Milestone payments will make it even more like a bank. The higher royalty payments will be meaningful if market share goes up. Since expenses are increasing, royalties and sales will have to go up for any real income to fall to bottom line. We "know" US sales of V-Pak will be down significantly in 3rd (and probably 4th) quarters. Probably not a huge deal since they already so low. Only hope until next generation is increased Japanese sales, but didn't do much for this quarter (increase of $1MM of royalties). More than ever, this is a next generation story and, with the overall HCV market going down, ENTA needs to get double or triple the current market share to be meaningfully profitable. Not impossible, but seems unlikely. Hope that I am wrong.
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