Andrx received a Reaffirm Outperform Recommendation from Gruntal Research today 11/4/96, as Andrx increased third quarter revenues better than expected, up 86%. Andrx received an important Patent for Cardizem CD and adds new candidate to pipeline. Net loss estimates have been revised downward for 4th qtr, from (-.23) to (-.10) and 1996 total down from (-.50) to now (-.35). Four new formulations have been added to their list. New patent for Cardizem CD creates barriers to potential competitors and could stregthen legal action against Hoechst
Marion Roussel. The result of the patent also indicates the potential competion will have to avoid patent infrindgement of both (HMR) as well as Andrx. Andrx has also established several cororate allainces with Watson, Mylan, Ivax, and Sepracor with additional annoucements and alliances expected early next year. Revenue estimates from Andrx drug destribution operations have been revised up to $85 million for the year about $10 million higher than analyst expectation, with expected growth of 50% through the year 2000. Two drugs awaiting approval, 18 canidates in the pipeline with a value of $4.1 billion. from innovator firms. 18 month price target $26, which I consider extremely conservative. Comments, questions, others that follow? |
