Barclays on U.S. Specialty Pharmaceuticals: Model Updates on FRX, MRX, WCRX & PCRX

Barclays on U.S. Specialty Pharmaceuticals: Model Updates

Analyst, Douglas D. Tsao, said, "We are updating models for FRX, MRX, WCRX, and PCRX in order to tie up some loose ends from C1Q results.

On Forest Labs (NYSE: FRX): We are tweaking our FY13 estimates, with our EPS estimate increasing to $0.95 from previous $0.86.

Medicis Pharmaceutical (NYSE: MRX): Our 2012 cash-adjusted EPS estimate moves to $2.68 from previous $2.58, with higher EPS driven by slightly higher revenues and lower spend, partially offset by slightly higher tax rate.

Pacira Pharmaceuticals (Nasdaq: PCRX): Our 2012 loss/share increases to ($1.59) from previous ($1.19), driven by slightly higher COGS, SG&A and sharecount, partially offset by slightly lower R&D.

Warner Chilcott (Nasdaq: WCRX): Our estimate moves to $3.43 from previous $3.51, largely driven by higher SG&A spend, partially offset by slightly higher revenues. (FY13 lowered from $3.57 to $3.43)

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