"Peginesatide from Palo Alto-based Affymax could garner revenue in the neighborhood of $350 million to $550 million."San Francisco Business Times
Even if the companies generate half this amount, it would give AFFY slightly over $100 million in annual revenues. With 36 million shares and a $50 million operating expense the company would generate an EPS of about $1.38. At a conservative multiple of 10X earnings the stock would be undervalued looking forward. The should trade much higher than $13.8.
The R&D expense should decrease due to the closure of third party contracts related to the previous phase 3 trials.