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Biotech / Medical : Bio Technology General - BTGC -- Ignore unavailable to you. Want to Upgrade?

To: Bosco who wrote (1880)	7/14/1999 12:46:00 PM
From: Elvis Jones	Respond to of 2028

I don't see the earnings report as negative at all. Sure, it's down a little today on the news - but it's still over $8/share. The support we tested last month was $7/share, and we're staying above that. I'm satisfied with the report. Happily Long BTGC, Duke

To: Bosco who wrote (1880)	7/14/1999 3:01:00 PM
From: Dave O.	Read Replies (1) \| Respond to of 2028

< The curious thing is that the stock has been in a recovery mode in the past couple of months. So what gives? > I think the "problem" revolves around Oxandrin. Scripts continue to increase, which is good news. But Olsten, their distributor, apparently has so much inventory they need to work off that it is expected that shipments to Olsten will be less than in 1998. Remember Oxandrin represented over 55% of BTGC revenues in 1998, over $40 million of the $76 million. And it was expetced that Oxandrin would be near $49 million in 1999, per Merrill Lynch analysts report. It'll take some significant outperformance in their other drugs to make up for the expected shortfall in Oxandrin sales. This was all pretty obvious if one looked at the recent 10-Q's. Accounts Receivable were staggering and it seems as if they stuffed the channel (shipping Oxandrin to Olsten) last year. And they record revenues when they ship product, which is now adversely impacting things. I'm in for the longer term so I'm not too concerned, the 0.10 EPS was much better than I expected. Dave