PIMCO Tactical Income Units Class A T.PTI

Scotia Pharma/Bio Pres by PTI

[elassowipeo]

On April 26/06 new CFO guy spoke at a Scotia Pharma/Bio pony show. CFO thinks the industry is growing at 5-8% and that outsourcing will continue bc biggies are focusing more on their profit areas and that biotechs generally small cos w/o mfgr abilities are starting to significantly get mass production levels of their "new" drugs. Stated that PTI is the only NA and Euro publically traded stock. CFO stated that 2006 will be challenging but H2 improvement although 2006 will be worse than 2005 on EBITDA. Also stated that PTI is high fixed cost and needs to ramp volume (especially on the older OTC/ Toronto East plant) The Q&A session was pathetic, almost like Tedford in terms of information although not as gruff. Big takeaway was that the recent Merck deal is very long dated, the way out in front runner will only start in fiscal 2007 and the two others don't have the begining approvals yet wait for next q's or so for more info. Overall absolutely NOTHING to support the run up and nothing new to get excited about and frankly more concern about holding and no dividend. Same old same old.