My 64 cents worth......Overall I would give BNC a D+ grade for the results from this past fiscal year (referencing both financial and initiatives taken/accomplished). And, the market has did that...hopefully fully priced-in at this level.
Having said that I would give BNC a selective high mark, particularly in 2009, referring to the comment "worked diligently over the past few years to de-risk its business and, thus, create a more attractive investment opportunity". I am referring to the partnership with Endo and advancement of Urocidin.
Please surprise me with Econiche orders and other vaccine opportunities to get the new "state-of-the-art" vaccine manufacturing facility up and running at the start of 2012 and consistently producing throughout 2012.
With respect to the fiscal results from the Animal Health...big disappointment here. I do not understand this quote in reference to their sales from Animal Health in fiscal 2011..."This represents a stabilization of product revenues which had previously been reduced with the economic recession in some markets". Yes, lots of new partnerships in 2011 but that should also equate to higher revenue. And, let's now go back to a statement from Fiscal 2009 year-end results (you may recall it was kind of tough for many economies and markets back then) and I quote from the 2009 pr..."We had a very successful year in terms of revenues generated by our base Animal Health business, experiencing 21% growth in a challenging global economy,” said Graeme McRae. Personally, I prefer 2009 growth results. And, I do realize the relative strength of the C$ played a role in 2009 with respect to sales to the U.S. but that was never mentioned in the 2009 pr.
Bottomline, I certainly did not expect fiscal 2011 revenue/profit results like 2010 as the milestone payments from Endo were not anticipated and were well short of the total for 2010. But enough is enough. And, tell it to me straight.
No I will not sell a share for many years as I believe the potential for Urocidin and MCC are far too great. I plan to be at the upcoming AGM and I like the offer extended to participate in the upcoming conference call (if I read it correctly in the pr). I paid dearly for my free dinner at the past AGM. rg
P.S... I do look forward to seeing the following happen sooner-than-later and I quote from the pr..."The Company expects to be launching a series of new research and technology-driven products from its pipeline over the next 18 month." AND "The Company is refocusing its human clinical development activities for the underlying technology - Mycobacterial Cell Wall-DNA Complex (MCC) - on other indications." Bottomline...these are expected (if they make sense).