Per page 14 of NVS Q3 press release, Sandoz R&D Expense in Q3 2010 was 6% of net sales or $131M versus Q3 2009 R&D expense of 8.2% of net sales or $152M. The 2.2% decline was "due to the recovery of co-development expenses from an external partner as well as continued productivity savings."
Assuming the vast majority of the 2.2% R&D savings on Q3 2010 net sales (or $47.9 million) savings is due to MNTA co-development reimbursement, then it should be possible to work backwards to determine gross profit on mLovenox and potential earnings received by MNTA.
Assuming $45 million of the $47.9 million is MNTA co-development reimbursement than working backwards we should be able to determine an approximate gross profit percentage for mLovenox and potential MNTA Q3 earnings. (MNTA co-development reimbursement could be greater than the $47.9 million savings however tried to error on the conservative side).
Revenue $292M Less COGS: (92M) Gross Margin: $200M 45% MNTA share = $90M of which 50% is paid to Sandoz/NVS for Reimbursement of co-development expenses.
Q3 MNTA Earnings Revenue: mLovenox: $45M (net of co-development reimbursement) mLov Milestone: 5M Total Revenue: $50M Quarterly burn: -$16M Profit before taxes: $34M Taxes: -$12M NOL: $12M Q3 net income: $34M Q3 Fully diluted EPS (assuming 50M shares): $0.68 per share