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

To: biowa who wrote (965)	4/17/2000 9:22:00 PM
From: Biomaven	Read Replies (4) \| Respond to of 52153

biowa, In fairness to Kramer, he wasn't specifically talking about biotech - instead he was talking about the newly public dot.coms (like TSC itself?). The main point to remember is that stocks are driven in the short term by perception, not "reality." Right now the perception is that biotechs, being "story" stocks, are lumped in with the dot.coms. Unpleasant, but that seems to be the current reality. Further, unlike the tech stocks which can be rescued in the short term by earnings, it's hard to see what will change this (erroneous) perception quickly. Curing cancer in mice again isn't going to do it; nor is sequencing the genome (one more time); and finally there isn't much in the way of FDA biotech approvals on the near-term horizon. Perhaps only a luscious munch or two will reassure the masses that someone else thinks that biotechs have value. The bottom line, though, is that biotech fundamentals (unlike dot.com fundamentals) remain sound. At some point, perceptions will again adjust to this reality and biotech will boom again. Peter

To: biowa who wrote (965)	4/18/2000 12:28:00 AM
From: Vector1	Read Replies (1) \| Respond to of 52153

Biowa, How about a good old earning play to help turn the sector. PDLI beats estimates by 8c and doubles royalty revenue year over year. Royalty paying drugs are at the beginning of their growth curve and there are many more to come. Protein Design Labs Announces First Quarter 2000 Financial Results FREMONT, Calif., April 17 /PRNewswire/ -- The following was released today by Protein Design Labs, Inc: Protein Design Labs, Inc. (PDL) (Nasdaq: PDLI - news) today reported revenues of $15.5 million and net income of $770,000 or $0.04 per basic and diluted share for the three months ended March 31, 2000. These results compare with revenues of $8.8 million and a net loss of $1.9 million or ($0.10) per basic and diluted share in the 1999 first quarter. Revenues under agreements with third parties increased to $12.5 million in the quarter ended March 31, 2000, compared with $6.5 million in the 1999 first quarter. Revenues in the 2000 first quarter included royalty revenues from fourth quarter 1999 sales of three products licensed under PDL's antibody humanization patents: Synagis© (palivizumab) from MedImmune, Inc., Herceptin© (trastuzumab) from Genentech, Inc. and Zenapax© (daclizumab) from Hoffmann-La Roche Inc. Other components of revenue included up-front fees paid to PDL pursuant to a patent license agreement and a patent rights agreement, a portion of up-front fees paid to PDL pursuant to humanization agreements, sponsored research and development funding, and interest income.