Biotech Values

[DewDiligence]

2Q04 Visudyne sales +23% YoY, +8% QoQ:

http://biz.yahoo.com/prnews/040720/to015_1.html

With 2Q04 sales of $109M, Visudyne has an annual run rate of $400M+ and growing. The Visudyne sales numbers will undoubtedly remain healthy through at least early next year, and the full effect of the recent Medicare reimbursement changes in minimally-classic/occult AMD (#msg-2244539) may not yet have been realized.

Nevertheless, competition is coming, initially from Macugen and Retaane. I would not be surprised if 2004 turns out to be Visudyne’s high-water mark.