Barclays on U.S. Specialty Pharmaceuticals: Model Adjustments on MYL, PRX, TEVA, & WCRX

Barclays on U.S. Specialty Pharmaceuticals: Model Adjustments

For Mylan (NYSE: MYL), analyst, Douglas D. Tsao, said, "We are adjusting our 2012 spending trends in order to allow for a smoother SG&A and R&D progression, resulting in higher spend in 1Q and lower spend in 3Q...Our revised 2012 EPS quarterly estimates are as follows: 1Q12 EPS estimate of $0.49 (vs previous $0.52); 2Q12 EPS estimate of $0.56 (vs previous $0.58); 3Q12 EPS estimate of $0.73 (vs previous $0.72); and 4Q12 EPS estimate of $0.60 (unchanged). (FY12 EPS estimate lowered from $2.43 to $2.39)

Tsao on Par Pharmaceutical (NYSE: PRX): "We are raising our Par market share assumptions on generic Provigil in 2Q12 & 3Q12 to 40% from previous 20%, increasing our 2012 EPS estimate to $3.75 from $3.22 previously."

Teva Pharma (Nasdaq: TEVA): "1Q12 EPS estimate of $1.42 (vs previous $1.48);
2Q12 EPS estimate of $1.34 (vs previous $1.38); 3Q12 EPS estimate of $1.34 (vs
previous $1.32); and 4Q12 EPS estimate of $1.46 (vs previous $1.39)." (FY12 remains $5.57)

Warner Chilcott (Nasdaq: WCRX): "Following a review of our model, we are revising our 2012 EPS estimate to $3.68 (vs previous $3.64), with changes stemming from slight tweaks to our cost assumptions."

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