We believe that the FDA's immediate concern level with the products is low and see black box as unlikely. A medication guide is more likely because of the strong panel vote in its favor.

With few new drugs coming through the pipeline, significant investment is required to build a pipeline sufficient to support future growth, especially in light of patent expiries in 2007-9. Nevertheless, we see significant share price downside as unlikely.

Given increasing market hopes of a full approval, we believe that this could disappoint investors.