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Lehman Initates Amgen with 'Overweight'

Lehman Brothers initiates the biotech sector with a positive sector view, and started coverage of Amgen (AMGN), Genentech (DNA), MedImmune (MEDI) and Transkaryotic Therapies (TKTX) with an overweight rating.

Analyst Craig Parker says the positive sector view is based on acceleration in revenue and earnings per share growth in 2003 and beyond, combined with valuations that do not reflect growth potential. He notes the top 10 companies in his universe show revenues of $13.4 billion in 2002, and aggregate net income of $3.5 billion, with an average operating profit of 29.4% -- underscoring the financial maturity that he thinks should drive performance.

Parker thinks the biotech sector is leading new product launches, which should accelerate growth in a range of 22% to 26% in late 2002 and 2003.

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