Biotech Values

[zipjet]

It's funny that you aren't trying to back up your 20% Cogs prediction.

20% for COGS is ballpark. We don't know exactly because of mixing COGS and the fixed percentage SGNA.

It appears to me that using an operating margin of 61% works for 3Q and my guess is that moves toward 66% over time as COGS drop further. At least that is the way I will model it.

Actual sales and these margins certainly put your estimates in the correct perspective.

ij