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Biotech / Medical : MGI Pharma MOGN New patents, anti cancer
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From: Icebrg6/22/2007 12:49:05 AM
   of 1826
 
MGI Pharma [Source: Bear Stearns]

Reimbursement Rate for Zofran Declines as Expected; Aloxi's Slightly Higher

CMS RELEASES 3Q REIMBURSEMENT RATES FOR PART B DRUGS.
As expected the ASP+6% rate for Zofran (generic since late 4Q) declined from $108.77 in 2Q to $16.03 for 3Q for the 32mg dose. Aloxi's ASP+6% rate increased from $160.03 in 2Q to $166.05 for 3Q while Anzemet's reimbursement rate declined from $61.12 in 2Q to $53.92 for 3Q and Kytril's

EXPECT REACCELERATION OF ALOXI SALES IN 2H; MAINTAINING ESTS.
We expect physicians to begin switching back to Aloxi from generic Zofran in 2H07 since the profit opportunity from prescribing generic Zofran and getting reimbursed at the branded rate has now disappeared. We are maintaining our 3Q Aloxi estimates of $67.6 million and our 2007 CINV sales estimate of $243 million.

UPCOMING NEWSFLOW includes:
1) Reacceleration of Aloxi sales in 2H07;
2) Submission of Aquavan NDA for pain and sedation in 3Q;
3) FDA approval of Aloxi in PONV in 4Q;
4) Kytril expected to go generic in 4Q;
5) Potential data for Dacogen from the ADOPT study at the ASH meeting in December; and
6) Submission of MAA in Europe for Dacogen in MDS in

MAINTAIN OUTPERFORM for longer-term investors based on a reacceleration of Aloxi sales due to the revised ASP rates and continued growth in Dacogen in MDS, along with new product launches including Aloxi in PONV in late 07 and Aquavan in 2H08
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