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Biotech / Medical : Biotech Boom?

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To: Rosemary who wrote (55)	12/9/1996 9:27:00 PM
From: Henry Niman	of 368

Rosemary, I've had a chance to look at Robertson Stephens (Edward Hurwitz) report on LGND (which makes projections through the year 2006). Targretin sales are expected to begin in 1999 ($22 Million) and gradually increase to $135 Million by 2006. The report shows profitability in 2000 ($0.10) which grows rather dramatically to $14.55 by 2006. Edward Hurwitz is more conservative on revenues in 2001 ($154.5 Million) than David Molowa of Bear Stearns (over $400 million). However, Hurwitz includes no revenues from any GLYC products (anywhere in the report), but revenues do grow to $1,781 million by 2006. He also expects several new Alliances in the next couple of years (stay tuned to the H&Q conference on Jan 7!).

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