Biotech Values

[zipjet]

I was talking GM$ not GM%.

BNTX was and will be splitting, so no change in that.

Assuming Comirnaty pricing is 4x and COGS unchanged, the GM$ depend on sales.

Thus, sales could drop 75% and still produce more GM$ since both sales and COGS drop 75%.

Bigger sales drops and fewer GM$, perhaps my 50%.

I do agree with your comment on valuation of declining sales re: PFE.

I prefer to treat sharply declining sales as a net bolus to NW.

But in the case of Comirnaty, we have the bolus and then an on-going product that could be stable YoY for a long time, much like flu vaccinations.