Biotech Values

[DewDiligence]

Lotrel had $1B in sales in 2005 before the generic competition. I don't think NVS got triple damages, but I think the settlement [with Teva] is north of $1B.

Teva’s financial reports contain a reconciliation between GAAP and non-GAAP EPS that includes a line item for legal, acquisition, and impairment expenses, which is excluded from non-GAAP EPS. (For 2Q11, this line item was $272M.) Based on this line item in 3Q11, we should be able to make a reasoned guess at the cost of the Lotrel settlement.