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Biotech / Medical : Neurocrine Biosciences (NBIX)
NBIX 132.40-0.7%Jan 16 3:59 PM EST
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To: Biomaven who wrote (1387)2/26/2005 3:23:23 PM
From: Icebrg  Read Replies (1) of 1834
 
This is a somewhat complicated, but if I understand this correctly, the effect on Icos may not be as bad as one would assume.

When Icos takes on more of the responsibility for sales and marketing costs the profit in the joint venture will increase. But half of that profit will come back to Icos as their part in the profit sharing for the J/V.

Through 2004 100 % of these costs were covered. Starting 2005 only 60 % will be reimbursed. The J/V will gain 40 %, out of which 20 % will be due to Icos. At least accounting-wise. So, there will be a hit on the P&L, but not as severe as one might expect.

Erik
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