Healthcare >> Sector Roundtables >> February 4, 2002

Roundtable Forum: Drug Delivery

Hearle, Michael J.
MICHAEL J. HEARLE is a Senior Vice President at Leerink Swann & Company. He was formerly associated with SG Cowen and Merrill Lynch. He was ranked First Team in the 2001 Institutional Investor magazine All American Poll ' Best Boutiques ' Regional firms and Specialty Pharmaceuticals. Mr. Hearle earned a BA from the College of William & Mary. His personal interests are flyfishing, skiing and teaching his daughter to count. Profile
LOUIS C. WEBB is a Director, Equity Research at RBC Capital Markets, focusing on drug delivery and specialty pharmaceuticals as part of the Life Sciences equity research team. He has 26 years' experience following the pharmaceutical sector, including four years at Fahnestock & Co. and six years at Robert W. Baird & Co. Mr. Webb received a Bachelor of Science degree in Engineering and Applied Science from Yale University in 1975 and became a Chartered Financial Analyst in 1980. He is a member of AIMR and the NYSSA. In The Wall Street Journal Annual Analyst survey, Mr. Webb ranked first in pharmaceutical stock picking in 2000 and first in pharmaceutical earnings estimate accuracy in 1996. Mr. Webb lives in Ossining, New York, and includes sailing among his personal interests. Profile
JERRY L. TREPPEL is a Managing Director with Banc of America Securities LLC. He holds a Bachelor's degree in Microbiology from Rutgers University, a Master's degree in Hospital Administration from Washington University, and an MBA from New York University. Mr. Treppel was previously associated with Warburg Dillon Read, Dillon Read, and Furman Selz. His interests include politics, Judaic history, and baseball. Profile
IAN SANDERSON is a Managing Director of SG Cowen and is responsible for coverage of emerging and mid-cap pharmaceutical companies including specialty pharmaceutical, drug delivery, and generic pharmaceutical companies. His prior experience includes investment banking at SG Cowen and Houlihan Lokey Howard & Zukin; securities analysis at Cambridge Associates and Putnam International Advisors; and systems design at U.S. Surgical Corporation. He received a BA in Political Economy from Williams College and an MBA in Finance from the Wharton School at the University of Pennsylvania. Profile
TWST: Ian, will you begin by reviewing the performance of the drug

delivery stocks over the past six to 12 months?

Mr. Sanderson: I think it's been a bit of a mixed bag. A lot depends