So are you short again? Long again? what is your investment position?
Pipeline is de-risked. I don't see anyone buying the company.
I'm frustrated by PPS as well. Wall St still does not signficantly value the pipeline. At some point, that has to change. Forward looking catalysts are turning from Phase 3 pipeline results (there are still alot of those) to sNDAs, NDA's and approvals (pom around corner for approval and apremilast will be filed for PsA in early 2013.
Contributions to EPS will begin from the pipeline in 2013 with pom.