CIBC World reiterates strong buy on Andrx (ADRX ).
Analyst Elliot Wilbur says, having received FDA approval, Andrx will be one of only three generic makers of K-Dur, Schering-plough's treatment for cardiovascular disease. He notes Andrx will launch its product immediately, slightly ahead of his late second quarter assumption. Wilbur says K-Dur is a $275 million potassium supplement; and he believes 2002 sales of Andrx's product could approach $20 million, although his model assumes only $10 million. He says Andrx is on track to generate $2.00 2002 EPS, excluding any contribution from a generic form of ulcer drug Prolosec.