NKTR Drug delivery Company Message Board

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Biotech / Medical : NKTR Drug delivery Company

NKTR 54.29

+0.6%

10:05 AM EST

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From: tom pope	1/23/2007 10:28:47 AM
	of 507

Merrill: Nektar Therapeutics (NKTR, US$14.4, C-1-9) Reducing PO to $20 from $28; Lower Exubera estimates We are reiterating our Buy rating on NKTR & reducing PO to $20 from $28. We are lowering our estimates for Exubera (end-user sales to $800mn in 2012 vs our prior estimate of $1.1 Bn), due to low prescription (Rx) numbers to date & potential for a slow ramp following a broader launch to primary care physicians. During yesterday’s investor day, Pfizer management (NKTR’s partner) indicated that broader launch to primary care physicians would occur in ‘07, following phased launch to specialists in ’06; Direct to consumer (DTC) to begin in H2/2007. Milestones for ’07 include evidence of a ramp in Exubera Rx, updates on clinical development of proprietary products & details on partnering/commercialization of pipeline products.

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