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

To: Sam Citron who wrote (5146)	12/15/2001 11:55:19 PM
From: Biomaven	Read Replies (5) \| Respond to of 52153

Sam, My comment wasn't really directed at AMGN - it was really a comment about the entire biotech sector. I don't think AMGN is overvalued at these prices, it's just that I get uneasy when I see a 2-product biotech company (albeit two fantastic products) having a market cap that exceeds the combined two major automakers and a big chunk of the airline industry. Mostly I was reminded of the comparison of Priceline's market cap at its heyday with that of the major airlines. That was crazy at the time, as subsequent events showed. But please note that I'm not at all saying that AMGN (or biotech as a whole) is presently a bubble as PCLN was, just that it makes sense to step back sometimes and look at the bigger picture. In the example I cited, the thing to marvel at might well be the low market caps of the automakers rather than the high market cap of AMGN. Peter