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Biotech / Medical : Ligand (LGND) Breakout! -- Ignore unavailable to you. Want to Upgrade?

To: bob zagorin who wrote (29171)	8/17/1999 12:07:00 PM
From: Henry Niman	Respond to of 32384

I haven't seen Lehman Brothers or Bear Stearns, but heard the BancBoston was coming up with conservative numbers.

To: bob zagorin who wrote (29171)	8/17/1999 2:02:00 PM
From: Henry Niman	Read Replies (2) \| Respond to of 32384

Bear Stearns came out with a reiterated BUY, but the report has some major negative revisions. Says LGND "stumbled at the finish line - the actual commercialization of their products" Consequently, earnings lowered to losses of $1.20 for 1999 and $0.21 for 2000. (prior estimates were -$0.1 and +$0.58) On th sales from, reported numbers are lower than actual sales because of destocking of inventories. Sales staff not trainer until March and only 30% of physicians called by April Promotion didn't begin until May Forecast annual sales of $7 Million, $13 Million, and $17 Million for 1999-2001 Previous forecast were $22 Million, $28 Million, $30 Million Near term ONTAK brighter Dematologists resisting referring CTCL patients to oncologist for infusion of drug so launch slower than anticipated lower estimates for 199-2001 to $12, $35, $55 Million from $25, $50 , $60 Million