Momenta Pharmaceuticals, Inc. (MNTA)

[iwfal]

And then, to my original question last year, how could they possibly dream of a 20% royalty from WPI/Ampha if the entire profit margin enjoyed by WPI/Ampha is 10% or less?

I agree that your being right on the cost erosion that occurred with even just 2 independent generics makes you correct on the royalty discussion for Lovenox as well. But at this point if the en banc reverses the previous ruling then A* (and WPI if the A* can't pay?) will just owe that much more money as penalty. NPV is NPV - whether it is discounted future royalties or cash now. Not sure anyone should care whether it is $1B now (WAG) and 20% royalty on 1/4 of the market in 3 years or $1.3B now and 2% royalty on 1/4 of market in 4.5 years