The 20.5% margin feels about right to me, maybe a fraction high. I say this as many of the Asian generic manufactures operate on high single digit margins. However, Peptron have some IP incorporated in the product which is helpful, but that IP does not produce a unique outcome. In other words from a reformulation viewpoint IXC could have achieved the same result with other technologies or platforms.
DCF Valuation Model for Invex Therapeutics, page-102
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