Biotech Values

[rkrw]

MNTA.

If by COR you mean COGS, your 45% estimate will be proven off by a few fold.

COGS are routinely 10-15% or less for branded drugs. Using a 14% discount to the brand, still gives pharma margins on COGS for the lovenox generic.

You can't compare it to generic company income statements since they sell hundreds of drugs with dozens of competitors, generally making generics a low margin, volume business. That's why they all chase the homerun generics, FTF situations and hard to copy. Sandoz has already said lovenox will be their most profitable product, probably far and away and keep in mind that's even after paying off 40-45% of the profits to MNTA.

On distribution costs, I agree with you a 5% estimate is too low and your 20% estimate is fair.