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Biotech / Medical : Watson Pharmaceuticals

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To: FNS who wrote (73)	3/29/1998 6:59:00 PM
From: Jacob Snyder	of 83

RESEARCH ALERT - Watson Pharmaceutical (NYSE:WPI) cut Reuters, Monday, March 23, 1998 at 16:15 NEW YORK, March 23 (Reuters) - SBC Warburg Dillon Read said on Monday it lowered its rating on shares of Watson Pharmaceuticals Inc to outperform on buy. -- Mylan Laboratories Inc (NYSE:MYL) said it won approval from the U.S. Food and Drug Administration to manufacture and market a generic version of the hypertension drug "Dilacor XR." -- Watson, which acquired the rights to the Dilacor XR brand from Rhone Poulenc Rorer in June 1997 for $190 million, is generating close to $80 million in annualized sales from the brand product and also holds roughly 75 percent of generic market, analyst Jerry Treppel said in research note. -- Dilacor is easily company's most important product. -- Treppel believes stock's upside will be limited over near-term because of lack of visibility about what company's next major growth drivers will be. -- Stock down 4-1/16 to 36-3/4. Copyright 1998, Reuters News Service

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