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Biotech / Medical : Pathogenesis(pgns) -- Ignore unavailable to you. Want to Upgrade?

To: Mel Spivak who wrote (133)	1/26/1999 2:58:00 PM
From: Biomaven	Respond to of 228

Mel, Pretty close to what analysts were predicting earnings-wise. Fourth quarter TOBI revenue was a little lower than predicted, but still excellent. Think we are probably seeing some short-covering today. Peter

To: Mel Spivak who wrote (133)	1/26/1999 8:17:00 PM
From: Biomaven	Read Replies (3) \| Respond to of 228

With their 80%+ margin, projected sales of $150 million in 2000 sound pretty nice to me: PathoGenesis Stock Gains On Upbeat View Of Cystic Fibrosis Drug ====================================================================== NEW YORK -(Dow Jones)- Shares of PathoGenesis Corp. rose 12% Tuesday, an increase at least one analyst attributed to market enthusiasm about the biotechnology company's guidance for sales of Tobi, an inhalable cystic fibrosis treatment, its first product to market. BancBoston Robertson Stephens analyst Lesley Wright Marino said the Seattle drug company, which reported its first annual profit Monday, endorsed 1999 Tobi sales estimates of $90 million to $100 million and gave year-2000 sales guidance of $140 million to $160 million. Marino said the company gave the guidance in a post-earnings conference call. Sales of Tobi, an inhaled version of the potent antibiotic tobramycin, in 1998 were $60.7 million. The drug is currently marketed for lung infection in cystic fibrosis patients but could be expanded to broader indications based on recent clinical data, Chief Executive Wilbur Gantz recently told Dow Jones. Cystic fibrosis is a debilitating hereditary lung disease that gradually robs its victims of vitality and breath and usually means an early death. Short squeezing may have also been a factor in Tuesday's stock ascent, Marino said. The company has a large short position. BancBoston's 12-month price target for PathoGenesis is $63. Shares of PathoGenesis (PGNS) closed Tuesday at $50.25, up $5.313. Nasdaq volume reached 1.5 million shares compared with the daily average of 466,250. PathoGenesis reported 1998 earnings Monday of $1.9 million, or 11 cents a diluted share, compared with a loss of $33 million, or $2.10 a share a year earlier. The 1998 earnings include a $4.9 million charge; excluding that charge, the company earned 34 cents a share. Net revenue for 1998 was $61.1 million, including sales of TOBI. Non-sales revenue was generated by research grants and royalties. In 1997, net revenue of $442,000 was entirely generated from grants and royalties. PathoGenesis said it expects to further penetrate the U.S. market and expand TOBI to patients in Canada and Europe. - Melanie Trottman 201-938-5287 Copyright (c) 1999 Dow Jones & Company, Inc. All Rights Reserved.