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

To: Thomas M. who wrote (727)	2/26/2000 1:29:00 PM
From: scaram(o)uche	Read Replies (1) \| Respond to of 52153

The AOL rationale is absurd. Merck has a Merck-like valuation for a reason. Ditto with Pfizer, Novartis, etc. Pharmaceuticals reach market at very high margin. There is a limited number of patients, and an even more limited number of diseases. The overall size of the "medicines" market will increase markedly as new-science molecules role out. No question. Markets will become more fragmented and drug lifespans will decrease. No brainer. All of these factors favor biotechs. The growth potential is enormous. However, analysts are reaching for retirement this year, and lotsa orphans and grandmas are going to be left hurting. Totally irresponsible.