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CIBC World Starts ICN Pharma with Strong Buy

CIBC World initiated coverage of ICN Pharmaceuticals (ICN) with a strong buy recommendation.

Analyst Matthew Geller says ICN has two key business segments: pharmaceutical, and a growing biotechnology franchise. He says ICN's lead biotech products are highlighted by ribavirin for hepatitis, which has been approved for use in combination with alpha-interferon for treatment of hepatitis-C. Geller notes the company sells dozens of specialty pharmaceutical products. He thinks the company is on track to book $690 miilion in sales in 2001, increasing to $730 million in 2002. The analyst sees EPS of $0.89 in 2001 and $1.63 in 2002. He has a $50 price target on the shares.

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