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Strategies & Market Trends : Zeev's Turnips - No Politics -- Ignore unavailable to you. Want to Upgrade?

To: Joe Smith who wrote (89439)	7/1/2002 6:11:11 PM
From: Zeev Hed	Read Replies (2) \| Respond to of 99280

Well, let's hope that after the morning swoon tomorrow, the Q will be erumpent. (g). Zeev

To: Joe Smith who wrote (89439)	7/1/2002 6:17:43 PM
From: stephen wall	Respond to of 99280

Analyst bad timing award of the day has to go to Donald Ellis at Thomas Weisel Partners: tweisel.com THOMAS WEISEL PARTNERS MORNING TAILWIND Monday, July 1, 2002 Alkermes (ALKS; $16.78; Cap $1.1bn; Buy) - Mar Q earnings slightly better-than-expected due to lower R&D expenses; Reiterate Buy. • Alkermes reported 4Q02 EPS of ($0.31), excluding non-operating expenses, versus ($0.21) in 4Q01, our estimate of ($0.33) and an average Street consensus of ($0.31). The better than expected EPS in the current quarter was primarily due to lower than expected R&D expenses. • Cash and equivalents decreased by approximately $37.7mn in the quarter. The decrease was primarily due to ongoing R&D and general corporate purposes. At the end of the March quarter, cash on hand totaled approximately $161.5mn. • Management guidance for FY03 included increased R&D expenditures and SG&A expenses as the company moves its expansive pipeline through the clinic. Thus, we are lowering our expected FY03 EPS from ($0.90) to ($1.09). • Expected near-term milestones include: additional corporate partnerships, the release of Phase II data for the company’s proprietary AIR Albuterol product (expected CY 2H02), the initiation of Phase II studies of FSH Depot for infertility in CY 3Q02 and FDA approval for Risperdal Consta (CY 2H02). • We reiterate our BUY rating and our 12-month price target of $45 based on a multiple of 65x our CY05 earnings estimate discounted annually at 20%. Then the bomb: Monday July 1, 7:07 am Eastern Time Press Release SOURCE: Alkermes, Inc. Alkermes Announces Receipt by Johnson & Johnson Pharmaceutical Research & Development of Non-Approvable Letter for Risperdal Consta. biz.yahoo.com Closing for ALKS: quote.yahoo.com