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Biotech / Medical : Biotech Valuation

CRSP 55.11

-2.6%

Nov 7 9:30 AM EST

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To: AurumRabosa who wrote (1051)	5/4/2000 9:35:00 AM
From: Biomaven	Read Replies (1) of 52153

Ron, A P/S of about 42 seems too rich. First, P/S isn't a meaningful measure for a company like CHIR that has substantial royalty income that drops straight down to the bottom line. Second, even if it was, CHIR's P/S is around 6, not 42. (Revenues were around $217 million for the quarter, or close to $1 billion for the year; market cap is around $6 billion). Agreed that the Betaseron probably isn't as good as Avonex. However, there seemed to be some other non-recurring issues this quarter that acted as a drag on earnings. Overall I thought the quarter looked like a pleasant surprise that may well help the sector along. Peter

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