S&P Equity Research Downgrades Barr Pharmaceuticals (BRL) to Hold
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S&P Equity Research downgrades Barr Pharmaceuticals (NYSE: BRL) from Buy to Hold.
S&P analyst, H. Saftlas, says, "Q1 non-GAAP adjusted EPS fell 22%, to $0.57, below our estimate of $0.78. The miss reflects a 17% drop in oral contraceptive sales, as well as disappointing sales of generic Fosamax, and branded drugs. Despite planned launch of Yasmin oral contraceptive in second half, BRL reduced its full '08 adjusted EPS guidance by 9%-10%, to $2.75-$3.05, partly on FDA delays in approving new generics. We think heightened competitive pressures are likely to limit growth in the U.S. market. We cut our target price by $11 to $45, a market P/E of 13.2X our '09 $3.40 estimate, cut $0.60 today."
Barr Pharmaceuticals, Inc. (Barr) is a holding company. Through its subsidiaries, the Company operates as a global specialty pharmaceutical company with operations in more than 30 countries. [SM]
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