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Biotech / Medical : Biotech Valuation

CRSP 51.22

+2.1%

3:59 PM EST

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To: Qualified Opinion who wrote (20686)	7/29/2006 8:42:58 AM
From: Arthur Radley	Read Replies (1) of 52153

ROB....Even with the adjusted earnings they still had a drop in earnings and they did remove their future forecast. Can you deny the stock has been a disaster under McKinnell? We all have been guilty of having the messenger bring us news we don't want to hear! Reported third-quarter 2005 net income of $1.589 billion and reported diluted earnings per share of $.22 included $1.963 billion ($.26 per share) of purchase accounting adjustments for acquisitions, which includes non-cash intangible amortization charges, as well as $1.390 billion ($.19 per share) of in-process R&D charges relating to the acquisition of Vicuron Pharmaceuticals; merger-related costs of $67 million ($.01 per share); and certain significant items representing charges of $179 million ($.02 per share), mainly related to the new Adapting to Scale productivity initiative, all on an after-tax basis. Excluding these items and the impact of discontinued operations of $13 million, adjusted income* in the third quarter of 2005 decreased 8 percent relative to the same period in 2004 to $3.811 billion, and adjusted diluted EPS* in the third quarter of 2005 decreased 7 percent to $.51, compared to the same period in 2004.

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