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Biotech / Medical : Biotech Valuation -- Ignore unavailable to you. Want to Upgrade?

To: RWReeves who wrote (438)	10/11/1999 5:01:00 PM
From: LLCF	Respond to of 52153

Valuation by cash to total mkt value: Comp # Shrs Price Mkt.Cap Cash $/shr TV TV/Shr $/Val Ann Exp Revs Burn Sales Sls/Exp X-sls GZSP 15.8 5.50 $87 $180 11.39 ($93) ($5.89) 207% 0.0 0.0 0 100 0.87 SNAP 10.7 4.00 $43 $50 4.67 ($7) ($0.67) 117% 19.0 9.0 20% 2 HYSQ 13.0 4.5 $59 $33 2.50 $26 $2.00 56% 20.0 4.0 49% 0 AXPH 30.3 3.50 $106 $56 1.85 $50 $1.65 53% 78.6 47.4 56% 0 GELX 16.8 10.50 $176 $90 5.36 $86 $5.14 51% 38.0 14.0 27% 4 NBIX 18.8 6.25 $117 $52 2.77 $65 $3.48 44% 32.0 14.0 35% 0 NPSP 12.5 5.50 $69 $30 2.40 $39 $3.10 44% 23.4 3.6 66% 0 BONZ 13.5 5.50 $74 $27 2.00 $47 $3.50 36% 32.0 40.0 -30% 40 1.86 REGN 31.3 8.00 $250 $91 2.91 $159 $5.09 36% 57.0 30.0 30% 15 26% 16.69 CLTR 17.3 16.00 $277 $100 5.78 $177 $10.22 36% 42.0 1.0 41% 0 CTII 18.4 1.50 $28 $9 0.49 $19 $1.01 33% 22.3 8.8 150% 0 ARQL 12.50 7.00 $88 29 2.28 $59 $4.72 33% 32.0 35.0 -11% GLFD 19.4 16.00 $310 $97 5.00 $213 $11.00 31% 50.3 12.5 39% 6 12% 51.73 NEXl 70.5 1.50 $106 $28 0.40 $78 $1.10 26% 34.0 12.0 79% PGNS 16.3 15.50 $253 $65 3.99 $188 $11.51 26% 62.6 61.1 2% 50 VRTX 25.3 32.00 $811 $205 8.09 $606 $23.91 25% 80.0 48.0 16% 17 21% 47.71 BTRN 8.6 6.50 $56 $14 1.63 $42 $4.87 25% 18.0 6.5 82% 0 0% VLTS 19.6 4.50 $88 $20 1.02 $68 $3.48 23% 18.7 8.1 53% 0 GLIA 10.1 11.5 $116 $26 2.57 $90 $8.93 22% 31.0 36.0 -19% 36 116% 3.23 PDLI 18.6 36.00 $669 $140 7.53 $529 $28.47 21% 40.0 30.0 7% 15 38% 44.59 ALKS 24.5 36.00 $882 $171 6.98 $711 $29.02 19% 45.9 40.0 3% 0 LGND 35.0 8 $280 $53 1.51 $227 $6.49 19% 87.0 25.0 117% 20 23% 14.00 INCY 27.9 19 $530 $100 3.58 $430 $15.42 19% 180.0 170.0 10% 170 94% 3.12 PCOP 19.5 11 $215 $39 2.00 $176 $9.00 18% 104.0 94.0 26% 62 60% 3.46 CHIR 185 30.00 $5,550 $1,000 5.41 $4,550 $24.59 18% 600.0 662.0 -6% 662 110% 8.38 UTHR 11.5 28.0 $322 $57 4.96 $265 $23.04 18% 25.0 0.2 44% 0 OSIP 21.4 6.00 $128 $21 0.98 $107 $5.02 16% 28.0 19.5 40% 0 SEPR 32.8 80 $2,624 $412 12.56 $2,212 $67.44 16% 70 40 7% 35 50% 74.97 CEPH 28.9 17 $491 $70 2.42 $421 $14.58 14% 74.6 30.0 64% 50 67% 9.83 AVIR 15.7 25 $393 $55 3.50 $338 $21.50 14% 56.6 5.0 94% 0 GLGC 19.7 7.3 $143 $20 1.02 $123 $6.23 14% 33.0 20.0 65% 20 7.14 CGPI 8.6 18 $154 $20 2.33 $134 $15.67 13% 20.0 20.0 0% 20 7.72 ONXX 11.4 8.0 $91 $10 0.88 $81 $7.12 11% 30.6 9.3 213% 0 TTP 13.1 9 $118 $12 0.92 $106 $8.08 10% 11.5 0.0 96% 0 PCYC 12.3 35 $431 $41 3.33 $390 $31.67 10% 17.0 0.0 41% 0 MOGN 14.6 13 $190 $18 1.23 $172 $11.77 9% 20.0 30.0 -56% 30 150% 6.33 ABSC 17 15 $255 $23.5 1.38 $232 $13.62 9% 47 43 17% 0% LKST 11.9 22 $262 $23 1.93 $239 $20.07 9% 23.8 8.0 69% 0 CORR 24.4 20 $488 $32 1.31 $456 $18.69 7% 73.2 45.0 88% 45 61% 10.84 MLNM 35.8 86 $3,079 $198 5.53 $2,881 $80.47 6% 139.0 160.0 -11% 0 0% CELG 17.2 26.0 $447 $21 1.22 $426 $24.78 5% 28.0 25.0 14% 25 17.89 PARS 42.0 1.25 $53 $2 0.05 $50 $1.20 4% 6.1 5.0 48% 5 82% 10.50 ABGX 14.9 40 $596 $26 1.74 $570 $38.26 4% 24.0 5.0 73% 0 SUPG 20.4 22.0 $449 $13 0.62 $436 $21.38 3% 19.5 8.0 91% 5 GZMO** 12.6 4.5 $57 $1 0.08 $56 $4.42 2% 20.0 4.0 1600% 0 All numbers in Millions Sales is MY estimates for '99…. Feel free to "chip in" Please! Sls/Exp is my lame attempt to compare "sustainable" revenues to expenses,ie. 100% would supposedly be sustainable 0 Burn. Burn is % of current cash expected to be burned in 12 months. "TV" is technology value * means data is latest quarterly, otherwise data is a/o last quarter ** Don't worry about GZMO's burn… they have a 30mill line of credit from daddy! Note new column… mktcap/sales… we've got sales coming in!

To: RWReeves who wrote (438)	10/11/1999 5:07:00 PM
From: LLCF	Respond to of 52153

Sorted by estimated burn: Comp # Shrs Price Mkt.Cap Cash $/shr TV TV/Shr $/Val Ann Exp Revs Burn Sales Sls/Exp X-sls MOGN 14.6 13 $190 $18 1.23 $172 $11.77 9% 20.0 30.0 -56% 30 150% 6.33 BONZ 13.5 5.50 $74 $27 2.00 $47 $3.50 36% 32.0 40.0 -30% 40 1.86 GLIA 10.1 11.5 $116 $26 2.57 $90 $8.93 22% 31.0 36.0 -19% 36 116% 3.23 MLNM 35.8 86 $3,079 $198 5.53 $2,881 $80.47 6% 139.0 160.0 -11% 0 0% ARQL 12.50 7.00 $88 29 2.28 $59 $4.72 33% 32.0 35.0 -11% CHIR 185 30.00 $5,550 $1,000 5.41 $4,550 $24.59 18% 600.0 662.0 -6% 662 110% 8.38 GZSP 15.8 5.50 $87 $180 11.39 ($93) ($5.89) 207% 0.0 0.0 0 100 0.87 CGPI 8.6 18 $154 $20 2.33 $134 $15.67 13% 20.0 20.0 0% 20 7.72 PGNS 16.3 15.50 $253 $65 3.99 $188 $11.51 26% 62.6 61.1 2% 50 ALKS 24.5 36.00 $882 $171 6.98 $711 $29.02 19% 45.9 40.0 3% 0 PDLI 18.6 36.00 $669 $140 7.53 $529 $28.47 21% 40.0 30.0 7% 15 38% 44.59 SEPR 32.8 80 $2,624 $412 12.56 $2,212 $67.44 16% 70 40 7% 35 50% 74.97 INCY 27.9 19 $530 $100 3.58 $430 $15.42 19% 180.0 170.0 10% 170 94% 3.12 CELG 17.2 26.0 $447 $21 1.22 $426 $24.78 5% 28.0 25.0 14% 25 17.89 VRTX 25.3 32.00 $811 $205 8.09 $606 $23.91 25% 80.0 48.0 16% 17 21% 47.71 ABSC 17 15 $255 $23.5 1.38 $232 $13.62 9% 47 43 17% 0% SNAP 10.7 4.00 $43 $50 4.67 ($7) ($0.67) 117% 19.0 9.0 20% 2 PCOP 19.5 11 $215 $39 2.00 $176 $9.00 18% 104.0 94.0 26% 62 60% 3.46 GELX 16.8 10.50 $176 $90 5.36 $86 $5.14 51% 38.0 14.0 27% 4 REGN 31.3 8.00 $250 $91 2.91 $159 $5.09 36% 57.0 30.0 30% 15 26% 16.69 NBIX 18.8 6.25 $117 $52 2.77 $65 $3.48 44% 32.0 14.0 35% 0 GLFD 19.4 16.00 $310 $97 5.00 $213 $11.00 31% 50.3 12.5 39% 6 12% 51.73 OSIP 21.4 6.00 $128 $21 0.98 $107 $5.02 16% 28.0 19.5 40% 0 CLTR 17.3 16.00 $277 $100 5.78 $177 $10.22 36% 42.0 1.0 41% 0 PCYC 12.3 35 $431 $41 3.33 $390 $31.67 10% 17.0 0.0 41% 0 UTHR 11.5 28.0 $322 $57 4.96 $265 $23.04 18% 25.0 0.2 44% 0 PARS 42.0 1.25 $53 $2 0.05 $50 $1.20 4% 6.1 5.0 48% 5 82% 10.50 HYSQ 13.0 4.5 $59 $33 2.50 $26 $2.00 56% 20.0 4.0 49% 0 VLTS 19.6 4.50 $88 $20 1.02 $68 $3.48 23% 18.7 8.1 53% 0 AXPH 30.3 3.50 $106 $56 1.85 $50 $1.65 53% 78.6 47.4 56% 0 CEPH 28.9 17 $491 $70 2.42 $421 $14.58 14% 74.6 30.0 64% 50 67% 9.83 GLGC 19.7 7.3 $143 $20 1.02 $123 $6.23 14% 33.0 20.0 65% 20 7.14 NPSP 12.5 5.50 $69 $30 2.40 $39 $3.10 44% 23.4 3.6 66% 0 LKST 11.9 22 $262 $23 1.93 $239 $20.07 9% 23.8 8.0 69% 0 ABGX 14.9 40 $596 $26 1.74 $570 $38.26 4% 24.0 5.0 73% 0 NEXl 70.5 1.50 $106 $28 0.40 $78 $1.10 26% 34.0 12.0 79% BTRN 8.6 6.50 $56 $14 1.63 $42 $4.87 25% 18.0 6.5 82% 0 0% CORR 24.4 20 $488 $32 1.31 $456 $18.69 7% 73.2 45.0 88% 45 61% 10.84 SUPG 20.4 22.0 $449 $13 0.62 $436 $21.38 3% 19.5 8.0 91% 5 AVIR 15.7 25 $393 $55 3.50 $338 $21.50 14% 56.6 5.0 94% 0 TTP 13.1 9 $118 $12 0.92 $106 $8.08 10% 11.5 0.0 96% 0 LGND 35.0 8 $280 $53 1.51 $227 $6.49 19% 87.0 25.0 117% 20 23% 14.00 CTII 18.4 1.50 $28 $9 0.49 $19 $1.01 33% 22.3 8.8 150% 0 ONXX 11.4 8.0 $91 $10 0.88 $81 $7.12 11% 30.6 9.3 213% 0 GZMO** 12.6 4.5 $57 $1 0.08 $56 $4.42 2% 20.0 4.0 1600% 0 All numbers in Millions Sales is MY estimates for '99…. Feel free to "chip in" Please! Sls/Exp is my lame attempt to compare "sustainable" revenues to expenses,ie. 100% would supposedly be sustainable 0 Burn. Burn is % of current cash expected to be burned in 12 months. "TV" is technology value * means data is latest quarterly, otherwise data is a/o last quarter ** Don't worry about GZMO's burn… they have a 30mill line of credit from daddy! Note new column… mktcap/sales… we've got sales coming in!