Biotech Values

[biocqr]

I expect annual worldwide sales of G/P to peak at $4B in 2020. ENTA's annual royalty on G/P sales is tiered from 5% to 10%, where each tier is defined by undisclosed sales thresholds, so let's say ENTA gets an average 7% royalty rate in 2020. 7% of $4B = $280M. Say operating expenses and taxes consume $80M, leaving $200M of net profit.

Dew...I'm confused on ENTA's royalty rate for G/P.

Slide 8 from this JP Morgan presentation shows "double-digit royalties on 50% of net sales" which contradicts your statement above.

Can you clarify the royalty rate/tiers for Mavyret?

Also, do you still stand by $4B peak sales in 2020?

TIA.