Neurocrine Biosciences (NBIX) Message Board

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Biotech / Medical : Neurocrine Biosciences (NBIX)

NBIX 132.40

-0.7%

Jan 16 3:59 PM EST

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To: DewDiligence_on_SI who wrote (1373)	2/26/2005 12:05:21 AM
From: Biomaven	Read Replies (2) of 1834

ICOS will make more money from Cialis later by virtue of incurring losses now; that’s the way it works with a JV(duh). For any given value for ICOS’s aggregate DCF from all future Cialis sales, it makes little difference to the current share price whether the company gets royalties or a share of net JV profits. I have to disagree with you on this to some extent. One key issue is the efficiency of the sales force that ICOS is building relative to the efficiency of a pharma sales force. The ICOS sales force has only one product to detail - that makes it inherently inefficient, not to mention the start-up costs involved. Further, ICOS has to assume some sales and marketing responsibilities in Canada, Mexico and five European countries in 2006, and the rest of the world in 2007. The NBIX version is certainly a lot less risky - partly because they got such a sweet deal from PFE. Of course things may not look so good for them if SEPR gets munched by a big pharma and they are competing against another gorilla. Peter

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