Goldman Sachs Tweaks PRX Estimates

Goldman Sachs says that it is only modestly tweaking its Par Pharmaceutical PRX estimates “following the quarter despite the miss, assuming that higher spending will not repeat going forward with operating expenses falling broadly in line with management's 3-year guidance.” “Continued slow uptake in the branded business is more concerning, though we make no changes at this time given already reduced peak sales forecasts and the potential for tactical sales force changes to gain traction,” Goldman Sachs writes. “Our new 2011 to 2013 EPS estimates are $3.63, $3.02, and $3.25, respectively (from $3.65, $3.09, $3.26).” Par Pharmaceutical currently trades at $31.27.