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Biotech / Medical : OSI Pharmaceuticals (OSIP) - formerly Oncogene
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To: tuck who wrote (423)7/25/2007 12:15:31 PM
From: tom pope   of 447
 
This is from ML a couple of days ago which I didn't crib because there didn't seem to be much interest in OSIP here. Your post tells me it ain't completely dead and the diabetes area is certainly interesting:

Januvia/Janumet revs beat estimates
We are raising our diabetes estimates based on strong Januvia/Janumet DPIV
sales. 2Q Januvia/Janumet revenues of $168 mn beat our estimate of $137 mn,
suggesting a sustained inflection in the launch ramp. Accordingly, 2Q diabetes
royalties to OSIP are likely to be higher than expected. We continue to expect
diabetes royalties and Ex-US Tarceva sales to drive revenue growth. Combined
with prudent expense control, EPS growth should continue with a potential
acceleration once Phase III Tarceva data in lung cancer becomes available during
2H08. Maintain BUY.

Raising diabetes estimates to $700 mn in 2007
We are raising our 2007 DPIV estimate to $700 mn from $613 mn. Importantly,
this represents only 2.2% average sales growth per week vs. 5.6% average
weekly sales growth year-to-date. Accordingly, non-GAAP EPS (Ex-options) rises
to $1.61 in 2007 from $1.58. Importantly, if Avandia safety issues continue to
persist or worsen, Januvia/Janumet may continue to benefit.
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