Canaccord Genuity on Life Sciences/Specialty Pharma: Columbia Labs Management Call - PROCHIEVE Update with Implications for BUY-rated Watson (WPI)
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Rating Summary:
1 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Canaccord Genuity on Life Sciences/Specialty Pharma: Columbia Labs Management Call - PROCHIEVE update with implications for BUY-rated Watson
Canaccord analyst, Randall Stanicky, said, "We hosted a conference call with Frank C. Condella, President and CEO, and Larry Gyenes, Treasurer and CFO, of Columbia Laboratories (Nasdaq: CBRX)(Not rated) as a kick-off to our newly announced Canaccord Genuity Therapeutics Conference Call Series. Call focus fell on PROCHIEVE approval path following recently announced Advisory panel for January 20 and ahead of the February 26 PDUFA date. As Watson Pharmaceuticals (NYSE: WPI)(BUY) has licensed the drug from CBRX and has global rights to the next generation product, we also focused on an update around drivers of commercial success that follow recent announcements and survey work around the product...Bottom line: post-call we continue to see PROCHIEVE as a key driver of possible upside for WPI with several important data points expected over the next couple of months."
"Market opportunity: CBRX sees physician community “drifting” towards 2.5cm for short cervix, consistent with our previous survey work (average 2.6cm) – this would drive material upside to our $300 million peak sales based on 2cm (see sensitivity). Early CBRX forecasts at this point are in the $250 million to $500 million range, which are above us and the Street at midpoint. International remains another under-appreciated opportunity on next-gen PROCHIEVE that was discussed."
Canaccord analyst, Randall Stanicky, said, "We hosted a conference call with Frank C. Condella, President and CEO, and Larry Gyenes, Treasurer and CFO, of Columbia Laboratories (Nasdaq: CBRX)(Not rated) as a kick-off to our newly announced Canaccord Genuity Therapeutics Conference Call Series. Call focus fell on PROCHIEVE approval path following recently announced Advisory panel for January 20 and ahead of the February 26 PDUFA date. As Watson Pharmaceuticals (NYSE: WPI)(BUY) has licensed the drug from CBRX and has global rights to the next generation product, we also focused on an update around drivers of commercial success that follow recent announcements and survey work around the product...Bottom line: post-call we continue to see PROCHIEVE as a key driver of possible upside for WPI with several important data points expected over the next couple of months."
"Market opportunity: CBRX sees physician community “drifting” towards 2.5cm for short cervix, consistent with our previous survey work (average 2.6cm) – this would drive material upside to our $300 million peak sales based on 2cm (see sensitivity). Early CBRX forecasts at this point are in the $250 million to $500 million range, which are above us and the Street at midpoint. International remains another under-appreciated opportunity on next-gen PROCHIEVE that was discussed."
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