I’m not sure you are reading this correctly. Is it the cost of capital rate you are hung up on? If so, how do you account for the time period between investment

I’m not sure you are reading this correctly. Is it the cost of capital rate you are hung up on? If so, how do you account for the time period between investment in a successful drug and when you start actually bringing in money? There’s a few years where you’ve put in several hundred million dollars and make zero back. You can split hairs about what the discount rate should be, but you need to account for that delay somehow. Spending $100 and making back $200 next year is very different than spending $100 and making back $200 in five years.