Replies to post #218733 on Biotech Values

[DewDiligence]

Re: ENTA’s Mavyret royalties

Slide 8 from this JP Morgan presentation shows "double-digit royalties on 50% of net sales" which contradicts your statement above.

No contradiction. 10-20% of 50% equates to 5-10% of the gross amount.

Can you clarify the royalty rate/tiers?

The thresholds for the various royalty tiers have not been disclosed. The lowest tier has a royalty of 10% (i.e. 5% of the Mavyret gross), and the highest tier has a royalty of 20% (i.e. 10% of the Mavyret gross).

[DewDiligence]

Re: Mavyret peak sales

…do you still stand by $4B peak sales in 2020?

The $4B figure for peak annual sales may be too low; as Mavyret did $3.4B (annualized) during 1Q18 despite the fact that it hadn’t yet been rolled out in some major countries such as France.