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Biotech / Medical : Pharma News Only (pfe,mrk,wla, sgp, ahp, bmy, lly)

PFE 25.71

+1.9%

Nov 25 3:59 PM EST

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To: B.REVERE who wrote (247)	6/8/1998 12:32:00 PM
From: Anthony Wong	Read Replies (2) of 1722

U.K. Chemical Maker BTP's Profit Seen Higher, With Boost From Viagra June 08, 1998 10:16 AM LONDON -(Dow Jones)- A strong performance in fine chemicals is expected to underpin solid earnings growth from British chemical concern BTP PLC Tuesday when it reports preliminary full-year results. The strength of ongoing operations aside, market watchers are also relishing the prospect of hearing upbeat news about the group's links to Pfizer Inc.'s (PFE) impotence drug Viagra. BTP manufactures an ingredient used in Viagra, an association which has propelled the company's stock higher in recent weeks. Friday's closing price of 532.5 pence ($8.70) represents a 49% premium to the stock's 1998 opening level, helped along the way by analysts' upgrades and bullish price targets. BT Alex Brown analyst Lucas Herrmann, who has a "strong buy" rating on the stock, expects a 26% surge in fine chemicals and biocides profits to help BTP to post pretax profit of 54 million pounds for the year, up 12% from 48.2 million pounds a year earlier. The mean estimate of market analysts is for 53.4 million pounds in pretax earnings. Describing BTP's recent performance as "a super year," Herrmann said the group's outlook it equally bullish. "With a host of new intermediates in the pipeline, we look forward to another year of strong profits and earnings growth," he noted in a results preview. Analysts expect BTP to take a currency hit of about seven million pounds on the strength of the British pound, but are also looking for some benefits to have come from the group's recent acquisitions such as the Yorkshire specialities businesses, bought in October for 33 million pounds. -Michael Reid; 44-171-832-8163; Michael.Reid@cor.dowjones.com Copyright (c) 1998 Dow Jones & Company, Inc. All Rights Reserved.

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