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

To: jayhawk969 who wrote (5212)	12/22/2001 7:08:53 PM
From: Miljenko Zuanic	Read Replies (2) \| Respond to of 52153

Pfizer is ten times more vulnerable to competition that AMGN, for next few years. So, your choice may be vulnerable as well. As Rick said in 96/97 AMGN was excellent machine, only without new fuel which can exchange fossil one. Miljenko Marry Christmas to all.

To: jayhawk969 who wrote (5212)	12/22/2001 9:40:33 PM
From: Spekulatius	Respond to of 52153

<< I did not appreciate "tarring" all Biotech with the same brush. I do not own Amgen and I do not own Pfizer. However, given the choice I would buy Pfizer. >> I do think that Barron's has a strong point saying that AMGN is overvalued. AMGN seems not to be capable to grow more than 15% without acquisitions. The Immunex acquisition was conceived to boost growth rates shorterm to keep the stockprice up. Big Pharma (Pfizer) did the same when taking over Warner-Lambert and wringing out costs. The big pharma companies are incapable to grow faster than low teens in the long run. However, MRK, BMY and NVS are trading around 20x earnings and that's far cheaper than AMGN's 40-50x earnings.