(Large-cap) stocks provide the same relative safety and advantages that large-cap drug stocks provide. Despite the economic environment, people do need their drugs. Large-cap drug stocks are seen as a safe haven with relatively inelastic demand.

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The patents that are expiring make up a significant portion of their results. They're not going to be one of the top growth stories -- probably only single-digit (percentage-wise) in 2000 and 2001.

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In order for the small caps to really come back into favor, I think some of the valuations of these drug stocks will have to either remain where they are or come down a bit.

157

I think the earnings thing was the big thing. And even before that figure was announced, the earnings for the year had been downgraded from above $5 a share for the past two quarters.

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