Quarterly results - Predictions, page-9

My understanding is - it depends what 'revenue' Michael was talking about, gross sales or net sales.
Axiron gross sales are rebated (not 100% on how this works in practice) but the rebating is significant (c. 40%+)... ACR get paid based on net sale (after rebates). Net sales have clearly been hit hard as rebating has increased to support volumes... so the volume trend is not a bad as the revenue (so effectively discounting as you say).

All the information is reported weekly - TRT data is collected for gross revenue and volumes / prescriptions so these trends are quite transparent (for those who have access to the information - those with Bloomberg terminals can access). The problem is the rebates are not tracked / reported and so it is quite hard to judge how net sales are trending for Axiron on a quarter to quarter basis...

Regards,
mita