Pretty much nothing for me to add on what you've said right there craft.
The result was perhaps a little softer than I was expecting, but the FX impact did polish it up quite well.
They really are investing quite heavily and I agree with you that this investment as a precursor for what may be to come clouds the picture and thus measuring dose sales is the most important factor.
Continuing on from your point at the end there about the trials failing...what are your thoughts around the double edged sword effect of the trials.
For example; dose sales are growing quite nicely now, but if the trials were to fail...I imagine the growth path will remain fairly consistent with the recent past. The downside would be that the product would be harder to promote and other alternatives may become preferred, especially new innovations over the years which may promise more in the way of effectiveness and reduced side effects.
The flip side is that they receive positive data and with that a large amount of credibility to have their product further prioritised.
What I am getting at here, is that SRX is clearly undervalued should the results come back positive. BUT! how overvalued is it if they do not....
..My thinking is that if growth was to continue over the next 10 years similar to what it has achieved over the previous then it is not all that expensive.
With investing though its never that simple, and as I touched on above - negative results in the trial will probably have more of an impact than just eliminating the 'blue-sky' potential.
Just some rumblings of me trying to understand the risks of the investment - not holding yet but have been watching intently and building a war chest for this (and a few others
).