Halozyme Therapeutics Inc (HALO)

[Fred Kadiddlehopper]

Helen has very recently said that investors should assume a step down.
This is still the case in Europe where that patent extensions you cite are not valid. EU step down starts in 2024 unless the patents are extended there as well.
Also, we don't know for sure if the step down is avoided in the case of a patent extension. It's possible, yes, but not certain. This is a matter of the details of the contract and we don't have those details.
In additon, step down or no, the royalty deals only last 10 years as mentioned by Elaine the CFO just this week.