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Best way to revenue is to hit those milestones which starts with successful BLA submission.

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Brazil is the best way to revenue. Even if HIV BLA were successfully submitted in October, then add months for PDUFA date, and more months for FDA response.

This is why so many of us have been hand-wringing the likelihood of Brazil happening. Now that it’s clear the trials are beginning, an EUA is all but guaranteed. Four doses via IV… can’t see that failing. Far from it.

Mgmt know this. They’re pivoting but right to do so.