UBS Maintains a 'Buy' on Par Pharmaceutical (PRX); Comments From Conference Call

May 9, 2012 12:21 PM EDT
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Price: $49.98 --0%

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UBS maintains a 'Buy' on Par Pharmaceutical (NYSE: PRX) price target raised from $42 to $48.

Analyst, Ami Fadia's Conference Call highlights: (1) Combined R&D efforts from legacy Par, Anchen and Edict teams have enabled Par to track ahead of its goal of 13-17 filings per year; (2) Mgt. expects ~10-14 new launches in the coming qtrs; (3) Base generic business saw minimum erosion in the quarter with a slight GM expansion; (4) 1Q R&D included $10M for the Dexilant deal and a $2M write down on a pipeline product; (5) While SG&A was light in 1Q, mgt. indicated that it is on track to meet full yr guidance of ~$180M; (6) Management remains confident in its Lovaza application/ court case and is ready for a launch."

UBS adjusts FY12 EPS estimate from $4.03 to $3.96.

For an analyst ratings summary and ratings history on Par Pharmaceutical click here. For more ratings news on Par Pharmaceutical click here.

Shares of Par Pharmaceutical closed at $42.08 yesterday.

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