Goldman Sachs Healthcare Conference, page-36

WW, Your view makes a lot of sense apart from

'Guaranteed, its de-risked but not yet approved. Once approved .....'

For me that is a dangerous overconfident statement. If approval was a foregone but future event, the potential value and current SP of the company would be (much) higher than now. Oh, that was the case and it was just a matter of sitting it out with no risk.

Granted, it is better than an even money chance for approval, but how much better is very hard to assess. Also, I consider the 'degree and breadth of efficacy' demonstrated will be a big factor in determing take up and thus how close actual income will be to predictions of milestones and dividends.

A good bet for those that hang on (provided we are not sold), but definitely no certainty in actually reaching the finish line, nor in subsequent value if we do.