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Biotech / Medical : Noven Pharmaceuticals (NOVN) -- Ignore unavailable to you. Want to Upgrade?

To: John McCarthy who wrote (39)	3/9/1999 7:39:00 PM
From: zizzerzazzer	Respond to of 66

I was lucky and did not get into NOVN until only recently. It appears they have had a rocky history to say the least. On Feb 24th, Fahnestock issued a Research Bulletin on NOVN in which they reiterated a Strong Buy. In this Bulletin they reported that "Combipatch scripts have more than doubled from 2,025 per week in early December 1998 to 4,500 in mid-February 1999." Good luck, Zizz

To: John McCarthy who wrote (39)	3/10/1999 5:58:00 PM
From: zizzerzazzer	Read Replies (1) \| Respond to of 66

Fahnestock issued an updated Research Bulletin on NOVN today. Still rate a Strong Buy. However, nothing really new in the bulletin. Still at $0.10 EPS in 1999, $0.43 in 2000 and $0.90 in 2001 (non-taxed) and 3-year target of $21. They did mention that they expect a relatively high level of Combipatch sample production throughout 1999 as RPR continues to heavily promote the product. Note that sample products are not included in script trends. Fahnestock projects year-end 1999 script level of 45,000 per week. NOVN receives a royalty of 30% to 35% fo RPR's sales and also profitable compensation for the manufacture of Combipatch samples (2 patches = one week). Did not say how profitable samples are. I don't know if Fahnestock is just being ultra-conservative with its 1999 EPS estimates or if they believe the high level of sample production will restrict margins in 1999. IMHO, I believe NOVN will easily beat $0.10 EPS in 1999. Any thoughts or comments?