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Biotech / Medical : Agouron Pharmaceuticals (AGPH)
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To: George T. Santamaria who wrote (5251)9/4/1998 10:58:00 AM
From: tommysdad  Read Replies (2) of 6136
 
<<I think that management, in spite of their successes, still has a lot of accountability to their basic mission, which used to be building an R&D pipeline which cranks out two products a year. Let's hope that they are not losing their way.>>

I thought this little piece of misunderstanding had been cleared up a long time ago, but apparently not. You have mis-stated "their basic mission."

AGPH has never stated it expected to crank out two new products a year. That would tax the likes of MRK or PFE, let alone AGPH. What AGPH stated, on their home page, is that they planned on {eventually} putting two new drugs into development per year. Considering the vast majority fail long before launch, one might expect a new product every other year or so. Quite reasonable for a company of AGPH's size, particularly if they target reasonable (>$100-200M) sales goals. The distinction between "putting drugs into development" and "putting drugs onto the market" was lost before, and you seem to have missed it again. AGPH is delivering what they promised. Don't blame them if you misunderstood what they promised.

I fail to understand how investors can start turning on one of the most successful and well-run biotechs because the stock has fallen during an unbelievably painful flight away from biotechs. Would you rather own ABSC ($15 to $4)? GERN ($16 to $5)? AXPH ($9 to $4)? No.

Management at AGPH have only been fattened because they developed an extremely successful company. Umm, isn't that what the U.S. is all about?
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