Hello Ike,
Here is an update on my pick of FRX:
Eli Lilly was downgraded on Thursday by Cowen and Co. because, and I will quote from the press release:
Lilly Sees Slower Prozac Sales Growth
By Jane Light
CHICAGO (Reuters) - Eli Lilly and Co. (NYSE:LLY - news), a leading U.S. pharmaceuticals house, said Wednesday it expected sales growth for Prozac, its blockbuster anti-depressant drug, to slow this year, though 1999 earnings were still seen fitting into the current range of analysts estimates.
Lilly's share price fell sharply Wednesday after an SG Cowen drug industry analyst wrote in a report that his 1999 earnings estimate for Lilly might be 2 cents a share too high.
The analyst said Prozac sales, which accounted for a third of Lilly's revenues last year, may fall below his earlier estimates because stepped-up competition from Forest Laboratories's Celexa anti-depressant drug.
While Lilly conceded that Prozac sales growth was likely to slow, it reaffirmed its view that 1999 earnings would come in within the range of analysts' estimates at $2.25 to $2.30 a share, according to the company.
''At this time, we expect slower Prozac sales growth in 1999 compared to 1998 due to heightened competition in the U.S. depression market,'' Jim Kappel told Reuters in a telephone interview from the drug company's Indianapolis headquarters.
dailynews.yahoo.com
Good Luck!
Regards,
Karim
P.S. FRX went on "sale" after I recommended it on this thread! |
