First Albany Upgrades Barr Labs to 'Strong Buy'

Analyst Adam Greene says he sees potential upside to his estimates, following the FDA's approval of Barr's oral contraceptive

First Albany upgraded Barr Laboratories (BRL ) to strong buy from buy.

The FDA approved Barr's Seasonale oral-contraceptive tablets, and analyst Adam Greene says he projects the rollout of Seasonale into the market over the next two months. He sees $14 million fiscal 2004 (June) Seasonale sales, and $39 million in fiscal 2005. He says Barr has an impressive drug pipeline that includes 30-plus abbreviated new drug applications pending approval, addressing about $8.9 billion in commercial sales.

Greene sees the potential for significant upside to his $3.24 fiscal 2004 and $3.92 fiscal 2005 earnings per share estimates. He raised the $73 target to $88.

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