May. 16 at 11:20 PM
Commercial-stage non-oncology focused bios (market caps
$1B+) revenue multiples using analyst consensus revenue estimates post Q126 earnings & CCs, sorted highest 5-year revenue multiple to lowest. We excluded a handful like HRMY that have near-term patent cliffs, royalty aggregators like LGND & RPRX and those that have yet to report like BBIO
$ARDX continues to trade the one of the lowest multiples in the peer group.
$ANIP trades at the second lowest multiple but FY25 gross margins were 61% (FY25 gross margin provided for all peers)
$ACAD is a head scratcher to us. This is not investment advice but we've been adding ACAD as, eventually, ACAD's mgmt & BOD have to consider alternate strategies to maximize shareholder value. Obviously whatever they are doing is not working. Can anyone help us?
$BCRX was rumored to be in active M&A conversations but...
$TVTX is also growing on us as a M&A candidate after the FSGS approval & the intermediate term patent cliff. More to come @DeadInvestor
