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Biotech / Medical : Biotech Valuation

CRSP 56.89

-2.0%

3:40 PM EST

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To: IRWIN JAMES FRANKEL who wrote (5217)	12/23/2001 7:14:03 PM
From: Harold Engstrom	Read Replies (1) of 52153

The P/S or P/E or (choose a metric) comparisons sound like the same kind of comment you could see on a yahoo thread on any given day for a solid biotech getting ready to turn the corner. Almost all of us have bought one of these companies BECAUSE their current P/S or P/E is gettting ready to go from 120 to 2 and then up to 20 (netting us a nice 10X.) How about Sepracor? What would Business Week say about this company? That they only sell $200MM per year and have a P/S of 20+? Would they say that its pipeline will bring that figure to 10 and then to 3? No. They will say the P/S = 20+ and will leave it at that. How about any of your favorite early-to-mid stage biopharms? Same thing. I think Adam Feuerstein writes pretty thoughtfully, but much of the rest of the popular press seems to write articles that can be easily accompanied by tables and charts.

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