Kg $$$20

الموضوع في 'السوق الأمريكي للأوراق الماليه' بواسطة www, بتاريخ ‏21 يونيو 2002.

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    ‏6 فبراير 2002
    عدد الإعجابات:
    مكان الإقامة:
    King Pharmaceuticals, Inc. shares fell as Dow Jones reported that JP Morgan issued a note before the open saying that the firm is now concerned that generic Levoxyl is more of a threat than previously anticipated
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    ‏6 فبراير 2002
    عدد الإعجابات:
    مكان الإقامة:
    In addition to market and sector-wide factors
    that have been weighing on King shares, investors
    have become increasingly concerned about the
    potential for generic competition to Levoxyl
    (levothyroxine sodium for the treatment of
    hypothyroidism), King’s second most important
    product (14% of 2002 estimated revenue).
    Last week, Mylan received approval for its
    generic version of Watson’s Unithroid, a branded
    version of levothyroxine sodium that competes
    with Levoxyl. Unithroid was the first
    levothyroxine product for which an NDA was
    approved, so it is logical that Unithroid would be
    the first product in the segment to be genericized.
    Unithroid has only a 2% share of new
    prescriptions in the segment. We expect
    Mylan’s generic to make significant inroads into
    Mylan’s share, but not into the shares of other
    levothyroxine products. The more significant
    risk for the other products, such as King’s
    Levoxyl, is the approval of specific generic
    versions of those products. While the current
    FDA Draft Guidance lists Unithroid as the only
    reference product for ANDAs, we believe that,
    in practice, the FDA will accept ANDAs
    referencing Levoxyl. Recall that Unithroid was
    the only product with an approved NDA at the
    time the Guidance was posted

    Despite the generic Levoxyl risk, we remain
    bullish on the shares based on our expectation
    for strong sales and EPS growth in the coming
    quarters. In addition, the market is not
    currently ascribing any value to King’s ability
    to make acquisitions that would diversify the
    revenue base and/or improve the company’s
    long-term viability. Finally, the stock’s P/E of
    19x our 2002 estimate is below the generic
    group’s average of 20x..