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CIBC World Keeps 'Strong Buy' on Andrx

CIBC World reiterates strong buy on Andrx (ADRX).

Analyst Elliot Wilbur says, having received FDA approval, Andrx will be one of only three generic makers of K-Dur, Schering-plough's treatment for cardiovascular disease. He notes Andrx will launch its product immediately, slightly ahead of his late second quarter assumption. Wilbur says K-Dur is a $275 million potassium supplement; and he believes 2002 sales of Andrx's product could approach $20 million, although his model assumes only $10 million. He says Andrx is on track to generate $2.00 2002 EPS, excluding any contribution from a generic form of ulcer drug Prolosec.

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