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Biotech / Medical : ICN Pharmaceuticals
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To: Michael Young who wrote (765)3/10/1998 5:54:00 PM
From: debra vogt  Read Replies (2) of 1029
 
This isn't the actual report, but is more detailed than the original news release.

NEWSÿ ÿ



Goldman Sachs Initiates Coverage of ICN Pharmaceuticals; Adds Stock to Recommended List

Monday March 9, 1998 (11:32 am EST)
Goldman Sachs Initiates Coverage of ICN Pharmaceuticals; Adds Stock to Recommended List

NEW YORK, Mar. 9 (Standard & Poor's) Goldman Sachs said it initiated coverage of ICN Pharmaceuticals (ICN 62 3/4 UP 3 9/16), and added the stock to the firm's recommended list.

Goldman analyst Prem Lachman told his salesforce ICN is a mid-size pharmaceutical company with a solid base business in Eastern Europe that is strengthened by its strategic acquisitions globally and, more importantly, the pending approval of ribavirin-Intron A combination therapy. He sees 1998 earnings of $3.22 per share and 1999 earnings of $4.26 per share. He said he estimates the underlying three-year growth rate of ICN's base business is 20%, which could be conservatively accelerated to 30%-35%.

Lachman noted that the Hepatitis C market is huge, with worldwide incidence of 12 million in developed markets. He said the stock's valuation is compelling at 18.4 times his 1998 earnings estimate and at about a 45% discount to ICN's 30%-35% three year growth rate.

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