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Author: LiveFromHopkins Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 253  
Subject: Re: 4Q 2003 Earnings Release Date: 2/21/2004 11:24 AM
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Excellent post Steveting.

Magnificent cash generating machine is exactly what keeps me involved in this stock over the last year.

And I agree fully that acquisitions is the best way to go. That is how they built this machine in the first place.

Gregory leaving is a downer. I think the greatest risk is the new CEO will try to make R&D the prime driver of new products and this will kill their remarkable margins. Then they become just another pharma scratching around for the next holy grail. Maybe that he is staying on as Chairman will moderate this.

Look at the Elan purchase. The gross on the drugs (Sonata, Skelaxin) last year equaled half the purchase price. Pretty hard to beat. And Sonata is going to be a blockbuster over the next few years as they get pushed by the larger sales force.

Re inventory, they have always pointed out in conference calls that it is extremely difficult to get hard numbers out of the channel, so I am not too stressed about it.

I too look forward to the 10K. I expect there is good upside to KG especially when the SEC clears. I would also like some more detail on the King Benevolent Fund deal. So far, this looks pretty innocent to me but there may be a chance that a gov't lawyer will try to blow this up to a big time deal.

Phil


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