Gardasil royalties are about 20% of CSL's profit, and these are...

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    Gardasil royalties are about 20% of CSL's profit, and these are mooted to fall about 20%, and hence the negative impact is some 4%. The market has over reacted to the news that the USA licensee of Gardasil had lowered sales forecasts.

    The foregoing arithmetic is a rough approximation, and 4% might be too high, but the thrust of what I write here is probably correct.

    Pioupiou
 
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