Fx HedgingJust had a listen to the conference call. I thought the responses on Fx hedging were easy to understand... some Euro costs (manufacturing, etc.) offset with some Euro revenue; essentially a wash. GBP costs (hard costs, debt, etc.) partially offsets GBP revenue; so a net GBP long exposure that they do not hedge. So overall, CXR is long US$ and GBP.
My only concern was the US revenue for the quarter... however looking at historicals this can be rather lumpy compared with the AMCo revenue. Also sounds like they had some Plaquenil and AG supply issues that have been resolved by March. The AMCo revenue was surprisingly strong so I'm less concerned on the AMCo side... just keep a close eye on the US numbers to ensure they continue to grow that business over the next several quarters.