Brian Rogers Wyeth WYE-N TOP PICK Jun 04, 2004

All the big pharma companies are taking out a lot of costs. The problem is the pipeline is pretty lean, visability is lean. Maybe a little bit of a short term trade up to reward them for the reduced cost structure. Not significant.

All the major drug stocks are starting to act better. In this type of market, money moves from risky stocks to defensive stocks. A good place to be.

Pharmaceutical sector is trading at very low valuations. Good growth profile and good portfolio of drugs. Also don’t have the problem of patent expirations that Pfizer does.