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Deutsche Bank Upgrades Noven Pharmaceuticals to 'Buy'

Deutsche Bank upgraded Noven Pharmaceuticals (NOVN) to buy from hold.

Analyst David Steinberg says Noven's 24 cents fourth-quarter earnings per share beat his estimate by 10 cents, mostly due to higher than expected profit contribution from the company's Novogyne joint venture, which benefited from forward buying by wholesalers and price increases for Noven's hormone replacement therapy products.

Steinberg also notes on Thursday, Noven signed a deal with Endo Pharmaceuticals to distribute the generic Duragesic pain patch, which is currently under regulatory review at the FDA. Steinberg views this as a highly lucrative arrangement, which could generate incremental earnings per share impact to Noven of 50 cents or more in 2005.

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