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                                 C. BOYD CLARKE
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                Q&A from MedImmune-Aviron Merger Conference Call

Operator: Today's question and answer session will be conducted electronically.
In order to pose a question, please press the star key, followed by the digit 1
on your touch tone telephone. Once again, if you would like to ask a question
today, please press the star key followed by the digit 1.

We will go first to Mike King of Robertson Stevens.

Mike King: Good morning. Can you hear me?

David Mott: Yes Mike. We can hear you fine.

Mike King: Congratulations on a great move. It is a great strategic move. Just a
couple questions. When - I would assume there is Hart-Scott-Rodino and other
such regulatory timelines that we have to account for?

David Mott: Yeah. We will have to file with Hart-Scott-Rodino. Our expectation
Mike is that that filing should be in frankly imminently. We began work on that
already. And that should get filed probably by the middle of next week. Our
expectation is that probably by sometime toward the beginning of next week, we
would be in a position to - all things willing - go forward with the exchange
offer. And then the way the exchange offer rules work as I understand them is we
need to leave the offer open for at least 20 business days.

So if all goes well, that puts us in a position where potentially the
transaction can close as early as mid-January.

Mike King: Mid-January? Okay. And when should we expect an S4 to - the proxy to
be out?

David Mott: Yeah. Our goal is to have that in not later than the beginning of
next week.

Mike King: Beginning of next week. Okay. And then on - are there any
contingencies about the acquisition based on regulatory action? In other words,
is there any out, based on any negative action by the FDA?

David Mott: Pretty standard stuff Mike. You know, we have got the normal
conditions of closing that you typically see in an agreement like this, which
obviously would cover any material adverse change in the business. But at the -
frankly, we have been given the opportunity to work very closely with the folks
at Aviron over the last several weeks. We have been through in great detail the
FDA's complete response letter, and the company's response to that at this
point, and frankly are quite impressed with the job they have done in a short
period of time to respond to that, and feel very confident about their ability
to address the issues raised by the agency.

We agree with their goal of getting that filed by the end of this year. It is
difficult to predict what other kind of events could occur from a regulatory
point of view between now and say January 15. But our expectations are that we
are going forward.


We are going forward fast. We think they are doing a great job on getting the
product ready for licensure, and hopefully launch next year. And we have very
standard contract terms governing conditions of closing and material adverse
changes.

Mike King: Okay. And then just one final question on the liquid version of
FluMist. Is that just a bio-equivalent type study? Or do you have to do full
phase threes on that?

Man: No. Actually Mike, they will have to do full - we will have to do full
phase threes on that. In fact, I believe Wyeth-Lederle is already into that
program.

Man: Yeah, the way the division of duties has worked to date on that is that
Aviron has really been leading the charge, development of frozen FluMist here in
the US. And their partners at Wyeth have been leading the charge on the
development of liquid outside the US.

And our expectation is that we are going to sit down as quickly as appropriate
with Wyeth and begin to work together on that program as well.

Mike King: Okay. And is that stable at room temperature? Or would that need to
be refrigerated?

Man: My understanding of that right now is that that requires refrigeration.

Mike King: Okay. Great. Thanks a lot.

Operator: We will go next to Caroline Copithorne of Morgan Stanley.

Caroline Copithorne: Thank you. I just had a quick question regarding some of
the synergies that were mentioned in general terms. Maybe if you could review
more specifically, given the existing partnerships with Synagis with Abbott and
Aviron and Wyeth, how you will recognize, or how that plays out from a selling
standpoint with your existing sales force.

And then also, similarly, on the manufacturing and R&D side, and how that flows
through to some of the cost savings that bring it to being accretive in the out
years, as you mentioned.

Man: Okay. Caroline, let me begin by maybe repositioning that a little bit. I
want to emphasize that this is not a transaction which is driven by cost savings
or reductions between the two companies. In fact, I want to make very clear that
we expect there to be more employees and more spending at Aviron next year than
there is currently.

So we are in a build mode. And we are in a build mode because we think they have
a tremendous product that has blockbuster potential. The reason we want to put
these two companies together now is because we think that MedImmune's added
resources, experience, infrastructure, can really help them take FluMist to the
next level.

So we intend to be investing in the expansion and scale-up of their
manufacturing capacity. We are going to ask our folks in clinical research and
regulatory to see what ways they can possibly

help the existing team at Aviron that is already obviously working incredibly
hard and getting a tremendous amount of good clinical research done.

We want to see how we can help with that. So this isn't a deal where you should
expect dramatic reductions or cuts in head count or costs. We expect to be
investing going forward.

That being said, there obviously are some overlaps in areas where there will be
duplication and where we can see some synergies. I think most of that will be
realized in areas where perhaps Aviron was looking to hire a whole bunch of new
resources and skill sets that we already have present.

For instance, they have a very significant need to expand their quality
organization, their QA and QC group, as they scale up manufacturing. MedImmune
already has a QA group and QC group, which is - Jim, around 100 people?

Jim Young: More than that actually.

Man: More than that already. So I think that it really is the avoidance of some
need to build new groups like that. We obviously have a larger regulatory
infrastructure in place, which can help there. And on the marketing and sales
side, as you know, we have got probably 150 pediatric dedicated infectious
disease salespeople out there in two different sales forces right now.

We have our pediatric specialty sales force, with about 90 representatives
covering the office space pediatricians in the US. We have our hospital-based
sales force, our clinical marketing managers, covering the major teaching
hospitals in the US. There are about 60 of them that are out there, for a total
of 150 people dedicated to that market.

Our hope is really to sit down with Wyeth and look at the complementarities
between our two organizations and try to figure out how to work together to
maximize the commercial opportunity here for FluMist. So I think there clearly
will be some synergies in using the infrastructure and the capabilities and
talents that we have already got.

The basic concept in the co-promotion in the US is really that Aviron would be
responsible for covering what would be thought of as non-traditional channels
with FluMist, beginning to develop distribution into managed care organizations,
group purchasing organizations, perhaps schools, pharmacies, Internet sales,
those sorts of things.

And in addition, obviously, with MedImmune entering the picture, we may have the
potential to compliment each other's existing field force capabilities. So there
will be some cost savings. It will primarily be driven by the avoidance of the
need for new groups being hired and duplication resulting from that.

But primarily you should think of this as two companies putting their resources
together to launch what we think has the potential to be perhaps the biggest
pediatric infectious disease and adult flu vaccine ever.

Operator: We will go next to Peter Drake of Prudential Financial.

Peter Drake: Thank you. I actually have two questions, David, the first for you
and the second to Jim. David, you started off talking about all of the folks
within your organization that have expertise in the vaccine area. And you left
out one person. So I wanted just to do a gut check. With Wayne Hockmeyer on the
board of both companies, can you comment on Wayne's level of enthusiasm? What
role did he play in this transaction? And how do you see his role on a moving
forward basis?

David Mott: Good Peter. Well if Wayne is listening, which he may be, he will be
very complimented to hear you thinking of him as still a vaccine research
scientist. It has been a few years since he was at the bench. But I am sure he
still possesses all of his skills.

Wayne actually was in an unusual position in this transaction, because he is
actually on the board of both companies. So he has been completely uninvolved in
the discussions, negotiations, iteration at both boards, because he sits on both
boards.

So clearly, since he is on both boards, you can assume that he is a big
supported of both companies. Obviously you know he is at MedImmune, as the
founder. He joined Aviron's board a little over a year ago, I think about a year
and a half ago, and has really enjoyed working with them tremendously.

But because of that inherent situation, sitting on both boards, he has been - he
has totally stepped aside from any of the discussions or negotiations, and has
not participated.

Did you have a second question Peter? I will take that as a no.

Operator: We will go on to Maykin Ho of Goldman Sachs.

Maykin Ho: Hi Dave. Can you hear me?

David Mott: Yes Maykin.

Maykin Ho: Can you give us some probability of when FluMist might be approved in
02 versus 03, and how that might affect your projections for neutral impact in
2003? And then your accretive assumption in 2004?

David Mott: Yes Maykin, I am happy to do that. Maykin's question, for anybody
who couldn't quite hear her - I think she sounds like she is on an airplane -
was to comment on the expectations for approval in 02 versus 03, and the
potential impact of an 02 versus 03 or an 03 versus an 02 approval on our
financial guidance and long-term goals.

First of all, I would like to say that we have spent a lot of time doing
detailed scientific, medical, regulatory, manufacturing due diligence, and
working with the Aviron folks over the last several weeks. We feel very good
about the job that they have done getting this product ready for launch.

And from what we see, we are very confident that we have a product that should
ultimately come to market. We think that this product, our estimation is it has
an over 90% probability of being licensed by the time you get to the 03 flu
season.

We are very optimistic that we have a very significant chance of licensure in
02. Exactly where the difference between 02 and 03 is, I think it is just
timing. There are, as Boyd has indicated in his prior public comments, no
immediate requirements that we are aware of to do additional new clinical
studies.

We think that they are well along in the process of responding to the FDA's
complete response letter. And assuming that goes in at around year-end, the
timeline is tight, but works if we work very carefully with the agency for a
launch in 02.

And that is our base case assumption. And we are very much committed to that.
And we believe that we can make that happen, as do the folks at Aviron, and I
believe as do our partners at Wyeth.

The interesting thing though Naykin that you bring up is in the event, which we
don't expect to happen, that it actually slid into 03, there is very little
impact on our financial results, because of the way milestones flow in the
relationship with Wyeth.

And in fact, the diluted cash EPS estimates that we have given for 03 of $1.15
to $1.20 would remain very much intact in 03 if the launch was in 03. We would
probably gravitate toward the bottom of that range if it was an 03 launch rather
than the top of that. But really there is very little difference in the
financial results for 03 between an 02 and an 03 launch.

The other thing which is important to note is that really we expect a ramp up
for the product to be virtually identical, regardless of which year it launches
in, so that our goals for long-term growth of 25% a year in revenues and over
30% a year in EPS would remain exactly the same, whether we are talking about 02
or 03.

And we would still expect the same end result of over $2.1 billion in revenues,
and over $2.50 a share in 2006.

Maykin Ho: Okay. Hello? Can you still hear me?

David Mott: Yes.

Maykin Ho: So if I understand you correctly, if the product is approved in the
winter of 02, you do not expect much sales on that winter anyway, because it is
in the middle of the season. Is that what you are saying?

David Mott: No Maykin, that is not what we are saying. Our goals and expectation
and plan is that the product will be launched for the full 02 flu season. And
that is the goal that we are working toward.

Our expectation is that that initial season will be somewhat limited by supply
and the ability to fully saturate the marketplace, and the initial marketing
that is going to be done to develop that market. It will take a year to really
get that done. And in 03 then it should ramp up significantly.

If we had the running head start of the 03 season, we think we could end up in
very close to the same place in 03.

Maykin Ho: I see. Okay. And your $2.1 billion ((inaudible)), is that assuming
Synagis and FluMist? Or do you have other products in that compilation?

David Mott: It is our existing portfolio of products. And I believe by 2006, we
are assuming at least one additional product from our portfolio comes to market.

Maykin Ho: Would you want to venture which one that might be?

David Mott: Well, my hope and expectation is it is actually going to be more
than one. I think that MedI 507 is clearly in that timeline, somewhere between
04 and 05. And that (Vitaxin(TM)) has the potential to come to market perhaps in
the 05/06 timeframe. And that the E coli vaccine has the potential to come to
market probably in the 06 timeframe as well.

So as you know, when you are in phase two studies and getting ready to go into
phase three, it is very difficult to predict exact timelines. But I think we
have a tremendous portfolio of phase two compounds right now, all of which are
headed towards that 04 to 06 timeframe.

And I think we have very conservatively assumed that only one of those, in
addition to our stable of existing products, Synagis, CytoGam and FluMist being
added to that, will be launched.

Maykin Ho: And last question, what is the ((inaudible))?

David Mott: I am sorry Maykin, I didn't hear that.

Maykin Ho: What (milestones are associated with) Wyeth?

David Mott: There are a series of different milestones related to different
events, which would be - I am not really prepared to get into the detail and
comment on that. Perhaps afterwards we could follow up with some detail on
those.

Maykin Ho: Thank you.

Operator: We will go next to Meirav Chovav of CS First Boston.

Meirav Chovav: Hi. This is Meirav. I was wondering, have you discussed this
transaction with American Home? And how does American Home feel about it? And by
the way, congratulations.

Naykin Ho: Thank you Meirav. Boyd, do you want to comment on that? And then
perhaps we could have Mel comment on that as well?

Boyd Clarke: Thank you David. We have obviously notified American Home of the
transaction. American Home has been a very effective partner of Aviron over the
last couple of years. And we would expect for the merged entity that that would
continue.

Mel Booth: Yes, this is Mel Booth. I did talk with Kevin Riley, the President of
the vaccine group, this morning. He is aware of it. And we are looking forward
to really working together to maximize the potential of FluMist.

Meirav Chovav: You talked about the products being 500 to a billion dollars.
What sort of margin would one expect? I understand, based on your press release,
that you expect to get half the economics. But what do you think you can get to
from a ((inaudible)) margin with that vaccine?

David Mott: Yeah Meirav, this is David. Let me comment on that. What we talked
about in the press release was not a range of 500 to a billion, but rather a
ramp up to over a billion in sales in the US, in my comments in the conference
call. We think that this is a potential blockbuster product, that is going to be
quite significant.

With respect to the margins available to Aviron or to a newco following this
transaction, we really expect them to be very consistent with our current gross
margins, in the range of 75-80%, probably approaching, by the time you get to
that 06 goal for us, 78-80% would be our target for gross margins as an
organization on our revenues.

Meirav Chovav: Okay. So and you will be recognizing half the revenues?

David Mott: It roughly worked out to that, on a worldwide end user sales basis.
We anticipate when you work through the transaction structure, that Aviron has
effectively access to about half of the revenues.

Meirav Chovav: Okay. Congratulations for a great deal.

David Mott: Thank you very much Meirav.

Operator: We will go next to Elise Wang of Solomon, Smith, Barney.

Elise Wang: Thank you. Can you hear me okay?

David Mott: Yes Elise.

Elise Wang: Good. Just a couple of points of clarification. Could you go through
again with us the timeline for FluMist in terms of submitting the complete
response by the end of this year, and what you would expect in terms of a
response from the FDA from that time on?

David Mott: Sure Elise. I think - in fact, what I should probably do is have
Boyd comment on this a little bit, because I think we are totally simpatico with
the folks at Aviron, having had the opportunity to really get very close to them
over the last several weeks, and review the status of their response to the
complete response letter. I think that they have done a tremendous job.

Ed Connor, Frank Top from our organization, and (Peter Patriarcha), and (Ben
Machielse), who runs our quality group, (Gail Wasserman), our process
development group, have all been intimately involved in reviewing that
information. And we are basically in total agreement with the timeline that Boyd
has previously laid out. Boyd, do you want to comment on that?

Boyd Clarke: Thank you David. We continue to sustain the position that we have
taken publicly for some time now that we will submit our reply to the complete
response letter by the end of this year. At that point, the clock will then
start for the FDA through the ((inaudible)). And we would anticipate that they
would review the complete response letter over the course of the first two
quarters of the year.

So the key point to emphasize one more time is that in order to send in that
complete response letter reply, and we believe address their concerns, we do not
believe that we will have to do additional clinical trials.

Operator: We will go next to Bill Tanner of SG Cowen.

Bill Tanner: Yeah, a couple of questions. Dave, with respect to the agreement
with Wyeth, it sounds like you have not actually spoken to them. And I am
wondering if you could comment on what do you think the likelihood of being able
to participate in marketing in the traditional channels. And then, is there any
possibility that there is any incremental gain to MedImmune over and above I
guess just selling more product? You know, something to be restructured for
example?

David Mott: Sure Bill. You are right. We thought it would have been
inappropriate with something as material and non-public as this situation to
talk to them much in advance. We did make sure that cotemporaneous with it
hitting the wire this morning that we called our partners, and that Boyd was
able to talk to his partners there as well.

We actually at MedImmune have had a very good experience in collaborating with
Wyeth in the past. We did initially commercial (RespiGam(R)), our first big
product with Wyeth. In fact, Armando Anido, our head of marketing and sales, is
a graduate of Lederle, Wyeth Lederle, having been head of marketing for their
anti-infective group before moving to Glaxo about nine years ago, ten years ago
or so.

And Jeff Hackman, our VP of marketing out of the flu business also comes out of
Lederle, where he was in marketing and had run the (Suprex) brand for a number
of year. And in fact Mel has a direct experience working with Kevin Riley, who
runs their vaccine business, for a number of years when the two of them were
running businesses in Canada together.

So they clearly are one of the world's leading vaccine players. They have
tremendous capability in this arena. Their success with (Prevnar) has really
been just a tremendous example of the value of proprietary novel vaccines, both
from a public health point of view, and from a commercial value point of view.

We obviously have some resources that we could potentially bring to bear that
were not already existing at Aviron. So that does offer us some new
opportunities. But we do think that the existing relationship is one which is
tremendous.

The deal structure is one that affords Aviron an ability to participate in the
commercialization. There is plenty for them to sink their teeth into in the
non-traditional channels. And obviously what we want to do is we want to sit
down and show them a full list of the resources that we could bring to bear, and
see if maybe there are some opportunities where they could use some of the other
resources that we already have.

But that is not something which is required in order to make this a good
partnership between MedImmune and Wyeth. It is something that, if it could make
it a better commercial structure and a bigger product, obviously both of us
would want to do that. But it is not something we need to have this make sense.

Bill Tanner: Okay. And then I guess maybe a question for Jim on the enhanced
yield production sounds like that might be applied to FluMist. I am curious if
you could comment as to the timeline to implement that, I mean if that is
something being considered. And then just a general comment as to what is the
perception as to the feasibility of that for this kind of a product versus a
monoclonal antibody.

Jim Young: Yeah. Well Bill I think it is a totally different type of product.
Obviously the enhanced yield process that we have developed for our monoclonal
antibodies is for a cell culture based product. And here we are talking about a
product which is produced in an hens egg.

But we think that there are some pretty substantial downstream processing know
how that we could bring to bear on this process. There is also the opportunity,
we believe, for ultimately converting this to a cell culture based product.

And clearly our expertise in cell culture physiology and scale-up can be brought
to bear on that to hopefully make that successful, because I think that really
will drive the production of this product to even higher levels, and afford us
the opportunity to produce it, possibly even more cheaply than you currently
can.

So I think there is synergy in terms of downstream processing now, as it applies
to the egg product. And then further down the line, looking at opportunities for
producing this in cell culture, where we really do have industry leading
capabilities.

Bill Tanner: Okay. Thanks.

Jim Young: You are welcome.

Operator: We will go next to Dennis Harp of Deutsche Bank Alex Brown.

Dennis Harp: Thank you for taking my question, and congratulations on what I
think is a great strategic move for both companies. I was wondering first on the
timing of FluMist for the 02 flu season, what is the latest that approval could
come in order for you really to make the season? What month does that have to
happen in order to fill the pipeline and so forth?

Man: Sure Dennis. You know, I think obviously an approval at any point in time
is better than not having an approval. So one approaches it always from that
perspective. To really optimize the season, certainly our hope would be to have
an approval in hand on or before September 1.

Dennis Harp: Okay great. Now with respect to your thoughts about the sales
potential of the product potentially in excess of a billion, is that point of
view shared with Wyeth? Do they view it as well as that big of a product?

And can you give us some sense of how many doses would that translate into so
that we could compare it to the current size of the market? I mean part of the
flurry here is that you are really - you are addressing entirely new markets
with this product.

And so if you could give us some sense of how large that new market might be for
you, either in terms of number of doses or numbers of patients, that would be
great, and whether Wyeth shares your point of view.

Man: Sure Dennis. Let me ask Armando Anido, our Senior Vice-President of
Marketing and Sales, to comment on some of those questions.

Armando Anido: Thank you. Dennis, in terms of what you have heard from Jim
earlier, it really is a major medical advance. And the user friendly delivery,
the intra-nasal delivery of this, really opens it up to the untapped market, the
healthy population.

If you take a look at the healthy population in the United States between 2 and
64, you are looking at over 170 million people that are in that category. And
today, influenza costs society over $15 billion.

Wyeth ((inaudible)) and Aviron have worked very, very closely on their
projections on how big this thing is. And we believe they share the enthusiasm
with us on this product being pretty large.

You also have to remember currently there is about 75 million doses of inactive
dated flu vaccine that are produced. And we believe that will continue to grow,
and grow to significant numbers.

Dennis Harp: Great. Well thank you very much, and congratulations again.

Man: Let me just add one thing to that Dennis. I think that overall our
expectations are that this could grow both by adding new patient populations,
the healthy folks that didn't get the

inactivated vaccine before, as well as by, to a lesser extent, competing with
some of the existing inactivated market share.

If you look at the market today as being in round numbers 80 million inactivated
doses a year in the United States, our expectations would be that over the next
roughly five years, that would increase to something on the order of 120 million
doses.

Our hope is to capture a significant share of that growth, as that growth will
be into the new populations that haven't historically been vaccinated, as well
as to perhaps take something in the range of 15% share from the existing
marketplace.

So we think that it can be a very large product in the new market area, and also
capture some of the existing market.

Operator: We will go next to Akhtar Samad of Bear Stearns.

Akhtar Samad: Thank you and congratulations to both parties. My questions have
been largely addressed. Just a quick question for Boyd if I may. If you could
tell us when you might be releasing the quick response letter, or giving us some
specific insights into the content of that. And again if you could just
reiterate the rationale for selling at this point, as opposed to closer to the
approval time, the one that you anticipate, in mid 02?

David Mott: I couldn't really hear that question. I don't know if Boyd could
either.

Akhtar Samad: Yeah, hi. I will repeat the question. If you could let us know
when you might be releasing the ((inaudible)).

Boyd Clarke: Akhtar, we regard the complete response letter as proprietary
information, and have no intention of releasing it publicly.

Akhtar Samad: Sure. Okay. And again, if you could just reiterate your rationale
for selling at this point in time as opposed to closer to the approval that you
anticipate in mid-02.

Boyd Clarke: I think that the answer - or the answer ((inaudible)) exactly what
I said in my prepared remarks. We were always confident that we could secure
licensure. But we an opportunity now to be able to participate in a significant
acceleration of our enterprise towards a truly strong, robust commercial
operation.

And so the opportunity was there now. The strategic and tactical fits were
superb. And therefore we proceeded fully in the context of understanding that we
were optimistic about licensure.

Akhtar Samad: Great. Thank you and congrats again.

Man: Thank you.

Man: Thanks. Why don't we take two more questions at this point, and then wrap
up the call so people can all get back to work this morning.

Operator: We will go next to Patrick Flanigan of Adams Harkness.

Felicia Reed: Hi. It is Felicia Reed. Congratulations guys. Can you tell us,
based on the data that you have seen, do you think you will be able to get a
broad label for FluMist? Or do you think you will have a label that excludes
high risk kids?

And secondly, maybe Jim if you could quickly go through the pipeline of Aviron's
products and remind us what phase they are in, and tell us what products you
think will take top priority at MedImmune?

Man: I think given the sensitivities of responding to things that are under
discussion with the FDA, we should have Boyd comment on that, to make sure we
don't say anything he is not currently comfortable with, with respect to the
labeling. And then Jim can talk about the pipeline. Boyd?

Boyd Clarke: Okay. As you are aware, we initially submitted a biologics license
application that was looking forward to licensure in a population of healthy
children and healthy adults, ages 1 through 64. As many of you are aware,
concomitant use was an issue that was discussed significantly at the advisory
committee.

By concomitant use I mean the use of FluMist as in association with all around
other commonly used pediatric vaccines, the majority of which are used in ages
up to 18 months. It would be my anticipation that we would have an ongoing
dialogue, either alone or in the context of newco, as to the shape of that
label.

It will still involve, as Armando had said, in a larger target audience than any
product has ever entered the market on to my knowledge. Thank you.

David Mott: Okay. One more question. Oh, Jim was going to answer the pipeline
question.

Jim Young: Yeah. Let me talk a little bit about the pipeline, as we have
reviewed it. And basically you can divide it up into two categories, the first
being enhancement to the FluMist program.

They have a series of different sub-programs underway, which I think are
important to being able to enhance the robustness of the manufacturing process,
looking at potentially new formulations and also to enhance the efficiency and
yields of the process.

I think those are very high priorities again to continue to invest in the
franchise, build the franchise, and make it to the product we think it can be.

The other categories obviously are the new products that they have in
development. And I think, as I mentioned before in the prepared part of the
presentation, that there are some very important

synergies there. Obviously their vaccines in herpes simplex virus and
cytomegalovirus are important opportunities, as neither viruses have vaccines
that are currently on the market.

They also have programs for parainfluenza virus 3 and (RSV) vaccines, clearly
important products to fill out those franchise of pediatric infectious disease
products. We have always been very interested in trying to find and secure an
interest in an (RSV) vaccine.

Obviously with Synagis, we are at the forefront of every health care provider's
mind in terms of being involved in the (RSV) disease. We see a vaccine to be not
competitive with Synagis, but rather quite complimentary, because it would be
used in different populations, and that we could further expand our (RSV) reach.

And so we are very interested in the technology that they have developed related
to an attenuated (RSV) vaccine. So that of course would again have very high
priority.

They also have another herpes type vaccine, (EDV), in development. So they have
the parainfluenza virus 3 and the (EDV) vaccines in phase two clinical
development. They also have efforts underway toward a room temperature FluMist
presentation that I think are very important.

So the other programs are pre-clinicals, moving towards the clinic. And so it is
a very nice mix of products at various stages of development, with very
important medical opportunities, and commercial opportunities.

David Mott: Okay. Why don't we take one last question.

Operator: We will go next to Peter Drake of Prudential Financial.

Peter Drake: Thank you David. My phone went off just as I was going to ask Jim
Young the second question, which is Jim could you comment on FluMist's
competitive position against currents and potential future products? How have
you looked at the differentiating features of FluMist?

Jim Young: Well I think it is pretty easy actually. Clearly the most
discriminating feature is the administration. What kid wouldn't rather get a
little spritz up the nose versus an injection? Or what adult for that matter?

So I think that clearly differentiates the product. There is also, although not
statistically significant, in virtually all of the clinical trials that were
done, there was always a trend toward greater efficacy with FluMist over the
sub-unit inactivated injected vaccine.

So clearly we will be interested in pursuing that, and see if we can shore that
up, the other feature to discriminate the products. But I think the most
important thing is the fact that it is easily administered, can be used more
broadly in a healthy population.

Remember the flu is a bad disease. People get sick and they are stuck in bed,
incapacitated for 5-10 days. Being able to provide an easy to use, safe vaccine,
without an injection, is going to be a tremendous opportunity for public health.

Peter Drake: Thank you.

David Mott: With that, why don't I close by just making a couple of comments.
First of all, I want to reiterate that we are very excited about this
opportunity. We think it provides tremendous value for both sets of
shareholders.

It gives MedImmune really the opportunity to add what we believe will be a
second blockbuster product to our existing portfolio, with Synagis already out
there on the market. It gives us the opportunity to collaborate on a very
complimentary earlier R&D portfolio, where clearly there is an awful lot of
overlap, both with respect to the technology and with respect to the disease
targets.

We think that the skill sets of the two groups of employees are very
complimentary. They have tremendous capabilities in the areas that they have
been investing in and building over the last several years. And really we have
tremendous capabilities in the areas that they needed to expand over the next
several years.

So that fit is tremendous. And we think that by putting the two companies
together, we are going to create tremendous financial growth for both sets of
shareholders going forward as we look at roughly neutral cash EPS in 03, and
significant double-digit accretion thereafter, with a long-range goal of over
25% comp on annual growth and revenues, and over 30% in earnings per share.

With that, I would like to close the conference call. Thank you all very much
for participating. And we will look forward to seeing you and talking to you all
soon. Bye-bye.

Operator: That concludes today's conference call. We thank you for your
participation. You may disconnect at this time.



                                       END

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