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Biotech / Medical : Sepracor-Looks very promising

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From: IRWIN JAMES FRANKEL	5/21/2007 8:43:47 AM
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07:33 SEPR Sepracor: Friedman Billings notes worst-case C.M.S. scenario materializes for Xopenex U.D.V. ; tgt cut to $40 (46.70 ) Friedman Billings notes that last Friday, the C.M.S. updated its Medicare billing codes, with Xopenex U.D.V. and generic albuterol to be listed under the same codes starting on July 1. With C.M.S. grouping the two drugs under the same codes, Xopenex U.D.V. will be reimbursed like generic albuterol. Since U.D.V.'s price is around 10x-20x higher than that of the generics, Friday's news points to drastic cuts in U.D.V. reimbursement. Firm believes usage of U.D.V. in the Medicare setting, which has accounted for around 20% of UDV sales, will dry up as a result. Firm lowers tgt to $40, down from $43. 08:05 SEPR Sepracor upgraded to Neutral from Underperform at Cowen (46.70 )

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