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Strategies & Market Trends : Value Investing

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To: Michael Burry who wrote (6135)	2/28/1999 1:19:00 PM
From: Terrapin	Read Replies (1) of 78475

Hi Mike, Interesting pick with JMED. I'm trying to understand a bit more about there niche. On the face of it they appear to be an out-sourced marketing and distribution channel for the large pharmaceutical companies which makes me wonder whether their margins are sustainable. You mention the problems inherent with growth but how long can Big Pharma ignore this slice of the pie? What other companies are playing this angle? Clearly, the time to own this stock is during its growth phase as it expands to become the dominant player in its niche and it seems like that is going on now. As a physician dealing with drug reps do you think that there is a trend towards the use of low-R&D "small pharma"? And finally (sorry for the barrage of questions), what kind of licensing agreements are typically used? Out-right ownership or some type of profit-sharing? Quality of management appears proven by the balance sheet but future profitability seems to be dependent in large part by the details of these agreements. It is encouraging to see the company sustain cash and shareprice during a period when they lack a new block-buster drug purchase. Thanks, John

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