Momenta Pharmaceuticals, Inc. (MNTA)

[io_io]

the 1Q12 data you quoted ($22M revenues) do NOT contradict my GM data that you also quote - since those GM and revenue predictions by me are in a thread about Momenta's revenues in a system with only Sandoz, Sanofi and AG

The GM on a drug had nothing to do with how MNTA is compensated. That it is - and was - declining fast can be seen as follows:

The revenue - to Sandoz - was $176m, between the mid-point and low-point of your 3 estimates. If the GM had been as high as you predicted, then just the one month of profit share mode would have meant revenues for MNTA of $14m (ie a $166m annual revenue run rate) for January. Instead they had revenue of just $22m for the entire quarter.