Momenta Pharmaceuticals, Inc. (MNTA)

[DewDiligence]

The $15M figure Stifel is modeling for 3Q15 is presumably MNTA’s profit share rather than NVS’ in-market sales of Glatopa.

For the sake of discussion, if we model a 40% pre-tax margin for Glatopa (deducting COGS plus the contractual allowance in the NVS-MNTA Glatopa agreement for selling expenses), then MNTA’s 50% share of pre-tax profit amounts to 20% of sales, and hence Stifel’s $15M figure equates to $75M of 3Q15 Glatopa sales. That’s still pretty low, but it’s not crazy.