Biotech Values

[esimae]

Thanks for your reply.

I looked through the NOV Q3 media release and on page 68 it shows Sandoz sales and operating income differences from Q2. It shows a sales difference of +$204MM and a +$128MM operating earnings change. Sandoz numbers on pages 66 and 67 show the vast majority of change is due to US M-L sales. Despite some moving parts this profit margin seems huge for a ramp-up considering the profit split of 20%+.

My question is could there be a situation where Sandoz/NOV books revenue from M-L in Q3 and some or most of the MNTA profit share is expensed in Q4. Otherwise profit margins must be 70%-80%+ from the get go.

Sorry if this is more confusing.