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Biotech / Medical : Biotech Valuation

CRSP 53.85

-4.5%

Jan 9 9:30 AM EST

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To: Biomaven who wrote (7677)	1/8/2003 4:33:20 PM
From: tuck	of 52153

I have not seen CHIR forecast beyond '03. From their Q302 PR: >>Chiron expects its 2003 pro-forma earnings per share to be between $1.40 and $1.50. In 2003, Chiron expects total revenue to be in the range of $1.4 billion to $1.5 billion and product revenues to be in the range of $1 billion to $1.1 billion. Gross margins on a corporate-wide basis are expected to be consistent with 2002. Operating expenses are expected to be higher by approximately 10 percent and the tax rate is expected to be at or slightly lower than the 2002 tax rate.<< Taking the middle of the range (which is where the aggregate of analyst estimates is) yields ~15% growth. They may have gone out further at H&Q; I have not listened. Edit: As some may know, I have shorted CHIR on my short thread, and even once in real life. No current position. Cheers, Tuck

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