Biotech Valuation Message Board

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Biotech / Medical : Biotech Valuation

CRSP 56.27

-0.7%

3:59 PM EST

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To: jayhawk969 who wrote (5212)	12/22/2001 9:40:33 PM
From: Spekulatius	of 52153

<< I did not appreciate "tarring" all Biotech with the same brush. I do not own Amgen and I do not own Pfizer. However, given the choice I would buy Pfizer. >> I do think that Barron's has a strong point saying that AMGN is overvalued. AMGN seems not to be capable to grow more than 15% without acquisitions. The Immunex acquisition was conceived to boost growth rates shorterm to keep the stockprice up. Big Pharma (Pfizer) did the same when taking over Warner-Lambert and wringing out costs. The big pharma companies are incapable to grow faster than low teens in the long run. However, MRK, BMY and NVS are trading around 20x earnings and that's far cheaper than AMGN's 40-50x earnings.

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