KGV = PE or P/E or PER (price to earnings ratio)
A high P/E is an indication that growth is expected in future earnings. BTA has a low P/E in part because it is felt that the stream of earnings from Relenza will dry up when the patent runs out in about 5 years (from memory). However, as you point out this does not take into account drugs in the pipeline such as laninamivir and a potential HRV treatment.
bta fair shareprice !!, page-2
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