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

To: A.J. Mullen who wrote (351)	1/6/2005 4:21:10 PM
From: tuck	Read Replies (2) \| Respond to of 416

>>COLLEGE PARK, Md. (AP) -- The maker of the nasal spray flu vaccine FluMist has sold only about a third of the 3 million doses it produced this year despite a nationwide shortage of flu vaccine, according to a Wall Street analyst estimate. At the urging of federal public health officials last fall, Gaithersburg-based MedImmune Inc. tripled its planned production of FluMist doses to help ease the feared crisis. But analyst Joel Sendek of Lazard Freres & Co. said Thursday only about 1 million doses have been sold. "We were prepared to find that people would be sold out of FluMist," Sendek said of his survey of doctors and pharmacists who administer FluMist. "We were surprised to find the opposite." MedImmune spokeswoman Jamie Lacey said the company would likely give its own update on FluMist sales when it releases 2004 earnings later this month. She would not say whether Lazard's estimates were correct. In trading Thursday afternoon, MedImmune shares rose 26 cents, or 1 percent, to $25.51 on the Nasdaq Stock Market. The stock has traded in 52-week range of $20.77 to $28.70. The sluggish sales would mark a second straight flu season that MedImmune has had trouble selling doses of FluMist, meant to be a needle free alternative to the traditional flu shot. The company only sold a fraction of the 4 million doses it made last year. MedImmune had planned to produce only 1 million doses of FluMist this year, but made 2 million extra doses at the request of the U.S. government after the U.S. flu shot supply was cut in half because of problems with supplier Chiron Corp. Several factors have limited FluMist sales. FluMist is more expensive per dose than flu shots and only certain people can use it. Currently, FluMist is only approved for people between the ages of 5 and 49, which excludes toddlers and the elderly, two groups at greatest risk from the flu. A new formulation of FluMist, called CAIV-T, is in the works for all ages. But that version won't be ready before 2007. Sendek said FluMist also was probably hampered by its cost, which even at the reduced wholesale price of $16 for nonreturnable doses is still more expensive than flu shots. A relatively mild flu season additionally dampened demand. He said customers were probably confused by public health officials who urged healthy people not to get a shot in order to save scarce doses. That probably made people who could have gotten FluMist believe they weren't eligible for the vaccine, he said. Lazard reached its estimate by surveying 121 doctors and pharmacists in 60 metropolitan areas nationwide, Sendek said. Some reported they hadn't sold any doses, he said. Analyst Phil Nadeau of SG Cowen noted that MedImmune has previously said it didn't expect FluMist to contribute materially to its earnings until the CAIV-T version is released. Even though sales may be slow, FluMist still provides exposure that can raise awareness for that version. "The more doses they sell now will make the CAIV-T launch easier," he said. "It will broaden the understanding for the product."<< Expect MEDI to be weak tomorrow; this came out after the bell today. Cheers, Tuck