GS: What's changed
Given the ENHANCE data presented at the ACC meeting this weekend on
Zetia/Vytorin, and by the professional commentary on limiting the use of the drug,
we are lowering our cholesterol franchise forecasts in the US to a 24% decline in
2008, 20% in 2009, 10% in 2010, and 5% thereafter to 2012. On a positive note,
currency tailwinds provide some support to estimates. Other changes include generic
Primaxin in 2009 and lower interest income assumptions. Our new 2008E-2012E
estimates are $3.28, $3.61, $3.98, $4.46 and $3.70 (from $3.23, $3.70, $4.16, $4.68
and $4.00) |
