Opinions
John Sinkins, CFA
Schering Plough Corp
SGP-N
BUY
Apr 04, 2002
Clariton has moved from a prescription drug in the US to an over the counter one, but their newer drug will be a prescription, meaning larger margins. Possible takeover.
$29.250
Stock price when the opinion was issued
biotechnology
pharmaceutical
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Very well managed but has run into all kinds of problems in the last 3 or 4 months stemming from one of their major products Vitorin, which they market in a joint venture with Merck. If you value the company on sales and you give zero sales to Vitorin, you are getting the same multiple levels as the other pharmaceutical companies. Great pipeline. New drug coming out in May or June to treat paralysis.
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Merging with Merck (MRK-N). Combination will create a very strong pipeline of products, which for many years will have a good growth profile. It will merge short to mid cycle products with longer-term type products and thinks there are significant synergy type benefits. You could also own Merk but this is a discounted way of playing this. (See also MRK-N.)
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