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

To: Biomaven who wrote (5221)	12/24/2001 12:40:45 PM
From: Biomaven	Read Replies (1) \| Respond to of 52153

A little more on the PFE/AMGN comparison. It's interesting to note that their relative valuation is about where it was two years ago, after considerable changes (in both directions) in the four years before that period. AMGN spends a little more comparatively on R&D than does PFE. In the last 9 months, AMGN R&D spending was 66% of its income, while PFE's was 56%. So in terms of "quality of earnings" (Peter's biotech version) AMGN is a little better. Bottom line though is that I can't really disagree with most of the posters here that PFE is looking like a somewhat better value than AMGN, even after the merger-related decline in AMGN's price. Peter