Biotech Values

[zipjet]

I do not see much difference in our views on $AMRN.

IF patents hold, valuation will depend on sales and GM%. You likely know more than I do about whether the COGS can be reduced significantly over time.

The one factor you did not mention is that once the market is penetrated the price will be incremented 6-8% every year. In DCF calculations that supports higher values.

ij