Agouron Pharmaceuticals (AGPH) Message Board

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Biotech / Medical : Agouron Pharmaceuticals (AGPH)

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To: John Metcalf who wrote (556)	3/30/1997 4:06:00 AM
From: scaram(o)uche	of 6136

John Metcalf said......... "The profit Agouron will realize from Viracept will be obscured by their expenses in building the company. They have hired and trained a sales force, and are advertising for manufacturing personnel. The bear case on the stock valuation is that the high gross margin from Viracept will not fall to the bottom line immediately. The bull case is that Viracept gross margins will build Agouron into a strong company, rather than be paid out to partners and accumulation of cash-on-hand in excess of what they need. In any case, the current level of users is sufficient to justify the entire market cap of the company on a PSR basis, relative to valuations of other biotech companies at the dawn of product commercialization. A bet that usage will not grow is hard to understand -- Asian and European approvals are near, Viracept has lesser side effects than competitors, sales are only two weeks old in the US, and all protease inhibitors together have only penetrated 20% of the US market." Bingo! Rick

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