I’m going to rewrite the model, raising the blended average US/EU price (in light of Sovaldi’s US list price) and making it clear in the same post why I don’t use a discount rate to account for the risk of program failure.
(Regrettably, investors are accustomed to reading reports from sell-side analysts with bogus discount rates that have been calibrated to make the price target come out where the analyst wants it.)
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