Canaccord Genuity maintains a 'Buy' on Auxilium Pharmaceuticals (AUXL); Bumping Guidance on Testim Partnership with GSK
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Price: $36.47 --0%
Rating Summary:
4 Buy, 9 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 6 | Down: 5 | New: 12
Rating Summary:
4 Buy, 9 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 6 | Down: 5 | New: 12
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Canaccord Genuity maintains a 'Buy' on Auxilium Pharmaceuticals (NASDAQ: AUXL) price target raised $1 to $27.
Analyst, Salveen Richter, said, "AUXL announced a U.S. three-year co-promotion agreement with GlaxoSmithKline (NYSE: GSK) for Testim, effective 3Q12. We view the partnership as a sound business move, as Testim will now also be marketed by GSK’s CV/Metabolic/Urology (CVMU) division, which has additional reach into the main TRT-gel physician prescribing base of PCPs (which AUXL minimally targets) and urologists and endocrinologists (some overlap) versus sitting solely in the AUXL armamentarium. Net-net, we expect that AUXL receives at least 5%+ (post ~25% royalties/COGS, assuming 70% to GSK) of additional Testim revenue above a pre-specified baseline. AUXL is upwardly revising FY12 Testim, total revenue and net income guidance...Overall, Street focus remains on Xiaflex P3 IMPRESS data in Peyronie's in June."
For an analyst ratings summary and ratings history on Auxilium Pharmaceuticals click here. For more ratings news on Auxilium Pharmaceuticals click here.
Shares of Auxilium Pharmaceuticals closed at $17.94 yesterday.
Analyst, Salveen Richter, said, "AUXL announced a U.S. three-year co-promotion agreement with GlaxoSmithKline (NYSE: GSK) for Testim, effective 3Q12. We view the partnership as a sound business move, as Testim will now also be marketed by GSK’s CV/Metabolic/Urology (CVMU) division, which has additional reach into the main TRT-gel physician prescribing base of PCPs (which AUXL minimally targets) and urologists and endocrinologists (some overlap) versus sitting solely in the AUXL armamentarium. Net-net, we expect that AUXL receives at least 5%+ (post ~25% royalties/COGS, assuming 70% to GSK) of additional Testim revenue above a pre-specified baseline. AUXL is upwardly revising FY12 Testim, total revenue and net income guidance...Overall, Street focus remains on Xiaflex P3 IMPRESS data in Peyronie's in June."
For an analyst ratings summary and ratings history on Auxilium Pharmaceuticals click here. For more ratings news on Auxilium Pharmaceuticals click here.
Shares of Auxilium Pharmaceuticals closed at $17.94 yesterday.
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