Nutriband Inc. (NTRB): Business Model Canvas [Dec-2025 Updated]

As a seasoned analyst, I know you're looking past the noise to see where the real value is for Nutriband Inc. (NTRB), and their business model is a fascinating dual play right now. On one hand, you have the steady, tangible revenue stream from their Pocono Pharma division, which brought in $1.29 million from contract kinesiology tape sales over the first six months of 2025. But the real story, the one that drives the valuation, is the proprietary AVERSA™ technology. With $6.9 million in cash reserves as of July 31, 2025, the company is pushing hard to advance AVERSA Fentanyl through its final clinical steps this year, aiming for an NDA filing next year, which could unlock peak annual sales between $80 million and $200 million for that single product. Let's break down the nine blocks of this model to see exactly how they plan to bridge that gap between current manufacturing income and future pharma upside.

Nutriband Inc. (NTRB) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that keep Nutriband Inc. moving forward, especially as they push AVERSA Fentanyl toward the finish line. These aren't just handshake deals; they represent critical outsourced expertise and revenue drivers.

The pharmaceutical development hinges on specialized external partners. For the lead candidate, AVERSA Fentanyl, the relationship with Kindeva Drug Delivery is exclusive and central to the commercial pathway. This collaboration, formalized in February 2025, leverages Kindeva's existing FDA-approved fentanyl patch system. Here's the quick math on the potential upside this partnership targets:

The commercialization strategy also involves securing the brand identity. Nutriband Inc. signed an agreement in October 2025 with Brand Institute, Inc., through its 4P Therapeutics subsidiary, to develop the worldwide commercial brand name and visual identity for AVERSA Fentanyl. Brand Institute brings significant market penetration to this effort, having been responsible for:

• 75% share of global drug name approvals.
• 87% of FDA approved names in 2024.

On the revenue-generating side, Pocono Pharma, the contract manufacturing subsidiary, is key. Pocono Pharmaceutical, located in Cherryville, North Carolina, manufactures kinesiology tapes for various clients, using its state-of-the-art facility. This segment is showing solid growth, helping fund the drug development pipeline. For the six months ended July 31, 2025, Pocono Pharma contributed to a record revenue of $1,289,884, marking a 50.87% year-over-year increase. The company focuses on penetration pricing to secure shelf space with major retailers. You can see the manufacturing capabilities broken down here:

Also, Nutriband Inc. secured an Associate Partnership agreement with Charlotte FC in April 2025. This local tie-in is strategic because AI Tape, one of the brands promoted, is manufactured locally in the Charlotte region at the Pocono Pharmaceutical facility in North Carolina. The partnership aims to build visibility for both AI Tape and the AVERSA platform technology.

• Partnership signed: April 2025.
• Promoted Brand: AI Tape.
• Manufacturing Location for Promoted Brand: North Carolina.

Nutriband Inc. (NTRB) - Canvas Business Model: Key Activities

You're looking at the core actions Nutriband Inc. (NTRB) is driving right now to move its pipeline from development to market. It's a dual focus: pushing the lead drug candidate through final hurdles while keeping the cash-generating side of the business humming. Here's the quick math on what they are actively doing.

Advance AVERSA Fentanyl through Human Abuse Liability clinical trials in 2025

The primary focus for the pharmaceutical arm is advancing AVERSA Fentanyl, which is designed to be the world's first abuse-deterrent opioid patch. This activity hinges on a streamlined regulatory path, meaning no Phase 2 or Phase 3 clinical trials are required before submission. The key activity involved securing the necessary regulatory sign-off to start the pivotal study.

Nutriband Inc. held a critical FDA Type C meeting on September 18, 2025, to discuss the Chemistry, Manufacturing, and Controls (CMC) plans for the product and the upcoming Human Abuse Potential (HAP) clinical study. The company is now incorporating the FDA's constructive feedback as it advances toward an Investigational New Drug (IND) filing to support that Phase 1 HAP clinical study. The AVERSA technology itself is protected by patents granted in 46 countries.

Manage the regulatory pathway toward an expected 2026 NDA filing

Managing this pathway means executing the steps confirmed with the FDA following the September 2025 meeting. The FDA confirmed the regulatory path for AVERSA Fentanyl is a 505(b)(2) New Drug Application (NDA). This structure allows the company to rely on existing data for the reference listed drug, limiting the required development work. The company is now working toward an expected 2026 NDA filing, led by the returning CEO, Gareth Sheridan.

The potential market size for this key product is significant, with peak annual U.S. sales estimated to range from $80 million to $200 million, according to a Health Advances market analysis report.

Scale-up commercial manufacturing processes with Kindeva Drug Delivery

This activity involves deep operational collaboration with Kindeva Drug Delivery, a leading contract development and manufacturing organization (CDMO). Nutriband Inc. formalized this exclusive product development partnership in February 2025. This agreement commits both parties to sharing development costs in exchange for milestone payments. Kindeva's role is crucial as the partnership leverages Kindeva's existing FDA-approved transdermal fentanyl patch system as the base for incorporating Nutriband's AVERSA technology.

Execute contract manufacturing and distribution of kinesiology tape

This segment provides the necessary revenue stream to support the drug development work. Nutriband Inc. continues to expand these services through its Pocono Pharma subsidiary, focusing on penetration pricing to secure large brand contracts. The financial results for the six months ended July 31, 2025, show strong execution:

These manufactured products are actively rolling out into prominent retail locations nationwide, including Target, Walmart, Walgreens, and CVS. As of July 31, 2025, the company reported cash reserves of $6.9 million, with total assets valued at $10.17 million and stockholders' equity at $8.5 million.

Expand the AVERSA™ pipeline with products like AVERSA Buprenorphine

Nutriband Inc. is actively expanding the application of its AVERSA technology beyond fentanyl. The second application in the pipeline is AVERSA Buprenorphine, which uses the same abuse-deterrent coating technology. This product is projected to target peak annual sales of up to $130 million.

The key activities here involve platform extension, which is supported by the ongoing revenue generation from the contract manufacturing business. The company is building out its intellectual property portfolio to cover these future applications.

• AVERSA Fentanyl peak sales potential: $80 million to $200 million.
• AVERSA Buprenorphine peak sales potential: up to $130 million.
• AVERSA technology patent protection: 46 countries.

Finance: review Q3 2025 cash burn rate against H1 2025 performance by next Tuesday.

Nutriband Inc. (NTRB) - Canvas Business Model: Key Resources

You're looking at the core assets Nutriband Inc. (NTRB) relies on to execute its strategy right now. These aren't just nice-to-haves; they are the things that make their value proposition possible.

The most critical resource is the proprietary AVERSA™ abuse-deterrent transdermal technology. This technology is designed to incorporate aversive agents directly into transdermal patches. The goal here is clear: stop the abuse, diversion, misuse, and accidental exposure of drugs that have abuse potential, like opioids and stimulants. Their lead product development effort centers on AVERSA™ Fentanyl, aiming to be the first abuse-deterrent pain patch on the market.

Here's a quick look at the hard numbers backing up their intellectual property and current operational runway as of late 2025:

That cash position of $6.9 million as of July 31, 2025, is what's funding the ongoing development and the path toward their NDA filing for AVERSA Fentanyl. It's the fuel in the tank for the near term.

Next, you have the physical manufacturing capability, which is housed within their subsidiary, Pocono Pharma. This isn't just an R&D shop; it's a functioning US-based contract manufacturer. They operate a modern, fully compliant facility in Cherryville, North Carolina, United States of America. This asset allows Nutriband Inc. to support its own product development while also generating revenue from contract manufacturing services.

The manufacturing operations at Pocono Pharma cover several key areas:

• Transdermal Delivery Systems (TDS) production.
• Topical patch formulation and manufacturing.
• Kinesiology tape production, including AI Tape.

This integrated capability means they control the process from formulation development to commercial production runs, using integrated coating, slitting, printing, and packaging processes all within that FDA-compliant environment. It's a solid foundation for scaling up when regulatory milestones are hit.

Nutriband Inc. (NTRB) - Canvas Business Model: Value Propositions

You're looking at the core benefits Nutriband Inc. (NTRB) offers to its customers and the market, which are split between its pharmaceutical development pipeline and its established contract manufacturing arm. It's a dual value stream, one high-risk/high-reward and the other providing current operational revenue.

The primary value proposition centers on solving a critical safety issue in pain management with their AVERSA™ technology. This technology is designed to be incorporated into transdermal patches to prevent abuse, misuse, diversion, and accidental exposure of drugs with abuse potential. The lead product, AVERSA Fentanyl, is positioned to become the world's first abuse-deterrent opioid patch, filling a significant gap in the market, which itself is substantial-the global transdermal drug-delivery market was estimated at roughly $73.81 billion in 2024 and is projected to reach $145.04 billion by 2030, growing at a compound annual growth rate of approximately 11.9 percent.

Here's a look at the potential financial upside tied to this innovation, which is a huge part of the value proposition for investors and future partners:

The reduced risk profile for patients and prescribers is a key differentiator. Nutriband Inc. received final meeting minutes from the US FDA following a Type C meeting on September 18, 2025, regarding the Chemistry, Manufacturing, and Controls (CMC) plans for AVERSA Fentanyl. The FDA confirmed the regulatory pathway is a 505(b)(2) NDA, and the company is incorporating feedback as it moves toward an Investigational New Drug (IND) filing to support the required Human Abuse Potential (HAP) clinical study. This streamlined path significantly limits development complexity and time compared to conventional drug development.

Also providing tangible value right now is the contract manufacturing of high-quality, US-made kinesiology tape through the Pocono Pharma subsidiary. This segment generates current revenue and supports the clinical advancement of the AVERSA platform. For the six months ended July 31, 2025, the company reported revenue of $1,289,884, which represented a 50.87% year-over-year increase. This growth is fueled by expanding production and penetration pricing.

The value proposition in the tape segment is market access and quality:

• Expanded output through the Pocono Pharma subsidiary.
• Products rolling out into prominent retail locations nationwide.
• Key retail partners include Target, Walmart, Walgreens, and CVS.

Financially, this segment provided a strong base as of July 31, 2025, with cash reserves standing at $6.9 million, supporting the ongoing development efforts for AVERSA Fentanyl. The company's total assets were valued at $10.17 million, with stockholders' equity at $8.5 million. Furthermore, the AVERSA technology itself is protected by a broad intellectual property portfolio, with patents issued in 46 countries and territories, including the United States and Europe. Finance: draft 13-week cash view by Friday.

Nutriband Inc. (NTRB) - Canvas Business Model: Customer Relationships

You're looking at how Nutriband Inc. manages its different customer groups, which really fall into two distinct camps: the high-stakes pharma development side and the high-volume consumer goods side through Pocono Pharma. The relationship style shifts dramatically between these segments.

High-touch, collaborative relationships with pharmaceutical development partners.

For the AVERSA technology pipeline, the relationship with partners like Kindeva Drug Delivery is deep and collaborative. This is not a simple vendor setup; it's a formalized exclusive product development partnership focused on AVERSA Fentanyl.

• The structure involves shared development costs.
• Nutriband Inc. receives milestone payments in exchange for advancing the technology.
• The lead product, AVERSA Fentanyl, has an estimated peak annual US sales potential of $80 million to $200 million.
• The second application, AVERSA Buprenorphine, is projected to reach peak annual sales of up to $130 million.

This relationship is critical as it directly supports the highlight of 2025: the submission of the AVERSA Fentanyl New Drug Application (NDA).

Transactional, volume-based relationships with large retail brands (Pocono Pharma).

The Pocono Pharma subsidiary operates on a classic business-to-business, volume-driven model, focusing on contract manufacturing of kinesiology tape. The goal here is market penetration through pricing strategy.

Here's a look at the recent performance driving these transactional relationships:

The relationship is cemented by a continued focus on penetration pricing to secure a foothold with these major retailers, making the increasing Pocono revenue stream key to shareholder value.

Investor relations and communication regarding clinical and regulatory milestones.

Communication with the investment community is frequent, tying financial health directly to the drug development timeline. You want to know the cash runway and the next big regulatory step.

• As of July 31, 2025, cash reserves stood at $6.9 million.
• Total assets were valued at $10.17 million, with stockholders' equity at $8.5 million.
• The company presented its progress, including the AVERSA development pathway, at the Emerging Growth Conference on August 20, 2025.
• As of April 30, 2025, the average analyst target price was $13.00, implying an upside of 128.87% from the then-current price of $5.68.

The narrative consistently emphasizes that the NDA submission for AVERSA Fentanyl is the primary focus for 2025, relying on a single Phase 1 Human Abuse Potential study.

Direct-to-consumer marketing for Pocono Pharma's AI Tape brand.

For the Active Intelligence AI Tape brand, the relationship is direct-to-consumer (D2C), initiated back in July 2023. This channel supports the Pocono Pharma revenue base by targeting individual consumers looking for sports recovery products.

The D2C relationship is established through specific online channels:

• Products are available for purchase on Amazon.
• Products are available through the Activeintell.com website.

This consumer channel is manufactured at the Pocono Pharmaceutical facility in North Carolina.

Nutriband Inc. (NTRB) - Canvas Business Model: Channels

You're looking at how Nutriband Inc. gets its value propositions-both the established consumer products and the pipeline pharmaceuticals-to the end-user or partner. It's a dual-track channel strategy, honestly, one for the immediate cash flow and one for the big future payoff.

Direct licensing and commercialization agreements with major pharmaceutical companies

For the AVERSA™ abuse-deterrent technology, the channel to market is heavily reliant on partnerships, not direct sales force build-out, which is smart for a company of this size. Nutriband Inc. is formalizing this through an exclusive product development partnership with Kindeva Drug Delivery for the lead product, AVERSA™ FENTANYL. This arrangement reflects a commitment to shared development costs in exchange for milestone payments, which is a key channel for advancing the drug toward commercialization. Beyond Fentanyl, Nutriband Inc. is advancing AVERSA™ Buprenorphine, which represents an additional estimated revenue stream with projected peak annual sales of up to $130 million. Furthermore, Nutriband Inc. is actively preparing to pursue strategic licensing and distribution agreements internationally to maximize global reach once regulatory hurdles are cleared. The potential for the lead product is substantial, with market analysis estimating AVERSA™ FENTANYL could reach peak annual U.S. sales between $80 million and $200 million.

Here's a quick look at the projected channel value for the AVERSA pipeline:

Regulatory submissions to the FDA and other international bodies

The regulatory process is the primary gatekeeper channel for the pharmaceutical segment. Nutriband Inc. has been laser-focused on finalizing its development pathway to FDA approval for AVERSA™ FENTANYL. A critical milestone was the virtual face-to-face meeting held on September 18, 2025, with the US FDA's Division of Anesthesiology, Addiction Medicine, and Pain Medicine (DAAP). The company received final meeting minutes on October 28, 2025, confirming the regulatory pathway as a 505(b)(2) New Drug Application (NDA). This pathway allows Nutriband Inc. to leverage existing fentanyl safety data, meaning no Phase 2 or Phase 3 clinical trials will be required before submission. The immediate next step in this channel is moving forward to an Investigational New Drug (IND) filing in support of a Human Abuse Potential (HAP) clinical study. The intellectual property portfolio supporting this channel is broad, with patents granted in the United States, Europe, Japan, Korea, Russia, China, Canada, Mexico, and Australia.

National retail distribution networks like Target, Walmart, and CVS for Pocono products

The consumer/contract manufacturing channel, run through the Pocono Pharma subsidiary, uses established national retail footprints for immediate revenue generation. Pocono manufactured products continue to roll out into prominent retail locations nationwide. You can find these products on shelves at Target, Walmart, Walgreens, and CVS. This channel is driven by a penetration pricing strategy to gain foothold with large brands. The revenue from this channel is key to supporting the pharmaceutical development. For the first quarter ended April 30, 2025, Nutriband Inc. reported record revenue of $667,000 USD, which was up 63% Year-over-Year (YOY). For the six months ended July 31, 2025, the revenue reached $1,289,884 USD, marking a 50.87% YOY increase. This stream is definitely helping fund the next steps.

• Retail locations confirmed: Target, Walmart, Walgreens, and CVS.
• Q1 2025 Revenue (Pocono): $667,000 USD.
• Six Months Ended July 31, 2025 Revenue (Pocono): $1,289,884 USD.

Company website and investor relations platforms for corporate communication

Corporate communication channels are vital for managing investor expectations, especially given the binary risk/reward of drug development. Nutriband Inc. uses its company website, www.nutriband.com, and investor relations platforms like GlobeNewswire and Nasdaq for official announcements. The company actively communicates milestones, such as the October 28, 2025, announcement detailing the final minutes received from the FDA meeting. To signal internal confidence and manage capital structure, the Board declared a 25% preferred stock dividend, payable August 5, 2025, to shareholders of record on July 25, 2025. These preferred shares are convertible to one common stock share following FDA approval of AVERSA Fentanyl. Financially, as of July 31, 2025, Nutriband Inc.'s cash reserves stood at $6.9 million, with total assets valued at $10.17 million, supporting ongoing development efforts through these communication channels.

The communication channels are backed by a solid, though focused, balance sheet.

• Cash Reserves (as of July 31, 2025): $6.9 million.
• Total Assets (as of July 31, 2025): $10.17 million.
• Preferred Stock Dividend Rate: 25%.

Finance: draft 13-week cash view by Friday.

Nutriband Inc. (NTRB) - Canvas Business Model: Customer Segments

You're looking at the distinct groups Nutriband Inc. (NTRB) serves as of late 2025, which really fall into two main buckets: the high-value pharma licensing side and the steady-revenue contract manufacturing side. It's a dual focus, and the numbers reflect that split effort.

Large pharmaceutical companies seeking abuse-deterrent technology licensing.

This segment is focused on the AVERSA™ platform. The potential here is massive, which is why it drives so much of the valuation discussion. If AVERSA™ Fentanyl gets approved, the estimated peak annual US sales are between $80 million and $200 million. Also, the AVERSA Buprenorphine application has its own projection, potentially reaching up to $130 million in peak annual sales. To protect this, Nutriband Inc. has secured patents for the AVERSA™ technology in 46 countries, including the United States and Europe. The broader abuse deterrent formulations market itself is estimated to hit $39.8 million in 2025. This is where the big licensing deals would land.

Chronic pain patients requiring transdermal opioid therapy.

These patients are the ultimate beneficiaries of the AVERSA™ Fentanyl patch, which aims to be the first and only abuse-deterrent transdermal patch available globally if approved. The technology is designed to prevent abuse, misuse, diversion, and accidental exposure of drugs with abuse potential. The need is clear, given the potential peak sales figures mentioned above, which directly correlate to the patient population needing effective, yet safer, pain management solutions.

Healthcare providers and pain management specialists.

This group is critical for adoption once AVERSA™ Fentanyl is commercialized. They are the prescribers who need assurance that the delivery system is both effective for pain management and meets the growing regulatory and safety demands around opioid prescribing. The company's progress, such as receiving final meeting minutes from the US FDA on September 18, 2025, for AVERSA™ FENTANYL, directly impacts their confidence in adopting the product.

Major sports and medical brands needing contract tape manufacturing.

This segment is served through the Pocono Pharma subsidiary, providing a current, tangible revenue stream while the AVERSA™ pipeline matures. For the six months ended July 31, 2025, the company reported total revenue of $1,289,884, which includes these contract manufacturing services. This revenue was up 50.87% year-over-year for that six-month period. For context, Q1 2025 revenue was $667,000, up 63% year-over-year. These manufactured products are rolling out into major retail chains, including Target, Walmart, Walgreens, and CVS.

Here's a quick look at the financial snapshot supporting these segments as of mid-2025:

The company's total assets were listed at $10.17 million as of July 31, 2025, with stockholders' equity at $8.5 million. Honestly, you see the contract business supporting the current operations while the pharma licensing is the future upside.

The customer base is clearly segmented by the revenue source:

• Pharma/Licensing Customers: Target entities for AVERSA™ Fentanyl with $80M-$200M peak sales potential.
• Contract Manufacturing Customers: Brands whose products are stocked in Target, Walmart, Walgreens, and CVS.
• IP Licensees: Entities operating in the 46 countries where AVERSA™ is patented.

Finance: draft 13-week cash view by Friday.

Nutriband Inc. (NTRB) - Canvas Business Model: Cost Structure

You're looking at the cost side of Nutriband Inc. (NTRB) as of late 2025, and it's heavily weighted toward drug development and intellectual property protection. The company's cost structure is clearly dominated by the push to get AVERSA™ Fentanyl approved, which dictates significant spending in specific, high-impact areas.

The most significant cost driver is the Research and Development (R&D) expenses for clinical trials, though Nutriband Inc. has structured this cost to be relatively lean for the lead product. The New Drug Application (NDA) submission for AVERSA™ Fentanyl relies primarily on data from a single Phase 1 Human Abuse Potential study. Importantly, the company has stated that no Phase 2 or Phase 3 clinical trials will be required before submission, which is a major cost mitigation strategy in pharmaceutical development. Still, the overall operating costs result in significant losses, as evidenced by the negative net margin of 398.29% reported in the quarter ending September 9, 2025.

The partnership with Kindeva Drug Delivery directly impacts the cost structure through shared development costs and milestone payments. Nutriband Inc. formalized an exclusive product development partnership where development costs are shared, and the company is committed to making milestone payments to Kindeva Drug Delivery as development progresses for AVERSA™ Fentanyl. This structure shifts some immediate cash outlay for development off the balance sheet but creates contingent future liabilities in the form of those milestone payments.

Manufacturing and operational costs for the Pocono Pharma facility represent another key cost center, although this segment also generates revenue. Pocono Pharma is expanding its kinesiology tape contract manufacturing services. For the six months ended July 31, 2025, this segment contributed to the total revenue of $1,289,884. While specific manufacturing costs aren't itemized, this revenue stream supports the operational overhead of the facility.

General and administrative costs are substantial, reflecting the costs of running a publicly traded pharmaceutical development company. This includes the necessary expense of protecting the AVERSA™ technology globally. Nutriband Inc. maintains its intellectual property through patent maintenance across 46 countries, including the United States, Europe, Japan, Korea, Russia, China, Canada, Mexico, and Australia.

Here's a quick look at the financial context surrounding these costs as of late 2025:

The cost structure is heavily influenced by the R&D path chosen; relying on a single Phase 1 study for the NDA is a deliberate choice to manage the burn rate while pursuing a product with estimated peak US sales between $80 million and $200 million. The company's cash position of $6.9 million as of July 31, 2025, is what supports these ongoing costs.

• Significant R&D cost driver: Single Phase 1 Human Abuse Potential study for NDA.
• IP Cost: Patent maintenance in 46 countries.
• Development Cost Structure: Commitment to shared development costs with Kindeva Drug Delivery.
• Contingent Cost: Obligation for milestone payments to Kindeva Drug Delivery.
• Operational Cost Indicator: Total Assets of $10.17 million as of July 31, 2025.

Finance: draft 13-week cash view by Friday.

Nutriband Inc. (NTRB) - Canvas Business Model: Revenue Streams

You're looking at how Nutriband Inc. currently brings in cash while also sizing up the massive potential from its drug pipeline. Honestly, the revenue picture is split between the here-and-now manufacturing business and the future, high-value licensing/sales from the AVERSA™ drug technology. It's a classic pharma-in-development setup, but the near-term cash flow is important for funding that development.

The established revenue stream comes from contract manufacturing, primarily through the Pocono Pharma subsidiary. This business provides the current financial foundation. For the six months ended July 31, 2025, Nutriband Inc. reported revenue of $1,289,884 from these kinesiology tape contract manufacturing sales, which represented a 50.87% year-over-year increase for that six-month period. This shows solid growth in the existing operations.

The second, and arguably most significant, component of the revenue model involves the proprietary AVERSA™ technology. This is where the big future dollars are expected to land, primarily through licensing deals and eventual product sales.

Here's a quick look at how the current operational revenue stacks up against the projected peak revenues for the AVERSA™ pipeline:

Beyond the direct sales projections for the lead candidates, Nutriband Inc. anticipates revenue from future milestone and royalty payments stemming from the AVERSA™ technology licensing agreements, such as the one formalized with Kindeva Drug Delivery for shared development costs.

To be fair, the near-term financial health supports this pipeline focus. As of July 31, 2025, the company reported cash reserves of $6.9 million, with total assets valued at $10.17 million and stockholders' equity at $8.5 million. This cash position is intended to fund the final development stages, like the planned NDA submission for AVERSA Fentanyl.

The potential revenue streams from the AVERSA pipeline are substantial, suggesting a significant shift in the company's financial profile upon successful commercialization:

• Contract manufacturing sales generated $1.29 million in six months (ended July 31, 2025).
• Future milestone and royalty payments from AVERSA™ technology licensing.
• Potential peak annual U.S. sales of $80 million to $200 million for AVERSA Fentanyl.
• Revenue from other AVERSA pipeline products, like Buprenorphine (projected up to $130 million peak annual sales).

Finance: draft 13-week cash view by Friday.