Probably true, in fact my whole thesis is that nobody is valuing...

Probably true, in fact my whole thesis is that nobody is valuing the pipeline. My thesis for investing in this is in relation to the current fundamentals though. I'm treating the pipeline as if it doesn't exist when undertaking my analysis of the company's valuation. With no future pipeline this still looks cheap to me, EV is 20x earnings which is quite cheap for a growing healthcare stock with a monopoly position and high margins. That valuation will only continue to get better, as the rate at which this company prints cash will quickly decrease the EV even more.

Am I happy with how they're managing the pipeline? Not really, but the fact the valuation is now not even accounting for the potential of the enormous pipeline makes this quite an appealing opportunity to me. For me, no pipeline = modest returns, pipeline = potentially life changing returns. Doesn't seem like anyone is close to taking their monopoly position, and even if something is approved from what I've read it would still be incredibly difficult for another player to enter the market.