Show me another biotech or pharma with such handsome derisked ROE and cheap enough that halo can buy them and I will say yes go for it. Otherwise they should buy back more.
Cash sitting in the bank is losing value due to inflation.
Buybacks are one of the best things they have done for the shareholders. The average buyback price so far has been in the 20’s (read the CC script). That was super smart.
I was having similar thoughts this morning. There is something nonchalant about their attitude on their patents' expiry. If they need to buy another technology platform they should be saving cash and it makes no sense to wait in the hope that their partners will get co-formulation patents. That is most likely to happen only for the older drugs.
Or do they really think they can buy something that will make a difference for a couple of hundred million? There is so much cash ready to invest in biotechs that there is no way that's going to happen.
We are a one trick company in more ways than one since probably 75% of the royalties come from Darzalex FasPro. It could become 80% next year and it will not come down until we have significant royalties from new products.
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