Ann: FDA approval to supply infant milk formula to United States, page-57

That's the interesting point that I think a lot of people may have missed - the approval until 2025 would actually be another 'temporary' exemption, and the next step after that would be to receive permanent approval.

While it is possible that A2M receives an approval only up until 2025, the likelier option to me is that they are able to successfully obtain the permanent approval that is available beyond this. It's definitely not a given but having an initial foothold + lobbyists who seem to get results certainly helps.

So for me it is now less a question about whether they will have long-term access to the market, and more one of whether they are able to achieve an USA IF business that is profitable enough that they actually want to remain there in the longer term.