UTHR getting hammered on this...
Monday, December 04, 2000
UTHR projections disappoint
--10:13 am - By Michael Baron
United Therapeutics (UTHR: news, msgs) is plunging $28.25, or 59.3 percent, to $19.38, after the Silver Springs, Md., biotechnology firm said it expects revenue of $10 million to $20 million in fiscal 2001 from UT-15, or Uniprost, its subcutaneous treatment for pulmonary arterial hypertension. Deutsche Banc Alex Brown cut its rating on UTHR to "market perform," saying this projection is significantly below its expectations for revenue of $80 million. United Therapeutics said the FDA has indicated its cardiovascular and renal drugs advisory committee will review the company's new drug application for UT-15 on February 9. The company said it expects revenue of $75 million to $100 million from Uniprost in 2002. Deutsche Banc was looking for revenue of $170 million in the same period. In addition, United Therapeutics co-founder James Crow will retire as president and chief operating officer when the company obtains FDA approval for UT-15. Crow will be replaced by Roger Jeffs, vice president for clinical, scientific & medical affairs. Other negative developments, according to Deutsche Banc, include the slow enrollment in UTHR's open-label study of UT-15, and the company's decision to seek approvals on a country by country basis in Europe. The firm had been anticipating a Europe-wide filing in the fourth quarter. |
