Replies to post #8943 on Momenta Pharmaceuticals, Inc. (MNTA)

[DewDiligence]

The emphasis on the Copaxone patents extending to the 3rd quarter of 2015 also was slightly different than most had understood (late 2014). So a possible delay in earnings is another issue from today.

That’s not new information; it has long been known that Teva had a non-Orange-Book process patent (5,800,808) that expires on 9/1/15, 17 years from the issue date.* The list of 7 Orange-Book (which expire on 5/24/14) and 2 non-Orange-Book patents being litigated is shown in #msg-54113660.

*Because the patent was filed prior to the pre-1995 rule change to a duration of 20 years from the filing date (http://patft.uspto.gov/netacgi/nph-Parser?Sect1=PTO1&Sect2=HITOFF&d=PALL&p=1&u=%2Fnetahtml%2FPTO%2Fsrchnum.htm&r=1&f=G&l=50&s1=5800808.PN.&OS=PN/5800808&RS=PN/5800808 ).

[DewDiligence]

I think that the guidance for a loss of $10-15MM per quarter (not the $50MM stated in the seekingalpha summary) may be higher than some thought would happen.

You’re probably right; however, I’m much more interested in the guidance for cash operating expenses, which didn’t change materially, than the guidance for the GAAP loss. From the transcript:

Previously I’ve given guidance at total operating expenses excluding stock compensation and the royalty payable to MIT and net collaborate revenues would be between $22 million and $28 million per quarter for 2012. Let me illustrate how I get that number for the first quarter of 2012. Operating expenses totaled $29.5 million that amount less stock-based compensation were $3.3 million less the MIT royalty of $0.4 million and net collaborative reimbursement revenue of $1.1 million equaled $24.7 million for the first quarter… I’m still expecting to be within that guidance for the subsequent quarters of 2012.

p.s. The $50M typo you cited (in place of $15M) for the upper bound of the quarterly GAAP loss is a really bad error. If anyone actually believed such a number, they probably sold already, LOL.