Nov. 15 at 4:54 PM
All new commercial-stage oncology focused bios since 1/1/2020 with current market caps ranging from ~
$1 to
$6B continue to trade at meaningfully lower revenue multiples than their non-oncology peers, on average by 50% per the attached analysis.
The attachment lists the relevant valuation related data points of all new commercial-stage oncology & non-oncology focused bios since 1/1/2020 (with market caps north of ~
$1B )
For perspective, every single peer non-oncology focused bio since 1/1/2020 trades at higher revenue multiples than
$IOVA &
$SNDX . Even
$ARDX &
$PHAT trade at higher multiples in spite of materially shorter patent lives
IBRX does as well but we understand IBRX projections are subject to pipeline wins where SNDX & IOVA are not.
In non-oncology,
$APLS & SLNO trade at lower multiples versus the majority of their peers
This is not investment advice. The raw data is provided & sourced so we encourage investors to verify the attached comparisons for themselves.