If the deal struck aligns with what NP previously disclosed (which as far as we know it does.....small upfront payment, nearly $90M milestone payments, 50% net sales) then we also get COGS +10%. Net sales will be determined, but as you pointed out these are typically around 70% of gross sales (I've heard/read this previously also).

I don’t want to get into the argument of what ‘net’ means (those points are being made by others and their point is noted) but using industry average should provide a ballpark figure. Feel free to adjust down to zero ‘net’ profits based on whatever your competency factor is of NP, Brendan Rae and BOD to ink this deal. At the end of the day, most of these license deals do not lay out such details and we all have to make our own decisions based on facts we know and assumptions based on whatever other details we can pull together.