What Billyd said. There are many restrictions on when the company can buy back stock. The company will resume the buyback on Monday.
From the conference call:
Don M. Bailey: And John, to answer the share buyback question, we are blacked out from the 15th of the third month of the quarter until the earnings are announced, plus two days, so we’ll be back open on Monday. We’re then – also, we have to shut down any time we have any information that’s not public that might be viewed in hindsight as having been important or material. And it’s the hindsight question that grabs us frequently, so there is a wide range of topics that could cause us to have to shut down the window even though it was open with a – not closed for earnings reasons. So we do end up with a – with sometimes some very long time periods where we are shut out.
Another interesting exchange:
Patrick Lin – Primarius Capital:
The other question I had as a follow-up was, you know I know you were constrained for probably close to the entire year last year on the buyback. But just in terms of your confidence level, looking at 2011, versus the prior few years in terms of visibility and your confidence level in terms of executing the strategy, can you just give us a little color on what’s kind of going through your mind as you look at this year versus the prior years?
Don M. Bailey:
That’s a great question, Patrick. Thanks for asking it. We should’ve asked somebody to ask that question. So number one, a major thing happened in October with the approval and revamped Acthar label. This was a significant de-risking event because we had a very old label that was subject to FDA review. That review has come and gone. We now have some confidence in the indications that we can pursue from a promotional effort and from further expiration on the R&D side. So, that’s number one. Number two, we feel very good about where we’re sitting with this MS market. Clearly, Acthar is very helpful to the relapsed patients who – for whom steroids are not suitable. And we think we have a lot of headroom there. We’ve only gotten less than 1% of the MS patients, and as you can see from Steve’s numbers, we’re just scratching the surface on the number of doctors. The third point is that there’s just a number of other opportunities, whether we are talking about nephrotic syndrome or other on-label indications or even some off-label opportunities – off-label indications. And we’re going to focus on Acthar. We may even start to explore looking at partnering some of these opportunities, so that’s where we are, Patrick.