Yes, the stated addressable markets are misleading in a number of ways.
Firstly, as already noted the discrepancy between the IQVIA figures and Valeant's latest revenue figures for Jublia. Perhaps there's a simple explanation, but none yet forthcoming.
Secondly, the generic competition appears more fierce than (at least I) first anticipated. So the current addressable market of the current pipeline might be $1.4 billion now. Yet once the new generics are on the market, the combined effect of multiple pie slicing (5 or more per generic?) and the flow-on effect to price cuts, potentially means little leftovers for the likes of Acrux.
As such, I also sold a large portion of my holdings today. I still think it is worth more than the current market cap suggests, yet the risk in my mind has risen and I view the capital gains are best redeployed elsewhere.
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