Hello Tricky, sorry for not responding promptly have had a very...

Hello Tricky, sorry for not responding promptly have had a very sad week, unfortunately not investment related.

I used 75% because the margins are normally very good in bio tech under patent. After patent ends the possiblity or reality of generics can lead to premptive price/margin reductions. Also at the AGM SM said the dose price is $80-100 and then said in a smug / happy voice that it was very cheap to make.

Yes the structure may mean the margin is lower but I would imagine the sell price is cost plus based, while under patent it is virtually a monopoly product well at least in comparison to next best alternative. There are other alternatives available and more will came you never own a pie that big.

I would be disappointed if they priced so that they didnt at least get 60% gross margin.

Yes also trying not to get to excited either. That is the good thing about spreadsheets you can evaluate the information that you do know but not Rumsfield unknown unknowns. If they never get approval their wont be any sales. The sales are the quarterly sales (I broke the SM year ones into quarters). The overhead is the hard part to estimate but I put what I thought as quarterly OH based on TIS will primarily be a sales company once / if approval is achieved.

If you would like to play with numbers you can cut and paste them to excel and redo formulaues as I cant work out how to attach the spreadsheet (old school).