Depends on how much the J-code step up actually is. I’m inclined to think the CEO wouldn’t have mentioned this prominently if the step-up were modest, so I’m guessing it’s about 500 basis points—i.e. that the Bendeka stepped-up royalty rate is ~25%.
“The efficient-market hypothesis may be the foremost piece of B.S. ever promulgated in any area of human knowledge!”