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Biotech / Medical : Agouron Pharmaceuticals (AGPH)

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To: Henry Niman who wrote (4054)	4/15/1998 8:58:00 AM
From: mod	of 6136

And here's what Salomon Smith Barney has to say: AGPH - Strong 3Q Based on Viracept Sales Growth Salomon Smith Barney Meirav Chovav April 15, 1998 --SUMMARY:--Agouron Pharmaceuticals--Biotechnology Today AGPH reported 3Q98 (ending 3/98) EPS of $0.41 exceeding consensus of $0.39 and our $0.38 thanks to strong Viracept sales. Viracept sales by AGPH were $112 mm, up 22% Q-O-Q. US sales were $92.8 mm, slightly better than our est. of $92mm and up 10% Q-O-Q. Viracept's dollar share of the US protease inhibitor mkt for Feb was estimated at 38%, and it is the leading antiretroviral in the US by monthly IMS-DDD audit. Sales to Roche for int'l mkts were $18.9 mm, up $11.7mm from 2Q. R&D and SG&A expenses were $31.9mm and $14.2mm in-line w/our respective ests. of $30.5mm and $14.5mm. Cost of Sales was $49.2 mm, 44% of product sales. We are raising our FY98 EPS est. from $0.90 to $0.93. Our one-year price target is $51. Dennis

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