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Biotech / Medical : Monsanto Co. -- Ignore unavailable to you. Want to Upgrade?

To: John R. Sashko who wrote (1342)	2/24/1999 1:59:00 PM
From: Anthony Wong	Read Replies (1) \| Respond to of 2539

John, can you comment on Synvisc's competitiveness and effectiveness to Celebrex (pl. see the following article)? TIA 02/24 11:52 Biomatrix <BXM.N> stock surges on analyst estimate SAN FRANCISCO, Feb 24 (Reuters) - Medical products company Biomatrix's shares surged on Wednesday, after BancBoston Robertson Stephens analyst Wade King reiterated his buy rating and raised his estimates on the stock. Biomatrix shares were up 8-7/16 to 64-1/4 Wednesday morning. "We are reiterating our buy rating on Biomatrix, raising our revenue and earnings estimates, and raising our price target to $95, following excellent fourth quarter 1998 financial results," said King, who raised earnings per share estimates for 1999 to $1.70 from $1.49, and to $3.15 from $3.00 for 2000. "Going forward, we are raising our fiscal 1999 revenue estimate to $86.9 million, from $75.3 million, and our fiscal 2000 revenue estimate to $135.5 million, from $132.9 million. Ridgefield, N.J.-based Biomatrix's lead product is Synvisc, which is injected into the knee joint to alleviate pain due to osteoarthritis. "During 1999, we expect Synvisc sales to accelerate rapidly due to increased physician familiarity with the product and increased capacity from the U.S. plant," said King in a statement. Biomatrix said Monday it has U.S. Food and Drug Administration approval of the U.S. facility where Synvisc is to be made. "At full capacity, we believe the U.S. facility alone can produce 3 million Synvisc syringes annually, quadrupling the company's previous production capability," said King. "By the end of 1999, we expect shares of Biomatrix to trade at 30 times our new 2000 earnings per share estimate of $3.15." Barron's Dec. 14 edition quoted analysts who were concerned that Monsanto Co.'s <MTC.N> Celebrex product, which received preliminary FDA approval in late December, could compete with Synvisc. Biomatrix was not immediately available for comment.