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Biotech / Medical : Pharma News Only (pfe,mrk,wla, sgp, ahp, bmy, lly)

PFE 25.82

-2.5%

2:06 PM EST

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To: S. HYDER who wrote (236)	6/7/1998 5:24:00 PM
From: James Baker	of 1722

The article that has mentioned several big pharma stocks favorably is the one entitled BEYOND VIAGRA in the health care cover story in the current BARRON'S dated 6/8/98 on news stands or if you subscribe it is on the Barron's web site. Here is the Lilly material abstracted: Paul A. Brooke, of Morgan Stanley Dean Witter. One of Brooke's favorite stocks is Eli Lilly. The Indianapolis firm's prospects had seemed clouded by the expiration of its U.S. patent on Prozac in 2003. But some recent studies of a new Prozac formulation raise hopes that the antidepressant may find extended patent life. The studies show that a combination of Prozac and the Lilly antipsychotic Zyprexa appears to lift depression in many patients for whom drugs like Prozac by themselves haven't worked. This combination has been shown to work on patients who have refractory depression, and this group may account for up to 25% of all depressed souls. So if the combination treatment proves out, says Brooke, it may reach the market around the time of Prozac's patent expiration. A more exciting dose of new revenues for Lilly will come from its new osteoporosis drug, Evista, launched in January of this year. Recent studies show that Evista doesn't aggravate breast cancer risk, as do other osteoporosis drugs. To that claim, Lilly may eventually be able to add the boast that Evista reduces risk of heart disease. Within five years, Brooke estimates, Evista could be nearly a $3 billion product for Lilly. These developments could boost the earnings multiple of the $62 stock, says the Morgan Stanley analyst, above its current level of 27 times his 1999 estimate of $2.25 a share. ''The psychology is clearly bottoming out,'' says Brooke. ''And the issue is not the numbers, it's the psychology.''

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