ENTA—Another problem I have with your valuation model is that your 15% annual decline in V-Pak royalties starting in 2017 would seem to assume unrelenting price erosion. However, once the main market players are well established, they will probably hold prices firm or even raise them slightly each year. In other words, your assumption of a 15% annual decline in V-Pak royalties starting in 2017 presupposes a 15% or greater annual reduction in V-Pak patient volume, which I just don’t see.
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