I was hired into my company (30k+ employees) as a mid-level developer 2 years ago to work on a fledgling product that had received great feedback from its users. The original authors of the software were bootstrapped -- they taught themselves to program and built a useful tool. Unfortunately, their lack of education/experience manifested itself in classic ways: performance pitfalls, difficult to maintain, etc.
As the only formally schooled/trained programmer on the team, I was able to make positive contributions that had a solid impact on our feedback and order rate. Things took off, and everything worked out in a great way.
Fast forward to present day. I'm the only guy left working on the product (have been for the last 12 months), tasked with developing and supporting it. Preorders for the next version of the software have already made it hugely profitable (10x over). Though I have clearly been filling the role of Lead Developer/Architect/etc, I am still getting paid my original mid-level wage. My company doesn't do "bonuses", and our raise-policy prohibits more than x% per year.
With a big launch coming up, would it be wrong to approach management with the sales figures and ask for a (substantial) increase in pay or promotion?