JP Morgan Upgrades Gen-Probe

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FEBRUARY 17, 2005

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WORD ON THE STREET

JP Morgan Upgrades Gen-Probe
Analyst Tycho W. Peterson says the pharmaceutical company continues to show strength in its core franchise and healthy pipeline

JP Morgan upgrades Gen-Probe Inc. (GPRO ) to overweight.

Analyst Tycho W. Peterson says that after yesterday's announced deal with F. Hoffman-La Roche Ltd., Gen-Probe delivered another impressive quarter, with strong Aptima, Tigris, and ProCleix sales fueling the upside.

He notes the company's 23 fourth-quarter earnings per share topped his 20 cents estimate, and fourth-quarter revenues of $68.5 million beat his $62.9 million estimate.

Also, with 2005 guidance pegged at a "reasonable level", he upgrades company from neutral, citing continued strength in its core franchise, its healthy pipeline, and its 18% discount in valuation.

Peterson maintains his $1.20 2005 earnings per share estimate, but ups his 2005 revenue estimate to $292.8 million from $290.2 million. He sees $1.58 2006 earnings per share.

All of the views expressed in this research report accurately reflect the research analyst's personal views regarding any and all of the subject securities or issuers. No part of analyst compensation was, is or will be, directly or indirectly related to the specific recommendations or views expressed in this research report.
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