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Raymond James Sees Weakness in Priority Healthcare

Raymond James sees weakness in Priority Healthcare (PHCC).

Analyst John Ranson says August prescription data from NDC Health showed the worst sequential decline in market-wide hepatitis C product sales, with revenues and prescriptions declining approx 9% sequentially. Priority Healthcare distributes Schering-Plough's market leading hepatitis C product, Rebetol.

Ranson anticipates pressure on all participants in the hepatitis C channel, including Priority Healthcare, which generates 13% to 15% revenues from this product line. Also, he notes year-over-year revenue comparisons are difficult in the latter months of 2003.

Additionally, three companies are poised to distribute generic Rebetol if ongoing litigation is successfully resolved; this would open the door for generic competition and create further pressure in revenue comparisons.

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