GTC Biotherapeutics (fka GTCB)

[DewDiligence]

Effect of currency on ATryn royalties:

>Is GTC paid by Leo in Euros? More profit compared to 2006 approval!<

Leo converts its ATryn sales in each country from local currency to dollars using the average exchange rate for a given quarter, and this is done before calculating the royalty payable to GTC. Thus, a declining dollar relative to the British pound and the Euro increase GTC’s dollar-denominated royalties.