sales figure for relenza call options , page-5

All HC readers should take note GSK reported Relenza sales at $28.3m (13 million GBP) compare to Peter Cook’s announcement of $20.8 million. By all account, the sale of Relenza Call options where BTA received zero royalty is the most likely reason for the missing $7.5M.

Relenza call options could possibly account for 27% of GSK Relenza sales. GSK did not put a sales figure to the UK order BUT Peter Cook ESTIMATED it to be $18M royalties on the assumption that there is no Call Option in the order.

The recent sales reports indicate the cooked $18M may only be $13 million in royalties (73% of $18M).