This drug will be approved in 2015. Second year WW sales will be $2 billion. Think about it- the patients are on this drug for years, not a typical ~3 month cycle of chemo. This doesn't even consider multiple myeloma or autoimmune. The rate of sales increase will be >30% plus/year. This drug will replace rituxan, velcade and revlimid. Total current sales = >$10B. Think about it. Apply a multiple of 5-6X revenue or 25X EBITA for a fast growing, world wide market, with little competition (once a day oral, relatively nontoxic drug, with amazing and durable response rates, with little to no drug resistance......). Its a small molecule (not a protein) so it is incredibly profitable. Divide by 2 because of J&J partnership. But consider rest-of-world market that Jansen can attack. Do your discounts. Remember the J&J deal provides for milestone payments for which PCYC will not have to raise any dilutive capital in the foreseeable future. The math is easily $6 billion market cap. Consider CELG market cap is $30 billion. That is well north of $100/share. Sit down, hang on and shut up. If you are smart you will double down.