IDM Pharma, Inc. (IDMI)

[bowonwing]

I am rambling here, so forgive me, but ??

Barron's 2/18/08 edition, pages 34-35, have interesting comments by Joe Rosenberg, Chief Investment Strategist, Loews Corp.

"Q. What about Pfizer?

I liked Pfizer two years ago, but I'm less bullish now. The stock has done very little. ... but the company has very little to show for the $35B(!) or so that it has spent on research and development in the past five years. If you spend $35B on R&D, you ought to be showing incremental earnings of $5B annually, but Pfizer isn't."

"Q. Pfizer's drug pipeline is pretty bare.

Yes. It's easy for me to be a Monday-morning quarterback, but the board at Pfizer ought to be asking whether it should continue to spend $7B a year on R&D, given the company's record."

OK. IDM has 25.15M shares outstanding, with about 3.2M warrants, for a total of 28.35M shares.

28.35 x $ 1.00= $ 28,350,000M
28.35 x $10.00= $ 283,500,000M
28.25 x $100.00= $ 2,835,000,000B

So, IDM, at $100 a share, is about 40% of Pfizer's R&D spending for one year.

Any comments?