Question-and-Answer Session
Operator
(Operator Instructions) Our first question comes from the line of Michael Tong with Wachovia Securities.
Michael Tong - Wachovia Securities
Hi, good morning. Bill, I just want to make sure I heard you correctly. Given your current revenue guidance and the breakout that you provided in your commentary, you are still looking at $5 million to $9 million in Treximet royalties at this point, which you may or may not adjust on your third quarter conference call?
Bill Hodges
Correct. We think it is too early to know what the exact sales trend is, so we think that -- we are confirming our guidance that we gave at the end of the first quarter, reconfirming.
Michael Tong - Wachovia Securities
And then just on the PA program, what factors, other than the feedback from the FDA regarding your SPA protocol, would determine whether you accelerate or start the Phase III before the end of the year or not?
John Plachetka
Michael, I am not going to answer that question, but just say general business factors.
Michael Tong - Wachovia Securities
General business? Maybe a little bit more insight on that?
John Plachetka
Well, it is more of a strategic decision and it involves other sorts of implications rather than just can we do the studies.
Michael Tong - Wachovia Securities
Okay. Thanks.
Operator
Our next question comes from the line of Ian Sanderson with Cowen.
Ian Sanderson - Cowen
Great. Thanks for taking the question. Just a quick question for Bill on the P&L. In what revenue line are the Treximet royalty revenues included? And secondly, on the AstraZeneca, the R&D revenues from AstraZeneca, should we assume that that tapers towards the end of the year as you near completion of the Phase III trials there?
Bill Hodges
Well, the first question, the Treximet royalties are in the licensing revenue line.
Ian Sanderson - Cowen
Okay.
Bill Hodges
With regard to the AstraZeneca development revenue, we are getting paid to run the PN 400 Celebrex studies. So as those studies wind down, you would expect to see that number wind down. It is towards the end of the year, but I don't know that the fourth quarter is going to be significantly less.
John Plachetka
But there is actually a lag in when we get charged for things. How studies run is -- you get a lot of charges as you go through the study, but there is oftentimes almost a 60-day lag on what is really a billable event.
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