Some research on large pharma margins:...

Some research on large pharma margins: https://jamanetwork.com/journals/jama/article-abstract/2762308, summary is...

The median gross profit margin was 76.5% (95% CI, 70.3%-82.7%), the median EBITDA margin was 29.4% (95% CI, 26.3%-32.5%), and the median net income margin was 13.8% (95% CI, 10.2%-17.4%).

So my read is that manufacturing (COGS) is around 23.5%, and adding operations takes costs to about 70.6%. If MSB can command a 30% royalty for no effort other than patent upkeep that looks pretty good to me. My take on MSB's strategy is to take on manufacturing & distribution only where it is fairly low-risk - pretty much where there is a small and well-defined set of customers. Like pediatric aGVHD where half the potential USA patients are treated at a few dozen centres.

Sooner or later MSB will probably want to "own" the manufacturing & distribution for selective treatments, but I can't see them trying to build a salesforce for USA COVID ARDS due to far too many customers to cover, too much risk to ramp up so quickly. Much more likely to work with a pharma partner that already services ICUs across the country.