I think the market is coming to understand the ongoing revenue (royalty only) after the one-off items are removed. The current total revenue is large but removing PRV sales and milestones the annuity stream is much smaller. The announcements on Friday more clearly spelt it out. Next year's revenue from Daybue may only be circa AUD$70-75m for royalties (no milestone, some sales in Canada, none in Europe). I see that as a reason for Fridays sell on positive announcements.
I don't think the market is giving much weight to the potential in 2591 currently and probably wont until further through Phase 3. Likely not until its commercialised.
While NEU have the cash in the bank now to fund R&D the rate it replenishes is lower excluding one off events (first sales in a geography, etc). That is also going to be a factor in deciding on paying dividends.
NEU Price at posting:
$13.18 Sentiment: Hold Disclosure: Held
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