royalty fantasy numbers, page-3

Re currency.....GSK mentioned here, as benefiting from weaker pound. Means they get paid more (in US dollars)....for each unit of Relenza sold.

Extra GSK pound revenues for Relenza ....would offset that aussie dollar strenth.

Article explains it nicely.

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http://www.investorschronicle.co.uk/InvestmentGuides/Shares/article/20100319/e9f16e4e-3295-11df-9f8c-0015171400aa/Taking-a-pounding.jsp

19th March 210

"Exporters will be the winners and importers the losers," explains Jan Luthman, co-manager of the CF Walker Crips UK Growth Fund. "UK consumers might not notice the difference in their home country, but UK exporters [to dollar-pegged economies] will see it. To benefit from the weak pound you've got to have sterling-based costs and large dollar-related exposure. UK companies [which export to dollar-pegged economies] can remain competitive but still raise their prices by 30 per cent." GlaxoSmithKline and Vodafone could both benefit from sterling's fall against the dollar. "Glaxo has a lot of its costs in sterling and it would benefit," says Mr Luthman.