Intellipharmaceutics International Inc. (IPCI)

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Mackie is estimating US$21.2M SeroquelXR revs for IPCI in calendar year 2018

Recap of Mackie analysts projected IPCI SeroquelXR revs>>>

According to Symphony Health Solution, sales in the U.S. for 12 month ended August 2015 for brand Seroquel XR were approx.
US$1.2BN. We are assuming market size would decrease by 35% to US$780M per year after its genericization. We estimate IPCI’s
generic Seroquel XR would take max. 9% of the market and after that the market share would drop by 20% on yearly basis. We are
assuming a gross margin of 80% and that IPCI and Mallinckrodt would evenly split the gross profit. Our estimates of IPCI’s share
from its generic Seroquel XR sales in the U.S. from 2017 to 2020 are US$13.5M, US$21.2M, US$17.0M, and US$13.6M, respectively.