GS: TLRK (NR/N): 1Q 2004 Results in line,
multiple data points in 2004
52-Week Range US$25-5
YTD Price Change 53.41%
Market Cap US$1.6bn
TLRK (NR) reported Q1 2004 loss of $24M or ($0.36) p/s, lower than our est. of $27M,
or ($0.43) p/s due to higher revenues. We are maintaining our 2004 loss estimate of
$110M, and adjusting p/s estimate for 2004 to ($1.64) from ($1.73), and for 2005 to
($1.84) from ($1.92) on a higher share count. In March, Amgen and Tularik signed a
definitive merger agreement, through which Tularik will become a wholly owned
subsidiary of Amgen, in a stock transaction valued around $1.3B. Multiple data points are
expected in 2004, including, Phase II data on T131 (Q2), interim analysis of Phase II/III
trial with T67 for primary liver cancer (mid-year), Phase II data with T487, and obesity
agent T71. |
