Dave, - "Revenues for the quarter were
$100,859,000, including $27,517,000 from sales of AVONEX." The rate of sale of Avonex is presumeably much higher since the company was adding roughly 1,000 patients to its patient base during the quarter - that would mean that this quarter's avonex sales should be roughly $50M+. There was a one-time gain of $30M from Pharmacia& Upjohn, but P&U is now paying regular royalties in addition of roughly $10M/quarter (or at least that is how I interpreted Rick's comment above). There was also a one-time tax-credit the company took. Next quarter's earnings will probably not be as strong as this one's, but they should still be very good and then continue growing strongly for the next two years. Avonex expects to see approval in Europe early next year and then the patient base could grow to 100,000+ by the end of that year. Jim Vincent said that the royalty payments were seeing double-digit growth, fueled by growing markets and applications. Rick said he would post the Q3 analyst phone call transcript after the fact and that will probably contain the answers to most of our immediate questions. |
