Biotech Values

[jbog]

DFRAI

When we look at the 'best case' of being 45% of "net profits" it always seems hard to define what net profits means beforehand.

In looking at NVS, we'll find their 'gross profits' average 71% of sales while their 'net income' (less taxes or financing) average about 22%.

So, I'm not sure if Momenta's take wouldn't be closer to 45% of $262 million. ($1.2 b x .22)