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Biotech / Medical : Abgenix, Inc. (ABGX)

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From: John McCarthy	11/3/2005 12:37:26 PM
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Goldman Sachs - from Yahoo post ... finance.messages.yahoo.com <<<<<<<<<<<<<<<<<<<<<<<< Goldman Sachs maintains outperform Imcl From Incl's message I quote: AMGN & ABGX announced that P3 data of Panitumumab in refractory colorectal cancer (CRC) showed a highly significant 46% reduction in tumor progression. We had expected a positive outcome but the initial data suggest that the magnitude of improvement is better than expected. FDA filing is expected by yearend. We expect sales potential of $300MM & FDA approval in H2/06. The EPS contribution is about $0.02 per $100MM in sales for AMGN. We expect AMGN shares to appreciate a few points & IMCL shares to decline low 30s. However, the positive data implies that IMCL?s Erbitux may also show positive results in ongoing studies due to the similar mechanism to Panitumumab. We maintain our est. as our IMCL model assumes positive Panitumumab data. We continue to rate AMGN & IMCL Outperform. Our coverage view is Neutral. Risks are lower sales, development failures, manufacturing & patents. <<<<<<<<<<<<<<<<<<<<<<<<

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