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

PFE 25.04

+2.6%

Nov 21 9:30 AM EST

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To: B.REVERE who wrote (386)	6/22/1998 2:37:00 PM
From: Anthony Wong	Read Replies (3) of 1722

H&Q Analyst Still Likes Pfizer Despite Zeldox Setback June 22, 1998 1:59 PM NEW YORK (Dow Jones)--Hambrecht & Quist Inc. drug sector analyst Alex Zisson favors shares of Pfizer Inc. (PFE), despite the regulatory setback the company received on a new antipsychotic product. The Wall Street Journal reported Monday that the Food and Drug Administration surprised Wall Street by sending pharmaceutical giant Pfizer a "nonapprovable" letter for its Zeldox medicine, intended for patients with serious mental illness such as schizophrenia. But Zisson told CNBC Monday that Pfizer's overall sales picture is strong, especially with its impotence drug Viagra now being launched in Europe. "They still, even with Zeldox on the sidelines, have a very strong pipeline," he said. Zisson said the drug group in general and Pfizer in particular are expensive stocks, but he sees Viagra's sales growth as likely to continue even if insurers or health-care organizations refuse to pay for patients to use the drug. On Friday, health care organization Kaiser Permanente announced it will exclude coverage of Viagra, citing cost concerns. The analyst also likes Abbott Laboratories (ABT), Merck & Co. (MRK), Alza Corp. (AZA) and Johnson & Johnson (JNJ), which Zisson described as "halfway between a drug and device stock." He said minimal exposure to Asia and good fundamentals make drug stocks good defensive stocks. -Ted W. Kemp; 201-938-5392

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