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Biotech / Medical : Biotech Valuation

CRSP 45.87

-8.6%

3:59 PM EST

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From: Ian@SI	4/22/2005 1:15:16 PM
	Read Replies (2) of 52153

Saw this in a DJ story on the dollar. Johnson & Johnson (JNJ) announced plans to bring $11 billion back to the U.S., while Pfizer (PFE) said it was considering bringing up to $38 billion home. Hundreds of smaller companies were said to have similar plans. It all helped cause some bullish dollar sentiment, and dollar strength, albeit for no longer than a couple of days, and there's a chance the dollar could see the same boost soon. A couple of questions: 1. PFE last balance sheet shows $1.8B Cash and $18B Short Term investments. Is the $38B included in that balance sheet or off it? 2. With more than $5 cash/share, the P/E for 2005 is about 11. Given that PFE has forecast double digit earnings growth for 2006, and accelerated double digit earnings growth in 2007, how long is the market likely to shortchange PFE's multiple?

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