In the 2017 annual report, the CEO stated the aim of having...

In the 2017 annual report, the CEO stated the aim of having revenue from their generic products match the same levels Axiron was generating by the early part of next decade (let's say 3-5 years).

With the addressable market of generics in the pipeline worth ~US$1.5 billion pa., I put future potential revenue within 3-5 years somewhere in the range of:

Conservative

(only 50% of product pipeline to market, 10% market share and 25% royalties)

= AUD$26 million pa.


Optimistic

(80% of product pipeline to market, 20% market share and 30% royalties)

= $AUD$98 million

Incidentally, these revenue figures are also roughly the range of revenues generated by Axiron in previous years.

Assuming the generic pipeline is only mildly successful, one can expect the market cap to be multiples of its current level as it moves closer toward its intrinsic value. All with less product risk and a conservative balance sheet.