RE:RE:Updated OutlookThanks for your input Gudisgood!
I think it helps to zoom out and look at the last 5-7 years in terms of the BD team. Prior to the GBT deal, everyone was complaining that Goodman was doing nothing with the cash and that there was nothing to find. Then in short order between 2019-21, they put close to 800M to work through GBT, Exelon and share buybacks.
The lack of information or follow up to those valuation questions are getting tiresome but I'm not that concerned. Another deal like Exelon where you are putting 100-200M to work fixes that issue overnight. Waiting another 6-18 months for a deal like that is frustrating for all, but in the big picture won't change that much IMO.
Even a midsize deal in the ~50M range will have a decent impact and keep the cash and equivalents in a safe zone and help to diversify the portfolio but I'll defer to the management team for that as that's over my head.
I think it's mainly a timing thing regarding cash flows. I mentioned the Gilead transfer impacted that by 6M but the main factor is inventory purchases, so that will be important to keep an eye on.