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Biotech / Medical : Protein Design Labs (PDLI): Stock strong -- Ignore unavailable to you. Want to Upgrade?

To: mopgcw who wrote (197)	4/17/2002 8:57:15 AM
From: mopgcw	Read Replies (1) \| Respond to of 407

From SSB: We expect Protein Design Labs (PDL) to break-even in fiscal Q1 2002, in line with consensus estimates. Our revenue forecast is $16.2 million, representing a slight decline of approximately 3% from the prior year. We would note that revenue estimates are likely to closely approximate actual numbers since they represent royalties from reported Q4 2001 sales for four products: Zenapax, Herceptin, Mylotarg, and Synagis in addition to license and service fees, and milestone payments. PDL shares have been under pressure the last few months due to previously anticipated negative Zenapax data in psoriasis, and other clinical setbacks. However, now that the Zenapax issue is behind the company, we continue to recommend accumulating a position in shares of PDL and believe that the company represents an attractive long term investment opportunity. We expect the stock to rebound upon a more favorable market for biotech stocks. The company's most significant near-term milestones include the announcement of additional Zamyl Phase III data for refractory/relapsed acute myeloid leukemia at the American Society of Clinical Oncology (ASCO) meeting from May 18-21 and updated Phase I/II results of SMART anti-gamma interferon in Crohn's disease at the Digestive Disease Week (DDW) medical conference from May 19-22.