This column was originally published on RealMoney on March 7 at 2:02 p.m. EST. It's being republished as a bonus for TheStreet.com readers.Things aren't what they seem for Medimmune ( MEDI). The biotech giant notched more than $1.2 billion in sales in 2005, but, according to consensus estimates, trades at a price of 90 times 2006 earnings. Continuously bearish calls on the stock have argued that, no matter how you analyze Medimmune, the stock is too expensive to justify. But an earnings multiple is far too simplistic to fairly evaluate this opportunity. Most of Medimmune's revenue is generated from Synagis, its lead product for prevention of respiratory syncytial virus (RSV) in premature babies. However, most of the company's earnings power is hidden by continued investment to the tune of $100 million to $150 million per year on its proprietary influenza vaccine, Flumist, and its next-generation cousin, CAIV-T. While many argue the company should end these unprofitable programs, management is committed to maximizing the value of the flu-vaccine franchise. Finally, an undercovered aspect of Medimmune's prospects is the company's rather deep pipeline of early-stage vaccine programs. So while the bears harp on the earnings multiple, those investors who view the company in toto should see that Medimmune carries a very attractive value considering the opportunities that lie ahead.