Old-fashioned values

That generosity wasn't provided to Immunex (IMNX), however, which took a $3.4 billion haircut despite beating the Street consensus by a penny, reporting $0.06 EPS. First quarter sales of Enbrel to treat rheumatoid arthritis hit $131.1 million, a 120 percent increase over $59.7 million in the 1999 quarter. The stock closed the week at $37, down $6.875 (16 percent).

Leading the pack was MedImmune (MEDI), which posted first quarter EPS of $0.80, a nickel above Street consensus, due to blow-out sales of Synagis monoclonal antibody to prevent serious lower respiratory tract disease caused by respiratory syncytial virus. Synagis sales were $176.2 million, up 52 percent from $116.2 million in the first quarter last year. MEDI was up $7.375 to $144.875, rewarding it with a $537.7 million increase in market cap to $10.6 billion.

Drug delivery and urology play Alza (AZA) hit its $0.30 Street EPS estimate on first quarter sales of $109 million, a 13 percent increase over the $96 million in sales in the 1999 period. The stock closed the week at $44.438, up $4.875 (12 percent) and boosting its market cap by $497.7 million to $4.5 billion.

Genzyme's $0.53 first quarter EPS was $0.04 above the Street's estimate, thanks to a 13 percent revenue increase - $170.6 million versus $150.8 million in the first quarter 1999 - buoyed by strong sales of Renagel and Thyrogen. Renagel, developed through a joint venture with GelTex (GELX), is used to reduce serum phosphorous in patients with end-stage renal

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