Biotech Values

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I would have expected a better quarter. That's only revenue from about 2200 patients (assuming actual revenue after discounts, free drugs etc averaging 50000/year). They seem to be doing decent marketing with a competent sales teams (reps/TLLs). This can't be cheap so profit is probably negligible now. I think Zeposia will continue to grow steadily and will probably have 10000 MS patients by mid 2022. The MS market is very crowded with 19-20 drugs for relapsing forms and they share a niche/MOA with Gilenya, Mayzent and Ponvory (last one with the stealthiest launch I've seen since Aubagio - lots of ads but little communications with doctors).

Next up will be ublituximab from TGTX (currently my largest Biotech holding) with a PDUFA date March 2022 which will compete with Ocrevus. I suspect a faster ramp up as infusion time is more rapid allowing better use of resources and possible preference for patients.