I would concur that in the present condition a market cap of 50B seems like a stretch but I am only taking the Biotech averge P/E ratio of 16 and multiplying the earnings per share at Y10.

The big factors in this calculation is the market penetration and parner share. I have also made an assumption of additional filling lines costing 2M a piece but this too is minimal. Pretty sure that we have put to bed the contirbution margin as at 50% and selling price somewhere north of 2000. The amount of debt I have adjust downward to 250M on OPC suggestion but by FY10 this really has no effect on the PPS (previous posts by others were correct in this assumption).

Oh yes, and the big assumption that I have adjusted 3 times now is that there will be no more dilution.

Wonder if there would be a buy back at some point in the future?

I have also gone into the Baseline calculation and retooled it for partnership costs and have to automatically calculate the cost of expansion that result from demand. I will update the other editable workbook with these changes as well.

Simply put it all boils down to Market Share, Partner %, Contibution Margin and the biggy Approval.

Enjoy the day,

OOG