lets get real, page-5

As much as I agree that HA-I is not getting enough value ascribed to it, I'm not sure about the assumption that HA-I will jump to $500M.

Irinotecan had $900M sales until generics entered the market, so would have dropped back from there. You need to allow for % market penetration, risk of failure, time to market, partnering or production cost, etc.

That said, even if you're 500% optimistic, HA-I still carries significant value not currently recognised by the market. A Phase III trial will push it onto the stage.