bta fair shareprice !!, page-2

KGV = PE or P/E or PER (price to earnings ratio)

A high P/E is an indication that growth is expected in future earnings. BTA has a low P/E in part because it is felt that the stream of earnings from Relenza will dry up when the patent runs out in about 5 years (from memory). However, as you point out this does not take into account drugs in the pipeline such as laninamivir and a potential HRV treatment.