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Bear Stearns Ups Pharma Resources Estimates

Bear Stearns raised its estimates on Pharmaceutical Resources (PRX).

Analyst Joseph Riccardo says an upward revision reflects a profit contribution from the launch of its generic Prilosec drug to treat gastroesophageal reflux. Riccardo says Prilosec could contribute roughly $0.50 in incremental earnings per share in 2003, declining to $0.39 by 2005. He sees $0.42 fourth quarter earnings per share, and $2.20 for 2002 (excluding the potential positive impact of generic Prilosec).

Riccardo raised the $1.70 2003 earnings per share estimate to $2.25, which includes a $0.56 contribution from Prilosec, but excludes the potential impact from generic Paxil and Rebetol. He is keeping his outperform rating on the shares.

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