Benchmark Reports Columbia Labs' Q4 Pro-Forma Beats Forecasts

In a report published by Benchmark, Columbia Laboratories' CBRX Q4 pro-forma beats forecasts but the focus remains on study data publication and NDA Filing.

Benchmark said that Columbia reported Q4 results that were slightly better than anticipated but its focus remains Management's forecasts of PREGNANT study data publication in a peer reviewed journal this month and an NDA filing in Q2 this year. “Current results based on the legacy in vitro fertilization indication have little bearing on our valuation because our long-term outlook is based on the Pregnant study for prevention of preterm birth. We anticipate favorable 2011 valuation catalysts may include data publication, NDA filing, and potential product approval at approximately year-end 2011. Our $7.00 price target represents 25x forecast $0.47 EPS in 2014, discounted to 2012 at 25% annually.”

Columbia Laboratories closed yesterday at $3.66.