Here is how it works for using IP to manufacture someone elses product (therapeutic, biological, diagnostic, etc.)
Manufacturing cost of $2.00 per dose of vaccine. Twenty percent of manufacturing cost. One million doses produced. $2,000,000 X 0.20 = $400,000 for 1,000,000 doses. So if the vaccine market for one of the special vaccines is 8,000,000 doses (lets say $5 per dose) the net profit is $3,200,000 out of $40,000,000 in sales The final markup always goes to the owner of the antigen, or molecule that is patented. But, all the manufacturing overhead is included in the cost per dose, which could also be Inovio cost (not profit). That just pays for the cost of manufacturing (supplies, materials produced and labor). So the vaccine business is profitable when the IP captures a market or and when you start selling millions of doses. Now if Inovio gets their own product, that $40,000,000 goes to them. But for a small company like Inovio, making $3.2 million per batch/lot of vaccine is not a bad payday. Just multiply that by 10 batches per year of 5 different FDA approved vaccines and see what that calculation amounts to.