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History of avocado filled with lust, luck

October 27, 2006

On a visit to Jamaica in 1672, Dr. W. Hughes, physician to King Charles II, discovered the delights of the avocado. However, his glowing account of the fruit’s virtues: “one of the most rare and pleasant fruits of the island,” cut no ice with the folks back home. His claim that “it nourisheth and strengtheneth the body” fell on deaf ears. What resonated with the public was Hughes’s titillating assertion, based, one must assume, on personal experience, that the avocado succeeded in “procuring lust exceedingly.”

That did it. Who’d be caught dead in the company of a lust-provoking avocado? It took years for this succulent fruit to scramble back from ignominy.

I’d have been quite prepared to risk a scandalous glance. I love avocados. But it occurred to me as I sliced into one recently that all I knew about avocados was that some were called “Hass” and some weren’t. I was curious to know more — especially the juicy stuff — so I decided to explore.

Almost immediately I stumbled upon this revealing bit of trivia: avocados got their name from the Spanish explorers. They called it the aguacate because they couldn’t pronounce the Aztec word — ahuacatl — which means “testicle.” The Aztecs, extrapolating blithely from appearances, attributed Viagra-man vigour to this handsomely shaped fruit.

I also found out that here in North America, if you’re not eating a “Hass” you’re probably eating a “Fuerte.” The Hass is the variety with the rough, almost black skin. It has a smaller pit and a more buttery texture than the green, smooth-skinned Fuerte.

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In 1911 a chap named Carl Schmidt travelled to Mexico and brought a variety of avocado trees back to California. Two years later a bitter freeze gripped the area and only one tree survived. It was given the Spanish name, Fuerte, which means “vigorous” and it spawned an industry that thrives today.

But the most popular California avocado is the Hass, and I enjoyed the story of how it came to be — one of those proverbial “happy accident” tales. A.R. Ridout of Whittier, Calif., was well known as a scavenger — an avocado-obsessed scavenger — who snaffled up any seeds wherever he could, including restaurant garbage and that of his neighbours. He planted them along streets, in neighbours’ yards, in any plot of soil he could commandeer. Some time in the late 1920s he met Rudolph Hass, who had recently spent every penny he had to purchase a sparse grove of Fuerte trees in La Habra Heights in California.

Hass was poor, earning just 25 cents an hour as a postman, and he knew nothing about growing avocados. He had simply read about it in a magazine article that was accompanied by an illustration of an avocado tree abloom in dollar bills — a concept with irresistible appeal — and he turned to Ridout to help him get started.

Ridout sold him seeds and advised him how to plant them, but there’s no way of knowing what kind of seeds they were. Hass hired a professional, a Mr. Caulkins, to graft cuttings from the Fuerte trees onto the young trees from Ridout’s seeds. It was a frustrating, hit-and-miss endeavour and as years passed and grafts failed, Hass was close to despair. He was about to take an axe to one particularly obdurate tree when Caulkins persuaded him to let it grow and see what happened. What happened was the finest, most delicious avocado our entrepreneur postman had ever encountered. Rudolph Hass patented his “happy accident” in 1935. People — rich people — gobbled it up, and the money started rolling in.

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Major drug companies report solid earnings

October 24, 2006

NEW YORK — Four pharmaceutical companies reported higher third-quarter earnings and sales on Thursday, but Pfizer Inc., the world’s largest drugmaker, predicted flat sales growth and more cost cutting ahead.

Pfizer said the challenging operating environment is pushing it to slash costs beyond the program announced last year designed to cut $4 billion in expenses by 2008. Specifics are set to be announced in January.

Jeffrey B. Kindler, who became Pfizer’s CEO over the summer, said that because of the cost-cutting, Pfizer will be able to deliver high single-digit earnings per share growth in 2007 and 2008. The company had already pledged to meet those targets and on Thursday reiterated it would earn $2 a share in 2006 — essentially flat with last year’s performance.

Pfizer said the strengthening dollar combined with pricing policies in several European countries means it now expects revenue in the next two years to be on par with 2006. Previously, Pfizer had predicted moderate growth.

“We need to transform the way we do business,� Kindler told analysts during his first conference call at the helm of the company. He said there would be “no sacred cows� during cost cuts, including the company’s sales representatives, considered one of its greatest strengths.

Pfizer shares fell 42 cents, or 1.5 percent, to close at $27.68 on the New York Stock Exchange.

The stock was higher earlier in the day, but during the call Pfizer said that torcetrapib, an experimental cholesterol-lowering drug that is the star of the company’s pipeline, may require more than a year’s review by regulators. Analysts were expecting a 2008 introduction, but the comments raised concerns about the timeline and the drug’s future.

“They (Pfizer executives) were more cautious (on the drug) than they have been in the past,� said Dr. Jon LeCroy, an analyst at Natexis Bleichroeder Inc.

Pfizer said it earned $3.4 billion, or 46 cents a share, compared with $1.6 billion or 22 cents a year earlier. In the third quarter of 2005, Pfizer took a $1.4 billion acquisition charge for its purchase of Vicuron Pharmaceuticals Inc.

After tax adjustments, Pfizer earned 54 cents a share in the latest quarter. The profit beat analysts’ estimates by 9 cents.

Revenue rose 9 percent to $12.2 billion, surpassing the $11.4 billion predicted by analysts surveyed by Thomson Financial.

Lipitor revenue rose 15 percent to $3.3 billion, despite moves from health plans to switch patients to a cheap generic version of Zocor, another cholesterol-lowering agent.

Meanwhile, sales of antidepressant Zoloft plunged 43 percent to $459 million as it struggled with generic competitors launched over the summer.

Revenues of Celebrex, a pain reliever that had been hit by safety concerns, increased 20 percent to $537 million. Erectile dysfunction drug Viagra sales jumped 10 percent to $423 million. Its sales had been weak recently because of competition and a sluggish overall market for the products

Among Pfizer’s competitors, Swiss pharmaceutical maker Novartis AG reported third-quarter net profits rose 12 percent to $1.87 billion, up from $1.67 billion for the same period last year. Sales increased 13 percent to $9.48 billion.

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Novartis shares rose 2.2 percent to 75.45 Swiss francs ($59.46) on the Zurich exchange.

The sales figure includes the acquisition of two generic drugmakers last year, and the integration of vaccines maker Chiron since mid-2006.

Sales of Femara, a treatment for women with hormone-related breast cancer, surged 39 percent to $189 million while revenues from blood pressure drug Diovan rose 19 percent to $1.09 billion.

Indianapolis-based Eli Lilly and Co. said its profit rose 10 percent on modest growth by its best-selling drug, the anti-psychotic Zyprexa, and a strong performance by the antidepressant Cymbalta.

Net income grew to $873.6 million, or 80 cents per share, from $794.4 million, or 73 cents per share, a year ago. Revenue rose 7 percent to $3.86 billion from $3.6 billion last year.

Analysts expected earnings per share of 79 cents on revenue of $3.88 billion. Despite beating expectations, Lilly shares fell 76 cents, or 1.3 percent, to close at $57.49 on the NYSE.

Analysts speculated investors were taking profits after a recent upswing in the shares, and noted that some had hoped Lilly would narrow its 2006 guidance of between $3.10 per share and $3.20 per share.

Zyprexa sales rose 5 percent to $1.08 billion. The drug, which accounted for 28 percent of Lilly’s sales, recorded double-digit growth in some international markets and is gaining market share in much of Europe, company officials said in a conference call with stock analysts.

Sales of Cymbalta nearly doubled to $348.6 million from $182.8 million.

Lilly also announced it will appeal a September request from the Food and Drug Administration for a new, multiyear clinical trial for the experimental drug Arxxant, a drug for blindness caused by diabetes.

Wyeth’s income climbed 33 percent, helped by sales of the anti-inflammatory drug Enbrel and its Prevnar vaccine to prevent pneumococcal disease in infants and young children. Quarterly profit grew to $1.16 billion, or 85 cents per share, from $869.9 million, or 64 cents per share.

Revenue at the Madison, N.J.-based company climbed 9 percent to $5.14 billion from $4.72 billion.

Analysts expected a profit of 81 cents before one-time items on revenue of $5.03 billion.

Wyeth shares fell 14 cents to end at $53.05 on the NYSE.

The company earlier this month raised its 2006 profit forecast to between $3.12 per share and $3.18 per share, from $2.97 per share to $3.07 per share.

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Layoffs loom as ICOS is sold

October 19, 2006

Corp., which grew into Washington’s largest biotechnology company after creating the impotence drug Cialis, will be bought by Eli Lilly & Co. for $2.1 billion.

The acquisition will result in “significant” layoffs at ICOS, which employs 700 people - the majority at the company’s Snohomish County headquarters in Bothell.

Paul Clark, ICOS chairman and chief executive officer, said the offer by the company’s longtime pharmaceutical partner was the right one to accept.

Investors will receive $32 a share in the deal, more than 30 percent above the stock’s average price during the past three months.

The company’s shares rose 16 percent, or $4.38, to close at $31.50 Tuesday.

“It was too good a deal to pass up,” said Clark, who added that he couldn’t speculate on how many people or ICOS assets Lilly will retain locally.

“We do not know today what their employment decisions are going to be. Any employees that are affected will get very fair compensation and severance,” he said.

If the takeover follows the usual pattern, most positions in marketing and administration would be eliminated because Lilly already has people performing those jobs.

The purchase of ICOS by Indianapolis-based Lilly is the “surprise that everyone expected,” said Paul Latta, a biotech analyst at Seattle’s McAdams Wright Ragen. It made sense because the two companies shared drug development and marketing expenses for Cialis and, later, the revenue from a 50-50 joint venture.

Latta said the company’s purchase price wasn’t bad for ICOS, but “we thought it was worth a little bit more.” He had a target price of $36 for the stock.

In recent years, as the share price for ICOS languished for long stretches, rumors of an impending buyout by Lilly circulated over and over again.

“There was only ever going to be one buyer for ICOS,” said David Miller, president of Biotech Stock Research in Seattle. “One could say they could have waited longer and done better, but shareholders will get out with a decent price.”

Clark said Lilly approached ICOS about a deal, and serious negotiations began in late May, when ICOS’ stock traded below $20 a share.

In a conference call with investors, Lilly’s chief executive made clear that the deal was about Cialis’ share in the erectile dysfunction drug market.

“This acquisition will bring the full value of Cialis to Lilly at an attractive price for Lilly shareholders,” Sydney Taurel said.

“We expect a significant number of jobs will be eliminated at ICOS,” he later added. He said decisions about job cuts could come in a matter of weeks, not months, as the acquisition could be completed by the year’s end, pending shareholder and regulatory approvals.

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ICOS began in 1990 with three biotech pioneers - Robert Nowinski, Christopher Henney and George Rathmann - who attracted $33 million in private financing, which at the time was the largest start-up financing given to a biotech firm. Microsoft’s Bill Gates was the largest shareholder. The next year, the company went public at $8 per share.

“When we joined the company, we all felt we’d retire there,” said Johnny Stine, who worked at ICOS between 1994 and 2001 and is a co-founder of Seattle biotech firm Spaltudaq. “I had a great time there.”

The company initially focused on developing and selling treatments for inflammation and other serious diseases. ICOS’ history took a crucial turn when its researchers focused on a compound that could treat erectile dysfunction. That led to the partnership with Lilly, which was established just as Pfizer Inc.’s Viagra hit the market.

Since going on sale in the U.S. in late 2003, Cialis has turned into a near-blockbuster for Lilly and ICOS.

It accounts for about 25 percent of erectile dysfunction drug sales, far less than Viagra in the United States. But that still translated into sales of nearly $747 million last year. The drug is expected to exceed $1 billion in annual sales next year.

Thanks in large part to Cialis’ building success, ICOS was expected to end this year with a full-year profit for the first time.

In the early part of the decade, as Cialis moved toward final approval, ICOS also boasted an impressive pipeline of other drugs it was developing. But like many other potential drugs, they failed, one by one, to produce impressive results in clinical trials.

As of this year, the only drug ICOS had in the human-trial stage was tadalafil, the active ingredient in Cialis. It’s being looked at as a treatment for a common prostate ailment and a potentially fatal lung condition. ICOS and Lilly also are working on a once-a-day version of Cialis for men with erectile dysfunction.

Lilly will go forward with the new once-a-day version of Cialis and the potential new uses for tadalafil, Taurel said.

Since Seattle’s Immunex Corp. was purchased for $16 billion by Amgen in 2001, ICOS has become the largest in-state biotech firm and one of the county’s two largest public companies. Clark emphasized those signs of accomplishment to employees Tuesday.

“We’ve built a top-tier biotechnology company in market capitalization, we’ve built a billion-dollar drug, and we’ve built a biotech company that’s profitable,” the 59-year-old said.

Stine agreed it probably was the right time for ICOS to be bought, though he feels bad for what could be a large number of laid-off employees there.

“A lot of us old-timers felt they could have done a lot more, but with a successful drug like Cialis, it was just a matter of time.”

Reporter Eric Fetters: 425-339-3453 or fetters@heraldnet.com. ICOS Corp. Headquarters: Bothell Employees: About 700 Stock: Closed at $31.50 a share Tuesday on the Nasdaq market. Web site: www.icos.com 1990: ICOS is founded in Seattle by George Rathmann, Christopher Henney and Robert Nowinski. One early investor is Microsoft Chairman Bill Gates. 1993: ICOS researchers begin studying IC351. The drug, first considered as a potential treatment for heart problems, turns out to be effective against erectile dysfunction. 1997: ICOS conducts its first study of its experimental erectile dysfunction drug on patients. 1998: Eli Lilly Co. and ICOS enter a partnership for the development and eventual marketing of Cialis worldwide. 2001: ICOS and Eli Lilly apply to the Food and Drug Administration for approval to sell Cialis. 2002: The European Commission approves the drug in the 15 nations of the European Union. The drug becomes available for sale to patients there in early 2003. 2003: The FDA grants final U.S. approval to sell Cialis. 2006: ICOS’ board agrees to acquisition by Eli Lilly.

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Pfizer India: Right dose

October 16, 2006

Pfizer India’s quarter ended August 2006 reinforces the continued strength in the demand for medications, which has helped it offset rising costs.

Pfizer India has seen its operating profit (including service income) improve by 18.2 per cent y-o-y to Rs 47.79 crore for the quarter ended August 2006 compared with 9.5 per cent growth in operating income to Rs 185.6 crore.

The company’s operating profit margin also grew by 190 basis points y-o-y to 25.7 per cent in the August quarter. Even in the May quarter, its operating profit margin had grown by 236 basis points.

In the key pharmaceuticals division, segment revenues grew by 9.8 per cent y-o-y to Rs 163.45 crore in the August 2006 quarter.

Analysts point out that sales growth in this segment has been provided by Gelusil (antacid), thanks to its sales showing signs of stabilising.

Also, its recent products launches such as Viagra and Lyrica (medication for management of neuropathic pain) saw improved offtake, add analysts.

However, input costs also went up in the last quarter. The purchase of finished goods rose a staggering 61.4 per cent to Rs 32.6 crore in the August 2006 quarter.

Analysts highlight that this was largely owing to increased sourcing of finished products purchased from its parents’ global operations.

The company was able to offset the rise in costs in the last quarter via higher income. In the May 2006 quarter too, the company had seen its purchase of finished goods rise 29.9 per cent y-o-y to Rs 26.34 crore.

The US parent had earlier announced that it had sold its worldwide consumer healthcare business to Johnson & Johnson, and Pfizer India too will exit from this business shortly.

For the Indian arm, this business—which has products such as Benadryl, Listerine and Gelusil-—it was estimated to provide Rs 140 crore or about 23 per cent of the company’s total revenues for the year ended November 2005, highlight analysts.

The stock trades at about 25 times estimated November 2006 earnings (excluding the impact of hiving off the consumer healthcare business), it leaves not much room for further upside.

Steel concerns

The threat of Chinese steel swamping global markets is once again gaining strength, given the recent release of production data by the Brussels-based International Iron and Steel Institute.

According to the industry body, Chinese steel output grew a whopping 17 per cent y-o-y to 36.7 million tonne in August 2006. Also, between January and August 2006, Chinese output grew a staggering 18.6 per cent y-o-y to 272.5 million tonne.

To curb Chinese steel exports which grew 22 per cent in H1 CY06, the Chinese government has recently cut the export rebate from 11 to 9 per cent, but that is not expected to have much impact on exports.

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Analysts say that as the Chinese government has also implemented several steps to curb domestic steel demand, it leaves Chinese manufacturers dependent on export markets.

Domestic steel players had announced a cut of Rs 700-1,000 a tonne to around Rs 26,000 for hot rolled coil (HRC) in the first week of September 2006. With the monsoon season over, domestic construction and infrastructure activity is expected to rebound once again.

And, with shipping dry bulk freight rates rising, analysts were unanimous that it may result in Chinese players diverting increased output to India and other Asian countries rather than Western markets.

Investors also appear cautious to the steel sector, with stocks getting a very low discounting – Tata Steel trades at 6.5 times estimated FY07 earnings, while for SAIL it is 5 times.

SpiceJet: Turbulent weather

A writeback of unclaimed payables of Rs 18.9 crore helped SpiceJet keep down losses for the August quarter to Rs 17.8 crore, though this was still higher than the Rs 13.5 crore posted in Q4 FY06.

With no aircraft added this quarter, which is the weakest for airlines, net sales grew 178 per cent y-o-y to Rs 159.5 crore, but just 7 per cent q-o-q. The loss at the EBITDA level was Rs 35.2 crore compared with a loss of Rs 16 crore in Q4 FY06.

While high aviation fuel costs—prices were up 32 per cent y-o-y—were the main culprit, the load factor too was down at 82 per cent from 87.5 per cent in Q4 FY06.

However, both loads and yields are likely to pick up in the November and February quarters given the holiday traffic. Besides, fuel costs should come off by about 10 per cent in the current quarter.

Yields, according to the management are up 20 per cent in the current quarter, and two more aircraft will be added soon. Revenues from ancillary services currently at around 7 per cent of total revenues, are likely to go up to 10 per cent by the end of FY07.

The company has also started doing hotel bookings a few weeks back and is looking to start on-board advertising. SpiceJet has tied up the funding for 22 aircraft—it will have 28 aircraft by end 2008.

At Rs 43, the stock is not expensive at 9 times estimated FY07 earnings, given that the company has been faithful to the LCC model and has managed to keep loads at 80 per cent.

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New alert over ‘Chinese Viagra’

October 11, 2006

A WARNING went out against the use of some sexual enhancement drugs, which the Health Ministry says have been banned in Bahrain and could cause serious problems.

“The drugs, commonly known as ‘Chinese Viagra’, are supposedly manufactured by Feng Tai Industry and Company, a Chinese firm, and are allegedly being sold as Baiyee, Yang Gang and Cialis,” said an official of the ministry’s drug control directorate, who did not want to be named.

“It is also claimed that the use of these drugs increase energy levels.

“Satibo Capsule and Tongkat Ali Plus, which are also allegedly available at some cold stores, have also been banned and should not be consumed.”

The official said since these drugs were banned in Bahrain early this year, all stocks had been recalled.

“However, we are trying to track down some consignments, which are probably still there in some pharmacies and also trying to ascertain whether some of them have actually been passed on to cold stores to be sold,” he said.

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The official said some of these have been found at pharmacies and they have been told to take these off their shelves.

“We advise people not to purchase them since they had failed our tests, which showed they contained the chemical Sildenafil, used in Viagra, but is dangerous if used without medical supervision,” he said.

The official said health inspectors were aggressively following up and checking on whether all pharmacies and health food stores have complied with the ministry directives.

A doctor at the Salmaniya Medical Complex said using Sildenafil without proper monitoring could lead to severe hypotension (very low blood pressure), myocardial infarction, ventricular arrhythmias, sudden death, stroke and increased intraocular pressure.

He said some common side effects include sneezing, headache, flushing, dyspepsia, prolonged erections, palpitations and photophobia.

“Visual changes including blurring of vision and a curious bluish tinge on the body have also been reported,” he said.

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