GTC has an approved drug in Europe
GTC has a good chance of having Atryn approved in Japan
GTC has a good chance of having Atryn approved in US
GTC has a chance at DIC/Sepsus drug in the next couple years.
GTC has a chance at factor VII in a few years in Europe and in the US.
On the other hand GTC hasn't really acted solely as a drug manufacturing company.
Conclusion: Although GTC has used "partners", to view GTC as "more of a drug manufacturing company" is misguided IMO based on current status. If another company contracts with GTC to manufacture without royalties, it would be viewed as positive, but not produce much of a pop in share price IMO.
On the other hand, I think that as GTC continues the philosophy of "gathering the low hanging fruit", i.e. pursue drugs development where risk of failure is low (given that the rewards are less) we will be seen more as a drug producer that is leveraging an efficient platform against low risk targets.
As we more forward in the coming decades, and as the novelty of various technologies gives way to the mechanics of production, I think companies like GTC will prove more valuable.
