And what was I thinking when I figured value investors would
appreciate Intermune ( ITMN) for its work to develop a new hepatitis-C drug? Obviously, I wasn't thinking at all! Too many problems at Intermune and too long to wait for a turnaround. Grade: C. I still like Biomarin Pharmaceuticals ( BMRN), but distractions and managerial screwups have made this a trying year. I'm tempted to take an incomplete, but the taskmaster in me says "C." I took an incomplete on Sonus Pharmaceuticals ( SNUS) last year , figuring that 2004 would be the year of major progress on its Taxol reformulation. Stupid me. Grade: D. The incomplete list for the year includes American Pharmaceutical Partners ( APPX), though an FDA decision on its breast cancer drug Abraxane is due on or before Jan. 8. I'll also take a wait-and-see on my latest controversial and bearish pick, Celgene ( CELG). On the bull side of the ledger, it's been a long year of waiting for Axonyx ( AXYX), but an incomplete is necessary until clinical data are made public early next year. I'm sure I'm forgetting some good picks and pans for the year. If you think I'm neglecting something, or if you take issue with some of my grades, drop me a line.