kets; a faster Hemophilia launch and more conversion to long-acting agents and a lower discount on pipeline assets. We assume: 1) -$7.78 in global Teclidera sales. 2) Modest growth in Plegridy/Avonex sales through 2020E to -$3.58. 3) Global hemophilia sales of -$28 ($1.28 to Biogen). 4) -$115/sharear