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Get Four
|  | NOVEMBER 7, 2003
 WORD ON THE STREET Thomas Weisel Ups First Horizon Pharmaceutical Analyst David Grossman says he upgrades on the company's successful execution in several areas First Horizon Pharmaceutical (FHRX ) shares rose after the company posted third-quarter EPS of 10 cents, vs. breakeven a year ago, despite 8.8% net revenue decline. It sees 10 cents to 12 cents fourthp-quarter EPS on $26 million to $28 million in revenue. Thomas Weisel upgrades to peer perform from underperform. Analyst David Grossman says he upgrades on the company's successful execution in several areas, including normalization of trade inventory levels, implementation of significant cost saving measures, restoration of management credibility, and strong fourth-quarter guidance. He says gross profit margin of 85.8% was above his 76.2% estimate, and up from the third quarter of 2002. He notes total operating expenses decreased 15.2% year-over-year to 27.4% below his estimate. He raised his 22 cents fourth-quarter loss estimate to 10 cents in EPS, and $20.9 million revenue forecast to $26.2 million.  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. Standard & Poor's Regulatory Disclosure Any advice, analysis, or recommendations contained in articles labeled "Insight from Standard & Poor's" reflect the views of Standard & Poor's, which operates separately from and independently of BusinessWeek Online. It is possible that BWOL may from time to time publish information that is not consistent with advice, analysis, or recommendations that are published by Standard & Poor's. Standard & Poor's and BusinessWeek Online are each units of The McGraw-Hill Companies, Inc.
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