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

To: George Dawson who wrote (1227)	5/24/1999 12:03:00 PM
From: SIer formerly known as Joe B.	Respond to of 1580

RESEARCH ALERT - Merck <MRK.N> estimates raised CHICAGO, May 24 (Reuters) - Gruntal and Co. senior drug analsyt David Saks reiterated his strong buy rating on drugmaker Merck and Co Inc. Monday and raised both earnings estimates and the target price for the company's stock. --Food and Drug Administration approval Friday of Vioxx was "best possible outcome" and a better competitive label than previously expected. --Shares represent an outstanding value with the cheapest P/E ratio in the blue chip drug group. --Launch of Vioxx has potential to bolster investor's perceptions of Merck's new product flow and earnings growth which he Saks estimates at 13 percent over next three years. --Additional approved indication for acute pain, which Celebrex from Monsanto Co. <MTC.N>/Pfizer Inc. <PFE.N> does not have, "opens up a much larger patient population for Vioxx." --Earnings for 1999 now seen at $2.48 per share, up from previous estimate of $2.47 and 2000 earnings at $2.80, up from previous estimate of $2.77. --Merck's 12-month price target is $100. --Celebrex and Vioxx, expected to be launched in June, will dominate the global antiarthitic market for many years to come. Vioxx has peak annual sales potential of $3 billion to $4 billion. --Vioxx sales estimate for 1999 raised to $300 million from previous estimate of $150 million. --Shares were off 1-1/4 at 70-1/16 in late morning trading Monday on the New York Stock Exchange. ((--Kathy Fieweger, Chicago Equities News at 312 408 8787, chicago.equities.newsroom@reuters.com)) REUTERS * end of story *