Biotech Valuation Message Board

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Biotech / Medical : Biotech Valuation

CRSP 52.18

-2.5%

3:59 PM EST

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To: Biomaven who wrote (4006)	6/6/2001 12:10:12 AM
From: Vector1	Read Replies (1) of 52153

Biotech momentum is back. JP Morgan sounding the call (about a month late) Back to Biotech We believe the current momentum back to biotech is sustainable in the medium term based on the visibility of earnings growth relative to other growth sectors, and strong clinical and regulatory news flow for biotech companies (including Celgene). The biopharmaceutical business model has proven to be an engine for growth with rapid sales uptake and high margins leading to sustainable earnings growth. The strength of the biotech business model is its ability to bring new and innovative products to market. With a over $52 billion infused into the biotech industry from the capital markets in the past 18 months, biotech companies are able to retain a greater portion of the profits from the products they develop than ever before. The result is highly favorable, collaborative marketing alliances with large pharmaceutical companies that need these new products to sustain earnings growth. Among our BUY rated stocks, we would focus on companies that share the following attributes: commercial products, near- term product launches, and strong late-stage pipelines. Companies that display these most highly sought characteristics include Celgene, Genentech (DNA/$53.25/Buy), Gilead (GILD/$57.70/Buy), The Medicines Company (MDCO/$14.27/Buy), and Alkermes (ALKS/$32.18/Buy).

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