Biotech Values

[DewDiligence]

People are ascribing too much significance to the $40M figure in NVS’ litigation brief, IMO. In the first place, this number was a lower bound rather than an actual 6-week sales projection. From NVS’ 8/6/10 pleadings (#msg-53731775) with emphasis added:

Sandoz is expecting sales in the range of over $40 million in the next six weeks alone, sales which would be lost if the court were to enjoin it.

Moreover, the purpose of NVS’ mentioning the $40M figure in the litigation brief was merely to counter SNY’s argument of irreparable harm. It’s reasonable to surmise that, for competitive reasons, NVS would want to reveal as little as possible to SNY about its Lovenox commercialization activities. Thus, the $40M number was presumably a lowball estimate that NVS thought was the minimum number they could use to make NVS’ counter-argument vis-à-vis irreparable harm credible to the judge.