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Wachovia Keeps 'Market Perform' on Andrx

Wachovia keeps market perform on Andrx (ADRX).

Analyst Michael Tong says the FDA tentatively approved Anda for generic Glucotrol XL 10 mg. He notes he doesn't have potential contributions from generic Glucotrol XL in his Andrx model, as Andrx and Pfizer (the brand marketer) are in patent infringement litigation. He notes the trial is set to begin Oct. 6.

Tong sees upside potential to his model, which stands at 80 cents 2003 earnings per share, and $1.25 earnings per share for 2004, should the court rule in favor of Andrx. He says he'd consider reassessing his rating with additional visibility on potential contributions from products like generic Glucotrol XL l0.

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