Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Biotech / Medical : Biochem Pharma (BCHE) -- Ignore unavailable to you. Want to Upgrade?

To: Jim Oravetz who wrote (619)	4/30/1999 2:15:00 PM
From: Aggie	Respond to of 783

From YAHOO Individual Investor: Shares of BioChem Pharma (NASDAQ:BCHE - news) , Canada's largest biotech company, dropped $1.63, or 7.4%, to $20.38 after reporting that first-quarter sales of its new hepatitis B treatment fell short of forecasts, raising doubts that the drug will meet full-year sales projections. BioChem Pharma reported first-quarter sales of its Zeffix/Epivir-HBV treatment of $800,000, far below analysts' projection of $11 million. BioChem executives reiterated yesterday that they expect the drug's 1999 sales to be between $100 million and $150 million. The company reported first quarter earnings of $0.18 per share, in line with analysts' expectations. The company was downgraded to 'neutral' from 'buy' by analyst John Sonnier at Vector Securities. BioChem was also downgraded by analyst Eric Hecht at Merrill Lynch, who adjusted his rating from 'near-term accumulate' to 'neutral.' However, several analysts were confident in BioChem's outlook. 'While we were far off on most of the line items …the company just beat our bottom-line forecast with higher-than-expected R&D contract revenue and lower-than-expected operating costs,' notes analyst Michael King at BancBoston Robertson Stephens, who reiterated his 'buy' rating. 'Disappointing Zeffix sales were well below our forecast, demonstrating the difficulty partner Glaxo Wellcome is facing in developing the HBV market. On a positive note, 3TC sales continue to pace well in the quarter. ....Looks like most of the problem is due to Glaxo's difficulties in HBV. Good Luck to All, Aggie

To: Jim Oravetz who wrote (619)	4/30/1999 2:31:00 PM
From: Aggie	Read Replies (1) \| Respond to of 783

Jim, hello, >>Earlier in the year, several analysts wrote reports warning about what a proposed change in U.S. accounting rules could do to BioChem's income statement.<< I hadn't heard about this. Have the proposed changes been accepted, if so, when do they take effect and what is the anticipated impact on BioChem? Thanks in advance, Aggie