Take out the $50.9 Million write down and last quarter you break even. ADRX posted about $16.9 Million from Schwartz for g-Prilosec in their numbers. Genpharm and ADRX each get 15% royalty. Of Genpharm's profit, PRX gets 25% of their profits. PRX said they got $5.7 Million from Genpharm due to g-Prilosec. That implies that for the Jan-Feb quarter Genpharm received $22.8 Million and ADRX got the same. If ADRX's core breaks even on $16.9 Million from the earlier quarter, it would appear the ADRX's earnings this quarter will be $5.9 Million or $0.08/share.
One thing that puzzles me is that ADRX for January alone gets $9.4 Million from Schwartz. Is there another revenue stream I am missing that would increase ADRX's payment from Schwartz? And/Or, before PRX gets their cut of Genpharm's profits Genpharm has expenses that reduce their profit payment to PRX?
Re: Prilosec payment. Not sure what you mean - are you implying that since Jan's payment was 9.4mm then the full Q should be more like 30mm rather than 23mm ?? Probably not, since Jan was only the 2nd month of shipping gPr so it would be exagerated by stocking up in the distribution channel and at pharmacies.
Also, if I remember correctly, and I could be wrong, I think there was a mention somewhere of some additional gWellbutrin write-offs to be taken in the first quarter (minor by comparison to last quarter). Also, I wonder if there are any further excess facilities lease charges in the first quarter?