ALtitude and Horsepower

I shipped my bike to Utah and rode it between 6000 and 9000 feet of altitude. The power dropped off significantly. I have dyno'ed at 165.5 rear wheel [Akro pipe, sealed airbox], and it felt like it might have lost as much as 30 HP or more. Is this possible?

I've been told fuel injection has no lambda sensor [O2 detection], although I can't see what difference that would make since, whether you detect it or nothing, the oxygen ain't there.

Anybody know how to calculate altitude effects on horsepower?
 
The books I've read said to calculate the power loss as roughly 3 1/2% per 1000 feet for most engines. Above 10000 feet it can go beyond that.
 
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