rbs morgans weekly research report, page-28

Thanks JM. What a stoic view of POH looking forward. Note they haven't factored in any upside from ( in no partic order) Animal Feeds & Supps, MMA Mastitis, Novartis India Diclo, GNA, South Korea Bio Elixia, Agila/Mylan Injectables, Nippon Zoki Diclo, Intas Dermatology, TPM Oxy Topical, Anti-Acne Therapies and so on. Some of these are launched or have 2013 launch dates. Is RBS Morgans being lazy; don't believe these will get up; or Door 3- cant work out any valuations to place on such projects.

Of interest is the savings Morgans' estimate on the Oxy Clinical Trials by taking to Ph2 only. Cash position is secure to fund clinical program thru 2014.