CEPH, dow jones excerpts
<<Chairman and Chief Executive Frank Baldino said the plunge in Cephalon's stock price was an "overreaction" to Provigil's ineffectiveness as an ADHD treatment in the study, part of a Phase II/III clinical trial.
"ADHD was never envisioned to be filed before 2002," he said. "We're a little surprised at the overreaction today, given that it's not envisioned to be part of the sales profile of the drug for at least three years, maybe more."
Neither the company nor Wall Street analysts had factored hypothetical sales of Provigil as an ADHD treatment into sales or earnings estimates, he said....
Baldino expects sales of Provigil as a narcolepsy treatment to carry Cephalon into the black in 2001. He declined to forecast earnings, but SG Cowen & Co. analyst Eric Schmidt predicts the company will earn 7 cents a share next year. Schmidt, who upgraded the stock to strong buy Monday based on its suddenly depressed valuation, projects a loss of $1.32 a share this year. |
