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Biotech / Medical : Ligand (LGND) Breakout! -- Ignore unavailable to you. Want to Upgrade?

To: scaram(o)uche who wrote (22371)	6/17/1998 9:41:00 AM
From: Henry Niman	Respond to of 32384

Rick, I don't have the 1996 RS report handy, but I think that your guess of $5 million (per year?) for IL-2 sales in Canada is higher than projected (for what year?). As I said earlier, it was well known that LGND had 3 sales persons in Canada to sell IL-2, PHOTOFRIN, and line up clinical trials (and I think that their emphasis was on the latter). I did dig out the press release on the initiation of coverage, and $500 million was projected for Panretin and Targretin (in 2006) there was no mention of IL-2 sales: SAN FRANCISCO, Nov. 26 /PRNewswire/ -- Robertson, Stephens & Company research analyst Edward Hurwitz initiated coverage today on Ligand Pharmaceuticals (LGND) with a Buy rating. Ligand Pharmaceuticals Inc. is a La Jolla-based biopharmaceutical company that is developing small-molecule drugs that regulate hormone-activated intracellular receptors (IRs) and signal transducers and activators of transcription (STATs). Each of these receptors families is an integral part of the biological response to many of the most successful hormone- and protein-based drugs on the market today (sales of which exceed $10 billion annually). "Ligand, in our view, has one of the most comprehensive programs in the pharmaceutical industry aimed at understanding and modulating the complex and tissue selective interactions of the dozens of intracellular receptors (IRs) and signal transducers and activators of transcription (STATs)," said Hurwitz. Hurwitz believes near-term stock drivers are expected to be Phase II and Phase III retinoid data from Targretin and Panretin, which he projects will enter the market beginning in 1998 and generate sales in excess of $500 million over the next 10 years. Hurwitz projects a $20 per share year-end 1997 price target on the stock. Robertson, Stephens & Company is a leading international investment banking firm focused on emerging growth companies. The firm's 31 senior research analysts cover over 440 companies. The information contained herein is not a complete analysis of every material fact respecting any company, industry or security. Although opinions and estimates expressed herein reflect the current judgment of the Firm, the information upon which such opinions and estimates are based is not necessarily updated on a regular basis; when they are, the date of the change in estimate will be noted. In addition, opinions and estimates are subject to change without notice. This news release contains forward-looking statements, which involve risks and uncertainties. The Company's actual results may differ significantly from the results described in the forward-looking statements. Factors that might cause such a difference include, but are not limited to, those discussed in the "Investment Risks". Robertson, Stephens & Company LLC from time to time performs corporate finance services for some companies described herein and may occasionally possess material, nonpublic information regarding such companies. This information is not used in the preparation of the opinions and estimates herein. Facts and other information discussed have been obtained from sources considered reliable but are not guaranteed. Robertson, Stephens & Company LLC, its managing directors, its affiliates and/or its employees may have an interest in the securities of the issue(s) described and may make purchases or sales while this press release is in circulation. Robertson, Stephens & Company LLC, a California Limited Partnership, is located at 555 California Street, San Francisco, CA 94104, phone 415-781-9700. Robertson, Stephens & Company investment bankers are members of all major exchanges. SOURCE Robertson, Stephens & Co. CO: Robertson, Stephens & Co.; Ligand Pharmaceuticals Inc. ST: California IN: FIN MTC SU: RTG 11/26/96 12:25 EST prnewswire.com

To: scaram(o)uche who wrote (22371)	6/17/1998 10:01:00 AM
From: Henry Niman	Read Replies (2) \| Respond to of 32384

Rick, I did dig out an earlier post which gives some detail about the 11/26/96 RS report: Message 3354673 For next year they projected a loss of $0.68. As I mentioned last night, all current projections (by Bear Stearns, H&Q, and Legg Mason) predict a profit for 1999 ($0.09, $0.11, $0.10) and BARS has a rough estimate of break even. The RS report did not predict a profit until 2000 ($0.10). Thus, it would appear that the 10 year report was rather conservative on its estimates of income (Targretin sales were projected to begin in 1999 and were estimated to be $22 million) and I suspect that most investors would be happy with an EPS of $14.55 in 2006.