Word: pharma
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LOTSOFF: I don't think anything is particularly cheap. But I'm a buyer of junk-bond hedge funds, diversified alternative investments. In common stocks, I'm buying good-quality dividend payers. Despite all their legal problems, I have looked at pharma. I still cannot help but look at the demographics in Europe, Japan and the U.S., which says we're going to be eating many, many more pills. The growth potential there is misunderstood. I like Pfizer, Merck, GlaxoSmithKline, Bristol-Myers Squibb...
...tend to shun early-stage research in favor of safer investments in drugs near approval or already approved. Bristol-Myers Squibb made a disastrous $2 billion investment in 2001 in ImClone Systems, which suffered costly setbacks with its cancer drug Erbitux before a breakthrough this spring. With Big Pharma playing it safe, steady-earning biotech leaders are the ones with the wherewithal - and the disposition - to partner with cash-strapped firms developing promising treatments. That's certainly Mullen's plan. He hopes to be remembered as the ceo who hurried business sense to the industry "without snuffing out innovation...
...shun early-stage research in favor of safer investments in drugs near approval or already approved. Bristol-Myers Squibb made a disastrous $2 billion investment in 2001 in ImClone Systems, which suffered costly setbacks with its cancer drug Erbitux before that drug had a breakthrough this spring. With Big Pharma playing it safe, steady-earning biotech leaders are the ones with the wherewithal--and the disposition--to partner with cash-strapped firms developing promising treatments...
...seeking a majority partner for its drug business, speculation swirled that a rival pharmaceutical giant would snap it up. Bayer seemed attractive not for its illustrious past (the company launched the modern pharmaceutical industry with its 1897 invention of aspirin) or high-volume present (it has annual pharma revenues of j4.8 billion), but for its future: the company has a sexual-potency drug, Levitra, ready to come on the market this year, which is touted as the next Viagra. The prize is almost certainly worth billions in sales. But with a potential payday like that, why is Bayer getting...
...University business professor Kevin Schulman argues, consumer products and drugs "have very different product life cycles. Compared with P&G's core business, pharmaceuticals is very risky." Some observers think Procter should stick to the over-the-counter business, leveraging its marketing savvy and retail relationships to help bigger pharma companies roll out nonprescription versions of their drugs, as it is doing with Astra Zeneca for its heartburn medication, Prilosec. Fortunately, at least for the moment, Lafley shouldn't have much need for that kind of remedy. --With reporting by Daren Fonda/New York