Kos Pharmaceuticals, Inc (KOSP) Message Board

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Biotech / Medical : Kos Pharmaceuticals, Inc (KOSP)

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From: mopgcw	12/9/2004 8:23:30 PM
	of 118

gs: Kos Pharmaceuticals, Inc. EPS (FY Dec) 2004E $1.94, 2005E $2.33 In-Line/Neutral (KOSP) $41.23 Our thesis on KOSP remains the same and we still believe fair value for the stock is $39 per share. We launched on KOSP in September with an In-Line rating. We are constructive on the shares at current levels. KOSP is down more than 13% today on iwhat we consider nflated concerns that Barr (BRL, NC) will launch Niaspan at risk in March 2005. We believe that an at-risk launch of generic Niapsan is unlikely because (1) The damages issue remains even if Barr launches generic Niaspan after the 30 month stay expires, March 30, 2005 (Treble damages will no longer be mandated but damages awarded could still be significant), (2) If Barr waits until Aug/Sept time frame they will have more clarity on the likely outcome of the Niaspan patent case (First hearing of case scheduled for Aug 2005), and (3) Barr has a solid reputation in patent litigation to uphold and Niaspan is in the bottom quartile (by profit) of their Paragraph IV challenges. We maintain our In-Line rating in the context of our Neutral coverage view.

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