	$674M	−$413M	161%
Operating cash flow	−$407M	−$309M	−$296M	−$390M	−$373M	4.3%
Capex	$6M	$5M	$999K	$2M	$4M	156%
Stock-based comp	$54M	$49M	$45M	$43M	$53M	23%

Deal filings

Filed	Form	Acquirer	Price	Premium
Feb 11, 2021	DEFM14A	Servier Pharmaceuticals, LLC	$1800000000.00	30%
Jan 29, 2021	PREM14A	Servier Pharmaceuticals, LLC	$1800000000.00	—

13D filers

Filed	Filer	Form	Stake	Intent
Apr 5, 2021	BRISTOL MYERS SQUIBB CO	SC 13D/A	0.0%	Passive
Nov 14, 2019	Celgene European Investment Co LLC	SC 13D/A	10.6%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $5M · 42
Net: −$5M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	63	120
FY2024	—	—	76	91
FY2023	—	—	51	92
FY2022	—	—	65	89
FY2021	—	—	76	99