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Biotech / Medical : Analysts and Calls -- C.E. Unterberg, Towbin

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To: Icebrg who wrote (2)12/1/2002 3:47:37 PM
From: Icebrg  Read Replies (1) of 8
 
ICOS Corporation
November , 25 , 2002 , 00:00 :

We are raising our 12-month price target from $28 to $43 to factor in the full potential of Cialis, which we expect can achieve more than $1 billion in sales in 2006.

With pharmaceutical sector maintaining the recovery in price to sales multiples since the lows set in late-July, we are also raising the price to sales ratio used in our valuation (see Valuation.)

We reiterate our Short- and Long-Term Buy ratings.
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