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Biotech / Medical : PFE (Pfizer) How high will it go? -- Ignore unavailable to you. Want to Upgrade?

To: HiSpeed who wrote (6109)	10/20/1998 8:19:00 AM
From: BigKNY3	Respond to of 9523

SmartMoney: Sector Analysis: Drugs' Steroid-Induced Performance This story appears in the November issue of SmartMoney magazine. By Stacey L. Bradford Thanks to Pfizer's Viagra, Eli Lilly's Prozac, Schering- Plough's Claritin and a host of other hot-selling prescription drugs, the Dow Jones Pharmaceutical index has climbed 110 percent in the past two years, more than double the rise of the Dow Jones Industrial Average. But even the seemingly unstoppable drug stocks got hit during the midsummer correction. Warner-Lambert, for instance, plunged 24 percent, and Merck fell 17 percent. But by mid-September the group had already started to rebound, as investors realized that the drug companies are immune to the worst of the market's ills since they have little exposure to troubles in Asia and other emerging markets. And a slowdown in the U.S. economy shouldn't affect demand for prescriptions. People get sick in both good times and bad. (During the 11 bear market cycles since 1960, drug stocks outperformed the market eight times, tied it twice and underperformed only once.) Even better, the pipeline for new drugs remains rich as the FDA approves new compounds at a record-breaking pace, says James Keeney of ABN Amro and a former Wall Street Journal All-Star Analyst. This promising outlook means that the correction failed to create any bargains in the pharmaceutical sector. The seven top drug companies are trading at an average price/earnings ratio of 31.4 times 1999 earnings, compared with the Russell 3000 stock index P/E of 22.3. But that's nothing new. Pharmaceuticals have been trading at a premium all year. That's because a drug company about to introduce the next blockbuster is often well worth the price. At 38 times 1999 earnings, Warner-Lambert may seem outrageously expensive. But when you consider that earnings are expected to grow an average of 30 percent a year for the next three to five years -- the fastest estimated growth rate of any of the big pharmaceuticals -- that P/E looks a little more sane. Warner-Lambert can probably count on the continued success of its bestselling Lipitor, a cholesterol-lowering compound that has racked up $2 billion in sales since it was launched last year. Another big hit: Rezulin, a drug to treat adult-onset diabetes, introduced in 1997. And even more sales are expected from the approval of Celexa, Forest Laboratories' antidepressant, which Warner-Lambert will co- promote. Pfizer is another promising drug stock. Its earnings are expected to grow 22 percent next year. True, there is some controversy surrounding Viagra's potential side effects. But J.P. Morgan's Carl Seiden anticipates sales of $700 million in 1998. And the impotence pill was recently approved by the European Commission. Meanwhile, Pfizer's promising pipeline products include the arthritis treatment Celebra, a drug owned by American Home Products/Monsanto but one that Pfizer will co-market, and Zeldox, a schizophrenia treatment.

To: HiSpeed who wrote (6109)	10/20/1998 8:24:00 AM
From: DaiS	Read Replies (1) \| Respond to of 9523

I think this study has been published only recently and might be of interest to posters. TI: Efficacy and safety of oral sildenafil in the treatment of erectile dysfunction: A double-blind, placebo-controlled study of 329 patients AU: PadmaNathan_H, Steers_WD, Wicker_PA NA: UNIV SO CALIF,DEPT UROL,MALE CLIN,1245 16TH ST,SUITE 312,LOS ANGELES,CA,90404 MALE CLIN,SANTA MONICA,CA UNIV VIRGINIA,DEPT UROL,CHARLOTTESVILLE,VA PFIZER INC,PFIZER CENT RES,GROTON,CT,06340 JN: INTERNATIONAL JOURNAL OF CLINICAL PRACTICE, 1998, Vol.52, No.6, pp.375-379 IS: 1368-5031 DT: Article AB: The efficacy and safety of oral sildenafil citrate for the treatment of erectile dysfunction (ED) were assessed in a 12- week placebo-controlled study. Men with ED of organic, psychogenic, or mixed aetiology were randomised to placebo (n=166) or 50 mg sildenafil (n=163), with adjustment to 100 mg or 25 mg based on efficacy and tolerability. Efficacy assessments included a global efficacy question, event log data, and an optional partner questionnaire. At the end of the study, improved erections were reported by 74% of patients receiving sildenafil versus 16% for placebo (p<0.0001). In the final 4 weeks of treatment, 65% of all attempts at sexual intercourse were successful for all patients (responders and non-responders) receiving sildenafil versus 20% for placebo (p<0.001), The mean number of successful attempts per month was 5.9 for patients receiving sildenafil versus 1.5 for those receiving placebo (p<0.0001). The most common adverse events - headache, Rushing, and dyspepsia - were generally mild to moderate in nature and rarely (<1%) a reason for discontinuation of treatment. Oral sildenafil is an effective, reliable and well-tolerated treatment for ED of organic, psychogenic or mixed aetiology.