If the number truly is $25M/yr., then today's price is truly ridiculous IMO. There are other forms of revenue too. For example, I believe one should also consider off label usage potential and associated revenues.
$25M is a reasonable estimate of the end-user sales of ATryn in the first 12 months for the HD indication. These end-user sales will be booked by Leo, not by GTC. From these end-user sales by Leo, GTC will recognize about $6-7M in revenue and about $4M in profit, based on the company’s prior guidance on the economics of the collaboration (#msg-12430822).