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Momenta Pharmaceuticals Inc. Message Board

  • rajuramas rajuramas Oct 22, 2010 2:57 PM Flag

    MNTA earnings for Q3 (potential scenario)

    From posted by 10nisman..

    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
    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

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