Big disconnect between upbeat call and -4% move (I'm adding a bit). They project cflow positive for the year. Solid growth in all markets including Europe in which Recordati has only tapped 10 of 59 countries. Goldman asked about buyback and they said they were discussing various things including buyback, dividend, etc. I will be curious to see if Goldman reiterates its sell rating and single digit target price or finally moves it up. No comment on patent... I plan to request a call with a BOD member or management on this radio silent issue. Should get SCOTUS determination by when? June/July? I suppose continued meaningful growth from Recordati in Q2 would be impossible to ignore. In this case Q1 2026 European rev doesn't comp great to Q1 2025 because of the shift in model (despite benefiting significantly from massive cost reduction). But it does show big move relative to Q4 2025 transition phase. Wild that this is at a discount to cash (even bigger cash + inventory) despite positive cash flow projected here on out (and staying positive makes complete sense given the stage of Recordati launch). Market does not believe Recordati projections that lead to milestone payments (despite a record of being conservative in projections).
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