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Strategies & Market Trends : Value Investing

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To: hoyasaxa who wrote (19789)	10/7/2004 4:10:24 PM
From: Bob Rudd	Read Replies (2) of 78618

I added PFE today @29 bringing my cost on entire position down to a bit over 30. A lot of the hand-wringing is over whether Celebrex which has shown no problems in shorter studies will evince risks in longer term studies as Vioxx did. This excerpt from a NYT piece reassures: "Pfizer issued a statement on friday saying that three trials involving a total of 6,000 patients that have been under way for several years had not shown any significant safety issues. The tests are trying to determine whether celebrex can help prevent colon cancer or prevent or slow alzheimer's disease." The concerns may benefit PFE by delaying MRK's Arcoxia from being released as scheduled...in any event, it's highly unlikely a new cox-2 from MRK would get any scripts. With the difficult to quantify litigation risk, I wouldn't consider MRK unless it was half the multiple of PFE.

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