npat & valuation, page-53

Someone mentioned the other day it would be better to do the NPAT calculations based on units sold, rather than cumulative market share by growth. I agree with that. See below.

Not much difference. Regardless of how i cut the numbers we get 40m+ NPAT where we share the market with GSK (Arixtra and AG) and about 25m+ should another generic enter the market (unlikely in my view).

P.S. I have probably been a little generous with the reduced DRL. Is a 7% reduction in DRL costs possible? Time will tell.