Idenix Pharmaceuticals (IDIX)

[DewDiligence]

On the JPM webcast, JP just gave Tyzeka / Sebivo sales guidance of only $20M for the first 12 months. I hope this is an intentionally lowball estimate.

Other news from the webcast:

--NM283-ribavirin interaction trial is 75% enrolled. It will be 100% enrolled next month and data (presumably on the primary endpoint of 36-day efficacy) will be submitted at EASL (April 11-15, 2007).

--The launch of the phase-3 NM283 trial in treatment-naïve HCV has been pushed back to 2H07.

--No comment on the promised “creative strategy” for NM283 in the treatment-refractory setting.

All told, this was a rather bearish set of disclosures, IMO, especially when viewed in the context of the CMO change.