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Biotech / Medical : NPSP NPS Pharmaceutical -- Ignore unavailable to you. Want to Upgrade?

To: tuck who wrote (174)	11/10/2003 1:52:07 AM
From: mopgcw	Read Replies (1) \| Respond to of 363

From GS: NPS Pharmaceuticals, Inc. EPS (FY Dec) 2003E ($3.41), 2004E ($3.02) In-Line/Neutral (NPSP) $28.45 NPSP reported Q3/03 loss of $0.79, excluding charges, $0.02 worse than our estimate. Preliminary data from the 2-year carcinogenicity study of Preos in rats will be available by the week of 11/17. The pivotal Phase III TOP data are expected in Q1/04 with an FDA marketing application for Preos filed in Q3/04. NPSP's partner on cinacalcet, AMGN, submitted an FDA application on 9/8/03 with approval expected in 2004. We have revised our 2003 loss estimate to $3.41 from $3.27. We maintain our 2004 loss estimate of $3.02. We maintain our In-Line rating based on momentum from two Phase III product candidates, cinacalcet and Preos, with estimated $0.5B potential each and a broad scientific platform. The risks are failure in development, manufacturing constraints, dependence on partners and patent disputes. Our coverage view remains Neutral.