Biotech Values

[DewDiligence]

To what extent does the "channel stuffing" account for some of the revenue recognition?

NVS recognizes revenue when a wholesaler has assumed the risk of holding Lovenox inventory, so channel stocking is booked as current revenue.

…can we expect subsequent quarterly sales for mL to correct to the downside?

Yes; however, as noted in #msg-55775366, NVS’ current market share is higher than the market share during the early days of the Lovenox launch, which offsets the one-time distortion from inventory stocking to some degree.