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

To: Anthony Wong who wrote (6997)	2/11/1999 10:32:00 PM
From: BigKNY3	Read Replies (4) \| Respond to of 9523

PaineWebber: Switching Best Call to PFE (2/10/99) Here are highlights from the PaineWebber Report on PFE: -We are switching our analyst best call selection from WLA to PFE. This is not a negative reflection on WLA, but rather recognition of the tremendous and we believe sustainable momentum that is building at PFE. -Recent Celebrex Rxs simply reinforces the fact that PFE is at the early stages of a sustained period of above average growth. -When the benefits of Celebrex (co-promoted with Searle) are added to the continued strength of Lipitor (co-promoted with WLA), the international launches of Viagra in Europe and Japan and the continued growth in PFE's in-line products you have a company with the best and broadest momentum in the industry. -(Viagra) Rxs have slipped back to a lower but still impressive level, equating to an annualized run rate of approximately $600MM in US sales. We believe with the recent launches of Viagra in Europe and Japan, Viagra can reach $1.4B in revenue in 1999. This is a very profitable product and will be a material contributor to earnings. -PFE is one of the most focused drug companies in the world, with pharmaceuticals accounting for almost 90% of forecasted 1999 revenue. -In the long-term, PFE's position as a market innovator with strong existing products, multiple high potential new products and minimal patent exposure, should allow earnings to grow at the top-tier of the industry for the foreseeable future. PFE is trading at a 69% premium to the 2000 S&P 500 P/E and a 33% premium to the PW Drug Universe. While this is a rich valuation, we believe it is fully deserved given PFE's superior long-term growth prospects. Have PFun! BigKNY3