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DewDiligence

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DewDiligence

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Re: chantillylive post# 193385

Tuesday, 07/14/2015 3:40:41 PM

Tuesday, July 14, 2015 3:40:41 PM

Post# of 253356
Re: ENTA valuation model

For now, the only material change I’ve made to the arithmetic in #msg-110528122 is that the $155M in milestone payments ENTA receives in 2015 (including the coming $30M for approval in Japan) will be fully taxed rather than offset by NOLs. The tax on these milestones payments lowers the bottom-line figure by about $3/share.

Regarding the heart of the model—the $52/sh ascribed to the V-Pak royalty stream—we’ll know in 10 days (when ABBV reports 2Q15 results) whether an adjustment is warranted.

“The efficient-market hypothesis may be
the foremost piece of B.S. ever promulgated
in any area of human knowledge!”

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