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

To: Jibacoa who wrote (6107)	4/8/2002 12:26:00 PM
From: lrb	Read Replies (2) \| Respond to of 52153

Source: Leerink Swann & Company estimates, Bloomberg Stock Price Shares Out. Market Net Tech. Revenue [3] FY:03E Rev. Multiple Company Ticker 4/4/02 (thousands) [1] Value Cash [1] Value[2] FY:02E FY:03E Mkt. Val. Tech. Val. Immunomedics, Inc. IMMU $17.96 49,691 $892.5 $47.5 $844.9 $14.7 $24.2 36.9 x 34.9 x ICOS Corporation ICOS $43.52 59,967 $2,609.8 $466.9 $2,142.9 $87.8 $66.6 39.2 x 32.2 x OSI Pharmaceuticals, Inc. OSIP $35.74 36,159 $1,292.3 $398.7 $893.6 $22.1 $33.6 38.5 x 26.6 x Regeneron Pharmaceuticals, Inc. REGN $22.40 43,964 $984.8 $237.8 $747.0 $20.8 $31.4 31.4 x 23.8 x ImClone Systems Incorporated IMCL $22.96 73,334 $1,683.7 $91.4 $1,592.4 $30.9 $70.4 23.9 x 22.6 x Cerus Corporation CERS $56.64 15,754 $892.3 $118.4 $774.0 $10.2 $37.0 24.1 x 20.9 x Alexion Pharmaceuticals, Inc. ALXN $21.40 18,128 $387.9 $217.0 $170.9 $9.5 $10.0 38.8 x 17.1 x Cubist Pharmaceuticals, Inc. CBST $18.02 28,299 $509.9 $30.7 $479.2 $15.5 $28.8 17.7 x 16.7 x Trimeris, Inc. TRMS $41.23 18,699 $771.0 $113.9 $657.1 $3.8 $47.4 16.3 x 13.9 x CV Therapeutics, Inc. CVTX $33.81 23,290 $787.4 $277.5 $509.9 $5.0 $58.2 13.5 x 8.8 x Transkaryotic Therapies, Inc. TKTX $40.07 34,342 $1,376.1 $399.8 $976.3 $46.1 $119.6 11.5 x 8.2 x Average: $1,108.0 $889.8 26.5 x 20.5 x InterMune, Inc. ITMN $30.02 31,504 $945.7 $287.7 $658.0 $99.7 $183.3 5.2 x 3.6 x Discount: 81% 82% [1] As of 12/31/01. Data for Alexion Pharmaceuticals as of 1/31/02. Data for ImClone as of 09/30/01. Adjusted for subsequent financings. [2] Market value less net cash. [3] I/B/E/S estimates, except for Transkaryotic Therapies, which are Leerink Swann & Company estimates.