I took it that $280m was for the total addressable market defined as at the pharmacists sale price, but with that number probably also containing competitors products for the same problem with a different actives, and the rest of the world market as well (assuming that condition occurs outside the US). However it could be that the price was at wholesale price not retail price - but I thought TAM was the biggest possible version of the market at retail. It is possible that a cheaper generic could take market share from other treatment options I guess.
I have to admit that I still can't get past the $50m USD revenue in the Bausch Health Pres, and assume that is roughly the total wholesale revenue pool that Acrux's licencee will be looking at, minus a discount to attract market share. https://ir.bauschhealth.com/~/media.../2q18-bausch-health-earnings-presentation.pdf
Therefore I don't believe the retail margin was 80%, but that it cannot be calculated from what was provided.
I'd hope that the $50m USD is not a dodgy number before rebates etc - the other side of what I think you are pointing at. Also I am not sure if Bausch have international rights and that revenue includes ROW.
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