Biotech Values

[DewDiligence]

MON:

do you give any significance to the speed with which [MS] put out the reiteration?

The reiteration was quick because MON’s PR and webcast slides corroborated what the MS analyst, Vincent Andrews, had already been saying in his published reports.

On the CC, Andrews asked MON to clarify the base number to which the mid-teens growth rate should be applied. The answer was that the base number is the $3.10 lower bound of the non-GAAP EPS guidance for FY2010. Thus, MON’s new implicit forecasts for FY2011 and FY2012 non-GAAP EPS are 3.50-3.63 and 3.96-4.24, respectively.