Towards Tomorrow, page-6

Sanofi is a big part of the equation but not the only part.

Alan talks about blended margins north of 40%. I think it will be a blend of revenue and deals that tips the balance in our favour.

Smoother more predictable sales revenue is inevitable as production from the existing deals comes on stream. From there, as new deal flow continues to validate Unilife products and the business model, the sheer volume of Tier 1 clients partnering with Unilife - and the annuity-style revenue numbers attached to the deals for decades to come - will eventually be too great to ignore.

It's a momentum thing, and IMO it's happening now. That's why the SP is proving more than a little resilient in the face of the seemingly entrenched position of the shorts.