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Biotech / Medical : Cambridge Antibody Technology Group

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From: IRWIN JAMES FRANKEL12/20/2004 6:41:33 PM
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Maybe someone can help me.

MC $590M
EV $330M

Royalties will be 5-6%, call it 5% on Humira.

2005 Humira sales $1.2B
Implied royalties $60M annually

The H royalties make the EV look cheap.

What am I missing? (I know this is shallow but I have not followed CATG so I am far from up to speed.)

TIA

ij
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