nothing from the milestone - but it still receives royalties 11% on net sales from the first US$100m and up to 14.5% upwards.
From the 2012 annual report... "Acrux receives royalties on net sales of Axiron, and in addition is entitled to receive up to US$195 million in milestone payments which are related to the net sales performance of Axiron. The first milestone payment of US$25 million is payable when the worldwide net sales of Axiron in a calendar year equal, or exceed US$100 million, which Acrux expects to occur in the 2013 calendar year, so that the milestone payment of US$25 million will be earned in Acrux’s 2013/14 financial year. Axiron royalties are percentages of worldwide net sales. Net sales in a calendar year are recorded in tiers, with each higher tier attracting a higher royalty percentage up to a maximum percentage. Therefore the average royalty percentage was at the initial rate of 11% in the first year and is expected to increase within the percentage range as net "sales increase over time.
ACR Price at posting:
76.0¢ Sentiment: ST Buy Disclosure: Held
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