Biotech Values

[DewDiligence]

PFE makes even more money from Eliquis than I thought; following is the section of the 2007 PFE/BMY press release that I highlighted in bold-face type (#msg-19134406):

The companies will jointly develop the clinical and marketing strategy of apixaban, and will share commercialization expenses and profits/losses equally on a global basis.

The word equally means a 50/50 profit split, right? Not in this instance! In the next paragraph, the PR goes on to say:

The companies will share all development and commercialization expenses along with profits/losses on a 60%-40% basis, with Pfizer assuming the larger share of both expenses and profit/losses.

Thanks to Jonathan Rockoff of the WSJ for pointing out my mistake.