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

To: Marc Bertoglio who wrote (608)	5/13/1998 12:17:00 PM
From: Beltropolis Boy	Read Replies (1) \| Respond to of 900

some excerpts from lehman bro's latest post-earnings report. i'm not in; just looking out for a friend. Headline: Liposome: Above-Expect 1Q98; Evacet 2H98 Driver; Cautiously Optimistic Author: Richard B. Silver 1(212)526-5387 Rating: 3 Rank(Prev): 3-Neutral Rank(Curr): 3-Neutral Price : $5 7/8 52wk Range: $28-4.00 Price Target: $ 7 Today's Date : 04/29/98 Disclosure: Lehman Brothers Inc. makes a market in the securities of this company. * Yesterday, Liposome Company reported a 1Q98 EPS loss of $0.13 vs. a loss of $0.12, ahead of our $0.13 loss estimate and the First Call consensus of a loss of $0.16. * Accounting for the difference was slightly higher revenues, better than expected gross margin, and higher non-operating income. * We are lowering our 1998 EPS loss estimate to $0.45 from $0.51 to reflect the higher reported figure. * Drivers of the stock in 1998 include: (1) continued growth in Abelcet; (2) presentation/publication of cancer drug Evacet (formerly D-99) data at upcoming ASCO meeting; and (3) filing of Evacet NDA in 2H98 * We remain neutral on Liposome Company shares. Continued unit growth and absence of significant price erosion for lead product Abelcet provides reason for cautious optimism. However, with profitability for next two years heavily dependent on sales growth of Abelcet, we would like to see more evidence of Evacet's potential before aggressively recommending purchase. lehman.com